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Hot Pockets?

One of these days the market will behave normally. We have listings lasting months AND listings that are in multiple offers right off the hop.   The leading culprits of this situation is low inventory and the BC assessments that has some sellers reaching for the stars.  So what should the people know about the market right now. 

1. Renovated Homes are King!
From what I've seen the last few weeks is people are ALL OVER renovated homes that are priced at market value. In some cases we have seen an explosion of interest resulting in multiple offers and even some unconditional over asking offers. This is likely caused by two things;
- With affordability not any better, less people have the means to renovate themselves.
- Interest rates are at the perceived peak, so people are thinking this is lowest we will see prices go.

2. Homes with Suites are Queen
This one doesn't require much explanation. Extra income means more buyers can afford it. If it's renovated, all the better. 

3. Homes that Need Work are the Jokers
As mentioned before, most people don't have the means to pour addition cash into a home. Additionally, the room to profit is slim with the market condition in conjunction with new anti-flipping regulations. While these homes still get attention, people are expecting to get deals on them.