Spring has arrived, and the sun is shining. Although Whistler has yet to display any signs of blossoms, the good news is that skiing remains fantastic. As is customary at this time of year, we have seen an influx of new listings, resulting in a steady number of sales.

One commonly asked question is, "When is the best time to sell?" To answer this, I conducted a thorough analysis of the sales data from the past decade. However, due to the diverse real estate market in Whistler, which caters to almost 14,000 permanent residents and numerous vacation homeowners owning single-family homes, townhomes, condos, hotel suites, and shared ownership options, it is difficult to identify a "best time" to buy or sell. Moreover, with Whistler's evolution into a true four-season resort, transactions have balanced out throughout the year.`

To find out more about the current market conditions and what is happening in local real estate, read my full newsletter here.

Selling your home in a low-inventory real estate market can be challenging. With house prices slow to come down and fewer homes coming on the market, you need to act fast to stay competitive and make the most of every opportunity to attract homebuyers and sell your home.

Why have we seen a slowing in our local real estate market?

There are a number of reasons why the real estate markets in Whistler and Pemberton have slowed compared to this time last year.

Real estate markets are highly sensitive to economic uncertainty because housing is a significant investment for most individuals, and they tend to be cautious about making large financial decisions when there is uncertainty in the economy. As a result, economic uncertainty can reduce demand for housing as people become more cautious with their spending.

Even a 1 percentage point increase in mortgage rates can decrease housing sales volume by 5%-10%. In recent months, mortgage applications have fallen, and the flow of existing homes being listed on the market continues to be at historically low levels.

From a seller's perspective, is this still a good time to sell? The answer to this really depends on a number of personal factors, but what remains true is that:

1. There continues to be demand for real estate in Whistler and Pemberton.
2. Prices in Whistler and Pemberton remain strong and have shown significant increases in most market segments.
3. Listing inventory remains at historically low levels, so the market continues to be bolstered by demand outweighing supply.

How to successfully sell in a slower real estate market?

With fewer homes available on the market, competition for buyers is high. At the same time, buyer sentiment is cautious, and buyers are taking their time to make decisions. Nevertheless, with the right strategy, you can still sell your home successfully.

Price your home competitively

One of the most important things to consider when selling your home in a low-inventory market is pricing it correctly and with a competitive edge. Buyers have fewer options to choose from, but they're still for the best value. You don't want to overprice your home and scare off potential buyers, but you also don't want to underprice it and leave money on the table. This is where the expertise of an experienced realtor comes in!

To determine a competitive price for your home, we research the local real estate market. Look at comparable homes in your area that have sold recently and take note of their selling prices. We also look at what is currently listed and how your home compares to the current competition.  This will give you an idea of what buyers are willing to pay for homes like yours.

Highlight your home’s best features

Help your home stand out from the crowd by highlighting its best features. Make sure you tell your real estate agent about your home's unique qualities and amenities so that they can be showcased in the listing description and photography.

Stage your home

Consider hiring a professional stager.  Staging your home can make a big difference when it comes to attracting buyers. You want your home to look as appealing as possible to potential buyers, and staging can help you achieve this. Remove clutter and personal items and make sure each room is well-lit and inviting.  Buyers need to be able to imagine themselves living in the space.

Market your home effectively

You want to get as many eyes on your home as possible to increase your chances of finding the right buyer. Working with an experienced, local real estate agent who has a strong network of potential buyers and colleagues in the community is a great place to start.

Your real estate agent should also be marketing your home on all the major real estate websites and social media platforms. A virtual tour of your home will help give buyers a more immersive experience.

Be flexible with showings

Potential buyers may have busy schedules and limited availability. Make sure your home is available to be shown at a variety of times, including evenings and weekends.

Additionally, it's important to be prepared for last-minute showings. Buyers may request to see your home on short notice, and being able to accommodate their request can make all the difference in securing a sale. Keep your home clean and tidy at all times so that it's ready to be shown at a moment's notice.

Let your real estate agent know your availability and preferences for showings. This will help them schedule appointments that are convenient for you while also maximizing your home’s exposure to potential buyers.

Are you ready to sell?

Selling a home in a highly competitive, low-inventory market can take longer than usual, but don't get discouraged. By working with a knowledgeable real estate agent, pricing your home competitively, highlighting its best features, staging it, and marketing it effectively, you can attract the right buyer and sell your home successfully. Reach out for more valuable insights or schedule a call here.

Happy New Year! I hope you enjoyed the holidays and found time for some fun and relaxation. We had wonderful family gatherings with our kids, aunts, uncles, cousins and of course, my amazing Mom, who is 90 years young!  
 
The market remains static as listing inventory remains low. As we move into the later part of January, market activity seems to be improving. With more clarification for consumers on the Foreign Buyers Ban and the new Recession Period people are starting to look at their real estate options with more perspicuity. As predicted, the Bank of Canada raised its Central Bank rate by another .25% on January 25th. The effect of this increase will mean another $14.00 per month for every $100,000 borrowed by the consumer. The Bank of Canada says they will now pause rates while they wait to assess the impact of the cumulative rate increases so far.  
 
If you're trying to make sense of where the real estate market is going and trying to make real estate decisions I am always here to help, and please check out my latest newsletter for the most up-to-date market information here.

As 2022 comes to an end we can certainly say that it has been an interesting year. While the world was opening back up to travellers, interest rates were rising and the pace of the real estate market was slowing.

We have seen a significant drop in the number of sales over the year. Inventory remains low, as buyers and sellers wonder what's next. My experience tells me that the start of the 2023 real estate market will remain unhurried, which will make it a good time to buy and or sell.
 
Sellers are still experiencing strong gains based on the 5-year average and Buyers have time to make confident, educated decisions about fair market value and the quality and location of their new home.
 
I expect the latter part of 2023 will be a more active market.

Find out more about the current market conditions in my December newsletter by clicking here.

BC Property Assessments for 2023 were mailed out on January 3rd. If you have not received your assessment yet, you can look it up here by using your civic address.

Given the state of the real estate market in BC over the past several months, many homeowners are seeing an increase in their tax bills. In Whistler and Pemberton on average, the increases were in-line with those across the province. In Whistler, the typical assessed value of a single-family home increased by approximately 11% while a typical condo or townhome increased by 17%.

Before deciding to accept your assessment, consider that the market may be shifting faster than current assessments can reflect. You still have time before January 31st to file a Notice of Complaint (Appeal). If you are thinking of appealing your property assessment, contact me to find out how I can help you prepare for your appeal.

If you have any questions about your BC Property Assessments visit bcassessment.ca. And, if you have any other real estate-related questions reach out any time.  I'm here to help you.

Winter has arrived, ski season is upon us, and the holidays are right around the corner. This is always an exciting and welcome time of year in Whistler as the holiday lights brighten the Village Stroll and the snow lines creep down the mountain. 

The current real estate market remains similar in Q3 with average sale prices remaining above pre-pandemic levels. While inventory has increased throughout the third quarter, it remains lower than the 5-year average. The good news is that the bidding wars are over and buyers and sellers are now able to enter into negotiations with reasonable time frames and expectations.  

So what does this mean for your decisions to buy or sell in Whistler? Read my full newsletter here to find out.

Over the course of 2022, we have seen many changes in the local real estate market. If you have been thinking of buying or selling real estate in Whistler, there is good news and opportunities on both sides.

For Buyers of Whistler Real Estate

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• - Single Family Homes 55 days
• - Townhomes 43 days
• - Condos 31 days

For Sellers of Whistler Real Estate

Whistler Real Estate Listing Inventory

What to expect going forward

Winter is coming, where is the real estate market going?

Although summer real estate activity was slower than usual, we are seeing an increase in activity as the ski season approaches. Inventory is increasing and sales are staying steady, albeit there are fewer sales than normal for this time of year. With a steady increase in new listings, we find ourselves moving toward a buyers' market with 5 - 7 months' worth of inventory. As with any change in real estate markets, there is always opportunity. We have seen some price adjustments but on average, prices have remained steady throughout 2022.

So what does this all mean? Read my October Newsletter here to find out.