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March 2021 Market Update


Wow, this market is bonkers!!


The stats continue to show a tightening seller’s market and that’s aligned with what we are seeing too.


“On the street” we are seeing, extremely low inventory, multiple offers, unconditional offers, sales over list price and no end in sight.


It’s a great time to be a seller!


Buying can be a little stressful, but the good news for buyers in this market is that you’ll likely position yourself nicely for future equity gains! As an investor, my biggest wins have been buying at the start of an up market.


Advice for Sellers:

It’s easy to sell a home right now. You could do it yourself, you could hire almost anybody to get it done right now….. However, just because you can, doesn’t mean you should. I could extract my own teeth, but I hire a dentist because they know how to do it best. Seek qualified advice. Now more than ever, it counts.


Be careful not to cut corners and leave money on the table. It could mean the difference between getting what you think is a great price and maybe getting $20,000, $30,000 or even more money in your pocket.


The best way to maximize your sale price and get the best terms is to follow these steps:

  1. Properly prepare your home to sell (Ask us for our “Prepare Your Home to Sell Guide”).

  2. You’ll want to properly market the property so no buyers miss it.

  3. Be strategic in your timing.

  4. Generate multiple offers.

  5. Have a strong negotiation plan to work those multiple offers to the highest possible number.


(This is critical and there’s a bit of a recipe to follow here).


With 15 years of experience, we’ve figured out exactly what it takes.


Next….


If you are planning on staying in the area, it makes a lot of sense to find your new home before you put yours up for sale. Ask your real estate advisor for advice on this….


Sure it’s great to sell your home quickly, but when you end up on your in-laws basement, you might second guess the decision.


If you are interested in the best strategy and plan for your sale, we are happy to help.

Advice for Buyers:

Be prepared with your financing. Get pre positioned with a mortgage professional and have all of the paperwork they will require ready to go.

Be fast. Sometimes the first one there, get’s the house. It can be frustrating to be the first one to offer and end up losing in multiple offers days later, however, you can rest assured that if you want to see the “perfect house” a week from now, it’ll be gone if it was priced properly.


Pay the right price. It doesn’t feel good to be in multiple offers. But you know what feels worse? Being in multiple offers a second, third, and fourth time…. All while watching the market climb. I had another agent call me a few days back and she had told me that her client had lost in multiple offers 7X in the last 6 months!

If you have any questions about the market, we are always here for you.


Contact us today!

Cranbrook Stats:

For Sale: 86 (Down 18.9% from March 2020)

Sold: 50 (vs. 42.9 March 2020)

Average Price: $367,953 (Up 2.8% from March 2020)

Average days on market: 23.5 (vs. 28 DOM from March 2020)

Sold vs. List Price: 99% (vs. 98.2% March 2020).

*I was confused by these stats…. Not what we are feeling in the market.

When we look at the detached market, things make a bit more sense.


Highlights are:

Average home prices up 15.3% year over March 2020.

Average Days on Market 20.5 vs. 28 March 2020.

Active Listings are down by 18.2% from March 2020.

Kimberley Stats:

For Sale: 53 (Down 25.4% from March 2020)

Sold: 35 (vs. 84.2 March 2020) *Less inventory to sell??

Average Price: $353,041 (Up 12.2% from March 2020)

Average days on market: 30 (vs. 48 DOM from March 2020)

Sold vs. List Price: 99% (vs. 96.5% March 2020).


Thanks!


Steve Throndson

Real Estate Advisor

REDLINE REAL ESTATE GROUP

Ph: 250-919-3366

Steve@ThrondsonRealty.com


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