Buyers have been experiencing frustrating and deflating multiple offer situations for a number of months now and although markets in BC are generally still variable in terms of supply and demand our local Sullivan, Cloverdale, Langley and South Surrey markets are on fire showing no signs of slowing - Benchmark pricing on detached homes in these areas up approx 10.5% since 2014.
While our National economy continues to tighten, low supply mixed with high consumer confidence and ongoing low mortgage rates has MLS residential sales in the Province expected to reach 100,000 units in 2015 for only the third time on record.
Conditions on the side of the Seller this year has given us many SUPER happy clients but sadly the elation of a strong sale is short lived once our clients are faced with the prospect of competing for their dream home against their friends and neighbours ... anecdotally, one instance brought 16 offers on the same home!
The Fraser Valley Real Estate Board anticipates an increase in supply this fall (generally beginning once the weather turns) but some analysts predict this nail biter of a market to last up to 2019 so until the final inning .... deep pockets and a winning attitude may be the only way to stay in the game.
Need help? Call us to chat about your Real Estate Performance. 604-583-2000