The latest Over/Under Report is now available – swipe on to see April’s numbers
If there was any question whether the market was shifting in March, it is now abundantly clear that things have changed. The run from Jan ’21 to Feb ’22 was quite something. Money was essentially free & demand had built up from pandemic-related uncertainty, which had kept buyers on the sidelines from March ’20-Jan ’21. Once the vaccines were announced, the flood gates opened.
That’s where we were – where are we now? While there’s no doubt that the massive imbalance in supply and demand will persist in some way, the urgency for buyers is dissipating quickly. A few months ago buyers acutely felt that if they didn’t secure a place *right now* they would be paying more in the months ahead. That is no longer the case. The combination of Putin being a complete psycho & actually invading a sovereign Western nation, surprising nearly everyone in the world, and experiencing inflation at a pace not seen since the early ’80s (uh-oh), resulting in an aggressive rate-hike trajectory, has shifted the market swiftly. I could go on about these things all day – reach out if you have questions about why these two developments are so significant for real estate & the global economy.
Here’s the bottom line:
Buyers, you are in a less painful environment than a few months ago. Use this to your favour. If you wanted into a market & have a 2+ year holding period in mind, this is a much better time to be a buyer than in the past 15 months. Prices may come off a bit in Whistler since it’s a resort market with recreational properties dominating, but I don’t see prices coming off much in Squamish (see last graph for a comparison of price volatility in the past 10 years, Whistler has much more significant moves).
Sellers, listen to your realtor, especially when it comes to pricing. We are hooked into what’s happening on a full-time basis & can tell you things that you simply will not find with your own research. There’s still plenty of demand; you’ll need to make your place look its best or be prepared to take a hit on the sale price. Luckily, this is my specialty (I love making things pretty), so give me a call and we’ll make it happen for you.
Reach out anytime 🙂
– Lindsay
Visit my Instagram @squamish_whistler_real_estate to see the over/under stats for April: https://www.instagram.com/p/CdMGHyCPmlD/?utm_source=ig_web_copy_link