You’ve probably seen signs around the area for Open Houses. You may have even attended a few. These are open invitations for potential buyers to drop by on a certain day and time, to check out the property and get more information.

When you’re listing your home for sale, you might wonder whether you’ll need to have an Open House.

To answer that question, you’ll need to consider the pros and cons. Planning and hosting an open house isn’t as easy as it may seem. There’s a lot of preparation involved. In addition, you’ll likely spend hours making your property look its best and you’ll need to be away from your home for a good part of that day.

That being said, an Open House has many advantages.

• It helps showcase features of your property that may not come across well in advertisements and listing descriptions.

• It attracts potential buyers who, for any number of reasons, might not otherwise call to view the home.

• It generates a buzz and publicity about your listing.

However, an Open House might not be necessary if there is high demand for properties like yours and you’re likely to get multiple offers. If you have any questions about open houses or any other Real Estate matter feel free to give me a call. I am here to help.

Thanks,

AA

BC Assessment has mailed 2017 assessment notices to home owners throughout the province. Below are a few links that will help guide you regarding your recent assessment, and provide more information:

• e-valueBC webpage to search for assessments online
• BC Assessment’s full media release for the Fraser Valley region
• Fraser Valley’s Top 100 highest valued residential properties
• Video on BC’s 2017 Property Assessments by region
• Map of property assessment changes by jurisdiction
• BC Assessment’s resources on understanding the assessment process
• BC Assessment’s contact information for Fraser Valley offices (Surrey and Abbotsford)

In light of the impact of this year’s assessment increases, the BC Government announced this week that they will be reviewing the homeowner grant threshold level.

According to Landcor Data Corporation, for the first time in Metro Vancouver’s history, more homeowners will NOT qualify for the Homeowners’ Grant this year compared to those who will qualify.

Here are Landcor’s numbers:

• 213,412 households will lose all or part of the grant
• 206,745 households will keep the grant

Record-setting year for Fraser Valley real estate

SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.

The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.

Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.

Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year's extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley. "Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year."

For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.

In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.

Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active. However, at year’s end, we see sales returning to more typical levels and low overall inventory.

“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”

HPI® Benchmark Price Activity

• Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.

• Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.

• Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015.

Full package:

http://www.fvreb.bc.ca/statistics/Package201612.pdf