Spring is in the air… And so are February’s market stats

Real Estate Tips | March 7, 2022 | written by Corbin Chivers

Happy March Everyone 👋😁!!!
We’re officially in the best month of the year!…My Birthday month 🤣🎉🎈😎!!!

Just like me – March is a little unpredictable 🤣!!!

From January to February we saw some SOME markets come down as much as 5%…while others…increased up to 21% !
Are we starting to see the cracks in the wall?!  This would be my first market update where we have noticeably seen a few markets seem to slightly cool – we have seen some offer presentations not receive many offers and some prices fall short of projections.  Overall we’re still seeing the vast majority of sales as “record-breakers” of their type of home, but we are also seeing homes sell under where the last comparable sold – the first time this has happened in nearly 23 months!
What caused this so far is likely the drastic increase of INVENTORY which we saw climb as much as 150% (yet still at historical LOWS)! This coupled with the recent interest rate hike and chatter about a “cooling off period” and an increased Foreign Buyers Tax from 20% to 30% means it’s hard to predict what may happen in the rest of March!  The market has been red hot for longer than ever in recorded history so many are projecting a slow down to happen – while others simply see this as a blip on the map and a continuation of the sellers market!
Overall Advice – If you are selling and buying at the same time – then these influxes matter less as your relative sale/purchase price will follow the market, however for those who are FIRST TIME Home Buyers our recommendation is to be “aggressively patient”.  (Let me explain! LOL!).

I would advise to work with your Realtor to be receiving new listings sent to you daily, and be prepared to move on the first home that you are really interested in –  and be in a position where you can write a serious competitive offer!  And on the same token – I would be picky in the sense that if you are still in a very low inventory neighbourhood – be patient to wait for the increase of inventory which we will undoubtedly see…while prices may not cool, having more options at leasts ensures you’ll be able to find a better home you love!

For more information about your specific market area or no-obligation home evaluation, call or email us today!

Until next time,

-Corbin

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