Tides Turn: From Competing Offers to Competing FOR Offers

The Fraser Valley Real Estate Market has taken a hard turn. There is a very healthy supply of inventory on the market and not many sales. So what does that mean if you are trying to sell your home or looking to list in the near future?
In today's video, Surrey Real Estate Specialist, Steve Karrasch of Macdonald Realty shares his current take on the Surrey real estate market and what you as a seller need to know when it comes to preparing your home to make it the very best option to buyers in your area.
Are you looking for more information on how best to prepare your home for sale in this competitive market environment?
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If you are looking for help or have any questions regarding real estate in Surrey, B.C. or the Fraser Valley, please reach out below using which ever way is most convenient. We also service real estate sales Langley, Delta, White Rock, Abbotsford, Mission, and more Greater Vancouver Cities.
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.

[@dustins9611]

If it's bad now, imagine how much worse it will get if we actually hit a significant recession. I certainly wouldn't want to buy anything priced higher than 2019 comps unless there was significant upgrades done that match my taste. If it's just paint and simple cosmetic updates, that isn't enough for me to pay any premium over pre pandemic prices.

[@SteveKarrasch]

Market is still up 60% since 2019.

[@izzy2116]

@@SteveKarrasch Give it time

[@dustins9611]

@SteveKarrasch and i think that's a big part of why it's slowing down so much now - at least for single family detached. Not to mention that average salaries for many professional jobs in BC are lower than they are in Sask where housing is about 50% the cost (or less).

[@doubleoblit]

@@izzy2116 if we give it time and the market doesn't collapse, you'll just say to give it more time. Meanwhile, people with skin in the game are getting wealthy.

[@saltchuckwest]

So glad I sold a year ago. Thx again for your informative channel.

[@mgdubya27]

It's a good thing you have this channel steve, it's gonna be tough next couple of year as we unwind.

[@SteveKarrasch]

My $0.32 a day is really going to help weather this storm.

[@mgdubya27]

@@SteveKarrasch 🤣

[@DummMoney-rr1fi]

@@SteveKarrasch I've vote to donate the ad rev you make to Surrey Food Bank

[@deodats-mc8se]

honestly even with the high supply, prices i could see go down, but not by much, even if it goes down by 30%, a property in surrey of $1.3M would still be out of reach for many

[@SteveKarrasch]

Its true.

[@mr.d4295]

Facts are that all types of real estate from coast to coast in Canada are in a MASSIVE price bubble, driven by fomo low rates and MASSIVE amounts of speculation.. These homes will sell fine when the prices decline enough...

[@DummMoney-rr1fi]

Econ 101 says you are quite wrong MrD

[@mr.d4295]

@DummMoney-rr1fi The next couple years will prove Mr.D is correct 👌

[@doubleoblit]

@@mr.d4295 I guess the cool thing about constantly predicting a crash is that maybe one day you'll get lucky and be right, kinda like one of those broken clock situations.

[@FullCircleTravis]

​@@mr.d4295 Condos will crash, but detached won't.

[@jeffotoole4509]

Umm I wonder what happens during a recession? I wonder what happens in a recession when the Bank of Canada is handcuffed to Federal Reserve monetary policy? I am just wondering for a friend.

[@DummMoney-rr1fi]

we are independent of the Federal Reserve.

[@Peter-sz1sn]

Are you seriously saying that "turning the lights on, putting the toilet seat down, .. etc" is the kind of thing that will make a difference in selling an overpriced property??? You can't be serious! If true, then we are a long, long way from adjusting the market psychology and expectations, where both sellers and real estate agents (yourself included - no offence) have a lot to learn and adjust to.

[@SteveKarrasch]

Maybe you take things a little too literal?

[@DummMoney-rr1fi]

"This market" means Surrey? In my market there are multiples

[@SteveKarrasch]

My market is the Fraser Valley

[@SensibleNonsense1982]

I swear I just heard you call it FRASIER Valley. Too much time with Tom lol

[@DummMoney-rr1fi]

at least he knows Coquitlam isn't on Vancouver Island

[@denesbastos2001]

Did you just say Fraser the same way Tom does? 😂😂😂

[@SteveKarrasch]

I think I did. Sorry.

[@DummMoney-rr1fi]

@@SteveKarrasch I'm going to name my first born Steve and my second born Frasier

[@chuckgould7949]

its mid June and all 5 homes on my street sold within 2 weeks....all at full price????

[@SteveKarrasch]

Fake news.

[@NestleSnipes2040]

​@@SteveKarrasch Sorry reality doesn't fit your narrative.

[@Mizsheen]

I believe it if your in Coquitlam.

[@DummMoney-rr1fi]

@@Mizsheen no Qualicum

[@antonyost5709]

Vote Blue in Canada and that’s exactly what you’ll get. … and deservingly so.

[@SteveKarrasch]

You don't like the Conservatives??

[@DummMoney-rr1fi]

@@SteveKarrasch let the free market work and see what happens to housing.

[@marvin6016]

Remember i said back in jan that best time to buy would be july because of new airbnb laws.

[@DummMoney-rr1fi]

haha, those 29,000 airbnb's are now successful furnished rentals. Except now Ravi can't just ask Airbnb to give a list to find out who has one. Lol, Ravi forgot to pay attention in his Econ 101 class. I booked a furnished rental off Facebook marketplace and paid cash. It's fantastic, no more Airbnb fees!! Thanks Ravi