The Lenfesty Report - March 2015
Although most of us don’t like to think of our home as a commodity, as soon as we put it on the market, it becomes one – a product for sale.
Like all products, homes are subject to market forces of supply and demand, and competitive pressures. That’s why the value of your home depends on exactly what other homes are available right now, and what the buyer demand is today.
The Burnaby housing market has been particularly hot, even before our traditionally busy spring activity. In fact, the average number of days on market for homes in Burnaby – that’s the time between being listed for sale and having a contract in hand – was only 15 days in February, the lowest it’s been for at least a few years.
That kind of quick turnover may or may not last, so if you are considering selling your home this year, call me for the current trends and up‐to‐the‐minute conditions.