If there was any discussion of the market cooling off it was quickly put to rest this weekend. Many agents running open houses were met with an overwhelming number of people visiting. I had heard of lineups of people before open houses started. I did not have any lineups but it 2 days over the weekend I had 237 people through one home. It resulted in 13 offers being presented and the home sold for $91,100 over the initial asking price. Most of the buyers were local (and not from other parts of the world as the media would have people believe). It is a great time to sell, just make sure you have somewhere to move before you sell otherwise you could end up in the multiple situation and having to offer way more than a comfortable amount.
4 of the offers were no subjects and 2 more were only subject to appraisals (which ALL offers should have unless the buyer has literally all the cash in an account ready to go). There was also news circulating the open houses over the weekend of a home in Surrey receiving 100 offers.
I just listed 320 – 33175 Old Yale Rd in Sommerset Ridge. Here are the details. Top floor 2 bedroom, 2 bathroom unit and over 1,000 sqft. Recent updates include paint and flooring. Open floor plan. Master bedroom has walk through double sided closets and a door to the deck. Within two blocks of Sevenoaks Mall, Transit Exchange, Mill Lake, restaurants and easy freeway access. In suite laundry with extra storage space. Storage locker down the hall. The roof and plumbing were recently upgraded. Gas fireplace (gas is paid by strata) and electric baseboards. Mount Baker views. Kid and Pet friendly and BBQ’s are also allowed. Comes with a storage locker and one parking stall.
Those people trying to buy right now knew it. Realtors with well priced listings knew it. Now, the country knows it. May was the busiest month in real estate transactions in over five years. My buyers and sellers experienced it first hand. To give you an idea, homes between 300k and 550k in May in Abbotsford sold for 104% of asking price, ON AVERAGE!
That is a result of low inventory, low interest rates, sunny days and aggressive buyers. One of my clients (sorry to share your story) wrote 3 offers in a week. The first house had 5 offers and sold for 22k above the list price. The second home had 8 offers and sold for 27k above list price and the final time was 10 offers and went for 31k above list price. It is nearly impossible to compete unless you want to overpay.
So, we wait patiently. Sellers, get your homes on the market (please)! CALL ME TODAY!
I just updated the Abbotsford School Ratings page from the Fraser Institute. This is a great free resource to see how your child’s school ranks among the rest of the province.
Click here to view the Elementary and Secondary School Ratings for 2014