Has our market been on steroids? Hell yeah!

Average days on market in the RDU was 12 days for the last two years. I have agents calling me, asking me to cancel photo orders because the property I should be photographing for them tomorrow or the next day has offers for $10-20k over list sight unseen. We have older sections of Raleigh where 1930-1970's era homes are bought for $250-600k, demolished, then have a $1mil+ home put on that property.

I shot 700+ properties last year, and the way this year is shaping up, I could easily shoot that many or more. The issue I am finding is that I am having to travel further from my home office, because there is virtually no inventory within a certain radius. This is causing many of my agents to expand out of there normal sales territory. We have 20k people a month moving to this part of the country, inventory for existing homes is very low, builders are building as fast as possible or fighting to acquire land. With all of these pressures, I am not convinced that we are sitting on a bubble.

I don't know anything about Victoria. Are there many jobs to be had? Or do you have to work in Vancouver? (those who work for a company... not people like you who work for themselves...)

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How does Danny Hart sit down with balls that big?

I don’t know how to count it, but my house sold before it ever got on the market. Moved for work last year. We told our realtors we were going out for a few days to start house hunting. They asked if they could our house to other agents to drum up interest before we listed. We agreed and there were 10 offers when we got back. Whipped up a good bidding war and didn’t have to spend a dime prepping the house.

Where we moved to most houses were on market for a few weeks with a few going immediately. There was one nice older house in a great location. On the day it went on the market people brought in home inspectors so they could make offers without contengencies.

There are a lot of jobs. There is a ton of good paying, stable government work here. Provincial capital is here, and our stupid city has 14 municipalities with 14 municipal Hall's, mayor's, various departments etc. Not all have their own PD and fire Dept, but I think 4 do.

Residential, commercial and industrial Construction and related industries is and has been a hot labour market for around 15 years now.

Tech has become a bigger thing in recent years.

Most business owners I talk to say it is increasingly hard to find good workers. It seems like almost everyone is hiring.

It's a weird makrket though. The problem is moat private sector jobs don't really pay enough to get ahead. Cost of living has skyrocketed the last couple of years. Yet, people continue to move here in droves and complain about the lack of jobs that pay well enough to afford the insane housing costs. That's part of why I feel the RE market hasn't topped yet... people just keep moving here! I think it shows people are willing to earn less, or struggle more, for the lifestyle we enjoy (no winters, clean quiet communities, good schools, safe, etc).

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Long Chile was a silly place.

The market really is crazy here. We got very lucky that we found a place to buy when we moved here a year and a half ago. We were going to open houses for three weeks an being told on the Saturday to bring an offer Sunday by noon if we were interested. Had to be above list pice with no conditions. Not even an inspection. We ended up buy8ng in a great neighbourhood because we were the backup offer and the original buyer fell through. But we had cash and we were willing to do a no condition deal.

Fast forward a year and a half and our property is worth roughly an extra $125-150k and at that price it would likely sell in less than a week. We will not be able to stay in this area when we retire, except maybe in a trailer or a microscopic condo. That is just reality.

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Proud member of the MSF (Maple Syrup Mafia)

Very few people live on the Island and commute to Vancouver for work. It’s ferry wait time you are talking about 2.5 hours and that only gets you to the terminal. Another 45 minutes into downtown Van.

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Proud member of the MSF (Maple Syrup Mafia)

A good friend of mine did the daily commute via harbour air. It was a 5 min walk to the terminal, 20 min flight, and 5 min walk to her Vancouver office. Probably less time, door to door, then my place to yours!

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Long Chile was a silly place.