Sales increase slightly as inventory hits 10-year low for the month of October

SURREY, BC – The Fraser Valley real estate market remained active through October, with sales breaking slightly higher than the 10-year historical average for the month.

The Fraser Valley Real Estate Board processed 1,463 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 17.4 per cent compared to the 1,772 sales in October of last year, and a 12.1 per cent increase compared to the 1,305 sales in September 2016.

Of the 1,463 sales processed last month, 389 were townhouses and 400 were apartments, representing a significant portion of October’s market activity. Townhome transactions increased 10.2 per cent when compared to last year, and apartment sales reached even higher levels seeing a 56.3 per cent gain.

“Sales activity was healthy in October, especially in the townhome and apartment categories. With prices beginning to level-off, it appears that buyers are becoming more motivated to explore the Valley’s available inventory,” said Charles Wiebe, Board President.

Last month the total active inventory for the Fraser Valley was 6,035 listings, the lowest level seen for an October in ten years. Active inventory decreased by 6 per cent month-over-month, and decreased 7.7 per cent when compared to October 2015.

The Board received 2,197 new listings in October, an 18.9 per cent decrease from September 2016, and a 1.9 per cent increase compared to October 2015’s 2,155 new listings.

“It seems that there’s no bad time to sell a home in 2016 as demand for Fraser Valley real estate remains strong. Talk to your REALTOR® if you’re looking to make a move before the end of the year, and they can get you where you need to be.”

For the Fraser Valley region, the average number of days to sell a single family detached home in October 2016 was 31 days, compared to 36 days in October 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in October was $872,100, an increase of 34.3 per cent compared to October 2015 when it was $649,200.

The benchmark price of Fraser Valley townhomes in October was $421,300, an increase of 34.3 per cent compared to October 2015’s benchmark price of $313,700. The benchmark price for an apartment in the Fraser Valley increased 25.2 per cent year-over-year, from $203,100 in October 2015 to $254,300 in October of this year.

Full package:

http://www.fvreb.bc.ca/statistics/Package201610.pdf

There are so many fun things to do at Halloween, here are a few places to go to get your scare on...

Visit a Haunted House

Potters House of Horrors

• What: Get ready to scream and cower in fear: Potters House of Horrors has reopened for the Halloween season.
• Where: 12530 72nd Avenue, Surrey
• When: Open now until October 31. Lil’ Haunters is from 4 to 7 pm, all-ages family hour is from 4 to 6:30 pm, and the regular ultra-scary show is from 7 to 10 pm.
• Tickets: Starts at $10 for tickets. Click here to purchase.

Haunted Swamp House

• What: For the past four years, Greg McLellen and his wife have been putting on the Haunted Swamp House and it has continued to grow into a Halloween extravaganza. It now comprises of seven rooms, themed after the cannibal-infested, hillbilly-murderer settled swamps so common in horror movies.
• When: October 28 to 30 from 6 to 9 pm. October 31 from 7 to 9 pm.
• Where: 4120 228 St., Langley
• Tickets: Admission by donation

Reapers Haunted Attraction

• What: A number of attractions await for those looking for an adrenaline boost, like an insane asylum themed haunted house that brings the horrors of crazed patients to twisted doctors and hospital staff.
• Where: 9423 Gibson Road, Chilliwack
• When: Open until October 31 with various hours. Click here for more.
• Tickets: $11 for each attraction or $20 for both. Patrons get $1 off with a non-perishable food item.

For younger kids this is a bit more tame...

Go to a Pumpkin Patch

Hazelmere Pumpkin Patch at Gabriel Farms

• What: Besides pumpkins, Gabriel Farms also features hayrides, a petting zoo, and a mini corn maze. The farm will have their annual pumpkin carving contest on October 8. And to really get you in the spirit of Halloween, a bonfire will take place on October 29. The farm accepts cash only.
• When: Open every weekend from 10 am to 5 pm
• Where: 18507 20th Avenue, Surrey
• Cost: General admission $5 (kids under 2 are free), pumpkins sold by size $1 and up

Aldor Acres Pumpkin Patch 

• What: At Aldor Acres, there is no shortage of variety with over 15 types of pumpkins spread across the farm’s 20 acres. After you’re done with pumpkin picking, head over to say hello to the animals or go for a tractor-pulled hayride.
• When: Open for the month of October from 9 am to 5 pm daily
• Where: 8301 252nd Street, Langley
• Cost: $8 admission (anyone of walking age)

Chilliwack Original Corn Maze and Pumpkin Farm

• What: It’s worth making a day trip to this family farm. With a 12-acre corn maze (this year it is Peanuts-themed) , a variety of pumpkins, a giant jumping pillow, an indoor hay bale maze, a corn train and farm animals, your day will be filled with non-stop fall fun.
• When: Open for the month of October. Hours for pumpkin patch and corn maze vary. Check website for details.
• Where: 41905 Yale Road West, Chilliwack
• Cost: $9.50 admission for ages 9-12. $11.50 for ages 13 and older

Info courtesy of the following websites: VancityBuzz.ca, & thedailyhive.com. This blog posting is for informational purposes only. Prices, dates / times and locations could change at the discretion of the host.

When you’re about to sell your home, it may be disheartening to see so many other properties for sale in your neighbourhood. You may be thinking, “That’s a lot of competition! Will our property get noticed?”

Fortunately, there are many proven strategies for standing out in a sea of For Sale signs.

First of all, keep in mind that many home purchasers come from the REALTOR’S personal network of buyers who want to move into your area. So, choosing the right REALTOR® is crucial.

Second, remember that when there are other properties for sale on your street, curb appeal becomes even more important. There are many simple things you can do to make your property look great to those driving around looking at homes. Make sure your property looks as picture perfect as possible.

In a competitive market, it’s also more important than ever to highlight features of your home that are unique and enticing. If, for example, you have a large backyard deck and brand new hardwood flooring, make sure these are mentioned prominently on the feature sheet.

Finally, be as flexible as you can be when scheduling viewings and open houses.Don’t forget that other listed properties in your neighbourhood draw in buyers, who may notice your home. It’s not uncommon for a buyer to view a property and then scout the neighbourhood. So, you want buyers to be able to see your home on short notice and at a convenient time for them. If there are several other nearby properties for sale, it means things are hot from a real estate point of view. You want to roll out the red carpet to buyers.

Looking for help selling your home quickly and for the best price? Call today @ 604-992-1010! 

Thanks,

AA

Fraser Valley inventory reaches highest level in 2016 as sales settle for fall season

SURREY, BC – September housing sales in the Fraser Valley continued to slow throughout September, dropping below the ten-year sales average for the month for the first time this year.

The Fraser Valley Real Estate Board processed 1,305 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 24.4 per cent compared to the 1,727 sales in September of last year, and a 23 per cent decrease compared to the 1,694 sales in August 2016.

“What we’re experiencing is an environment where the summer sizzle has ceased, and demand is producing numbers in-line with what we’ve seen historically. It seems dramatic, as would anything else that wasn’t the incredible, continuous uptick we’ve seen for the last eighteen months,” said Charles Wiebe, Board President.

Despite receiving the lowest amount of new listings for the region in seven months, the total active inventory for the Fraser Valley was 6,422 listings in September, the highest level since October 2015’s 6,535 active listings. Active inventory increased by 5.2 per cent month-over-month, but still decreased 9.8 per cent when compared to September 2015.

The Board received 2,709 new listings in September, a 4.6 per cent decrease from August 2016, and a 9.2 per cent increase compared to September 2015’s 2,481 new listings.

“The level of available inventory is rising as we had hoped, and homes are taking a bit longer to sell than they have throughout the year. It’s encouraging, and gives buyers a bit more room to navigate the market more comfortably,” explained Wiebe. “At 20 per cent, our sales to active listings ratio has moved towards a more normalized state.”

For the Fraser Valley region, the average number of days to sell a single family detached home in September 2016 was 27 days, compared to 17 days in June 2016.

“When comparing with August, benchmark prices in September have remained flat, signalling a shift in market dynamics towards a balanced market. However, when stacked against last year at this time, prices are up significantly.”

The MLS® HPI benchmark price of a Fraser Valley single family detached home in September was $879,200, an increase of 37.5 per cent compared to September 2015 when it was $639,500.

The benchmark price of Fraser Valley townhomes in September was set at $419,500, an increase of 35.8 per cent compared to September 2015’s benchmark price of $308,900. Similarly, the benchmark price for an apartment in the Fraser Valley increased 26.5 per cent year-over-year, from $226,133 in September 2015 to $249,800 in September of this year.

Full package:

http://www.fvreb.bc.ca/statistics/Package201609.pdf

When considering which of two or more competing offers to accept for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket.

However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well.

For example, what conditions are in the offer? If Offer #1 is conditional upon the buyer selling his current property for a specific amount, then what if that doesn’t happen? You could end up with an offer that dies and be forced to list your home all over again. In that circumstance, accepting the lower offer may be your best move.

There’s also financing to consider. Most buyers will attach a certificate from their mortgage lender to show that they can afford the home and will likely secure financing with little difficulty. If you get an offer where the ability of the buyer to get financing is in doubt, that’s a red flag.

The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider.

As you can see, assessing competing offers isn’t as easy as it looks. Fortunately, as your REALTOR®, I will guide you toward making the right decision.

Thanks,

AA

Sales activity continues to slow down for the Fraser Valley in August

SURREY, BC – While sales in August remained above the ten-year average for the month historically, the number of transactions processed in the Fraser Valley continued to decrease following this year’s bustling spring.

The Fraser Valley Real Estate Board processed 1,694 sales of all property types on its Multiple Listing Service® (MLS®) in August, a decrease of 2.3 per cent compared to the 1,734 sales in August 2015, and a 13.7 per cent decrease compared to the 1,962 transactions processed in July 2016.

“The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time. Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down,” said Board President Charles Wiebe.

The Board received 2,840 new listings in August, an increase of 15.6 per cent compared to August of last year, and a 12 per cent decrease from July 2016. The total active inventory for August was 6,102, down 17.6 per cent from last year’s 7,407 active listings but up 1.5 per cent from July.

“With sales activity moderating to more normal levels, we’re beginning to see prices follow-suit, and even drop for certain housing types in some of ourcommunities. Regardless, this is still a challenging and volatile market. Talk to your REALTOR® who can help you understand what’s happening right now and what you can realistically achieve as a seller or buyer.”

Across Fraser Valley, the average number of days to sell a single family detached home in August 2016 was 20 days, compared to 32 days in August 2015.The MLS® HPI benchmark price of a Fraser Valley single family detached home in August was $888,600, an increase of 41.2 per cent compared to August 2015 when it was $629,400.

In August, the benchmark price of townhouses was $418,400, an increase of 36.4 per cent compared to $306,700 in August of 2015. The benchmark price of apartments also increased year-over-year by 29.7 per cent, going from $191,900 in August 2015 to $248,800 in August 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201608.pdf

Finding an Honest Home Improvement Contractor

You can’t call yourself a dentist unless you have specific hard-earned credentials. Just about anyone, however, can hang a shingle and call himself a home improvement contractor. That’s why choosing a reputable one is so difficult. Here are some tips:

• Find out if he or she is truly in business full-time. A part-time or occasional contractor may not have the experience necessary to do a great job.

• Ask about licenses and other credentials. Some contractors have accreditations from professional and trade associations.

• Review his or her project portfolio. A reputable contractor will have photos and other evidence of work completed for similar clients.

• Check online for reviews. If there are more than five poor reviews within the past three years — that’s a red flag.

• Ask for references. Then, call at least one.

Finally, the best contractors are those that get recommended by people you trust. Looking for a contractor recommendation? Call me today.

Thanks 

AA

How Much Time Should You Spend Viewing Homes?

Figuring out how much time you should spend viewing properties for sale is a little like asking, “How long should I spend trying on shoes?” The answer seems obvious: As long as it takes to make a decision!

Buying a home is significantly more complex than purchasing shoes – and the stakes are higher too! You need to make sure you have all the information necessary to confidently make the best decision. There are basically three stages to viewing a property:

                               1. Macro

                               2. Micro

                               3. Professional

When you view a home on a macro basis, you’re looking at it from an overall perspective. For example, you may do a general walk-through to get a first impression and determine if the property has the basic features you need, such as the number of bedrooms and the size of the backyard. Macro viewing is often the fastest stage in the viewing process and can sometimes take just a few minutes.

If you like what you see, then it’s onto the micro stage. At this stage you take a closer look at the details of the property. You might, for example, spend extra time in the master bedroom imagining how your furniture would look and fit. The micro stage takes longer simply because the home is now on your shortlist. You’re interested and are considering making an offer.

Finally, the professional stage involves getting a qualified home inspector to go over the property with a fine tooth comb. That typically occurs after you’ve made an offer.

As your REALTOR®,I will guide you through a viewing so you’ll know what to look for and can make a smart, informed decision. Call today to view your new home 604-992-1010.

Thanks,

AA

I have had a lot of people ask me about the newly imposed 15 per cent property transfer tax on sales of residential property by foreign buyers that closed and were registered after Aug. 2^nd and what effect it will have on the current market.

Here are the terms explained:

1.  A foreign national is one who is not a Canadian citizen or permanent resident.  If it is company that is purchasing, a foreign company is one that is not incorporated in Canada, or incorporated in Canada but controlled in whole or in part by a foreign national or other foreign corporation;

2. The increased tax only applies to properties in the Greater Vancouver Regional District, and does not apply elsewhere in the Province, or the Tsawwassen First Nations Lands (For FVREB, this includes North Delta, Surrey, White Rock and Langley, and NOT Abbotsford or Mission);

3.  The tax only applies to residential properties, not commercial;

4.  This is in addition to the regular PTT to be paid, and is paid on closing;

5.  The increased tax is effective ‪August 2, 2016, regardless of when the contract is signed.  Even if the contract was signed weeks ago, if it completes ‪after August 2, 2016 there is a higher tax;

6.  The additional tax is payable even if there would normally be an exemption available.  Transfers between related individuals, transmission to surviving joint tenant and other such items now attract the additional tax.

7.  The increased tax is effective ‪August 2, 2016, regardless of when the contract is signed.  Even if the contract was signed weeks ago, if it completes ‪after August 2, 2016 there is a higher tax;

8.  The additional tax is payable even if there would normally be an exemption available.  Transfers between related individuals, transmission to surviving joint tenant and other such items now attract the additional tax.

Although I feel this will help the affordability of houses in the long run, the fact that this was not made on contracts signed after Aug. 2^nd has created a domino effect. Deals have collapsed since the new tax was announced, after buyers failed to finalize deals before Aug 2nd.  This domino effect is hurting Canadian citizens who had sold their property and purchased another only to find that their buyer is walking away due to the new tax.

All this doesn’t change the fact that data from the FVREB shows that home sales in the Fraser Valley have been declining before the tax was announced. Sales fell 10.2 per cent in July from a month earlier, and were 31.5 per cent lower than they were a year ago. It was the third month of falling sales in the region.

How this will affect the market in the months to come is still yet to be seen. If you would like more information or have any questions please feel free to contact me directly at 604-992-1010 to discuss.

Thanks,

AA

Fraser Valley housing market simmers in July

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained strong in July – however, for the first time this year, monthly sales did not break a historical record for our region.

The Fraser Valley Real Estate Board processed 1,962 sales of all property types on its MLS® in July, a decrease of 10.2 per cent compared to the 2,184 sales in July 2015, and a 31.5 per cent drop compared to the 2,864 transactions processed in June 2016.

“A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up,” said Board President Charles Wiebe.

The Board received 3,226 new listings in July, an increase of 14.6 per cent compared to July of last year, and a 12.9 per cent decrease from June 2016. The total active inventory for July was 6,012, down 21.7 per cent from last year’s 7,681 active listings at this time.

“This is a good thing for our market, and buyers especially. Additional inventory will help drive us towards a more balanced environment for consumers and remove some of the upward pressure on prices we’ve been seeing.”

Across Fraser Valley, the average number of days to sell a single family detached home in July 2016 was 18 days, compared to 33 days in July 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in July was $881,400, an increase of 41.9 per cent compared to July 2015 when it was $621,100.

In July, the benchmark price of townhouses was $408,200, an increase of 33.9 per cent compared to $304,900 in July 2015. The benchmark price of apartments also increased year-over-year by 24.9 per cent, going from $192,700 in July 2015 to $240,600 in July 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201607.pdf

Not-So-Obvious Reasons to Meet with a REALTOR®

When is the best time to meet with a REALTOR® like me? Chances are, you would say, “When I’m thinking of buying or selling a home.” You’d be right, of course! However, there are many other good reasons to meet with me. Here are just a few:

• You want a professional opinion as to the current value of your property, so you know what it would likely sell for in today’s market.

• You notice a home listed for sale in a desirable neighbourhood, and you’re interested in learning more — even if you’re unsure you want to make a move.

• You’re thinking of moving within the next couple of years, and you want to find a REALTOR® like me, that you can get to know and trust.

• You want some recommendations for preparing your home for sale and especially determining what repairs and other work needs to be done.

• You want an honest assessment as to the state of the local market, and the best time for you to buy or sell.

• You have real estate-related questions and you want to talk to an expert who knows the local market well and can provide you with answers.

As you can see, there’s a lot of value you can get from talking to me as your REALTOR®. Call me today.

AA

Setting the right list price for a home is a mystery for many sellers. How do you begin to determine what buyers are likely to pay for your property? After all, no two homes are exactly alike. Yet, setting the right price is crucial. You need to avoid the two price “tipping points” that, if crossed, can cause you a lot of problems. The first tipping point is a price that’s low enough for buyers to begin thinking something is wrong. They wonder, “Why is your price so low? What are you not telling us about your property?” But that’s not even the worst problem with this tipping point. If you do get offers at that low price, you’ll have a bigger issue – leaving thousands of dollars on the table.

The other tipping point is setting your price so high it discourages buyers from giving your listing a second look. When your price is that high, you’ll get few enquiries and even fewer people coming to see your property. Of course, you can lower your price later, if necessary. But experience shows that reduced prices make potential buyers skeptical. Most sellers who price high in the hopes of getting a windfall actually end up selling for much less than they would have if they had priced their properties correctly in the first place.

So what’s the right price to list your property? The answer is somewhere inbetween those two tipping points. Call me today for help determining the right price for your property.

Thanks,

AA