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Wednesday, November 07, 2018

Kings County Market Trends

The market in the Valley is bonkers, especially in Kings County. I have been discussing the trends quite a bit lately and I wanted to put it out there in a blog post for everyone. People have been asking what the heck is going on, here's my take on it.

I am seeing a LOT of out of province buyers coming to the area. People from Ontario & BC are selling while the selling is good and bringing their cash here to buy way more that they ever could in other provinces.

This is creating several waves in the market. First of all these buyers see our prices as very reasonable and are willing and happy to pay our prices for what they want. A property is worth what someone is willing to pay for it and these trends are driving the property values up locally.

Secondly these buyers are new to the area, they sold elsewhere and are buying here. This is causing a shortage of available properties - as we all know supply & demand can have massive impact on prices causing them to rise noticeably as well as drastically shortening the average days on the market.

The third trend I am seeing is in the way that these buyers are purchasing. They are coming from extremely hot markets where buyers are making cash offers, no conditions and even bidding at and above list price. Seriously it's like in the real estate shows on HGTV. This aggressive approach is throwing local buyers off as this type of negotiation has not been the norm here.

With these huge changes in the way the property is being bought & sold locally, I can confidently say that buyers and sellers really need an experienced agent on their side. Further to that, the agent needs to be confidently versed in virtual transactions and technologically advanced. The dinosaur days of faxes and handwritten offers are gone, if you want to be competitive in this market you're going to need an up to date professional on your side.