Market Update - August 2020

The number 1 question in real estate is how’s the market? And the answer is “it depends…. are you looking to buy, sell or invest ? Let me break it down for you and then we will talk about what that means if you are looking to buy or looking to sell.
After bottoming out in April, housing demand gained momentum in May and then surged in June and July. The market favours sellers, as supply is low.⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀In the Real Estate Board of Greater Vancouver  3,128 homes were sold in July, a 22.3 percent increase from the same month last year and 28 percent higher than last month.
There were 12,083 homes for sale through the MLS system which 15.1 percent fewer than the same month last year 
Further breakdown into the detached market and the attached market of condos and townhomes. There are 19% more listings of single-family homes on the East Side than this month last year and 26% more salesand the inventory for the Attached market which are condos and townhomes on the East side are up 39% and sales are up 16%A little bit of a different story for the west side… 15% more listings of detached homes but 5% less sales in July over last year.The inventory of condos and townhomes is up 28% but the sales are down 3.5% 
Ok, I just gave you a lot of data so just sit on that for a bit.  
This surge in activity is taking place against the backdrop of a job market with millions still out of work, and an economy with a long way to go before getting back to where it was before the pandemic.
And I think It boils down to a case of the haves and the have-nots, if you have money during this pandemic, and still have steady employment, you view it as an opportunity to buy.
The transition to working from home is helping to lead to a shift out of condos. “Some condos in good locations that are still well-priced seem to be struggling, while detached is definitely the hot market — the opposite was true not too long ago, oh how the market shifts,” 
Let's talk about what that means for buyers and sellers.    If you are looking to sell a home right now, I am going to talk to you about the simple concept of supply and demand.  Supply is low and with super-low interest rates and demand is high.  Prices are going up and there is very cheap money so it is a very good time to sell. So, if you are thinking about moving Especially if you have an investment property that you want to cash out on it or if you are thinking of downsizing and you already have your new home secured.. that is one of the big challenges so we will talk about that in a minute…. or you just want to take some equity out.. have a conversation with a real estate agent… there are a lot of ingredients for a bull market and I just broke down a few of them for you and obviously the market stats reflect that. So if you are thinking about selling your home it may be worth more than you think.  
If you are thinking about buying, … we have a competitive market out there, we have low supply, so fewer homes available, fewer homes are selling, you got historically low-interest rates… that is the reason to buy… your affordability is more than ever especially if you are moving into that 20 year property.. that is the time you really want to take advantage of and lock in a lower payment. So there are reasons to make decisions on both sides and you have to look at the other part of it.  How hard is it going to be to secure a property? Where are you going to move to? That is obviously the challenge right now… with the competitive nature of purchasing properties in the summer of 2020 so that is when it is really important to get a professional who knows how to win in multiple offer situations and who understands the market, who understands the direction of the economy so maybe talk to a few different Realtors if you are thinking about making this move because not everyone will be equipped to make your needs happen.  So a lot happening here.. a lot of reasons to sell and one great reason to buy. If you have more specific needs, you know how to get in touch with me and I will keep you informed as we navigate a crazy real estate market through the summer like we have never seen before.