What’s Happening in the North Delta Real Estate Market?

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Today, I’m here with a market update for March as well as a review of the market in the first quarter.

Right now in North Delta, the benchmark home value is $771,300. At the beginning of the year the benchmark value was $703,100. We’ve seen values increase by 9.69% since the beginning of the year. The benchmark removes the high end and low end sales and speaks to the average North Delta Home.

In March, 98 homes sold and 136 new listings came on the market. Sales and new listings jumped up, which is not uncommon for this time of year. We are seeing so much absorption in the marketplace, it’s as if the market cannot keep up with demand. In fact, there are only 103 active listings on the market in North Delta.

Back to the first quarter review. The sales to active listings ratio is 55%, which is incredibly high. It’s even higher than the ratio we saw at the peak of the market in 2006. We’re also seeing incredibly low inventory but sales have spiked.

Finally, if we look at the average price scale, we can see that, historically, real estate is a good investment. Over the last year and a half, the spike in property values is higher than anything we’ve seen in the history of the market.

We are obviously experiencing an incredibly hot real estate market right now. If you have any questions, give me a call or send me an email. I would be happy to help!

How to Get Your Offer Accepted as a North Delta Buyer

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Today, we’re talking about how to get your offer accepted in our current market. Right now, the North Delta market has low inventory and high demand, which can make things challenging for a buyer. You may find yourself in a multiple offer situation. How do you get your offer to stand out?

First, have your agent present the offer to the seller in person. Make sure your agent goes there to represent your interests and articulate who you are directly to the homeowner. Your agent can help position you in the best light possible.

You should also get pre-approved and have your lender or bank write a pre-approval letter. Submit your pre-approval letter with your offer. This gives the seller confidence that your financing won’t fall through and that your offer can make it to the closing table.
 

Along with your pre-approval letter, consider including a cover letter to the seller. Talk a little bit about who you are. Tell them about your family. Tell them why you are interested in their home. Build a rapport with the seller and set yourself apart from the competition.

Earlier, we mentioned having your agent present the offer in person. You should go with your agent. We have our clients wait in the car so they can make a quick decision if they need to.

Finally, be prepared to be flexible. In our market, the sellers really do have the upper hand. Be open to closing dates that may be more favorable to the seller. Consider allowing them to rent back the property after the closing. Either way, be prepared to work with some of the seller’s demands.

If you have any questions about today's video, give us a call or send us an email. We would be happy to help you!