North Vancouver Real Estate is moving, and it's moving quickly. We all know prices have been increasing for some time, and we all know that many are anticipating the so-called market correction to occur any day now. However, what's interesting is the speed at which houses are selling.
In all of 2013 the average days on market was 41, for single family detached houses in North Vancouver. So far this year, we've seen that number fall to 31 days on market. A significant difference which should not be overlooked.
What is also surprising, and to anyone currently browsing homes in North Vancouver this will not come as a shock, are the number of properties that are selling in the first week, or even the first day. There are areas in North Vancouver, and many streets in particular, that are known for selling very quickly and in multiple offers, and it appears to becoming more and more common.
Areas such as Edgemont, and many of the more desirable streets found near the village, have always seen quick sales and multiple offers. It is not uncommon to hear about some listings receiving upwards of 5 or even 10 offers in the first few days of coming on the market.
As a seller, there is no better scenario then being able to pin multiple buyers against one another in an all out bidding war. Multiple offers are a surefire way to maximize the sale price of your home, and with the days on market where they are in North Vancouver, now is an excellent time to sell your home.
Out of 890 single family detached homes sold so far this year in North Vancouver, 296 of them sold within 1 week of being put on the market. That's one out of every three homes for sale in North Vancouver selling in 7 days or less. Furthermore, 57 homes actually sold on the very first day on market. It goes to show that if you wish to buy a single family detached house in North Vancouver in today's real estate market that you have to be prepared to move quickly.
If you are considering buying a home, I would highly recommend sitting down with a Realtor and discussing the best strategy to position yourself and any offers you prepare to be the most favorable offers possible, without compromising yourself.