My intention was to avoid talking about Covid in my summer issue but that seems daft. I am going to jump the grenade and tackle Covid first.
British Columbia has done exceedingly well in getting the majority of our population vaccinated with their first jab.
Left Jab – Right Jab
At press time :) 71% of BC residents have had their first vaccination and 42% are fully vaccinated. Travel restrictions are easing, businesses are striving to get back to business and people are itching for travel and interaction with friends and family. Let’s hope we have a great summer as we return to more normal activities in a safe and controlled manner.
Visits to Whistler have definitely increased since the recent lifting of travel restrictions. My sense is that we are quickly getting back into the mode of welcoming visitors with sanitized open arms.
However, many businesses have been severely impacted by Covid and will continue to be challenged in the coming months specifically with rebuilding their workforce for the increase in visitors. We’ll get there but it will take time and patience from all.
2021 Market Recap
At roughly the half way point in 2021, I’m happy to report that despite historically low inventory levels we are still experiencing a very active and successful market. There’s a steady flow of new listings practically every week that’s matched with an almost equal number of sales. The are appealing to both the locals and the BC buyers looking for a house for sale Whistler.
There’s no doubt it’s a sellers market and successful buyers continue to be those who have done their homework and are prepared to move quickly and decisively when the ideal house for sale Whistler comes along.
A Seller’s Market – Pro’s and Con’s
For sellers, the prospect of entertaining more than one offer and achieving a maximum return on their real estate investment seems like a no brainer.
However, it can be overwhelming at times and requires the steady hand of an experienced agent to achieve a favourable outcome with a minimum amount of stress. Always acting in an ethical manner, pointing out the subtle nuances of each different offer, and putting the seller’s interests first are just a few of the things a good agent must balance in multiple offer scenarios.
Multiple Offer Scenarios
On the other hand, it’s almost impossible to avoid stress on the buying side. The challenge of having to compete with other buyers also looking for a house for sale Whistler, not knowing how many other buyers there will be and having no intel about the competing offers is daunting to say the least. I’ve represented a number of both buyers and sellers this year and although neither role is a stroll in the park, representing buyers in this type of market is the most taxing situation for me as an agent.
Should your real estate agent guide or push?
I always want my clients to be successful and will do everything in my power to make that happen. However, when it comes to pushing people beyond their comfort zone to secure the deal, I struggle.
If you have the time to share your thoughts on this I’d be very interested to listen to them.
Would you want your agent to go beyond his or her typical role of guiding you? Persuading you to increase your bid considerably in order to beat the competition?
My guiding principles in these situations have always been the following:
- Look for ways other than increasing the price to make your offer as attractive to the seller as possible. For example, picking closing dates that sync with their needs, writing simple offers and doing building inspections prior to making an offer whenever possible, showing your appreciation for the property including any upgrades and the way it’s been maintained. Offering a healthy deposit is good. And in really hot markets, having the bank draft/deposit in hand so that it can be placed in trust immediately if the offer is accepted.
- Don’t expect to get a second chance when deciding on price and be prepared to live with the offer you make. If you’re successful, will you be happy or will you feel like you paid too much? In reality it’s usually a bit of both. If you get outbid, will you move on knowing that you gave it your best shot or will you be angry with yourself for holding back?
What are your thoughts on making offers with no subject conditions? Then accepting the consequences if unexpected surprises come up after the fact? How much would you want your agent to push you if he had a pretty good idea that several competing offers were likely to be well above the asking price?
Read here for more of my philosophy on how Realtors can help.
I really am curious about how my clients feel these situations should be handled. I look forward to your feedback.
Reflection Time – Giving Back
On August 28th I will be riding 100km with 1028m of vertical gain in the Tour de Cure to help the BC Cancer Foundation break down cancer. My goal is to raise a minimum of $5000 and I’m about half way there. Funds raised through the Tour de Cure will support life-saving research and enhancements to care at BC Cancer, bringing hope to cancer patients in BC and making an impact around the world.