You are not going to believe this market!~
The March market statistics are in and drumroll please … March is the highest monthly sales very recorded in the Metro Vancouver region EVER!
WHY IS THIS HAPPENING?
The REBGV advises that the market is in a frenzy due to the economy starting to recover, historically low interest rates, increased demand and elevated household savings. Less vacations equals less spending!due to the year. All of these factors puts pressure on prices so as demand is high, inventory is low.
Buyers should be very careful when applying their due diligence. At the moment offers with subject clauses are rarely seen so, we are seeing a very high volume of offers with no clauses at all which could be quite dangerous. For example, if you deny your right as a Buyer to have an inspection of the property and six months later it comes to fruition that there is a problem with your property that wasn’t seen due to no inspection this will be an issue. You will not be able to go back to the seller and seek any sort of damages or the like due to the fact that you waived that specific clause.
Do you see how this could pose many problems?
WHAT CAN YOU DO AS A BUYER TO PROTECT YOURSELF?
As a Buyer in this market, it is very easy to get swept away in the craziness especially if you’ve been pre-approved and you’re hot to trot. The best move to make is to hire a real estate agent that is going to work in your absolute best interest and guide you to make the best decision that fits for your family and your finances. The last thing you want to end up with is Buyer’s regret.
If you and your agent perform a thorough due diligence plan and you enter into the bidding without emotion and have a logical thought process throughout, you should be OK and be on task to make decisions that are thought out and work for you.
You might even want to take a breath before moving to the next property if you’ve been outbid just to clear your head. I hear a lot of agents and their clients getting burnt out due to all the offers on different properties and continually getting out bid. Take the time to regroup and restart.
If you are thinking of buying or selling or you would just like to see what your home is worth in this fanatical market, please reach out, I would be more than happy to help.
604 763 5192