The Vancouver housing market marches on as a seller's marketing going into 2021, expect prices to rise.
Real estate in the Vancouver maret expects to continue as a seller's market in 2021. Supply is projected to be steady in the downtown areas, and low interest rates will further impact housing activity. Trends are also pointing to buyers seeking larger properties in suburban areas. The average sales price in Vancouver increased by over 11% to $1,270,000 in 2020 compared to 2019's average of $1,114,000. Markets are expected to increase in price further in 2021 by an average of 4%.
Buyers looking to expand and move up are the current market drivers, where single detached homes are the most popular on the market with these buyers.
Low interest rates are also driving up demand for luxury properties being purchased by foreign buyers, with luxury condos starting at $2,000,000 and luxury detached homes at around $4,000,000.
Top selling neighbourhoods for 2020 are continuing to look like they will remain in the top spot going into 2021 as well. Kitsilano, Fairview, and Mount Pleasant top the list as they are well accessed and have great locations.
Selling your home isn’t easy, especially if you have lived in your home for a number of years or even decades. Your house isn’t just a bunch of walls and a roof – it’s a place jammed with memories of all the laughs, cries and love experienced with family. Your home is a part of you, and selling it can often cause you to reflect on yourself and your family. When selling your home though, it’s important to detach yourself from the personal connection to your house and focus on the buyer. New home owners won’t have the same emotional connection to your property that you have, and focusing on yourself during the home showing wont help the sale. Here are some tips you can use to refocus, so you can find a buyer for your home.
Getting rid of all of the clutter from your home is a great way to come to terms that your house is no longer about you. It is also a great way to purge unessesary items that you may not need in your new location. Additionally, cleaning clutter and decor that is no longer needed allows you to fully show your house and can make spaces appear larger, which will create more interest and potentially turn into a higher asking price.
Before you show your home to potential buyers, you should go through every room of the house and collect your personal items. Potential buyers want to envision living in the new space with their own personal items. The stronger an emotional connection someone feels to your space, the more likely that person is to put an offer to buy the house. Having your personal items in view will make it more difficult for them to imagine what it would be like to live in your house, and this will slow the sale process. Use neutral decor for showings, and keep personal items boxed up and out of sight.
You want to make the selling process about the buyer rather than yourself and it is important to keep your eye on the future. Make plans for your future and look towards the future with new goals in mind is a way to keep you focused on getting home ready to sell and listed on the market. Having plans for your family's post-move future, you are less likely to feel overwhelmed – and this will keep the sales process moving foward.
Selling a home is an emotional experience, and by focusing on your buyer and your future, you can ensure a hassle-free sale and be one step closer to enjoying your new home. If you think you are ready to sell, contact me today for a no hassle no obligation introduction to see how I can help you during this stressfull time.
Keep up to date on the market trends with my monthly market reports for the Greater Vancouver market! For this month's report we wrap up the 2020 year and see how things shook out.
Strong December activity brought Metro Vancouver’s 2020 home sales total in line with the region’s long-term annual average.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1% increase from the 25,351 sales recorded in 2019, and a 25.7% increase from the 24,619 homes sold in 2018.
Last year’s sales total was 2.8% below the 10-year sales average.
The following data is a comparison between December 2019 and December 2020 numbers, and is current as of January 2021.