Trying to figure out if now is the right time to sell your home? A number of people are considering whether they should sell their home now or wait until spring. While it may seem tempting to wait until the warmer weather and busy spring market, here is our suggestion.  

 

Don’t delay — the time to sell is now. 

 

It’s a seller's market 

In 2021 we once again saw extreme growth in the BC real estate market. The British Columbia Real Estate Association (BCREA) reported that a record 124,854 residential unit sales were recorded by the Multiple Listing Service (MLS) in 2021, which is a 32.8 percent increase from the 94,001 units sold in 2020 and there were more than seven market areas in BC last year that set new highs for listings sold. This is huge! 

 

Given that we saw the active listings not being able to keep up with demand throughout 2021, as we begin 2022 we are once again noting very low levels of active listings on the record.  

The lack of supply in homes is evident  

This past October in B.C. listings reached an all-time low dropping 40% from the previous year and B.C. ended the year with active listings down 17.6% compared to the previous year. It’s obvious that there is a clear lack of supply in regards to the number of homes readily available on the market. 

 

This means that even if there are fewer homebuyers in the winter months due to this shortage in housing supply the market still remains a seller’s market. 

 Multiple offers on listings

For many of the homes available on the market, there remains another trend that makes securing a home more difficult. Due to the lack of supply of readily available homes, buyers are coming up against multiple offers on the homes they do find, which usually leads to a bidding war driving the price out of the listing up by a significant amount.  

 

Generally, it’s common that sellers have been advised in the past to wait until the busy spring market to list their home, but, as we all are aware, things are rapidly changing every day and that goes for the real estate industry as well. B.C. continues to be a hot market and we’re looking forward to what is to come in the next few months! 

 

Got questions about listing your home or ready to put your home on the market?

 

DON’T THINK TWICE. CALL BRYCE.

 

Get in contact with Bryce via email or phone.

 

 

 

 

https://www.bcrea.bc.ca/economics/a-record-year-for-the-bc-housing-market/