Whether buying or selling a property, you should always be aware of the current climate of the local real estate market. Market conditions can dictate a huge range of factors including price, leverage, time on market, and more.
Most real estate resources and news outlets focus on large markets and their influence on surrounding areas. For example, within BC, Vancouver is the focus of most real estate discussion. However, the market conditions within larger areas are often very different from their surroundings. What may be relevant in the city is not as relevant further up the Sea to Sky Highway in Squamish, Whistler, and Pemberton.
Pay less attention to external trends
Pemberton is a real estate micro climate where prices and trends are mainly dictated by internal factors and not surrounding areas.
When looking to buy or sell property in Pemberton, pay less attention to external factors and focus on the local market. Examine local prices and trends in order to gain an informed view, and establish factors that may affect the specific location you are exploring.
Focussing too much on external trends can skew your view of the available listings and lead to decisions that may not be in your best interest.
Seeking a knowledgeable Realtor
The best course of action when looking to buy or sell within a real estate micro climate is to engage the services of a local, knowledgeable Realtor. They will be able to guide you through the nuances of the market and help you make the best, informed decisions.
When searching for an agent, try to find someone that you connect with and who truly understands your goals. Talk to them about your needs and wants and explore your options together. They will be able to provide you with the best course of action for your situation.
Understanding the market
Your real estate agent will help you to understand the market and will explain the current conditions, including what to expect from the future. It is also important to do your own research, especially if you are unfamiliar with the location.
Coming into an area from the outside, you may have certain expectations or assumptions. Be sure to find out as much as you can about the area in order to make the best decision when it comes to buying a property.
Measuring your approach
The way you approach buying or selling will vary depending on the location and current market trends. You should always measure your approach, and by that we mean ensuring that the decision making process aligns with your goals and the current market conditions.
As an example, a market may be experiencing low inventory, such as Pemberton is now. This means that buyers will need to act fast in order to secure a property. Those who are pre-approved and ready to make an immediate offer will succeed, whereas those who are not as prepared will miss out.
Similarly if the market is in favour of the buyers, then sellers will have to price accordingly if they are looking for a quick sale. Otherwise they should be prepared to wait longer than usual to secure their preferred price.
You should always tailor your approach to the specific market and conditions in order to get the best deal, whether buying or selling.
For more information on the Pemberton real estate market, get in touch with one of our agents.