Ask the Real Estate Expert – Francesco De Frenza
LACK OF INVENTORY DRIVES HOT SELLERS MARKET
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015. This represents a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015. Last month’s sales were 36.2 per cent above the 10-year sales average for the month. “Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, REBGV president said. “This activity has created favourable market conditions for anyone considering selling their home today.” New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,126 in October. This represents an 8 per cent decline compared to the 4,487 new listings reported in October 2014. The total number of properties listed for sale on the real estate board’s MLS® is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015. This is the lowest active listing total in Metro Vancouver since December 2010.
10 REASONS TO LIST YOUR HOME WITH ME THIS HOLIDAY SEASON:
- People who look for a home during the holidays are more serious buyers!
- Buyers have fewer houses to choose from and less competition means more money for you!
- Listings increase dramatically in the spring, which means less demand and less money for you and your home!
- Houses show extremely well when decorated during the holidays!
- Buyers are generally more emotional during the holidays and more likely to pay your price!
- Some people must buy before the end of the year for tax reasons!
- January is traditionally when transferees arrive to begin a new job, you must be on the market now to capture that market!
- You can restrict showings to suit your holiday needs!
- You can always delay closing until the New Year when you sell!
- By selling now, you have the opportunity to buy in the spring when there are more houses on the market to choose from market. Pricing and information on inventory are of paramount importance.