The Whistler real estate market has been red hot for more than a year, pushing prices up in most Whistler neighbourhoods. The high prices come with pros and cons, though. While it feels like a great time to sell a home or condo, there's a lot to consider and there's always the flip side to the sale equation.
You might wonder, "How can I sell my home when buyers are starting to think twice about buying in such a frothy, overheated real estate market?" That's a terrific question. Luckily, a little preparation can go a long way in making the process easier and helping you get as much as possible for your Whistler property.
1. The Whistler Real Estate Market Is Red Hot Right Now!
The Whistler market is red hot right now because supply has not kept up with demand. To some extent, the short supply comes from the high price of construction materials. Developers don't want to build single-family homes when essential materials like lumber cost so much.
The problem might not be as recent as it seems, though. About 12.3 million households were formed in the U.S. & Canada between January 2012 and June 2021. During that same period, only 7 million homes were built. The short supply has finally caught up as young people plan to start families and purchase their first homes.
What's important for sellers to recognize is that the Canada & the U.S. has about 6 million fewer houses than it needs to meet demand. That makes your residential real estate very valuable. That dynamic is even more amplified in niche luxury ski resort markets such as Whistler, Aspen, Vail, etc.
2. Expect to Spend a Lot of Time and Money on Property Improvements
Do you plan to invest in some property improvements before putting your Whistler home or condo on the market? Make sure you set aside plenty of time and money.
Supply chain disruptions have forced contractors and construction companies to charge higher prices and work at slower paces. Many of them would love to get more work accomplished. Unfortunately, it's hard for them to source some of the materials they need to keep up with client requests.
Talk to local Whistler contractors now so you can get realistic price and time estimates. If you don't already have a contractor, talk to your realtor to get recommendations. An experienced Whistler real estate professional will know which Sea to Sky renovations companies are more likely to accommodate your preferred schedule.
3. Find a Moving Company That Follows Safe Procedures
A lot of cities and provinces are lifting COVID-19 restrictions. The virus still poses a threat, though. Make sure you choose a moving company that follows safety procedures and takes your health seriously. The movers will spend a lot of time in your home, so it makes sense to find a company that enforces safety precautions.
4. Interest Rates Will Likely Increase Soon
Many economists believe that the Bank of Canada will need to increase interest rates soon to combat inflation and that has already begun. It's an ongoing discussion, so nothing is certain. Just keep the possibility in mind. Turning down a good mortgage offer because you demand an excellent one could end up costing you more money.
5. Have a Plan for Potentially Paying Two Mortgages
"Can I sell my home at a high price?" Probably, but it might take a little time to get the price you deserve.
Higher real estate prices mean that you can get more money when you sell your home. The real estate market isn't quite as hot as it was last year, though, so don't expect your home to sell the same day you list it. That might happen, but it depends on several factors, including your location and price expectations.
The higher prices also mean that you will probably spend more on your next home (if you're planning to upgrade to something else in Whistler). If your current Whistler property doesn't sell quickly, you might need to pay two mortgages for a few months.
You will likely make your money back when you sell your house. Still, you should plan for a short-term financial hardship.
6. Work With a Whistler Real Estate Agent to Find the Right New Home Quickly
Not everyone finds a new house before selling their current one. Other homeowners experience the opposite problem: the hot real estate market makes it easy for them to sell, but they need to find short-term housing while they search for a new Whistler property they love.
You can make some of your money back when you need to cover two mortgages for a few months. You don't get that benefit when you pay for short-term housing.
Work with a local Whistler real estate agent so you can find a home or condo you love as quickly as possible. You don't want to rush into a decision. Choosing a wonderful new mountain home in Whistler becomes a lot easier, though, when you have a knowledgeable local Whistler realtor on your side.
7. Find the Real Estate Assistance You Need!
Are you ready — or at least thinking about — putting your house on the market? Get in contact so we can help you make informed choices that will help you get a great price for your home, find a wonderful new place to live, and avoid a lot of the headaches people associate with moving!
We're Here to Help
If you're thinking about selling your Whistler property, let's start by getting you an accurate picture of what your current Whistler home or condo may sell for today.