As many of you know, the detached home market in many areas of the lower mainland is red hot.  Inventory is down and sales are up which creates a highly competitive market.  I was yet again in a multiple offer with a client in North Vancouver a couple weeks ago and the competition was fierce.  How competitive is this market?  According to SnapStats (email us if you are interested in receiving the comprehensive market report called SnapStats) the sub-area of Lynn Valley in North Vancouver saw 29 new detached listings in April 2014 and had 27 sales!  A sellers’ market is classified as having a listing absorption rate of 21% or greater.  In the month of April 2014 Lynn Valley saw an absorption rate of over 93%.  

Buyers often shy away from writing offers for fear of being pushed to write offers that are substantially over list price.  At the end of the day you must be competitive with your offer price and may find yourself writing above list price but this depends on the particular property and it’s pricing.