A few brief thoughts as we close out the year.
The over-riding theme in 2021 was extremely high demand and limited supply. The result was record high sale prices; the fall-out was many buyers failing to lock in a new home, even with several offer attempts on multiple properties. This year also held true to form with the continuous long-term rise in Greater Vancouver home values. See graph at end. A picture is worth a thousand words!
Planning ahead
If you're thinking of selling in 2022 it wouldn't hurt to be first out of the gate early in the year. By the third week of January we’ll see growing activity after the holiday lull. Listing your home in early February can attract those eager, serious buyers who are keen to buy – because they’re eager to get into a home, and/or want a jump start on other buyers entering the spring market. At this point I have three listings in the works for early 2022.
A strong positive of listing and selling your home early is that you’ll be buying your next home in a marketplace with more choices coming on the market every day as we move into spring. Once a sale is booked on your current home, with sale proceeds known and financing sorted based on your net proceeds, you'll be in a strong position to act decisively when the perfect next home appears. The key here is to negotiate a long closing date on your sale, to give you as much time as possible to find your next home. With your sale locked in, you could very well be comfortable to offer on your next home with no conditions. (With some advance efforts of course, such as bank confirmation of financing, a pre-inspection, etc.) In this market of high-demand / low-supply, a no-condition offer can greatly improve your odds. Do consider that you may just have one chance – and one chance only – if you are competing with other buyers. You need to decide on a sweet-spot offer price that you won’t regret if you lose, but also not regret if you win! The days leading up to offer day is a very dynamic time and each story is different. Suffice to say you want a trusted, long-experienced Realtor working on your side.
Looking back, with gratitude
As 2021 comes to a close, I’m especially grateful for all the wonderful relationships I’ve developed over the past 20 years in this business. Clients have become friends; friends have become clients. And I appreciate those who’ve entrusted me with looking after their friends, family and colleagues. Referrals are much appreciated! If you know of someone planning a move, do please consider connecting us.
