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2023 Is This The Year For Change?

Home > Market News > Nancy’s Blog > 2023 Is This The Year For Change?

News often obscures the Real Estate Market Data

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Jan 24th, 2023 at 12:42 pm

Many Buyers are hoping to relocate to a more suitable residence in 2023, a difficult task considering the challenges the pandemic has posed on the Vancouver Island market. With low inventory and huge price increases, many potential home buyers have become frustrated.

Low inventory remains a challenge, and many Buyers are unable to purchase their dream home without first selling their current home. When an offer is presented, it often comes with a 'subject to sale of our home' clause. If a more appealing offer is presented, the Seller may trigger a time-clause on the original offer, giving the Buyer a limited amount of time to complete the purchase. This can be difficult for Buyers who do not have the ability to finance a second home while waiting for the sale of their own.

In this kind of market, it is beneficial to work with a Realtor who can help make your home more attractive to potential Buyers. This can be done with a thorough clean up of the home and property, fixing any small issues, and removing personal items and clutter. Staging the home with existing furniture can also go a long way in showing off the home's best features.

It is important to remember that the neighbor's home may have sold for more than your Realtor's assessment because it had more appeal. It is not wise to take advice from friends, family, and neighbors with expertise, as they may not have access to all the information available. A Realtor's job is to provide an objective assessment of the value of a property.

Vancouver Island can be a difficult market to navigate, but don't lose hope. Continue researching and take your time to find the home that is right for you. Home ownership is usually a long-term investment, and finding the right home is important.

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