It’s been a bit of a crazy year; we’ve had some insane weather and condos have been smoking hot. That’s your update—they’re hot!
Overall, the sales for the year are down a little bit from last year, but not significantly. We’ve had 357 sales to date, compared to the same period last year which was 418, and in 330 in 2015.
So even though there’ s been a little bit of a decrease, we’re up from 2015. The sales ratio for these condos, however, is up considerably. The sales ratio is the sales-to-active listings ratio or the number of sales that take place in a given month divided by the number of active listings. A seller’s market is considered to have a sales ratio of 21% or higher. Across the board, the New Westminster condo sales ratio is 76%–a smoking hot seller’s market. That means that out of 10 active listings, 7.6 of them will sell in a given month.
If we isolate the sales ratio to the hottest product right now–entry level one bedroom condos built after 2000–the sales ratio is 183%! Which is ridiculous. It basically means that is you have a newer one bedroom condo to sell, it will sell immediately. And we’ve been experiencing that. Keep in mind that that’s 183% sales ratio when a seller’s market is considered anything north of 21%.
What are prices doing? Well, prices are up. The REBGV says that prices are up 20% compared to this time last year. We’ve had cases where the prices have been up 30%+. We recently listed four New Westminster condos that received 20 offers combined averaging $43,000 above their list prices. So, if you’re a condo owner and you’re looking to sell, it’s a great time to do so; but figure out where you’re going, because if you’re buying another condo, it may be frustrating.
Essentially, everything in the strata seems to be quite active right now in New Westminster. The market is as good and as strong as we’ve ever seen.
On the buy side, expect frustration, expect competing offers and expect to pay more than the last sale. Things may slow down in the fall, but there’s nothing telling us that right now. At the moment, it is a seller’s market and New Westminster condos are hot.
A great Realtor can make the difference between a good or bad experience when you’re selling your home. But before you sign a listing contract, here are 10 great questions to ask a Realtor when selling your home.
1. How many properties have you sold? How many did you sell last year? Most people instantly focus on years in the business, but your Realtor’s sales volume is just as important; one agent can sell as many homes in two years than others do in 10. A Realtor with a healthy volume of sales in the local market in the past year is likely more in tune with that market. But don’t just focus on the numbers; you should also feel comfortable with your Realtor. 2. What types of properties have you sold lately? This will help you determine your Realtor’s focus and performance, whether they’ve had success selling similar types of products, and in your area. Ask for proven results, such as the average number of days their listings are on the market, the ratio of their list prices to actual sale prices. What about listings that aren’t selling; a Realtor who openly discusses their failures demonstrates honesty. 3. Who is the buyer and where are they coming from? Your Realtor’s knowledge and experience with the local market will help them market your home to potential buyers and highlight the features that will be important to them. It’s important for your Realtor to know their target market for your home, whether it’s young families, downsizers, locals or buyers from out of town. 4. What is your marketing strategy for my home? This is where the rubber hits the road, and your Realtor will earn their commission. Your home is likely your largest investment; it needs to be marketed well from the beginning if you’re going to realize a good return on that investment. It’s important your home presents well and buyers are aware of it.
In a hot market, just putting up a lawn sign might sell your home, but that doesn’t mean it’s the right strategy to get you the right price. Nice photos, a posting on the Multiple Listing Service (MLS) and Open Houses are a minimal expectation; but what else can your Realtor offer? Creative campaigns that include online marketing, an active presence on social media, print advertising and staging can gain extra exposure for your home. 5. What separates you from your competitors? Here’s where you’re really asking “why should I hire you?” There’s no shortage of Realtors out there to sell your home, but what is your Realtor offering to separate them from that pack. Their marketing ability is important, but so are honesty and trust. 6. What is your recommended listing price for my home, and why? You want an understanding of how your Realtor evaluates properties. It should be by more than guesswork, or intuition. Their evaluation of your property should be supported by recent comparable sales in the area. A more detailed evaluation could include listings that didn’t sell, and current active listings that you’re competing against. If your home is difficult to evaluate because there’s been no recent comparable sales against which to measure it, a creative Realtor will look at similar properties outside the neighbourhood, or in similar neighbourhoods. Or they could use a “replacement cost” approach where they calculate the land value plus the cost of rebuilding the actual home. Your Realtor’s pricing strategy for your home should align with your needs. If the market is hot and you have to sell quickly or you have specific requirements for the offer, such as a specific closing date, we typically recommend a lower price as it will generate more interest, more offers and cleaner offers that meet your terms. If the market is slow, or you have a unique property that could limit the pool of potential buyers, it may be best to price your home higher with room to negotiate; trying to set a price to spark a bidding war could be risky is these circumstances. 7. How do you, or your team, operate?
You want to know your Realtor is going to be there for you when you need them. It’s important to understand how communication will be handled, and who will be your primary contact. You want to know who will be showing your property and who is going to be handling the negotiations with buyers; you don’t want any surprises. 8. How much do you charge? Commission fees are determined by your Realtor and they are negotiable. If a Realtor is hungry for a listing, they may reduce their fee. But top-performing Realtors typically don’t. There are many different types of fee structures out there, from flat fee listing services to discount brokerages to full service brokerages. Whichever you choose, you should establish how much they charge, and how much of that goes to the buyer’s agent. Make sure the commission for the buyer’s agent is in line with the rates prevalent in your area. 9. What if I’m not happy with your service? This question will help you determine a Realtor’s level of commitment to you and how strongly they believe in their ability to get you a good result. If, for some reason, you’re unhappy with their service, you need to know if they’ll release you from the listing contract and how. There are two ways to terminate a listing: Cancellation vs. Unconditional Release. The former has restrictions that could affect your ability to move on; the latter releases you freely with no further obligation. Most listing contracts run for 3-4 months, but contracts for luxury properties can run up to 12 months. 10. What else do I need to know? One of the questions to ask a Realtor when selling your home should be open-ended. That gives them a chance to highlight a unique service they might offer, like staging, or to speak to areas you might have overlooked. That extra little tidbit of information could be the tipping point to your decision. Bonus… Requesting references is one of the questions to ask a Realtor when selling your home that is sometimes overlooked. But keep in mind, if you are given references they’ll likely all be good. To get a more complete picture of your Realtor, do a little online research prior to your first meeting. See what properties they have recently sold, then ask for references from those clients specifically. If they have online and social media presence, see what people are saying about them, check their reviews and how they engage with others. See what they are doing to stay in front of buyers on a daily basis. There’s no general rule for forging a great relationship with your Realtor. It’s all about personal preference and trust. Your Realtor should be responsive to your needs; they should be patient when you need to take a little time, and proactive when you’re anxious. They should be a good listener who will offer advice and help find solutions. More helpful blogs for sellers 10 Reasons to Hire a Realtor Best Time of Year to Sell a Home Get Buyers to Fall in Love With Your Home 7 Tips to Help Your Home Look Great in Photos
Some older condo buildings age better than others, depending on the quality of the original construction as well as the care and attention paid by the strata to maintenance and repairs. So if you’re considering buying into older condo buildings, here are eight questions you should ask to avoid any expensive surprises once you’ve settled into your new home. [somryv url=”YQSWU1rOzew” size=”full” align=”center”] 1. Has the plumbing been redone? Galvanized steel plumbing was widely used before the 1970s; but it’s heavy and not very durable. Once the zinc coating inside starts to break down, the pipes are prone to rust. That can cause blockages or even breaks. Copper plumbing is also popular in older condo buildings. It can last 50 years or more. But the lead-based solder that used to be used to join pipes and fixtures could eventually leach into your water. Older condo buildings constructed from the late 1970s to the mid 90s could use polybutylene pipes. The plastic is cheap, light and easy to work with, but its lifespan is only 20 years. It’s possible plumbing systems in older condo buildings have all three types of pipes, as repairs and replacements have been done over the years. If you see references to pin hole leaks in the minutes of strata council meetings, it’s a good sign the plumbing is nearing the end of its life and may be due for replacement. 2. How old is the roof? Tar and gravel roofs last 15-20 years. An asphalt roof should last 20-25 years. If the answer to your question is close to those numbers, you may have to put room in your budget for your share of the cost of replacing that roof. 3. How old is the boiler? A commercial gas-fired hot water boiler should last 10-15 years, but it could last longer if it’s been well-maintained. 4. Have the balconies been redone? This likely isn’t a concern in older condo buildings constructed of concrete. But if the balcony is constructed of wood or vinyl, it could begin deteriorating after 15 years.
5. Are there any issues with the parkade membrane? Water leaking into parkades can be a common problem in older condo buildings. It happens when cracks form in the structure because of settling, poor construction or maintenance, or just wear and tear. Fixing a leaky parkade can be expensive. 6. Has the elevator been upgraded? We’ve learned to take elevators for granted; we push the button, they take us to the floor where we want to go. But elevators wear out; all that up-and-down, opening and closing of the doors, pushing call buttons, takes a toll. An elevator should last 20-25 years but could endure longer if they’ve been regularly maintained. 7. Has the building’s exterior been upgraded? This question is often dependant on how older condo buildings were designed and built. If the building is constructed of concrete, with large roof overhangs that prevent rainwater from hitting the exterior, the risk of a leaky building is minimal. But if the building’s exterior is made of stucco or wood, and it’s exposed to the elements without protection from roof overhangs, you need to check if it has been rainscreened. What Is Rainscreen? 8. Does the building have a depreciation report? In 2013, the BC government mandated depreciation reports for every strata with more than four lots. The report is prepared by qualified architects or engineers who are able to assess and determine the short and long term health of the building and its upkeep schedule as well as anticipated costs. The report must be updated every three years. Strata Documents You Should Read Before You Buy Reading a depreciation report for older condo buildings can be intimidating; the maintenance schedules are usually pretty proactive and the dollar figures are high. But it’s how the building’s strata council reacts to that report that really matters; is it putting money aside early to deal with upcoming major expenses, does it address minor issues in a timely manner so they don’t snowball into bigger issues?
Older condo buildings can be a great value
Older condo buildings can offer tremendous value. You’re not paying for the flashy marketing campaigns of new developments. A lot of potential problems will have already been worked out. The strata has experience. And units were bigger in the 1970s, 80s and 90s, so you’ll likely get more space for your dollar.
What’s hot in Greater Vancouver real estate? And what’s not? We’re well into the new year, we’ve settled back into familiar routines. It’s time for a little market analysis and look ahead to the coming months. Snow and ice. A media feeding frenzy. Changes to the mortgage rules. The foreign buyers’ tax. The usual post-Christmas lull. It’s all added up to a of uncertainty, and a “lukewarm start” in the Greater Vancouver real estate market. Sure, sales are down 39.5 per cent from last January. And there’s 9.1 per cent more listings. But the market is stronger than it may appear.
Condos and townhouses are what’s hot in Greater Vancouver real estate
In fact, condos and townhouses are hotter than ever! They’re still selling at peak prices. They’ve been virtually unaffected by the legislative changes, or skittish buyers. We’ve already had a few recent sales that were 5-10 per cent above last summer’s spike. Quite simply, there’s more demand for condos and townhouses for sale than there is supply. It’s the first time I can recall condos being hotter than houses. So, if you’re looking to purchase a condo, don’t expect to find a deal. You’re going to have to jump when the right one comes up because there’s no sign they’re going to slow down in the short term. If you’re selling a condo, it’s a great time. The provincial government’s new loan program to help first-time homebuyers with their downpayment is already driving demand. Many of those buyers are shopping for condos.
Houses are what’s not hot in Greater Vancouver real estate
The market for detached houses, on the other hand, is still cool. Especially for houses worth more than $2 million. Currently, there’s 240 of those listed for sale in Burnaby, New Westminster and the Tri-Cities. But only seven have sold. Then again, only seven such homes sold in all of 2010. Also feeling the pain are land value listings as builders hold off, hoping to score a deal. Difficult properties such as those with weird layouts or ones located on busy streets are presenting challenges as well. Overall, their prices are discounted 5-10 per cent, and sometimes even as much as 20 per cent, from where they were last summer. That’s not great news for sellers. If you’re looking to sell a high-end detached home, it might be best to hold off a little longer if you’re able; I expect the market will rebound 5-10 per cent by the time the weather warms up. For buyers, there may be some opportunities to score a deal that would have been unattainable last summer. You could do especially well if you’re willing to throw a little sweat equity into the mix by buying a home that needs some renovation. Of course, what’s hot in Greater Vancouver real estate, and what’s not, is always evolving. The fact remains, this is a desirable place for people to live and invest in real estate, and the general trend for property values continues to increase over time. It’s all about where and when you want to jump into or out of the market. Spring is just around the corner; traditionally that’s a busy time of year whether you’re selling or buying.
We’re always curious about who’s buying a home in New Westminster. After all, we don’t just work in New Westminster, we also live and play here. It’s important for our clients, and for us, to have a handle on how the city is changing and how those changes might affect the local real estate market. Whenever we hold an open house, we ask visitors where they’re from. The majority are usually local, mostly curious neighbours. But as we started tracking the numbers, we were seeing more and more people coming to our open houses from Vancouver. In fact, through Oct. 2016, 22 per cent of visitors to our open houses were from Vancouver. When we looked at actual sales last year, the trends were even more definitive. For detached single-family homes, 51 per cent of the buyers’ agents were from Vancouver, suggesting their clients likely are as well. For condos, 36 per cent of the buyers’ agents were from Vancouver. The next biggest source was from Coquitlam. But New Westminster residents who’ve chosen to stay in the city were close behind. Overall 39 per cent of the buyers’ agents were from Vancouver. It’s not surprising, really. As real estate prices spiralled upward through the first half of 2016, Vancouver homeowners were cashing out and looking for value by buying a home in New Westminster.
Buying a home in New Westminster is affordable
New home buyers who can no longer afford Vancouver are looking for a place that fits their budget but still offers them the amenities of the big city they desire. Like Justin Turcotte. The 29-year-old filmmaker and his wife, Jaycey, moved to New Westminster last year from East Vancouver. They bought a home in Sapperton because they could afford it, something they could no longer do west of Tenth Avenue.
But moving to New West hasn’t cost them the urban vibe they loved in East Van, says Turcotte. “It really doesn’t feel like a suburb.” New Westminster is no longer a secret. The city is centrally-located, there’s a great sense of community and, quite frankly, it’s the most affordable community to buy into that’s within 30 minutes of downtown Vancouver. Even people who grew up here are appreciating the value of buying a home in New Westminster. Anna Horvath considered moving to Gastown, Chinatown and Mount Pleasant in Vancouver when she was shopping for her first home before she realized there’s no place like her hometown. She ended up buying a condo in the Trapp + Holbrook on Columbia Street.
“The area needed to have a sense of community,” she says. “I wanted it to be on a transit line and no bridges between my place and the downtown core. I did not want to spend most of my disposable income on a mortgage.” Anna’s thrift is well founded; a two bedroom, two bathroom condo that’s between 800 and 900 square feet, in a five to 10 year-old building, will cost a little over half in Downtown New West than it would in Vancouver’s Yaletown neighbourhood. But this new demographic of young professionals buying a home in New Westminster does create some challenges for British Columbia’s oldest city, says its mayor, Jonathan Coté. “It certainly does present a challenge to be able to anticipate that services are in line with the growing population and demand,” says Coté. To meet that challenge, the city embarked on a three-year process to update its Official Community Plan, a kind of road map for growth that was last visited in the 1990s. New Westminster’s population is expected to exceed 104,000 by 2041. “The Official Community Plan is definitely a document that guides us how the city will transform,” says Coté. “The timing is perfect for a city in our stage of growth that is starting to become attractive.” But to manage the city’s growth, it needs a variety of housing options, and the infrastructure like schools, transportation, recreation, culture and jobs, says Coté.
Attracting families buying a home in New Westminster
One key component is the city’s new Family-Friendly Housing Policy. It was sparked by a 2015 City of New Westminster supply analysis that ranked New West 21st out of 22 Metro Vancouver communities for ground-oriented housing and 20th for housing options with three bedrooms that are more family-friendly. But the need for family housing is growing. Census data from 2011 shows an 11 per cent increase in the number of families living in New Westminster compared to 2006. Of neighbouring communities, only Surrey and Coquitlam saw a larger jump, and BC’s overall increase was just 6 percent.
Matt Lorenzi knows the frustration of finding a family home in New Westminster only too well. He spent about a year searching for a new, larger home that could accommodate his growing family, his budget, and his desire to stay centrally-located in the Lower Mainland as well as close to transit. “We wanted more space, something as modest as a third bedroom or spacious den,” says Lorenzi, whose family of four could no longer fit into their one bedroom plus den apartment. “We knew the supply of three-bedroom condos was limited. But we didn’t really realize it until we started our search.” After a series of consultations with residents and builders, the City brought in a new bylaw that mandates new multi-family projects must dedicate at least 30 per cent of the units to two and three bedrooms with at least 10 per cent of the total comprised of three-bedroom units. New multi-family rental buildings must also include a minimum 25 per cent two and three-bedroom units, with at least five per cent of the total comprised of three-bedrooms or more. The bylaw, the first of its kind in British Columbia, came into effect on Jan. 1, 2016. So far developers have been receptive, says John Stark, New Westminster’s acting manager of planning. “There is a realization in the development community that three-bedroom units appeal to a wider market segment, like extended families and young professionals looking at shared living arrangements.” In fact, says Stark, some projects that have been submitted by builders in the past year are even exceeding the mandated requirements for two and three-bedroom units. One of those is a new condo development planned for 100 Braid St.; 26.1 percent of its units will be two-bedrooms and 13.5 percent will have three bedrooms. Stark credits an ongoing dialogue with developers as well as some key compromises, like not requiring the third bedroom to require direct light from a window, for the smooth transition. He says the city is committed to gauging the ongoing success of the bylaw and adjusting it if necessary. “We’re still in the early days,” says Stark. That gives Lorenzi hope his family will be able to stay in New West, even as their living requirements change. After flirting briefly with the idea of moving to Port Moody or elsewhere, they were able to find a suitable condo in Victoria Hill “Over the eight or nine years prior to moving (to Victoria Hill) we grew to love New West,” says Lorenzi. “The city should encourage a mix of housing, especially larger units for growing families.”
Buying a home in New Westminster “the right choice”
Justin Turcotte says he’s confident moving to New West was the right choice. “It took a bit of warming up to the idea of living so far from Vancouver,” says Turcotte. “We’re discovering new things about the city and have been pretty impressed by what we’ve seen so far. I definitely still think that it’s only going to improve and offer more.” Anna Horvath says she’s also feeling good about her decision to stay in New West, close to family and the friends she grew up with. “It ticks most of the boxes.”
A version of this article was commissioned for Tenth to the Fraser magazine, where it appears in the February, 2017 edition.
We’ve got a new home! Garbutt + Dumas is now part of the Keller Williams Elite real estate team. Keller Williams is a global network of realtors and real estate professionals who believe in working together to help each other and our clients achieve success in business and life. In fact, Keller Williams is the world’s largest real estate franchise, with more than 110,000 realtors operating in 700 offices in Canada, the U.S., Indonesia, Vietnam, South Africa and Dubai. That’s a lot of expertise and talent to draw upon. The team at Keller Williams Elite is just that, a team. They understand the team model. Their support systems and commitment to training and innovation will make us more effective, able to provide an even better experience for our clients. We’re pretty excited about the move. But that’s not all that’s new for us in this new year. To celebrate our move to Keller Williams Elite, we’ve got a new look. If you follow our social media channels (and, really, you should), you may have noticed our new signs being posted in front of our newest listings. As the market gets busier, you’ll also be seeing more of our signs around Metro Vancouver. We like to think our new signs are bold and distinctive to catch the eye of passersby. But they’re still classy enough you’ll be pleased to place one on your lawn.
Finally, if you pay attention to the address bar at the top of your browser window, you may have noticed we’ve also got a new URL. Our new site may not look that much different from the old one, but we’re building it to make it more functional and informative, even if you’re not currently in the market to buy a new home or sell your current one. Our listings will continue to feature some of the best properties in Greater Vancouver. And now you’ll be able to easily search for properties in specific communities and neighbourhoods, as well as learn a little about what it’s like to live there. Each community page features an interactive map of its neighbourhoods where you can get familiar with amenities like parks, recreation and shopping, as well as its schools and transit information. We also want to keep you up-to-date on everything real estate in Greater Vancouver. Our blog features timely updates on market news, issues and policies, as well as useful tips and information that will help you understand and navigate the process of buying or selling a home, or just make your life a little easier if you’re content right where you are. After a record year in 2016, and with the support of Keller Williams Elite, our growing team at Garbutt + Dumas is poised for an even bigger 2017. But our priority will always be to provide our clients with the best service and a great experience.
Slight price increases for detached houses, townhouses and condo apartments in New Westminster capped a busy year for Vancouver real estate. The benchmark price for a single family detached home in New West reached $1,035,600 in December. That’s a .9 per cent increase over November and 18.7 per cent higher than December, 2015. Townhouses were up 4.6 per cent over the month prior, 20 per cent more than a year ago; and the benchmark price for condos increased .2 per cent to $380,700, 22.6 per cent more than the end of last year. Overall, the benchmark price for a typical property in New West increased .6 per cent over November, 21.2 per cent more than a year ago.
The benchmark price for residential properties in South Burnaby also increased one per cent in December over November to $858,300. That’s mostly due to a 2.7 per cent bump in the price of condos in the area while townhouses and detached homes dipped slightly.
Those increases came even though there were fewer listings and sales. They also bucked a slight downward trend across Metro Vancouver where the benchmark price for all properties dipped 1.2 per cent from November. In North Burnaby the overall benchmark price dipped .5 per cent in December and it was down .4 per cent in East Burnaby. A general cooling of the real estate market in the last half of 2016 wasn’t enough to keep the year from being the third-highest selling on record, said Dan Morrison, the president of the Real Estate Board of Greater Vancouver. Only 2015 and 2005 recorded more property sales. “The supply of homes for sale couldn’t keep up with home buyer demand for much of 2016,” said Morrison. “This allowed home sellers to raise their asking price.” In fact, the benchmark price for all homes in Metro Vancouver reached $897,600 at the end of 2016, 17.8 per cent higher than December, 2015. The benchmark price for a typical single family detached home increased 18.6 per cent over the year to $1,483,500 while townhouses went up 20.4 per cent in 2016 to $661,800 and condos increased 17.3 per cent to $510,300.
Too soon to tell if 2017 will be another busy year for Vancouver real estate
Morrison said while government interventions to temper the frenzy in the local real estate market in the first six months of 2016 may have contributed to lower sales volumes and prices in the last half of the year, it’s still too soon to tell if their impact will continue to be felt into the new year. “The long-term effects of these actions won’t be fully understood for some time,” said Morrison of the provincial foreign-buyers’ tax that was implemented in August to discourage off-shore speculators and new rules to make it tougher to qualify for a mortgage that were introduced by the federal government in the fall. Another new measure introduced by the provincial government, a loan program to help first-time homebuyers with their down payment, begins accepting applications on Jan. 17. Morrison said the market was under the microscope as sales and prices peaked in the late spring. “Escalating prices caused by low supply and strong home buyer demand brought more attention to the market then ever before,” said Morrison. “As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. It was an eventful year for real estate in Metro Vancouver.” All the stats from a busy year in Vancouver real estate Wrapping-up our record year
To say the 2016 real estate market in Greater Vancouver was wild and crazy would be an understatement. The first half of the year was insanely busy as the market exploded. Homes were selling as soon as they hit the market, often after multiple offers, without subjects and above list. The Lower Mainland has always been a desirable destination for home buyers, but this was off the hook, unsustainable. The 2016 real estate market was already showing signs of cooling down to a more sustainable level when the B.C. government implemented its foreign buyers’ tax. Some areas, like Vancouver’s West Side, felt its chill immediately. That created a bit of a domino effect that reached into the suburbs as buyers and sellers decided to step aside to see how the market plays out. The federal government’s new mortgage rules further tempered the market by making it a little tougher to qualify for a mortgage. Then, in December, the provincial government introduced its new loan program to help first-time homebuyers with their downpayment, beginning in the new year. It’s too soon to tell if the incentive will reignite home sales; but for young people looking to plant roots in their community, every little bit helps. And the Bank of Mom and Dad will no doubt appreciate the relief. Garbutt + Dumas enjoyed a record year; we sold 140 properties for a total of $98 million. It was hard work. But we still managed to have some fun along the way. Because providing our clients with an enjoyable real estate experience is our passion.
That commitment to superior service will continue in 2017. In fact, we’re planning to kick it up a notch or two by keeping you even better informed about what we’re up to and what the market is doing and making the biggest transaction of your life even smoother and as stress-free as possible. Thanks to all our clients for a great 2016. Thanks to our followers on social media and visitors to our website. Happy New Year! Bring on 2017!
The best time of year to sell a home is when you’re ready to sell it. That’s the short answer. But of course it’s more complicated than that. Just like the calendar, the real estate market has seasons. There are times of the year when it’s easiest to show your home at its best to potential buyers. And there are times of the year when buyers are actively shopping for a new home and inclined to make offers. You’re more likely to sell your home quickly and for top dollar when those times coincide.
The best time of year to sell a home is …
If you’re selling a house, typically spring is the best time of year to sell a home. In nature, spring is a time of renewal. Same for home buyers. Home buyers emerge in the spring flush with optimism. They’ve survived another winter in their current digs; but it’s time for a new start, time to address those nagging issues like space or location that have made their current home a challenge. If those buyers are a family with school-aged children, it’s especially important for them to get the process of finding and moving to a new home into gear in the spring so the household is settled and the kids are registered for their new school in time for fall. For sellers, the spring is the best time of year to show off your home. Especially if you’ve used the winter months to clear the clutter from the garage, repainted the living room, tended to those persistent maintenance issues in and around the house. With the trees trimmed and the gardens bursting with new flowers, your home is sure to have great curb appeal. If spring is the best time of year to sell a home, isn’t everyone else also trying to sell their home in spring too? When the market is buoyant and buyers are eager, prices are likely to stay healthy; if your neighbour’s house sells for top dollar that’s good news for the price you’ll be able to ask for your own place.
The next best time of year to sell a home is fall
Not everyone is prepared to sell their home in the spring. The fall is also desirable. The weather is still good, so buyers are out and about. Save for Thanksgiving, most weekends aren’t busy with holiday activities. Anyone thinking of moving is keen to get it done before winter and the Christmas season kick in; they’re serious and motivated. There’s usually fewer listings in the fall. That’s less competition for your home, so you may be able to get a better price. In fact, if it’s a rising market prices may peak in the fall; that’s what happened locally in three of the last eight years.
Any time is the best time of year to sell a home – if it’s a condo
Of course these timelines don’t really apply to the condo and townhouse market; they tend to sell steadily any time of year.
That’s because condos and townhouses are generally geared towards first-time buyers and downsizers who don’t have to worry about things like getting their kids registered in a new school. They’re shopping for location, proximity to their work or recreational activities. They’re looking at indoor space and amenities that aren’t as tied to the weather outside. They’re buying lifestyle.
When not to sell your home
Whether you’re selling a house or a condo, it’s best to avoid December. With so much going on leading up to the Christmas holiday season, the last thing on most people’s agenda is shopping for a new home. Not that it doesn’t happen; but if you can hold off until January, you’re likely to see more active buyers and get a better price. Unfortunately, not everyone is in control of the timing to sell their home. Which brings us back to our opening point; the best time of year to sell a home is when you’re ready to sell. If you work with your realtor to set a proper sale price, maximize its exposure and show it off to its fullest potential, your home will find a buyer.
Spring buyers and sellers emerge in the Greater Vancouver housing market
Home buyers and sellers became more active in the Greater Vancouver housing market in April. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the Multiple Listing Service® (MLS®) in April 2014. This represents a 16.1 per cent increase compared to the 2,627 sales recorded in April 2013, and a 15.5 per cent increase compared to the 2,641 sales in March 2014. Last month’s sales were 5.2 per cent below the 10-year sales average for April of 3,217. The sales-to-active-listings ratio currently sits at 19.7 per cent in Greater Vancouver, which is the highest this measure has been since June 2011. “We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months,” Ray Harris, REBGV president said. “People often look to buy or sell their home this time of year as the school year draws to a close and the summer holiday season is still a few months away,” Harris said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,950 in April. This represents a 1.3 per cent increase compared to the 5,876 new listings in April 2013 and a 12.7 per cent increase from the 5,281 new listings in March. Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month. The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 15,515, a 7.3 per cent decline compared to April 2013 and a 7.2 per cent increase compared to March 2014. “Home prices in the region continue to show steady, yet modest, increases when compared to last year,” Harris said. Full Article Full Stats Package