Headlines: The media constantly bombards us with inflammatory and conflicting facts, it touts contradictory information as gospel truth on the same topic. Real Estate is no different, in fact, it’s one of the favorite topics. Here’s two current headlines:

“Falling home listings will keep prices stable through pandemic: BMO” & “Home prices could fall up to 18% over next 12 months: CMHC”

COVID: The current environment is full of uncertainty and unknown terrain. Unemployment is at an all-time high, shops we loved are closed, some folks are relying on government handouts: deferred mortgage payments and short-term loans to get by; and people are sick and dying. Yet there are those who have adjusted well, even a few thriving amongst the chaos. Let’s all agree, no one knows what the full impact of this pandemic will be, so best not to allow the short-term dramatic headlines of the media stress us too much when history has proven in the long term, Vancouver real estate bucks the analysts and usually surprises us all.

MARKETING: Throughout this pandemic, certain market segments are in demand and multiple offers are commonplace with properties selling over the asking price; while other segments are depressed and offer some excellent buys. In North Vancouver properties under 1.7M are in high demand with a minimal supply. A sharply priced home, marketed properly can easily sell in less than 2 weeks, but this where the professionals come in. Incorrect pricing is the #1 reason homes don’t sell and we (at Andrews Group) have now implemented a new set of marketing skills such virtual tours, Facebook Live Open houses, and digital strategies to adjust to how buyers have changed their style shopping for a home.

MARKET: Generally, May and June mark the peak of the selling market, but inventory is low. This is not “business as usual”! The amount of competition for home sellers is down 41% and yet, we continue to feel the pent up buyer demand and which was clear from February’s HOT-HOT-HOT market. Those buyers are still out there, and the expected and hoped-for “drop in price” has not materialized. In fact, the opposite is true, sale prices are up 2.2% from last year. There are deals out there, but mostly in the higher end luxury market. So now is a splendid time to pick up a 5-million-dollar mansion.

FUTURE: Along with all the uncertainty, there is a growing pressure on the market, with low inventory, rising prices and multiple offers, it’s not the doom and gloom some headlines are predicting. Our experience? We have sold 9 homes in the last 2 months and most of those were on the market for less than 21 days. We have been in over 12 multiple offer situations. Conclusion: If you’ve got a property under 1.7M in North Vancouver, it could be a brilliant time to consider selling especially if moving up in the market is in your future. Do give us a call, because like everything–nothing is what it seems.