Earlier this year, the real estate market in Mission continued to be strong. Sellers grew in confidence after a slow start in January and I saw a steady increase in home evaluations. Buyers tended to be a little wary about their house hunting at first, what with the new mortgage rules (our harsh winter didn’t help either!), but it didn’t take long before there was a flurry of buyers searching for the perfect property.
March was a hub of activity for property owners entering a very active market and requiring the marketing skills of an experienced agent, and for buyers competing for real estate and needing a negotiation expert.
Then the market began to change towards the end of April and into May. . . inventory continued to climb, but buyers were less active.
Overall in the Fraser Valley, April 2018 showed a decrease of 23.4% in home sales compared to 2,230 sales in April of last year, and only a 2.6 % increase compared to the 1,664 sales in March, 2018.
Fraser Valley detached home sales slowed as more homes came onto the market at higher prices. Sales of townhomes and apartments still showed a slight increase even though inventory and prices jumped. In Mission, the trend was similar, but the percentage increase in inventory and price was substantially more than some areas of the Fraser Valley, yet sales remained quite strong – proving that Mission is still one of the best areas to invest in real estate.
If you currently have property for sale, it’s crucial to re-examine your strategy as the market shows signs of swinging toward a buyer’s market. Look at the competition coming onto the market, consider your price, and re-evaluate your motive and timeline for selling. Remember that underpricing and overpricing can be equally detrimental to a sale, and a Realtor can help you continually reassess the situation and market your property accordingly.
If you are considering putting your home on the market, now is the time to sit down with a Realtor and discuss your options. When is the best time to sell? What return can you expect on your investment? Where should you be marketing your property? How will competition affect the sale of your property? Why is working with me the best bet to selling your property? I can answer all of these questions and more during a complimentary market evaluation. Contact me today to arrange an appointment.