{"id":653,"date":"2021-01-21T21:26:59","date_gmt":"2021-01-22T04:26:59","guid":{"rendered":"http:\/\/www.century21yk.ca\/blog\/?p=653"},"modified":"2021-02-25T09:09:01","modified_gmt":"2021-02-25T16:09:01","slug":"selling-your-yellowknife-home-in-2021-what-to-expect","status":"publish","type":"post","link":"https:\/\/www.century21yk.ca\/blog\/2021\/01\/selling-your-yellowknife-home-in-2021-what-to-expect\/","title":{"rendered":"Selling Your Yellowknife Home in 2021: What to Expect"},"content":{"rendered":"

This and other articles about the Yellowknife real estate market are available in our e-newsletter.\u00a0 Click on this link<\/a> to sign up and receive our latest edition.<\/em><\/p>\n

As mentioned in my last post (\u201cYear End Review<\/a>\u201d), 2020 was a busy year in the Yellowknife real estate market.\u00a0 Fewer people listed their homes for sale than the year prior and more people were looking to buy.\u00a0 The result was a rise in prices – the average home price grew by 5%.<\/p>\n

We could very well see the opposite happen this year.\u00a0 If COVID-19 vaccinations progress well and travel restrictions show signs of being lifted, we may see a lot more residents listing their homes for sale in 2021.\u00a0 The reason for this is that Yellowknife is a transient city.\u00a0 In a normal year, when people are able to come and go as they please, a pretty high number of people move south, whether to seek warmer climes for their retirement, to pursue job opportunities, or \u2013 as someone at the GNWT Bureau of Statistics recently put it to me over the phone \u2013 to be closer to free babysitting.<\/p>\n

But 2020 was not a normal year – people could not come and go as they pleased – and a lot of people who would otherwise have \u201crotated out\u201d were unable to do so.\u00a0 This could mean there is a backlog of people waiting to sell their homes and head south.\u00a0 Once they do succeed in selling and moving south, they will be replaced by new residents, but not all of these new residents will be home buyers.\u00a0 Some of them will be renters.\u00a0 As a result, we may see a bump in listings and a small drop in demand. Not the end of the world, but certainly something for sellers to be aware of.<\/p>\n

Of course, if vaccinations proceed slower than expected across the country and travel restrictions don\u2019t look like they are going to be lifted, then the result could be fewer buyers, fewer sellers and a pretty slow year in the real estate sector.\u00a0 But I think that\u2019s unlikely to happen.<\/p>\n

So if there is going are going to be more listings and more competition for buyers this year, what is a seller to do?\u00a0 The key is to get your home on the market earlier than the competition.\u00a0 There is very little inventory on the market right now (see our December sales graphic to the right) and demand is still very strong, so as a result, the market is pretty hot.\u00a0 We\u2019ve already had several multi-offer situations in 2021, which is very unusual for this time of year.\u00a0 But this state of affairs won’t last.\u00a0 Eventually, people will complete their pre-listing preparations (decluttering, minor cosmetic touch-ups, etc.) and the number of listings will catch up with and then overtake demand.\u00a0 The key is to get out in front of the wave before it crests.<\/p>\n

One other minor consideration this year is summer vacation.\u00a0 If self-isolation requirements are lifted prior to the end of the school year, or even if they look like they are going to be lifted by the end of August, come the last week of June Yellowknife is going to empty out with a speed and vigour that will make your head spin.\u00a0 In most years we advise our clients that if they are not on the market by the first week of June, it is often better to wait until September to list their homes.\u00a0 This year I think we can move that deadline up by at least a couple of weeks.\u00a0 And yes, that means buyers will not be able to see your lawn and landscaping at their best, but that\u2019s usually the case regardless.\u00a0 July just isn\u2019t a good time to list a Yellowknife home if you can help it.<\/p>\n

If you\u2019re thinking of selling in 2021, don\u2019t hesitate to reach out to a member of our team right away and ask them to provide you with a free home evaluation and advice (touch-ups and timelines) for getting your home on the market.\u00a0 You can read their bio pages and review testimonials from past clients by following this link: https:\/\/www.century21yk.ca\/the-team<\/a>.<\/p>\n

If you are selling in 2021, as a proud Yellowknifer, I sincerely hope it is to move to another home here in town.\u00a0 But if that\u2019s not the case, if you are making \u201cthe move,\u201d then we are here to help, and to make sure that your last real estate transaction in Yellowknife is a great one.<\/p>\n

\"\"<\/a><\/p>\n

Educating buyers and sellers about our real estate market is very important to all of us here at Century 21 Prospect Realty. If you have found this\u00a0 article useful, we would really appreciate a Google Review, if you\u2019re up for it. Just follow this link: https:\/\/g.page\/C21ProspectRealty\/review?rc<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

This and other articles about the Yellowknife real estate market are available in our e-newsletter.\u00a0 Click on this link to sign up and receive our latest edition. As mentioned in my last post (\u201cYear End …<\/p>\n","protected":false},"author":3,"featured_media":657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[53,54],"tags":[],"class_list":["post-653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-and-advocacy","category-market-analysis"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/posts\/653"}],"collection":[{"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/comments?post=653"}],"version-history":[{"count":14,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/posts\/653\/revisions"}],"predecessor-version":[{"id":812,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/posts\/653\/revisions\/812"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/media\/657"}],"wp:attachment":[{"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/media?parent=653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/categories?post=653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/tags?post=653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}