Should I Sell or Should I Buy Now?

January 2018 saw the start of the turnaround from a Sellers market where supply was low and demand high. Prices were reaching peaks we hadn't seen before and it was common to have multiple offers on properties as well as quick sales.

The chart above is of active listings in the dark purple and sales, the light purple line.

January 2018 was the peak of the market. Through 2018 and into 2019 the market softened, the number of sales decreasing and the number of listings increasing. Pricing was still strong as there was still limited supply for the 'preferred' properties. After Christmas 2019 we saw some further slowing. And then COVID-19 put us all on alert March 15th.

As you can see from the numbers above, the number of listings continued to increase, days on the market also increased. March was an unusual month opposite to what we expected as there were some very high priced sales homes that came on the market and sold very quickly (take a look at the average sale price). It has settled down.

Real estate continued moving through this whole period and has been showing early signs of recovery. Don't believe the negative nancy's. Their personal opinions come without data to back up their beliefs.

I love stats if you didn't know... while we know 2020 will not be the greatest year, recovery is happening so don't stop looking at the real estate and keeping up with the information around you.

Whistler has entered Stage 3 of re-opening as mentioned below, BC residents will be travelling this summer and put your hands together to pray for early and big snowfall by US Thanksgiving November 25th. An early snowfall is one the best ways to kick start a ski season.

Ottawa, ON, June 15, 2020 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and new listings were up noticeably in May 2020 compared to April, though still historically low at this point.

Summary:
• National home sales rose 56.9% on a month-over-month (m-o-m) basis in May.
• That said, actual (not seasonally adjusted) activity was still down 39.8% year-over-year (y-o-y).
• The number of newly listed properties was up 69% from April to May.
• However, actual (not seasonally adjusted) new supply was still 38.1% below May 2019.
• The MLS® Home Price Index (HPI) was unchanged (-0.08%) m-o-m and was still up 5.3% y-o-y.
• The actual (not seasonally adjusted) national average sale price fell 2.6% y-o-y.

Home sales recorded over Canadian MLS® Systems rebounded by a record 56.9% in May 2020; although, that is as a percentage of the weakest month of April on record.

Sellers

What I do know.... Prices right now
What I also do know .... I expect that the time it takes to sell to be a little longer.
What I don't know.... what the market is going to do in the fall.
What has happened in the past ... I have worked in real estate over 3 of the last ten year cycles. The markets went up and then down. We had a peak at the end of 2018 and if the other cycles are an indication of the future, pricing will soften.
What I expect to happen ... Buyer pressure to reduce prices as the number of listings on the market increases.
What would I do? ..... List now while we know what we are dealing with.
Remember ... buyers want move in ready. Spending time getting your property spruced up to sell brings you more money, a quicker sale and an easier transaction.

-->>. Ask me about my proven marketing program.

Buyers

What I do know .... Prices right now. Use my expertise. Really.
What I also know .... The best time to buy is when you see your perfect property. It's harder to try and work the market.
What I also know... no matter what type of property you are looking for, you will end up having less than six to choose from. And if you are looking for true slopeside even less.
What would I do? ... Buy the property that fits your preferences when you see it. There will always be compromises. Pick the one closest to perfect and we can improve on the compromises.
Remember.... location, light and view. Cosmetics can be changed.
What I do know ... buy now if you see your perfect property. Mortgage rates are low, look for properties that have been on the market longer that have done price reductions. There are always sellers that need to sell (yes, we have a few. Not many but let me help you find them).
What you should do... Get pre-approved for your financing so you can move quickly. If you have a favourite building or area, do your research. Read the strata documents; does the property have history; any building reports; building inspection? Do what you can to have as few conditions as possible. Cash, unconditional, quick close... strong offer!!

--->>. Let's make a time to go through your buying strategy.

Send me a text and I will call you to go through your property preferences. 604 902 2033

The best news of summer is patio season is here. Our local restaurants have been given the green light to open at 50% capacity respecting the COVID-19 6 metre distance rules - including the patios. Gathering in the restaurants and on the patios in each restaurants must still be under 50 people and we must continue to wash our hands, avoid touching our faces and consider wearing masks. Many of the restaurants continue to provide take-out menus, so don't hesitate to look them up and enjoy a picnic at one of our parks.

On June 9th the Councillors at the RMOW monthly Municipal meeting were, in fact, giving consideration to some outlets having licensed patios (not normally licensed for food / liquor). Read this article here You can imaging some small coffee shops only being able to fit 4 people within the 6 metre rule, but perhaps have a greater outdoor space that could stay financially liable by temporarily using an outdoor space as a patio.

To find out what restaurants, activities, hotels, shopping, spas and transportation options are opening (and already open) check out Tourism Whistler's Door's Open Directory Here

{REPEAT} ... While the world goes through this dramatic change. I have been paying close attention to how my family, other families, local businesses, the now unemployed and self-isolated Whistler community as a whole pulled together to use their unique skills, locally made products, networks, connections to evolve and adapt to changes that may actually stick around

I see people offering their assistance in where they stand out. Where they have the most experience, choice of what we’d prefer to do instead of unsuccessfully multi-tasking. Our hearts are more full of joy because our days simpler. And I like it. I thought it May be great opportunity to rethink my world of real estate.

So.

I have decided to dissolve the team structure and just be me again.

I have established systems in place that I didn’t have 20 years ago. I have also been Coached by the #1 real Estate coach in North America; have many years of professional development through the REBGV, and have travelled frequently to training events and conferences to keep my skills sharp, my marketing innovative and my brain on top of trends to share with you.

I’m delighted to have helped many families fulfill their Whistler dreams. All of this has brought me many awards and successes which I don’t boast about because it’s not my style and a lot of late nights, weekends and less time with my family than I would like.

I am going to be leaning on everything that I have built to now provide you with

Real Estate Results.

Experience. Simplified.

It's exciting news! The consolidation of 20 years experience real estate into a simplified 6 Stage Marketing & Sales Process that focuses on client Results using proven and innovating sales & marketing strategies.

Become a VIP to receive the first written version that is being fine-tuned and successfully implemented behind the scenes since August 2017.

Become a VIP https://bit.ly/WhistlerVIP to receive listings before they come on the market; the latest insights and a direct link to me...
just me focusing on you.

Have a great week!

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Posted by Denise Brown on June 17th, 2020

Should I Sell or Should I Buy Now? Should%20I%20Sell%20or%20Should%20I%20Buy%20Now%3F

Whistler Real Estate Blog

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