The Spring Surge

It’s been a busy month for us over here at Permack Real Estate! We were at the Coast Salish Elementary Spring Fun Fair on Burke Mountain over the weekend and it was so nice to see so many of our clients. Thanks to the PAC for inviting us – we were pleased to be the exclusive sponsor! 

Now for a RE update:

If you’ve been watching MLS, you’ve definitely noticed a surge in real estate inventory in the Tri-Cities. Increases in the number of homes available on the market can create a more advantageous scenario for buyers, and we’re starting to see a little of that in this spring market.

Choices

With more homes on the market, buyers have a wider selection to choose from. This variety allows them to find a property that more closely matches their specific needs and preferences, whether it's the location, size, style, or amenities. Buyers are less likely to compromise on their must-haves when there is an abundance of options.

Negotiation Power

An excess of inventory typically shifts the market dynamics in favour of buyers. Sellers, facing more competition, are often more willing to negotiate on price and terms. This can lead to better deals, including less inflated purchase prices, more flexibility on dates, included items, etc.

Price Stabilization

When supply exceeds demand, it can lead to price stabilization or even a decline in property prices. The increased competition among sellers can help keep prices in check, preventing the rapid price escalation that often occurs in a seller's market.

Less Pressure

In a market with high inventory, buyers can take their time to thoroughly evaluate their options without the pressure to act too quickly. This slower pace allows for more deliberate decision-making, with subjects to things like inspections and financing.

A surge in real estate inventory provides numerous advantages for buyers, but still requires a seasoned expert to navigate you through one of life’s biggest decisions. I can say that with my 15+ years in the local market, I can confidently help you secure the home you’ve been dreaming of! If you’re ready to make a move, get in touch, I’d love to chat.