Signs of stability in Fraser Valley housing market
February 2, 2023
SURREY, BC — The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.
The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December and below the 10-year average for sales in the region.
At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.
“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”
Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO, Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR®.”
The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market, apartments spending 41 days on the market and townhomes moving more quickly at 33 days.
Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a per cent from December, and down six per cent from the 12-month peak in July.
MLS® HPI Benchmark Price Activity
Single Family Detached:
At $1,466,100, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to December 2023 and increased 8.6 per cent compared to January 2023.
At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 per cent compared to December 2023 and increased 6.9 per cent compared to January 2023.
At $539,700, the Benchmark price for an FVREB apartment/condo increased 0.4 per cent compared to December 2023 and increased 6.5 per cent compared to January 2023.
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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 email@example.com
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 firstname.lastname@example.org
Recent Blog Entries
REAL ESTATE NEWS
Wednesday, February 20, 2024
Inflation fell in January but when will we see Interest rates cut?
The annual rate of inflation dropped half a percentage point in January to finish at 2.9%, due mostly to a decline in gas prices, some grocery costs and airfares.
"It was good news for consumers, for businesses and for the Bank of Canada," said Tu Nguyen, economist with RSM Canada. "I think that this January report shows that we're heading in the right direction."
But although there is progress elsewhere, what about the housing market?
The Bank of Canada has a clear goal of cooling inflation down to 2% before interest rate cuts are expected, likely still in June/ July of this year.
Rising mortgage and rental costs continued to increase Shelter inflation last month, rising to 6.2% Nguyen says that, stripping out the shelter component, annual inflation would be back at 1.5%. Without mortgage costs, inflation is right at 2%.
"The question for the bank moving forward would be how much they want to factor in housing and housing prices... when making their decisions," Nguyen says
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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
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.
Phone: 604-309-5453 Email: email@example.com, firstname.lastname@example.org