The mortgage qualification change is almost in effect but the low inventory is keeping many from being able to beat the change, but the last few brand new or vacant homes remaining on the market have been getting offers with quick closings before the end of the year, which could be as a result!
The good number of buyers from outside the Vancouver Island area appear to have moved into a holding pattern and studying and staying on top of the market from a distance via websites and PCS (a customized personal search webpage).
Markets are cooling down and new listing numbers dropping, as the holiday season always changes many people’s focus, except for the HIGHLY motivated buyers! (they are ready to jump anytime!) If you are thinking of selling or need to sell you can still get a quick sale! And if you are a concerned buyer still searching for that home don’t relax when a new listing comes on the market they are still selling within days.
Here’s a quick recap of the incredible market:
- The average sale price of a single family home has hit a NEWall timehigh of $405,456 (up 18% over the past 12 mths)
- The average sale price of a patio home reached $352,214
- The average sale price of a townhome is $197,165
- The average sale price of an apartment condo reached $222,148
- The average sale price of a vacant lot is $148,817 but inventory remains at anall timelow
(Based on MLS statistics provided by The Vancouver Island Real Estate Board to November 30, 2017)
A quick call to our experienced team will make the process streamlined and smooth. Set your buying or selling consultation today, because tomorrow (in this market) may be too late!
Stephen Grant, along with (son) Devyn Grant are both licensed Realtors, along with unlicensed team members (wife) Diana Grant, Maureen Russell and Shannon Block they make up the Grant Marketing Group at Royal LePage Advance Realty. Call or text Stephen at 250.287.1287 or Devyn at 250.203.7688 or visit www.GrantMarketingGroup.ca for more information.