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When you purchase a home, you’re hoping it will continually go up in value — just like a good investment.

 

However, there’s something else that you want to see go up in value as well: the neighbourhood. In fact, the neighbourhood plays a key role in what the home will be worth in years to come. If the neighbourhood goes down in terms of desirability, so will the market value of the home.


That’s why, when shopping for a new home, it’s important to get a feel for the value of the neighbourhood, and whether or not it’s on the upswing.


How do you do that? One way is to simply take a walk. Look at the properties. Are they well maintained? Is the landscaping groomed and attractive? Those are signs of “pride of ownership” — a clear indication that owners value their homes and the neighbourhood.


Another way is to do some research. Has crime gone up in the neighbourhood? Are there improvements planned, such as new parks? Is the neighbourhood attracting the kind of people you want as neighbours? How does the neighbourhood school rank?


Some of this information may be difficult to get on your own. A good REALTOR® can help you. Call us today. 

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Vancouver, BC – June 15, 2015. 

 

The British Columbia Real Estate Association (BCREA) reports that a total of 10,174 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 16.6 per cent from the same month last year. Total sales dollar volume was $6.4 billion, a 30.4 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $632,182, an 11.8 per cent increase since last May.

 

“Home sales for the month were at an eight year high for the month of May,” said Cameron Muir, BCREA Chief Economist. “Strong consumer demand is pushing home sales up in most of the large urban areas of the province.”

 

“A dwindling inventory of homes for sale in the face of strong demand is putting upward pressure on home prices in many regions, with the single-detached market segment experiencing most of the gains. We haven’t experienced inventories this low since prior to the financial crisis,” added Muir.

 

Year-to-date, BC residential sales dollar volume increased 35.5 per cent to $25.5 billion, when compared with the same period in 2014. Residential unit sales climbed by 22.4 per cent to 40,265 units, while the average MLS® residential price rose 10.5 per cent to $631,941.

 

For detailed information and statistics: www.bcrea.bc.ca

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When you’re thinking of selling your home and buying another, you face the inevitable question: Should I list my property first or buy my new home first?


Let’s take a look at both options.


If you attempt to buy a property before listing your home, you run into a couple of challenges.


First, sellers may not take you seriously as a potential buyer. After all, you haven’t put your own home up for sale. As far as they’re concerned, you might merely be testing the market.


Second, your property might not sell as quickly as you thought it would. If there is an early closing date on the home you purchased, you might end up owning, and paying a mortgage on both properties, at least until your home sells.


If, on the other hand, you list your property before buying a new home, sellers will know you’re serious. That puts you in a competitive position in the event of multiple offers.


Also, if your home sells quickly, you’ll have the peace-of-mind of knowing exactly how much of a new home you can afford. You’ll be able to shop with confidence.


Of course, like the first option, there is a chance that the closing dates won’t match and you’ll end up owning two properties for a period of time. However, solutions such as bridge financing are available to help.


So, there is no perfect answer. A lot depends on the state of the local market.


Looking for a good REALTOR® who can help you decide which is the best move for you? Call us today. 

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June 2, 2015

From the FVREB

 

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in May remained at strong levels – the highest since 2007 – however, they softened slightly compared to April. 

 

There were 1,969 MLS® sales processed in May, a decrease of 2 per cent compared to April, however an increase of 21 per cent compared to the 1,633 sales processed in May of last year. 

 

Jorda Maisey is the Board’s President. “Home sales in the Fraser Valley maintained a strong pace in May; however, we noticed a slight shift in the market. In certain areas, we saw interest in higher-end detached homes pick up while demand for attached homes, which typically appeal to first-time buyers, decreased. 

 

“The result is that the selection of apartments in the Fraser Valley improved in the last month creating greater opportunities for buyers. Inventory of detached homes and townhomes remains tight, keeping the market elevated.”

 

In May, the total number of active listings on the MLS® was 8,512, an increase of 1.5 per cent compared to April and a decrease of 14 per cent compared to May 2014. The volume of new listings decreased 7 per cent compared to April, and was also down 7 per cent compared to May of last year.

 

Maisey continues, “It may help consumers to understand that over half the housing inventory in the Fraser Valley is attached homes, either condos or townhomes, while 60 per cent of all home sales are for single family detached.

 

“What buyers and sellers are experiencing is effectively two markets: a sellers’ market for detached homes and townhomes and a balanced or buyers’ market depending on the location, for apartments. In either situation, you can benefit a tremendous amount from the experience and advice of your local REALTOR®.”

 

In May, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $603,100, an increase of 6.5 per cent compared to May 2014 when it was $566,400.

 

The benchmark price of townhouses in May was $303,100, an increase of 2 per cent compared to $297,300 in May 2014. The benchmark price of apartments decreased year-over-year by 2.8 per cent, going from $198,100 in May 2014, to $192,500 last month.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.