Recently I was talking with a colleague who is working with a Buyer. The Buyer has asked her to ‘keep an eye out for any good deals!’ like some of the recent solds the Buyer had seen. My colleague was lamenting that “it’s tough to know what this Buyer may feel is a good buy or not...”
As I have run across this request on more than a few occasions I felt could offer her my approach on the subject and share that most clients will appreciate the new perspective that it offers. This is what I tell folks:
“In this market you have to find the good deal. The good deal is rarely going to come and find you. By the time that price reduction has come, there are 10 other potential buyers now looking at that ‘good deal’ and you better hope they don’t write the contract first”.
It may require short listing the property search to 3 definite buys and start the offer process on one and see where it goes. Finding the deal is a process of eliminating the non-motivated vendors from the motivated ones, and there are still deals to be had.
Bottom line – If you want the good deal you need to go after it.
As we move closer to wrapping up the year I can confidently say we are starting to see things ‘firm up’ in Whistler real estate. In 2009 and 2010 my overall recommendation to clients was to hold off making a purchase unless we were working with an informed and motivated seller. My feeling at that time was that while many sellers had thoughts of 2010 Olympic dollars keeping Whistler afloat, most buyers were waiting for the continued onslaught of the global recession to bring prices down, which ultimately happened.
In 2011 there were good purchases to be had, but overall most sellers were still priced above what the market would bear. With careful investigation, and sometimes needing to submit a number of offers on a number of properties, buyers were able to single out properties that were a balance of well valued and good lifestyle fit.
In 2012 we saw a greater number of sellers being realistic with their price points and as a result we saw buyer activity really take off. The result is that we now have one of the lowest amounts of available inventory since pre-recession:
Current active Whistler listings (Chalet, Duplex, Townhome and Condo)
With decreasing supply and increasing demand, we are getting closer to reaching the bottom of this Buyer’s market. While I don’t see prices moving up anytime soon, I do feel the decrease in amount of active listings also has the effect of decreasing vendor motivation to accept prices less than the past lowest sale.
I am the first to understand that a recreation property purchase is about fun and needs to fit into your timeframe and budget. This said my current recommendation to buyers heading into 2013 is: ‘Don’t wait. If buying property in Whistler at a well valued price is your goal, you need to start now.’
The past 2 weeks brought 28 new listings, 27 Price changes and 30 completed sales in the Whistler real estate market. To view on nickswinburne.com please click here.
Overall our numbers are up from the past two week period which had given us 29 new listings, 24 price changes and 26 completed transactions. Sales for November look to be settling at 44. For a list of these please contact me directly.
I hope this finds you looking forward to the weekend. We are continuing to get good snowfall here and the base is accumulating a fast rate. If you find yourself up in these parts, I would be pleased to catch up and discuss the market.
Please let me know if I can offer assistance to you or your friends on the current Whistler market. I have also updated this week’s picks of the week on nickswinburne.com. Drop on by and have a look.
Nick Swinburne REALTOR®
Sutton Group WestCoast Realty - Canada's #1 Real Estate Broker