Demand continued to rise across Metro Vancouver's housing market in March.
Demand continued to rise across Metro Vancouver's housing market in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 4,060 on the Multiple Listing Service® (MLS®) in March 2015. This represents a 53.7 per cent increase compared to the 2,641 sales recorded in March 2014, and a 32.6 per cent increase compared to the 3,061 sales in February 2015.
Last month’s sales were 26.8 per cent above the 10-year sales average for the month.
"We're seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” Darcy McLeod, REBGV president said. “For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly for today's market."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,968 in March. This represents a 13 per cent increase compared to the 5,281 new listings reported in March 2014.
Last month’s new listing count was 4.7 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 REBGV MLS® is 12,376, a 14.5 per cent decline compared to March 2014 and a 4 per cent increase compared to February 2015.
“The number of homes for sale today is below what’s typical for this time of year,” McLeod said. “If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $660,700. This represents a 7.2 per cent increase compared to March 2014.
The sales-to-active-listings ratio in March was 32.8 per cent. This is the highest that this ratio has been in Metro Vancouver since July 2007.
Sales of detached properties in March 2015 reached 1,711, an increase of 53.3 per cent from the 1,116 detached sales recorded in March 2014, and an 83.4 per cent increase from the 933 units sold in March 2013. The benchmark price for a detached property in Metro Vancouver increased 11.2 per cent from March 2014 to $1,052,800.
Sales of apartment properties reached 1,627 in March 2015, an increase of 47.1 per cent compared to the 1,106 sales in March 2014, and an increase of 65.7 per cent compared to the 982 sales in March 2013. The benchmark price of an apartment property increased 3.3 per cent from March 2014 to $390,200.
Attached property sales in March 2015 totalled 722, an increase of 72.3 per cent compared to the 419 sales in March 2014, and a 67.1 per cent increase from the 432 attached properties sold in March 2013. The benchmark price of an attached unit increased 4.9 per cent between March 2014 and 2015 to $484,900.
Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
Usually when you list your home, you would prefer to sell it quickly. It’s like being the first one served at a crowded ice cream parlour. It’s satisfying.
However, sometimes there’s more to it than that. There may be a truly urgent reason why you need to find a buyer for your property as soon as possible, such as a sudden job relocation.
If that’s the case, it’s important to explain your situation to your REALTOR®, who will be able to put together an action plan for selling your home quickly and for the best price possible.
During that conversation, ask what you can do to help the process along. For example, you may be able to:
When it comes to price, be prepared to be flexible. That doesn’t mean you must settle for a price far below your home’s market value. However, you do need to be prepared to accept a good offer rather than try to hold out for a great one.
Also be open to as many viewings and open houses as possible. Having many prospective buyers come through your home within a short period of time may be a little inconvenient, but the payoff might be an offer!
Finally, work with your REALTOR®. A good REALTOR® will know the local market well and have many ideas for selling your property fast.
Looking for a good REALTOR® like that? Call today.
If you’re relaxing on a Caribbean beach, or enjoying a bus tour through historic Paris, the last thing you want to worry about is your home. Most people know the basics of keeping a home secure while away. Here are some additional tips that are easy to miss:
Finally, experts recommend creating a home security checklist, so you don’t forget anything. That will give you peace-of-mind.
You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?
It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups are inevitable. But be careful: learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes.
Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford. Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier.
The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a home as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work. Likewise, don’t jump at a home simply because the walls are painted your favourite colour! Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions.
Buying a home is a major financial decision that is often made after having spent very little time on the property itself. A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. Your Realtor can suggest reputable home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.
Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs. These problems may even lead to a void contract. So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer. With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations.
Ask your Realtor for a current Comparative Market Analysis. This will provide you with the information necessary to gauge the market value of a home, and will help you avoid over-paying. What have other similar homes sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the home you’re looking at under-priced, over-priced, or fair value? The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.
Check out the neighbourhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing.
If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you. Make sure you give yourself enough time to shop around in order to get the best deal.
Many buyers think that the way to negotiate their way to a fair price is by offering low. However, in reality this strategy may actually result in the seller becoming more inflexible, polarizing negotiations. Employ the knowledge and skills of an experienced realtor. S/he will know what strategies of negotiation will prove most effective for your particular situation.