REAL ESTATE UPDATE FOR SALT SPRING ISLAND - MAY 2021

WHAT'S HAPPENING WITH THE SALT SPRING MARKET THESE DAYS?

It's been a very busy Real Estate Market the last few months with multiple offers for almost every property and unconditional offers almost always.  That said, the Salt Spring Market is slowing and now conditional offers are becoming more common and accepted prices are sometimes lower than asking price and some back and forth bargaining is taking place.

One reason the Market is slowing is that we are seeing more properties come up for sale.  Sellers are more optimistic about showing homes and not worried as much about COVID-19 and they also see there are more homes for sale so they are more confident they can find another home once they sell.

It is still a Seller's Market right now, just not as strong a Seller's Market.  In the price range from $500.000 to about $800,000 we don't have many listings and those listings with homes in good condition are seeing a lot of interest.  From $800,000 to around $1,200,000 is seeing a fair amount of interest from Buyers, especially if the home shows well and has some sort of view.  Above $1,200,000 or so, the Market is a bit slower but still fairly busy.

What to do if you are thinking of selling?  The cheapest upgrades for a home that Buyers really like are new paint inside (maybe outside as well...that depends on how it looks) and new light fixtures.  Lots of homes would sell quicker and likely for a higher price with these upgrades.  Get rid of the old Swedish ball lights and upgrade to some of the new LED fixtures.  Paint is inexpensive but makes such a difference and neutral colours are best if you are looking to sell.

And of course....call me and ask me to evaluate your home for listing.  :-)

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