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Memory Palace 2021

Market Updates | January 6, 2021

Think back eleven years ago from today… Do you remember where you were? Do you remember events or moments of 2010? If things or events quickly come to mind, it is probably because you have used something called a mnemonic image to remember those particular experiences. We use mnemonic images to help create a pattern of letters, ideas, images, or associations that assist in remembering something. 

In my first year of real estate, a fellow named Bill came to our office and taught us the art of using mnemonic images—others may call this retention strategy a memory palace. I personally like the term memory palace because it is essentially imagining a location in your mind where you can store mnemonic images. The most common type of memory palace involves making a journey through a well-known place, such as a building or town. Along that journey, there are specific locations that you always visit in the same order. 

So, back to my earlier question about eleven years ago from today. 2010 has so many mnemonic images that quickly bubble to the surface for me. I am able to remember events, special moments, and even precise details from those events. The year 2010 was the year of the winter Olympics in Vancouver. What an amazing image to hang so many memories on to. You too probably have many Olympic memories that you can connect to 2010 as well. 

Think about the best memories throughout your life. They are usually moments and experiences that have brought you great joy, fun, and time with family and friends. I am guessing that not many of you instantly jump to 2020 as being a year filled with incredible memories. This past year, COVID-19 changed and challenged the entire world in having or creating great moments and experiences. Yes, we will forever remember 2020 as the year of COVID-19—probably even fifty years from now! However, will you remember the year with accurate detail even a few years from now? My guess is no. I believe three to five years from now we will be talking about 2021, not 2020. 

2021 will be epic! Our memory palace will fill with so many amazing images. We will celebrate medical triumphs, see economic stimulation in full swing, huge psychological relief from the lockdown, and pent-up social freedom will be alive and well. The world will party as one and we will all become human again. Are you ready for a worldwide party? What can we expect from a party filled year? Moreover, how will the party influence the Fraser Valley and Vancouver real estate market? Market speed round for Fraser Valley and Vancouver market influencers:

  • Immigration will return in late 2021 and then explode in 2022, causing a huge surge in foreign buyer sales.
  • Inflation will grow at greater rates than economists predicted throughout the world and Canada, pushing home prices higher.
  • Interest rates will continue to stay super low, like in the range of 2-4%, for the next decade or more for 5-year money. Low housing supply issues will remain in the single-family homes market.
  • A retreat back to the city for many that exited as they will miss the vibe and energy of city life. Airbnb real estate opportunities will suffer in 2021 with the hotel industry offering unbelievable rates and packages to help with the party.
  • Distribution and logistics of shipping to hyper-local locations will make warehousing a hot commodity. 
  • Medical office space will be in high demand as well. Earlier I mentioned that we will have medical triumphs; however, we will also see a huge backlog of patients that are in desperate need of medical help. The need for medical help will be not only for mental illness but also for the many people that needed tests, diagnosis, and support for various health issues and concerns that were put on hold because of the pandemic.

The market stats for the Valley and Vancouver are beyond words! All property types, locations, and numbers were through the roof. The Fraser Valley Real Estate Board sales volume set a new all-time record number of sales for the month of December. All property types were up significantly for December 2019. Detached home prices were up 13%, townhomes were up 7%, while condos were up 3%, respectfully. Predicting markets and trends is never easy, especially on a year-to-year basis, and 2020 certainly proved that. I believe it is easier to predict trends and markets over a decade rather than a year at a time. My easy bold prediction for the next decade would be that real estate will be more valuable in a decade than it is today. I guess I am bullish on real estate.     

I encourage you to close out 2020 by building a memory palace or images to remember the best of the year in detail. Try it now! Here are the steps for creating your own memory palace:

Step 1: Choose a place that you know well, like your home or office, or image.

Step 2: Plan-out the whole route — for example: front door, shoe rack, bathroom, kitchen, living room, etc. Some people find that going clockwise is helpful, but it isn’t necessary. Eventually, you will have many memory palaces. You will also be able to revise the memory palace after you test it a few times, so don’t worry if it’s perfect on the first try.

Step 3: Now take a list of the special moments that you want to remember.

Step 4: Take one or two items at a time and place a mental image of them in each location of your memory palace. Try to exaggerate the images of the items and have them interact with the location. For example, if the first item is “carrots” and the first locus in your memory palace is the front door, picture some giant carrots opening up your front door.

Step 5: Make the mnemonic images come alive with your senses. Exaggeration of the images, exotic and humor can help.

Please reach out to our team for more information or help with all your real estate needs.

Click Below To See The Fraser Valley Stats:

Fraser Valley STR Stats

Click Below To See The Vancouver Stats:

Vancouver STR Stats

 

STR (Sell Through Rate) Formula = Sales ÷ Active Listings + Failed Listings + Sales

 

Randy Dyck
Personal Real Estate Corporation
604-807-4366 or randy@eximus.com