Real estate is always a "hot" topic and there has been no shortage of media coverage and speculation on what is happening in our market. April was very strong for us - we achieved 3rd in the Top Teams Category in our office. Thanks so very much for your business, support and referrals. We love what we do and enjoy helping you reach your real estate dreams!
Time for a Move - Check out your Options!
It is always a great time to buy a home - to set some roots & create a long term investment. Interest rates remain historically low making it much easier to transition into the market as a 1st time buyer or to sell & leverage profits from your present home & move up. As well - many clients are seeing this as an opportunity to use some of the equity they have in their present home & buy investment property or fund a down payment to help a child get into the market. Whatever your scenario is we would be happy to sit down and chat about your options to maximize the market to suit your personal needs.
April 2013 - Hot Spots in the Greater Vancouver & Fraser Valley Real Estate Boards
Buyers Market: anything below 14% ratio (1.4 or less in 10 homes selling)
Balanced Market: 15-20% ratio
Sellers Market: Over 20% ratio - (over 2 in 10 homes selling)
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Oh by the way.....if you know of someone who would appreciate the level of service we provide, please give us a call with their name and number. We will be happy to folow up and take great care of them.
Hopefully you are all getting ready to start your gardens if you haven't already! We are dreaming of summer barbeques and basking in longer sunnier days!
On the real estate front their has been increased activity in sales however the numbers remain below historical averages. What does all this mean?
Easter Egg Hunts and the Easter Bunny are almost upon us!
The Spring Real Estate Market is here! There are many new "Sale" & "Sold" signs sprouting up around your neighbourhoods. Homes continue to sell despite the underwhelming media reports. There are always buyers entering into the market, sellers moving up or downsizing! When we bought our 1st home the mortgage rate was 14% - we were ready and we bought! Mortgage rates are at a historical low!
We have to thank you all again for your great support! Your referrals and repeat business have put us in the top 5 in the Team Category in our office again this month!
Stats:
Bright spots in the Tri Cities and Fraser Valley
Buyers market:
A buyers market is anything below 14% raitio - (1.4 homes in 10 selling)
Most areas of the Tri Cities & Fraser Valley with the following exceptions.
Balanced Market in the following areas: (15 to 20% ratio)
Burnaby: Attached 17% sales ratio - (1.7 in 10 homes selling)
Coquitlam: Detached 16% sales ratio - (1.6 in 10 homes selling)
Port Coquitlam: Detached 19% sales ratio - (1.9 in 10 homes selling)
Port Moody: Detached 15% ratio - (1.5 in 10 homes selling / Attached: 19% ratio - (1.9 homes in 10 selling))
Fraser Valley: Buyers market with the exception of N. Delta which has a balanced market in the attached sector.
Sellers Market: (21% & Greater Ratio)
New Westminster: Detached & Attached - 21% Sales Ratio - (2 in 10 homes selling)
Do you know your Number?
The average credit score in Canada is 650. The information we are sending this month details the steps to take to begin improving your credit now. Page 1: Facts about credit. Page 2: Offers 3 tips that help to improve your credit. Share this information with family and friends who wish to improve & protect your credit. (Source CBC News). Download a copy of Facts about Credit, here!
Spring is around the corner and love is in the air with Valentines this month!
We were very busy throughout January with real estate which is very encouraging. For January 2013 we are ranked in the top 5 in our offices "Team" Category, and for 2012 we achieved Directors Platinum. We thank you from the bottom of our hearts for your continued support with referrals, repeat and new business.
Enough about us! The market continues to be challenging - in saying that homes are selling - we are busy! The listings that are on the market have to be "show room ready" and "priced competitively." The homes that have those qualities are actually in high demand. It is important to take good care of your investment - if we can help with any of these needs please make sure to call. Our "Business Directory," includes most trades and professions for your convenience.
Business Partner - Jeanette martin - BC Hardwood Floor Co.
This month we are promoting Jeanette Martin who is a wizard in the flooring industry. Jeanette will work with you to create the right floor that not only meets your Lifestyle but works within your Budget without compromising quality of product and service. Jeanette is truly passionate about serving her clients needs.
We are never too busy for your referrals - they are the life and sole of our business - please let us know if there is anyone that may have questions, is looking for guidance or are ready to make the step into the real estate market. We are always here to guide them into the best possible decision for their needs.
"Falling in Love with Chocolate"
This month we are sending some fun facts about Chocolate - we hope you enjoy this. Did you know that our favourite sweet treat began in Mexico & Central America as a bitter drink that unsymbolized life and fertility? To celebrate Valentine's Day, a holiday synonymous with chocolate, from its beginning as "bitter water" thorugh its evolution as a delicious treat enjoyed by all. Read more about Falling in Love with Chocolate, here!
Christmas greetings to you and your families! We appreciate the relationships we are able to cultivate with your continued support. In so many ways you enrich our lives and we hope that in turn we have added joy to yours!
We want to wish you and your families a very wonderful Christmas season - filled with lots of laughter & love. This is a time to reflect on all our good fortunes throughout our lives - one of ours is that we have been able to build a strong business with your help. There is strength in numbers!
We toast to the New Year and all the wonderful possibilities that lie ahead. Please take care of yourselves, one another and your surroundings. We are very fortunate to be living in a country where we have opportunities to improve our environment around us with great jobs, health care, education, recreation and a gorgeous Canadian landscape.
We extend our sincerest thanks for your continued support throughout the years. Whether we just met you or we have worked with you over the years you are an integral part of our lives.
Have a wonderful Christmas and the best 2013 possible! Thank you for being part of our business and part of our lives. We will continue to work hard to exceed your expectations and make your dreams come true.
Happy New Year - Raise a Glass & Toast to a Fabulous 2013!
October proved to be a bit busier with a slight increase in home sales, a reduction in listings, and a slight decrease in home prices compared to the summer months. The sales to active ration increased to 11% from 8% in September. There is no "bell that goes off to say we are at the "bottom of the market," however, the sales to active listing ratio is a good indicator for buyers, sellers or balanced market condition.
"Buyer demand increased slightly in October compared to previous months," Sandra Wayant, REBGV president-elect said. "Overall conditions in today's market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today's marketplace."
October Stats: October 2012 from the Real Estate Board of Greater Vancouver (REBGV)
October sales 28.5% below the 10 year October sales average of 2,700.
October new listings for all residential properties declined 18.8% compared to new listings in September 2012.
Residential property listings increased 12% from this time last year.
Detached Properties: Since reaching its peak in May, benchmark price has declined 4.1% to $927,500/sales declined 18.9% from the 974 detached sales recoreded in October 2011.
Attached Properties: Since reaching its peak in April, the benchmark price has declined 2.9% to $457,700/sales declined 11.5% compared to 382 sales in October 2011.
Condo Properties: Since reaching its peak in May, the benchmark price has declined 2.9% to $368,800/sales declined 16.2% compared to the 958 sales in October 2010.
Item of Value - "Why We Work by Referral"
82% of our primary source of new busines is referrals from clients and friends who know and trust us, we don't have to spend precious time prospecting and promoting ourselves. We can dedicate ourselves fully to the activities that benefit you most, and always deliver truly exceptional service! Even if your friends or family don't live here we have a network of individuals throughout Canada and the US that would love to help them.
Business Partner - Cooks'n Corks
Check out this newsletter, we have taken cooking classes - outfitted our kitchen wiht many great products from Cooks'n Corks. Please go visit - we know you will love the product & service! It is perfect with the holiday season coming up - hostess gifts - specialty items & gift baskets.
It has been an interesting summer - fabulous weather and a softer real estate market that we are used to in British Columbia. There is a correction taking place which is affecting the market. Certain areas that have seen astronomical increases are feeling a bigger percentage drop.
Examples of increases & decreases are as follows:
Area Benchmark Price 5 Year Change 1 Year Change 3 Month Change
Burnaby South $1,003,700 37.8% 4.2% -1.0%
Richmond $962,900 36.7% -4.2% -3.6%
Van. West Side $33.6% 33.6% -6.25% -5.2%
Only 3 areas in the single family home category in the REBGV saw increases in the last 3 months:
.5% in Maple Ridge / .1% in Pitt Meadows / .9% in Port Moody
Other Stats for September:
32.5% decline in residential property sales compared to September 2011
September sales were 41.6 below the 10 year September average
The major factor is the federal government elimination of availability fo the 30 year amortization on government - insured mortgages
The total # of residential property listings on the MLS increased 14.1% from this time last year.
Prices do remain relatively stable overall - with the exception of a few areas.
Benchmark Prices:
Detached = $935,600 / decrease .5% from September 2011 / (37.9% decrease in number of sales)
Attached = $458,600 / decrease 2.7% from September 2011 / (33% decrease in number of sales)
Condo's = $368,000 / decrease of .7% from September 2011 / (26.7% decrease in number of sales)
Now that you know the stats - it is obviously a great time to be a buyer. If you are a seller it is the perfect time to buy a more expensive property (the higher the price the more dollars you save). It is always a good time to buy or sell if it fits in with your personal goals - whether you are moving for your career, to be closer to your family, downsizing or wanting a different kind of property.
Check out this month's Item of Value - "Can you Live Without your Smart Phone or Tablet?"
The Fall Market is an Excellent Time to Buy!
There is no shoratge of news about the real estate market lately! As we have been saying for a couple of months now - we are in a buyers market with the listing raio sitting at 9%. This ratio has been declining in our market since March when it was 19%.
This means there are more listings and less sales. The buyers have more choices and are taking their time to find the "perfect" home. What it means to sellers is that you have to be competitively priced in order to produce an offer. Buyers are looking at many more homes before they make their choice. The buyers are educated on what the competition is and what a godo listing price is as they have shopped around.
Mortgage rates are extremely low which makes it a great time to buy as well as sell and move up to a more expensive home! Time and time again strategists are saying that mortgage rates should remain relatively unchanged for a couple more years.
Whether you are thinking of buying or selling this month we are promoting Linda Feinstein from Fine Redesign as our Business Partner. Linda has worked with several of our clients staging their homes in order to be "Show Room Ready". Linda will also come and give you decorating ideas on your new or existing home if you desire a change!
Stats: Real Estate Board of Greater Vancouver / August 2012 - Over August 2011
Total number of residential properties lisitngs on the MLS increased by 13%
"Home sales this summer have been lower than we've seen for most of the past 10 years, yet we continue to see relative stability when it comes to price." Eugen Klein, REBGV president.
Benchmark Price Detached - Increased by .02% to $942,100
Benchmark Price Attached - Decreased by 1.9% to $462,300
Benchmark Price Condo - Decreased by .09% to $370,100
Item of Value: This month we are passing along the estimated expectancy of various surfaces, appliances and systems in your home. If is information that you can certainly use when planning ahead for the eventual replacement of these items. There is also a list of simple home maintenance tips that could help extend their useful life and save you money! Download your copy HERE!
We hope you are all having a fabulous summer - the weather has been wonderful. It's always like this isn't it?
Business has been very steady for us despite all the reports from the media covering the federal governments tightening of mortgage regulations. Although our economy is robust there is some concern about the impact of international markets. We have built our business on giving you, your friends and family personalized attention and service and in return you have been so generous with your repeat and referrals business. Whether you are thinking of buying or selling there are always positives or negatives no matter how you look at it. Buying and seling in the same marekt is always ideal.
Stats for the month of July 2012 from the Vancouver Real Estate Board look like this:
Our gift to you this month is to help you save on the cost of Energy:
Please feel comfortable to call with any real estate questions - that is what we live for! If you are in need of a professional to spruce up your home we have a network of professionals that we would be happy to refer to you.
Oh & by the way....if you know of someone who would appreciate the level of service we provide, please give us a call with their name and number. We will be happy to follow up & take great care of them. Don't forget our appreciation of $500.00 for each successful referral!
We hope this finds you enjoying the beautiful weather we have been having for the past week! Let's hope it continues for the remainder of the summer and well into the fall - we all deserve it!
Here is a look at the changes to the mortgage lending rules as of July 09, 2012:
Reduced maximum amortization of a residential mortgage under CMHC program from 30 to 25 years - that can be equivilant to almost 1% rate hike on payments.
Refinances reduced from 85% of the homes value to 80%.
Elimination of mortgage insurance for homes valued over 1 million (therefore need min 20% down).
Debt servicing ratios set at 39% GDS (gross debt servicing) and 44% TDS (total debt servicing).
There has been a lot of talk on how these mortgage changes are going to affect the market. Probably the biggest change will be the reduced amortization time which will mean that purchasers will not be able to buy at as a high price as they previously could have with the amortization spread over a longer period. The other issue is the GDS ratio being reduced will also affect the amount that a purchaser is able to afford. Last but not least will be the reduction to 80% loan to value for anyone wanting to refinance and access current equity in their home. This will limiit availability to use your houses equity at todays low interest rates to pay down credit.
That being said prices held strong in June, with increases for detached (3.3%) and condo (0.3%) sectors of the market and a decrease of 0.1% in attached properties. The MLSLink Housing Price Index (HPI) composite benchmark for all residential properties in Greater Vancouver over the last 12 months has increased 1.7%.
Sales-to-Active listings ratio sits at 13%. This is the lower end of a balanced market. The ratio has been declining in our market since March when it was 19%. If this dips lower we could start to see more of a buyers market. This will continue the trend of less competition for buyers and more selection to choose from compared to earlier this year.
We hope you enjoy this months article on "Boosting Your Home's Curb Appeal!" Even if you don't plan to sell your home anytime soon, keeping its exterior & landscaping in top shape may boost its value and keep major repairs at bay.
Oh and by the way....if you know of someone who would appreciate the level of service we provide, please give us a call with their name and number. We will be happy to follow up and take great care of them. Don't forget our appreciation of $500.00 for each successful referral.
We took a mini vacation to Mexico last month and apologize for missing your last months mail out - we hope you enjoy these updates and are finding our "item of value" interesting and useful material. We are back - refreshed and ready for a great end to the 2nd quarter and ready for a busy summer of selling!
The market is balanced - meaning it is neither a buyer or a sellers market. Throughout the year we have noted each area is unique and specific areas have seen large price increases. Areas such as the west side of Vancouver, White Rock and Richmond are beginning to experience price sensitively at the higher end of the market.
When homes are priced right - they sell - the key in this market is to be priced sharply. With the world economy the topic of discussion in the media, buyers are price sensitive and looking at more properties before they make their final decision.
The sales to active listing ratio is sitting at 16% which is indicative of a balanced market - typically a balanced market sits at between 15% to 20% ratio.
Benchmark Price Index info for May 2012: Comparing Figures between May 2011 - May 2012
All residential properties in Greater Vancouver: $625, 100 - up 3.3% compared to May 2011/up 2.4% over the last three months.
Residential properties in the Lower Mainland: $558,300 - up 3% compared to May 2011/up 2.3 compared to 3 months ago.
Detached Properties: $967,500 - up 5.1% from May 2011 - number of sales declined 24.8%
Townhome Properties: $470,000 - up .9% from May 2011 - number of sales declined by 10.7%
Apartment Properties: $379,700 - up 1.7% from May 2011 - number of sales declined by 5.9%
Please check out the "Item of Value" this month especially if you are planning to Renovate your Bathroom! Reno tips, choosing paint, ways to save money on cabinetry, creating a spa like oasis, plus an overview of high efficiency fixtures designed to conserve water and help you save money - all to help you on your way to a stress free bathroom renovation.
Also, our Business Endorsement of the Month:
If you are in need of a referral, please check out "My Business Directory," where we have a great team of professionals that we work with to provide excelent service and care to you.
Oh and by the way......if you know of someone who would appreciate the level of service we provide, please give us a call with their name and number. We will be happy to follow up and take great care of them. Don't forget, our appreciation of $500.00 for each successful referral.