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

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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

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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!

What North Delta Sellers Need to Know About Multiple Offers

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 manage multiple offers. It’s a great time to sell your home, since the North Delta market has low inventory and high demand. That said, you’re not going to receive multiple offers if you hire an average agent who sticks a sign in the yard and lists your property on the MLS alone. Hiring the right agent is key to getting the most money for your home.

Let’s assume you’ve hired an expert agent who has marketed your home and created a lot of interest in your property. Now you’ve got multiple offers. What do you do?

First of all, review each offer. Don’t commit to the offer with the best price. Compare the offers and figure out which buyer you can negotiate into a position that will be best for you. That can mean looking for the best price, but it can also mean looking for the best conditions or the best dates. When would you like to move? Do you need to rent back the property? Ask yourself which buyer is the best fit.

Once you’ve selected an offer, make sure the buyer is financially able to purchase your home. Simply accepting the offer and negotiating assuming that the buyer’s financing is in order is not a good idea. You want a buyer who is pre-approved for financing so you know they are able to purchase your home.

Finally, in a market like this, you need to have a backup offer in the event that the first deal falls through. That way, you don’t lose any momentum and your home’s value remains high. You can still sell your home for the most amount of money at terms that will be acceptable for you.

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