(August 18, 2014
In today's market we're seeing an increasing number of multiple offer situations which are driving up the prices of homes here in North Vancouver.
Over the past 90 days in North Vancouver there have been just over 300 detached single family homes sold, which an average list to sale price of 98%. However, among those sales there are numerous homes which sold well over the asking price. With very few exceptions, this only occurs when we have multiple offers.
We all want something more when it's wanted by somebody else, it's basic human psychology. The same goes for Real Estate. If a home just hits the market and it attracts the attention of multiple buyers all willing to write offers, it becomes very likely that the the home will sell above asking.
Astonishingly, the Real Estate market in North Vancouver has a detached single family inventory of just below 300. Which means, we are seeing a 100% inventory turnover over a 3 month period. Therefor, it's logical to expect a large number of multiple offer situations.
The real advantage for the Seller comes during a market such as this where we have a relatively higher number of buyers for every house on the market. This means houses will go faster, competitive is greater, and the Seller holds the upper hand.
If you would like to browse homes for sale in North Vancouver please use the search feature of Andrew Green Homes to see what's available on the market - or call me and we can discuss the best strategy. We have been experiencing the best Seller's market, statistically speaking, since June 2011, with many Real Estate agents agreeing that it feels like the best market since 2009.
With interest rates near historic lows, buyers are securing excellent rates and making offers before any potential rate hikes occur.
Despite article after article calling for a market crash, the market conditions have remained defiant as Sellers continue to enjoy a stronger market than we've seen in years. Prices have continued to increase as buyer demand continues to grow.
Such demand leads us to competitive situations where buyers are offering more money than a home would otherwise sell for, in a desperate move to ensure they win the bid. If you are considering selling your home, ask me about strategies designed to attract multiple offers, or ensure you're working with a Realtor that has a similar marketing plan.
About the Author
By Andrew Green
, Keller Williams Elite Realty
Born and raised on the North Shore of Vancouver, I am a Real Estate Agent with Keller Williams Elite Realty. Check out more of my blogs and come back daily for new entries.