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Fraser Valley market stays quiet through November


SURREY, BC – Despite November’s market continuing at a slower pace and dropping compared to all-time highs in 2017, sales and inventory levels for the month were on par with historical averages for this time of year.


The Fraser Valley Real Estate Board processed 1,028 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 41 per cent compared to the 1,743 sales in November of last year, and a 11 per cent decrease compared to sales in October 2018.


Of the 1,028 total sales, 383 were residential detached homes, 241 were townhouses, and 286 were apartments.


“Lessening demand continues to impact our market significantly,” said John Barbisan, President of the Board. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”


Active inventory for the Fraser Valley in November finished at 7,355 listings, decreasing 5 per cent month-over-month and increasing 43.4 per cent year-over-year.


A total of 2,077 new listings were received by the Board in November, a 25.2 per cent decrease from that received in October 2018, and a 10.6 per cent decrease compared to November 2017.


“The market is shifting, albeit slowly. But while buyers are enjoying a more comfortable real estate environment, sellers will have to pay attention to how these changes will affect their chances at success.”


“Work with a local REALTOR® who can help you put your home in the best position to move. There are always ways to elevate your home’s appeal and potential to sell, even when the market is slower.”


HPI® Benchmark Price Activity 


• Single Family Detached: At $976,200, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to October 2018 and did not change compared to November 2017.


• Townhomes: At $532,800, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1 per cent compared to October 2018 and increased 5.4 per cent compared to November 2017.


• Apartments: At $422,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 2.4 per cent compared to October 2018 and increased 12.2 per cent compared to November 2017.


Full package:
http://www.fvreb.bc.ca/statistics/Package201811.pdf

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Imagine this scenario...


You're shopping for a new home. You drive to visit a recent listing. As you walk through the front doors, you're impressed. Every room looks fantastic. You see yourself relaxing on the spacious patio, cooking in the modern kitchen, and enjoying evenings with the family in the cozy living room.


Your emotions are on overdrive.


This is your dream home! Should you make an offer? Probably. In fact, you should make that decision quickly in case there are other interested buyers.


However, your decision shouldn't be guided purely by emotion. You want to make sure you take practical matters into consideration too.


For example, you'll want to consider:


  • Is the property within your price range?
  • Does it have everything you need?
  •  Do you like the neighbourhood?
  • How old is the property? Are there items, such as the furnace, that may need to be replaced soon?
  •  Will it need any major repairs or upgrades? · What are the average monthly costs of carrying the home? (Property taxes, utilities, etc.)


Once you've considered the purchase of the home from a practical standpoint, you'll have a lot more confidence in your decision when you make an offer.


Need help? Call us, we are here to help.


Aaron & Michelle

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In Today's Market Setting Your List Price Requires Calculation and Savvy

In Today's Market Setting Your List Price Requires Calculation and Savvy

 

When you're having a garage sale, one of the toughest tasks is pricing your items. If you put a price tag on your old golf clubs that’s too high, no one will buy them. If you make the price too low, they might sell quickly, but you’ll spend the rest of the day wondering if you could have gotten more!

 

It's similar to selling your home — except with your home, the stakes are much higher. You want to price your property to sell, but you don’t want to leave any money on the table.

 

How do you accomplish that?

 

Setting the right list price for your home requires a combination of skilled calculation and industry savvy.

 

Let's start with the "calculation" part...

 

When you work with me, I'll review recently sold properties that are similar to yours in type, size, features and location. Then, using that data, we’ll calculate a range that represents your property's "current market value."

 

For example, consider a spacious 15-year-old bungalow in a nice neighbourhood. If similar homes in the area have sold for $475,000-$550,000 in the last six months, then it's obvious that your home should sell in that range too. A list price above or below that range would be in the danger zone.

 

But skilled calculation is only half the task.

 

Setting your list price also requires expertise in the local market, combined with good old-fashioned gut instinct. That instinct comes from being on the front lines of many property transactions.

 

That's why working with a good real estate salesperson is so important, when you’re deciding on the list price for your home.

 

Want to discuss selling your home? Call us, we are here to help.

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To Buy . . . or not to Buy . . . .

Balancing the Emotional and Practical Sides of Buying a Home


Imagine this scenario...


You're shopping for a new home. You drive to visit a recent listing. As you walk through the front doors, you're impressed. Every room looks fantastic. You see yourself relaxing on the spacious patio, cooking in the modern kitchen, and enjoying evenings with the family in the cozy living room. 


Your emotions are on overdrive.


This is your dream home! Should you make an offer? Probably. In fact, you should make that decision quickly in case there are other interested buyers. However, your decision shouldn't be guided purely by emotion. You want to make sure you take practical matters into consideration too.

For example, you'll want to consider:

  • Is the property within your price range?
  • Does it have everything you need?
  • Do you like the neighbourhood?
  • How old is the property?
  • Are there items, such as the furnace, that may need to be replaced soon?
  • Will it need any major repairs or upgrades?
  • What are the average monthly costs of carrying the home? (Property taxes, utilities, etc.)


Once you've considered the purchase of the home from a practical standpoint, you'll have a lot more confidence in your decision when you make an offer.

Need help? Call us!

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 October brings slight bump to sales for Fraser Valley


SURREY, BC – The Fraser Valley housing market saw slight increases in both total transactions and overall inventory this month after sales hit their lowest point for the year in September.


The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 35.8 per cent compared to the 1,779 sales in October of last year, and a 11.6 per cent increase compared to sales in September 2018.


Of the 1,155 sales, 438 were residential detached homes, 306 were townhouses, and 292 were apartments.

“While slight, this is the first time since May that sales here have been on the upswing.” said John Barbisan, President of the Board. “We’re beneath typical activity levels for this time of year but it’s good to see that buyers and sellers are still finding success this season.”


Active inventory for the Fraser Valley in October finished at 7,746 listings, increasing 1.3 per cent month-over-month and 41.3 per cent year-over-year.


A total of 2,776 new listings were received by the Board in October, a 5.8 per cent decrease from that received in September 2018, and a 12 per cent increase compared to October 2017.


“We’re in a much better spot in terms of overall inventory compared to this time last year, and now closer to a more balanced market. Attached inventory in particular has seen notable gains, doubling year-over-year for townhouses and nearly tripling for apartments.”


For the Fraser Valley region, the average number of days to sell both an apartment and townhouse in October was 31. Single family detached homes remained on the market for an average of 39 days before selling.


HPI® Benchmark Price Activity 


• Single Family Detached: At $986,700, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.2 per cent compared to September 2018 and increased 1.1 per cent compared to October 2017.


• Townhomes: At $538,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.4 per cent compared to September 2018 and increased 7.1 per cent compared to October 2017.


• Apartments: At $432,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.3 per cent compared to September 2018 and increased 17.2 per cent compared to October 2017.


Full package:
http://www.fvreb.bc.ca/statistics/Package201810.pdf

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Housing supply ample as buyers remain hesitant in September

SURREY, BC – The slowing of sales activity and expansion of overall inventory that has defined much of 2018 for the Fraser Valley housing market continued in September, with sales at their lowest point and inventory at its highest for the year.


The Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 36.1 per cent compared to the 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018.


Of those 1,035 sales, 376 were residential detached homes, 250 were townhouses, and 274 were apartments. This was the lowest number of transactions in a month this year for each category.


“Buyers remain reluctant as the market continues to adjust,” said John Barbisan, President of the Board. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”


Active inventory for the Fraser Valley in September finished at 7,647 listings, increasing 4.2 per cent month-over-month and 30.6 per cent year-over-year. This is the highest level of supply for the Fraser Valley since July 2015.


A total of 2,946 new listings were received by the Board in September, a 14.4 per cent increase from that received in August 2018, and a 3.4 per cent increase compared to September 2017’s intake.


“If you want to sell soon, the most important thing you can do to be successful is to price effectively. Talk to your REALTOR® who can help you understand what buyers are looking for in your local market.”


For the Fraser Valley region, the average number of days to sell an apartment in September was 33, and 32 for townhomes. Single-family detached homes remained on the market for an average of 39 days before selling.


HPI® Benchmark Price Activity 


• Single Family Detached: At $988,900, the Benchmark price for a single-family detached home in the Fraser Valley decreased 2 per cent compared to August 2018 and increased 1.1 per cent compared to September 2017.

• Townhomes: At $546,100, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.4 per cent compared to August 2018 and increased 9.5 per cent compared to September 2017.

• Apartments: At $438,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to August 2018 and increased 22.5 per cent compared to September 2017.


Full package:


http://www.fvreb.bc.ca/statistics/Package201809.pdf

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If you need to upsize or you’re simply ready for a change, it’s tempting to consider a major renovation. After all, renovating means you don’t have to go through the process of selling your property and buying another more suitable home. You just fix up the one you’ve got!
 
However, you need to carefully consider the pros and cons of renovating before going this route. You don’t want to invest in a costly renovation only to end up with a home that still doesn’t meet your needs.
 
Say, for example, your current property doesn’t have a home office. Since all the bedrooms are taken, you decide to renovate a portion of the basement. Building that new home office may seem like a simple project, but once you consider new electrical, flooring, lighting, etc., it really isn’t. Like most renovations, it will probably cost more than you think. Plus, you’ll need to consider whether you’ll really want to work in the basement.
 
In this case, it might make more sense to find a new home with an extra bedroom that can be converted, or, better still, a dedicated home office space — with windows!
 
Of course, there are many circumstances in which a renovation may be the best way to go. If you don’t like your kitchen, for example, upgrading it may not only get you the kitchen you want, but also add value to your property.
 
Basically, you need to ask yourself: "Which is more likely to get me the home I really want – a renovation or a new home?"
 
If your answer is a new home, then there is probably a property on the market right now that would meet your needs. Let’s talk.
 
Thanks Aaron & Michelle
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- Front porch entries with metal shed roofs 
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Quality Built by Park Ridge Homes. A family business that believes in quality and excellence. Providing families with a home building experience that is dedicated to meeting and exceeding expectations since 1986.
 
For more info CLICK HERE
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Fraser Valley sees further decline in activity in August

SURREY, BC – Market activity declined further in August with sales dropping to their lowest level this year.


The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® (MLS®) in August, a decrease of 38.5 per cent compared to the 1,879 sales in August of last year, and a 10.5 per cent decrease compared to the 1,290 sales in July 2018.


Sales of attached homes continued to represent over fifty per cent of all activity in the Fraser Valley this month, with 294 townhouses and 318 apartments selling in August.


“With demand slowing down and prices staying put, both buyers and sellers can expect to see an easing of competition with less multiple offer situations,” said John Barbisan, President of the Board. “Right now, effective pricing is key and will be the determining factor for a successful transaction.”


Active inventory for the Fraser Valley in July finished at 7,339 listings, decreasing 0.8 per cent month-over-month and increasing 28.5 per cent year-over-year. 2,575 new listings were received by the Board in August, an 11.8 per cent decrease from July 2018’s 2,921 new listings, and a 2.2 per cent decrease compared to August 2017’s intake.


“Our market continues to open up the further we get into the year, and that means you can make more considered, informed decisions if you’re looking to jump in,” continued Barbisan. “The best first step you can take is talking to a local REALTOR® who can help you determine your options and a plan forward.”


For the Fraser Valley region, the average number of days to sell an apartment and a townhome in August was 27. Single family detached homes remained on the market for an average of 35 days before selling.


HPI® Benchmark Price Activity 


• Single Family Detached: At $1,008,700, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.9 per cent compared to July 2018 and increased 2.9 per cent compared to August 2017.


• Townhomes: At $548,300 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.7 per cent compared to July 2018 and increased 11.5 per cent compared to August 2017.


• Apartments: At $443,200, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.6 per cent compared to July 2018 and increased 26.9 per cent compared to August 2017.


Full package:
http://www.fvreb.bc.ca/statistics/Package201808.pdf

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There are many good reasons to put your property on the market. Some examples include a relocation, the kids leaving the nest, the need for something bigger or smaller, and the list goes on and on.


However, there are also some less-than-obvious indicators that it may be time to sell.


Consider the following:


1. Your Property is no longer a Good "Fit"

Your home may have been perfect for you when you bought it. But things change. Families grow. Needs evolve. For any number of reasons, your property may no longer be a good fit for you. If that's the case, it makes sense to at least take a look at what's available on the market. Who knows? Your next "perfect" home may be for sale right now — within your price range!


2. The Neighbourhood is Changing

You may have been in love with the neighbourhood when you first moved in. But, over time, the characteristics of any area can change. Those changes don’t necessarily mean the neighbourhood is getting worse. In fact, it may be changing in a positive way; perhaps becoming more urban. But, "more urban" may not be what you want. So take a look at the direction your neighbourhood is heading. Ask yourself, "Do I still want to be living here in two years?"


3. You're Ready for Your Dream Home

Remember when you purchased your current property? Did it have every feature you wanted? Was it your dream home? Or, did you have to compromise on a few things, such as the size of the kitchen? If you had to make some tough choices back then, it might be time for you to finally get the home of your dreams.


Those are just three indicators it may be time for you to make a move. Of course, there are many others. 


If you've been entertaining the idea of selling your property and finding your next dream home, give us a call. We can show you what's available on the market, and keep you informed of new listings that match what you're looking for.


Contact us anytime, we are here to help...


Aaron & Michelle

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Inventory builds as summer slowdown hits

SURREY, BC – Overall housing supply continued to grow in July as sales dropped to their lowest point this year since January.


The Fraser Valley Real Estate Board processed 1,290 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 33.4 per cent compared to the 1,937 sales in July of last year, and a 11.2 per cent decrease compared to the 1,452 sales in June 2018.


Of the 1,290 sales processed last month 346 were townhouses and 337 were apartments, together representing 53 per cent of all transactions in July.


Active inventory for the Fraser Valley in July finished at 7,399 listings, increasing 3.6 per cent month-over-month and 23.9 per cent year-over-year.


“Despite a much healthier level of inventory, demand continues to be influenced by pricing and market barriers such as the mortgage stress test and rising interest rates,” remarked Board President John Barbisan. “On top of that, summer is busy for people and usually a slow season for real estate.”


2,921 new listings were received by the Board in July, a 7 per cent decrease from June 2018’s 3,140 new listings, and a 11.5 per cent decrease compared to July 2017’s intake.


“A slower market like this one is an excellent opportunity for buyers to explore their options and enjoy a more relaxed purchasing environment,” continued Barbisan. “If you’re looking, talk to your REALTOR® who can help you get a full view on everything available that fits your needs.”


For the Fraser Valley region, the average number of days to sell an apartment in July was 21, and 24 for townhomes. Single family detached homes remained on the market for an average of 31 days before selling.


HPI® Benchmark Price Activity 


• Single Family Detached: At $1,017,400, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.1 per cent compared to June 2018 and increased 5.3 per cent compared to July 2017.


• Townhomes: At $557,500, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.1 per cent compared to June 2018 and increased 14.7 per cent compared to July 2017.


• Apartments: At $450,400, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.7 per cent compared to June 2018 and increased 32 per cent compared to July 2017.


Full package:
http://www.fvreb.bc.ca/statistics/Package201807.pdf

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