Vancouver Real Estate Market Update For September 2020!

You won't believe the crazy story I have in this month's video update! Check it out. 

This is your Vancouver real estate market update for September 2020 and we’re getting after it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC.

In today’s video, I’m going to cover what’s happened in the Vancouver real estate market in the month of August, what’s coming that could affect that market, and a piece of technology I’m using to make your home purchase or sale a smoother one.

I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please hit that subscribe button, and don’t forget to click on that bell so you can be notified immediately when I have a new video out. I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

You may have noticed I’ve been away from Youtube for a few weeks. I hadn’t had a vacation in over a year and was finally able to take some time off to spend with my family. I feel refreshed and recharged and ready to get back at it. Hard to believe it’s September already.

So, let’s get into it. There was a 36.6 % increase from the sales recorded in August 2019 and a 2.6 % decrease from the homes sold in July 2020. Last month’s sales were 19.9 % above the 10-year August sales average.

July and August 2020 sales were both above the 10-year sales average.

Like I said last month, you wouldn’t necessarily know we are in the middle of a pandemic given the current market. Many people who had put their home-buying plans on hold through the Spring have been returning to the market this summer.

Low interest rates and limited overall supply of homes for sale are definitely creating competition in today’s housing market.

Here’s what I’ve been experiencing in my business. Things are brisk out there right now. Of course, it depends on the price point and area but as an example, I’m working with buyers looking for homes in the Vancouver and Burnaby areas in price ranges varying from $600 to $750,000. At this price point, it is very competitive and you have to be prepared to move quickly when you find what you like.

Multiple offer situations are not uncommon at this price point right now so, If you’re a buyer, you need to ensure your financing is in place before you even start looking for a home. Get a pre-approval with a mortgage broker or bank so that piece of the puzzle is out of the way. If you need a recommendation for a mortgage broker just ask me and I can connect you with someone. I work with some of the best mortgage brokers in Metro Vancouver.

Do your research. My buyers and I are studying photos, videos, floor plans, and virtual tours for every home. It doesn’t hurt to drive around the various neighbourhoods too if you can.

If you’re selling a home right now the average days on market in Metro Vancouver for homes that are priced right for the market is between 12-18 days. Some places like West Vancouver are 35 days for condos and townhouses and 48 days on average for detached homes.

Now just because things are doing well in certain segments of the market, here’s what you do not want to do as a seller.

There was a condo listed 6 months ago for just over 700K. They wound up getting an accepted offer and it fell apart. Then the listing sat for months through COVID. It was recently brought back to the market $50-60K below its original list price. This was done intentionally in order to try to generate a multiple offer situation. Unfortunately for the sellers multiple offers did not materialize. they did receive one offer but flatly rejected it. Along come my buyers and me. We present a full price offer of $659,000 and it is flatly rejected. I’m told by the listing agent that the sellers will not accept anything below 700K.

Obviously, it’s every sellers dream to have a multiple offer situation and have their home sell above their list price. This is a very tricky thing to orchestrate and execute effectively and it does not always work out. So when your plan fails you have to be prepared for what the market is telling you they are willing to pay for your home.

And if you have your home listed for a certain price and someone offers you full price for that home, you can’t then turn around and say I’m sorry but I’m not accepting anything less than $40,000 above my list price when there are no other buyers at the table. Crazy!

When you’re buying or selling a home, knowledge is key and the Snap Stats market reports are a great way to arm yourself with tons of knowledge on your market area.

To download the full market reports simply click on the images below to get the Metro Vancouver, Greater Vancouver, or, Fraser Valley reports.

If you’re watching this on Youtube, in the description section below is a link to a sample report which I send to my clients on a monthly basis. You can review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

What’s Coming?

So, it’s September, kids are heading back to school. Which I know a lot of people are nervous about, my self included. My wife is a school counselor at a high school here in North Van, my son is heading into grade 9. So, we’re very nervous about the whole situation as well.

The potential of a second wave of COVID-19 even bigger than the 1st is a very real possibility here in BC. We’ve worked very hard as a province to do as well as we have so far and I really hope we don’t have to have revert back to phase one measures again.

New Technology

As I mentioned earlier, whether you’re a buyer or a seller you really want to do as much research as possible in today’s market. My website gives you all the tools you need to do just that.

Just over a month ago I put out a video announcing an amazing new functionality on my website that was available to anyone.

Not only can you search for homes in any area on my website but you can now search SOLD listing data for any area as well.

As a buyer or a seller this is incredibly useful. Down in the description below is the link to that functionality on my website. Make sure you check it out.