It was certainly a busy month, hence why this post is so late! Two historical highs were met in March 2021. 1) The number of sales processed. 2) The Number of Listings processed. The last time these two highs were met was 1921! Talk about history repeating itself…maybe we will see another roaring 20’s!
This March, the FVREB processed 3,329 sales on its Multiple Listing Service® (MLS®), an increase of 131 per cent compared to March 2020!
The Good news: inventory levels are increasing which we desperately need to level out market demand. The Board received 5,087 new listings in March, an increase of 91 per cent compared to March of last year, and 56 per cent more than were processed in February.
Benchmark Pricing across the valley:
Personal Story (The $25,000 letter)
I had been working with a client who was looking to purchase a townhome in the Willoughby Heights area of Langley. We viewed one that he really liked, and I prepared him for the competitiveness of the townhome market in his preferred neighbourhood. After a busy weekend of showings, offer presentation day came. Not surprised, we were advised that it was going to be a multiple offer situation. My client and I had discussed a strategy and put forward a competitive price that he was comfortable with and awaited the results.
Along with the offer, we had also submitted a letter to the Seller, explaining a bit about who he was and why he wanted to live in this particular neighbourhood. After a couple hours of negotiations, I got a call from the listing agent. He explained that although there was an offer that was $25,000 more than ours, his sellers decided to choose ours because after reading the letter, they wanted my client and his family to have the home…we also had the bank draft in hand which helped a lot too, as the other offer did not. Lesson learned; always bring your A game, because although most of the time it is about the money, sometimes it is more than that! And that is the story of the $25,000 letter.
870 Thermal Drive, Coquitlam, BC
This absolutely stunning, custom, luxury home is situated on 12,700 SQFT of pure paradise, nestled on top of the hill. Sprawling views of the Burrard inlet & mountains. Every detail of this home was extremely well thought out. Luxury finishings and quality built, you have to check this one out here!!