The weather is not hot but North Shore real estate is!
Now that Christmas is done, the Election is over, visa bills are in (and hopefully paid!) real estate is moving, I mean really moving! Actually it is fair to say it never slowed down for a holiday - I even sold a home on Christmas Eve this year.
The New Year is off to a bang! The “Spring Market” has already begun. There are lots of purchasers, inventory is low, and houses /condos are moving quickly. Multiple offers aka “bidding wars” and ‘Trump Clauses” are back. Many people are looking to make a move before the Spring market which is the historically the busiest time of the year.
What’s hot right now are condos particularly in Central, Lower Lonsdale and Lynn Valley and entry level housing in the sub regions of Queensbury, Calverhall, Boulevard, Lynn Valley, and Central Lonsdale. Many of the properties that is coming up in these regions is being quickly snapped up.
As real estate is moving quickly it has become increasingly important to have a realtor who can and will keep you informed about the latest listings that are being marketed and/or are about to be marketed. I inform my clients on an hourly basis of any changes in the real estate market. A property I recently sold I assisted a client purchase it 2 days before it hit MLS! They would have otherwise ‘competed’ with another offer!
If you’re thinking of buying or selling and are wondering if it’s a good time – it is. It’s a good time for both buyers and sellers as there is a steady stream of new inventory coming on the market (although not enough to satisfy demand). The ‘plus’ for Buyers is that interest rates are still quite low and lending institutions are aggressively competing for business. More importantly, there is expected to be continued increases in property values, particularly in places like North Vancouver. It is already staring to look like another great year!