Sales, listings continue to pick up heading into spring
March 4, 2023
SURREY, BC — Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.
The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, a 32 per cent increase over January but still 21 per cent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 per cent from January and 4 per cent above the 10-year average.
“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”
Active listings in February were 5,561, up by 14 per cent over last month and up by 26 per cent over February 2023. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“All indications suggest we will see the Bank of Canada’s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,” said FVREB CEO Baldev Gill. “With that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance of a professional REALTOR® who can provide detailed analysis and intimate knowledge of the local market.”
The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days, down from 33 days on the market in January.
After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 per cent from January and up 4.8 per cent over February 2023.
MLS® HPI Benchmark Price Activity
Single Family Detached:
At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.
Townhomes:
At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
Apartments:
At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.
Should You Buy a Property that May Need Expensive Repairs or Upgrades?
Imagine you’re shopping for a new home and come across a listing that seems ideal. It’s in a great neighbourhood. It has all the characteristics on your “must-have” list. You can see yourself living there.
However, there are a couple of serious maintenance issues that are likely to need attention within the next year or two. For example, the roof shingles need replacing or the wiring needs to be updated.
Those fixes are going to be expensive. Does that mean you should take a pass on making an offer?
Not necessarily. While it’s nice to buy a home that is move-in ready (or close to it), it can be advantageous to purchase a property that needs some repairs and upgrades.
Depending on market conditions, a home with such issues may be priced lower than comparable properties. So the money you save can be put towards the work. In addition, other buyers are seeing the same issues and, as a result, may not make an offer. That means fewer buyers and less competition.
On the other hand, you need to weigh those advantages with the estimated cost of the required repairs and upgrades. Will you have room in your budget to get the work done when the time comes? How much will that work likely cost?
(Chances are, you can get a rough estimate of the cost of the repairs and upgrades required before you make an offer.)
The bottom line is, you need to get all the information you can and then make a strategic decision. Often, it is worth purchasing the property. I can help you make the right decisions. Call me today! 604-309-5453 or email bonetti@telus.net
Check out our next ad in the Langley Advance Times & Cloverdale Reporter:
7 Tips for Making the Living Room Look Fantastic to Buyers
The living room or family room is often a focal point for buyers who come to see your listing. They’ll look around and imagine relaxing evenings, family get-togethers, and holidays celebrated in that room. So it’s important to ensure it looks its best.
Here are professional staging tips for doing just that:
1. Neutralize the palette. Consider repainting walls in shades of beige, grey, or off-white. These hues will appeal to a broader range of buyers and allow them to visualize their own décor in the space. These colours will also make the room look bigger.
2. Strategic Furniture Placement. Position furniture away from walls, if possible, to create a cozy, conversational setting. Keep pathways clear to ensure easy movement and make the space feel more open.
3. Invest in Key Pieces. A few standout items can elevate the entire look. Perhaps it’s a chic coffee table, an elegant sofa, or a statement rug. And remember – you get to take these with you when you sell.
4. Add Textural Elements. Incorporate soft throws, plush pillows, or a tactile rug. These elements create a cozy atmosphere that can make potential buyers feel right at home.
5. Minimize Electronics. While many family rooms are centred around the TV, when staging, it’s advisable to downplay its dominance. Consider a tasteful cabinet or decorative screen to partially hide large electronics.
6. Greenery and Fresh Flowers. Potted plants, succulents, or a vase of fresh flowers can add vibrancy and a sense of freshness.
7. Accessorize Thoughtfully. Less is more when it comes to accessories. A few well-chosen pieces – like a decorative bowl, coffee table, books, or elegant candlesticks – can provide the finishing touches without overwhelming the space.
Want more tips on selling your home faster and for top dollar? Call 604-309-5453 or email bonetti@telus.net
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REAL ESTATE NEWS
Wednesday, March 6, 2024
The Bank of Canada holds key interest rate at 5% for fifth straight decision
The annual rate of inflation dropped half a percentage point in January to finish at 2.9%, but is still trending above 3% annually due to persistently high shelter inflation as well as food, health and personal care.
The consensus from the Bank of Canada is that it's "too early" to cut interest rates and they need to give it more time to do its work to get back down to the mandated 2%, although signaling the benchmark rate might now be high enough.
"We've come a long way in our fight against high inflation. Monetary policy is working-inflation is coming down. But it's too early to loosen the restrictive policy that has gotten us this far, " remarked Governor Tiff Macklem, Bank of Canada
When are the interest rates expected to be cut?
The Bank of Canada did not provide a clear timeline for when to expect any cuts, but urged Canadians to watch for the indicators , and to anticipate any future cuts won't be happening at the same pace as interest rates were raised.
The Bank of Canada expects that inflation will hover around 3% through the spring due to volatility with gas prices.
The next central bank decision will be on April 10th.
With most economists still predicting a June/July interest rate cut, greater clarity from the Bank of Canada will be provided with fresh forecasts for inflation and economic growth, and hopefully, a timeline on when we may see the rates drop.
To read the full article:
For any questions you may have on the latest news and how it effects you, give us a call at 604-309-5453
Upsizing or Downsizing? Don't Overdo It!
Imagine you have a growing family, and you want to trade in the small sedan for something larger. So, you visit the dealership and come back with a bus.
Well, that would be upsizing a bit too much – unless you have a really huge family!
That’s the challenge of upsizing or downsizing. You need to be careful not to take it too far and end up with something that isn’t suitable. This often occurs in the real estate world.
For example, homeowners might decide to sell their home and find a smaller one. But, if they go too far, they end up with a property so small they feel claustrophobic. How do you avoid a similar scenario happening to you?
If you’re thinking of upsizing or downsizing, the best place to start is in your own home. Think about how you use the space. Do you and your family spend a lot of time in certain areas? Are there rooms and other spaces that are rarely used? Or, conversely, do you wish you had more room — such as an extra bedroom, wider driveway, separate living and family rooms, etc.?
Do a thoughtful analysis of how you’re using your current property in order to reveal clues about what you’ll want in your next home. If you’re upsizing, you might find that all you need is an extra bedroom. If you’re downsizing, you might realize that one family room, rather than separate living and family rooms, would work better for you.
So, whether you’re upsizing or downsizing, carefully decide what type of new home you need. Be as specific as possible. Consider criteria such as the number of bedrooms, entertaining space, bathrooms, driveway size, etc., that you need. Doing that will help ensure your upsizing or downsizing move will be successful.
I can help you make an informed decision.
Call today. 604-309-5453
Get to Know...
Joanne Bonetti
Joanne's formal education and training allows her to excel at every step of the real estate selling or buying process.
Joanne has always lived in the Langley area and is very knowledgeable of the Fraser Valley market.
Choosing a Real Estate Career over 15 years ago, she has seen the many changes this industry has had. Following the trends and staying informed is crucial to this business.
Outside of her career in real estate, Joanne enjoys an active lifestyle with crossfit, neighbourhood walks and spending time with family and friends.
Known by clients and colleagues for her honesty, dedication and reliability, Joanne also has a reputation for timely and focused responses to each of her client’s needs and concerns. She is a skilled negotiator and goes the extra mile for her clients. Always included is quality after-care from start to finish.
A Full-time Realtor who is committed to providing expertise tailored to your needs and learning what is important to you to reach your real estate goals, Joanne is a clear choice for anyone thinking of buying or selling their home.
A big Thank you to all her clients, friends, and family for their continued support.
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