Mission: what's hot and what's not
As a seller to maximize profit, or someone who is trying to get into the Mission market here is a rundown of what’s currently high in demand and what’s not.
In the past couple months we have seen increased activity in
the Mission market compared to the previous couple years at this time. This is
most likely due to increased activity all throughout the lower mainland and we
are seeing the residual hit our town by default.
In the past 2 months there have been 87 detached home sales, when compared to the previous year this is up 45% from 60 sales. This is enough to put a huge smile on some Realtors faces, as many of us were seriously considering a career change, or moving into our mother’s basements!
What continues to be hot in our town are 4 or 5 bedroom, well renovated, move in ready, suited homes priced under $400,000. Currently these homes are hotter than Pavel Bure when he played for the Canucks in the 90’s. They, like the Russian Rocket are hard to come by, but when offered @ market value don’t expect these babies to stick around for very long. However, if you are testing out the market, and listing your home much above market value attempting to maximize profits think again. Buyers these days are a savvy bunch and do their homework, so pricing your home correctly will determine whether or not you will get the activity on your home to move forward in your life.
Although a few of these homes sold in the past couple months, homes on acreages, or ones that need serious updates you are seeing sit on the market and gather dust like the ceiling fans @ Inform Fitness before it recently changed owners. Not very many people seem to want to pick up the hammer anymore and do the work themselves in our town. Either it’s not enough time in peoples everyday lives, or lack of desire, homes that are in need of serious renovations are just not a big hit, unless someone can purchase for a good enough price and with some of these you are witnessing flips. Yes you heard right, there are flips happening in our town, didn’t think you would hear that anytime soon did ya? For those of you pondering doing flips, there is some decent money to be made if you can find a place for a good enough price.
When it comes to homes on acreages, yes a few of these have sold, but generally they are at a higher price point and quite honestly currently there just isn’t enough buyer confidence in our town to attract the potential purchaser.
Together we make this place better.