Rob Viccars

It's been tough to find time to sit down and write for the ol' blog lately. The market has been hot and I have a number of buyers who are anxious to invest while interest rates remain low. Rates in the 3% range won't last forever.

 

I've been out pounding the pavement with clients at showings, writing offers, and unfortunately, facing some multiple offer situations. Here are my impressions of the current market, using downtown Vancouver as my example.

 

Relatively new one bedroom units in the 300-400 range are flying, as are two bedrooms around the 500 mark. New listings are getting showings, and often offers, the day they are listed (Vancouver is so real estate crazy). Anything above 400K for a one bedroom unit and above 500K for two bedrooms has been moving much slower. However, it's entirely possible that buyers who miss out on a lower priced property may increase their budget in order to successfully secure a purchase while they have a preapproved mortgage at today's low rates.

 

At the same time, I've seen an increase in new listings over the last week (265 in Vancouver West, Vancouver East and Richmond over the last 3 days).

 

Some advice...if your realtor tells you the property you are interested in purchasing will be gone by the weekend, take notice, and make your decision quickly. If you are thinking about selling, now is the time to take advantage of the 'spring bounce' and get your property on the market.

 

As always, please feel free to call or email with questions or comments.

 

All the best, Rob