Market Update: May 2017

Another month, another market update! The real estate market in the Fraser Valley has remained a seller’s market over the past month. We have seen average home prices rise, sales inventory slightly increase, and multiple bidding wars associated with many listings. To see last month’s stats for comparison please click here.

Here is what we saw this month for inventory, sales, and sales ratio:

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Surrey had an inventory of 748 homes with 366 sales. This gives a sales ratio of 49% White Rock/South Surrey had 565 homes listed, with 166 sold. Total sales ratio of 29% North Delta had less inventory at 153 homes listed, but 91 sold giving it a sales ratio of 59%. Following that, Cloverdale had the highest sales ratio at 86% with 103 listings and 89 sales. Langley saw 232 homes listed with 183 Selling and a sales ratio 0f 79% (second highest). In Abbotsford, 288 homes were listed, 209 sold giving a high sales ratio of 73%. Last but not least, Mission had a sales ratio of 61% with 138 homes listed and 84 selling.

The upward trend of prices and low inventory continues to drive the market. Homes are selling quickly and for top dollar making this an excellent time to sell. If you or someone you know is selling, please get in touch with us at Young Real Estate by calling: 604-533-3491, or email info@callyoung.com

 

The Market Update-March

Spring has officially sprung and with it the Real Estate market has picked up! In the spring we typically begin to see the market’s inventory become more saturated, an increase in buyers and a sense of urgency to buy.  Below are the statistics for March for detached homes.

Inventory

In comparison below are February’s statistics, showcasing a clear growth especially in the Langley, Cloverdale and Abbotsford area.

Inventory

Another area that has been of interest over the past few months is the foreign buyers tax’s overall effect. The interest of foreign buyers appears to be levelling off, as they accounted for  little more than three per cent of both the value and number of all transactions, according to the most recent property transfer tax data.

It is still unclear of the overall effect of the tax and how the recent announcement of the exemption from the tax if  one is a skilled worker here under the provincial nominee program and/or is a  foreign national who obtained permanent Canadian residency within a year of living in Canada.  To learn more about the exemptions check out this article.

Back to the Fraser Valley though! This month shows the general growth of the market and the increase in overall sales. This will continue over the next few months making it a great time to put your home on the market! It is a great time to look at selling your home and by partnering us at Young Real Estate we promise to work with you to sell your home for more!! #SellingHomesForMore

5 Reasons to Sell your Home in the Fall

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Fall brings about images of brightly coloured trees, warm apple cider, pumpkin everything—and a Home for Sale sign That last one may be a new one for you, but at Young Real Estate we have 5 reasons why Fall is one of the BEST times to sell your home:

  1. Fall Brings About More Buyers

Fall is the best time to sell because it is right before the holiday season hits full force. Typically we see a drop in the market from December-February, so listing your home just before this hits is optimal to capitalize on a strong potential to sell your home faster and for the optimal price.

  1. Interest rates are still low but maybe increasing anytime

Interest Rates are always a hot topic, as recent studies show that even a 1% increase in the interest rate could lead to nearly a million Canadians not being able to pay it! The rate has held steady as of late, but rumour continue to surface of changes to come.

  1. The Competition is Less

There are considerably less homes For Sale at this time of the year the in spring or summer. Fall is a the perfect time to showcase your home and to play into the high demand that the market has been experiencing.

  1. Rumours of New Mortgage Lending Laws

You may have heard that the BC Government and the Federal Government are introducing new mortgage laws, These new laws have started to come into effect, with the first coming into play on October 17, and are working to SLOW the market—making this fall more than any other time highly desirable to sell before the buyers options become limited!

  1. Risk of Home Pricing Decreasing in 2017

With new mortgage and lending laws coming into effect with their goal to be to LOWER the price of homes, there is a high likelihood that we will see a drop in prices of homes. This is great for the buyer, but not so great for you the seller! Capitalize on this well the market is HOT and list your home this fall.

If you are considering placing the “For Sale” sign on your home, contact us at Young Real Estate! We would love to help you navigate the changing real estate market and we will work with you to get the best possible price for your home.

4 Tips for Selling a Tenant-Occupied Property

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4 Tips for Selling a Tenant-Occupied Property

There is a lot to think about when you’re in the process of selling your property. There are moments of uncertainty as you hope to sell for the best possible price within a reasonable amount of time.

The process can also be stressful for your tenant, who may be concerned about where he/she will be living after the sale.

We reached out to our RE/MAX Influencers—a panel consisting of RE/MAX Sales Associates from throughout Canada—to find out the best advice they give to clients who are attempting to sell tenant-occupied homes.

Offer incentives

Several RE/MAX Influencers suggested that it’s a kind gesture to offer some sort of incentive to tenants during the time while the house is being listed.

A slight reduction in rent could mean a lot to your tenant if you’re in a financial position to offer the discount. Other options may include offering maid/cleaning services free of charge, giving your renter gift cards for restaurants, local shops or movie theatres, or even throwing in a nice bottle of wine. These gestures may be of minimal cost to you, but can go a long way to making the process smoother.

A happy tenant is far more likely to be cooperative and helpful during the listing process.

Respect their time

Until your property is sold, it is important to respect the fact that it is still the place your tenant calls “home.” It’s important to be open and honest with showing timelines and schedules.

One tip is to determine days and times of the week for showings that are most convenient for your tenant. Once those times are determined, advise your real estate agent to book during that schedule.

“When people feel heard, and are a part of the process, they are much more likely to work with you, rather than against you,” said a RE/MAX Influencer.

Work together and communicate

By working together, the situation may end up being a win-win for both yourself and your tenant.

Coach them through how to show potential buyers they are great tenants so that the new buyers may want to keep renting to them. The more cooperative, clean and tidy the tenant is, the more likely they won’t have to move if an investor is purchasing the home.

It’s a good idea to have your real estate agent introduce him/herself to your tenant early in the process so that they can explain what will be happening and how the renter may be impacted. In some cases, real estate agents may be able to act as an intermediary, to keep the flow of conversation going.

“Try to make your tenant feel part of the team. Have all documentation available regarding the legal positions of all involved. Manage expectations proactively,” said a RE/MAX Influencer.

Help them out

Do your best to find someone who will either continue to be a landlord for your tenant, or, be sure to give your tenant more than the minimum notice required by law. Some sellers take this a step further by waiving the rent payment for the final month of the renter’s occupancy if they are helpful during the selling process.

In situations where the tenant is forced to move out following the sale, you may want to offer assistance in helping them locate a new place to live.

By helping your tenant, he/she will feel more positively about the situation, and will likely return the favour by being more cooperative throughout the time your property is listed.

Thank you to my RE/MAX colleagues for posting this article.

Sellers’ Tips for the Best Backyard on the Block

Sellers’ Tips for the Best Backyard on the Block

A great backyard can be the most relaxing part of a house. However, if neglected, it can also be one of the most stressful areas to maintain.

Here are some of the best ways to have a backyard you can boast about.

Tidy up!

Storage sheds and garages are key for tucking away gardening items so that they are not left lying out on the lawn for everyone to see. Garden hoses should be coiled up and all unnecessary junk/clutter should be put away.

Tidying includes cutting the grass and keeping weeds under control. Trees and hedges can be trimmed back to enhance the size of your yard and make it brighter. Decorative rocks can also be used to make the area visually appealing.

“A well-maintained and orderly backyard is not only nice to look at, but it also gives the potential buyer the impression of a well-maintained house,” said a RE/MAX Influencer.

Pick up after pets

Pet owners should pick-up after their pets on a regular basis—even if there is snow on the ground! One Influencer suggested the best way to maintain a snowed-in yard with pets is to shovel an area for the pets to be in so it’s easier to clean up.

“No buyer wants to navigate through doggy-doo landmines to see the yard.”

Be sure to also patch the grass where pets may have damaged it.

Add a splash of colour

Planters filled with flowers, hanging baskets and flowers in the garden can add a great touch of colour to your already beautiful backyard. If you don’t have a green thumb, you can always hire someone to help you out.

Some owners may want to consider repainting or re-staining the deck if it’s needed. A fresh coat of paint can help make the area stand out in a positive way.

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Stage it!

When selling in the summer months, it’s fine to have patio furniture and/or barbecue areas set up, but they should be staged to look well-kept and orderly. The outside should be as inviting as the inside of the house.

Several Influencers agreed that presentation of all aspects of a property is crucial to obtaining the best offer.

“Your backyard should be looked at as an extension of your home. To make your yard welcoming, think of setting it up with entertaining in mind. A cozy and inviting backyard space can make your home appear larger and add significant appeal and value to buyers.”

Thanks for the RE/MAX blog for this great post.

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Top 5 Summer Curb Appeal Tips

Top 5 Summer Curb Appeal Tips

As the famous saying goes, you should…

“never judge a book by its cover”

With that being said, there is another famous saying that reminds us there is an exception to every rule. In this case, the exception is curb appeal. When buyers are searching for their dream home, the condition of your windows and state of the gardens can be the deciding factor on whether or not they want to take a closer look inside.

Improve Your Curb Appeal

Top 5 Summer Curb Appeal Tips

1. Start with the Basics: One of the first things potential buyers will see is your driveway, and it is one of the easiest things for you to fix. Ensure your garbage and recycling bins are always neat and tidy, and keep an eye out for garbage and debris that you can easily clean up as it appears.

Look for cracks in the sidewalk and driveway, and hire a professional to fix them up so guests will be impressed as soon as they step out of their car.

2. Be the Light in Their Eye: From taking the perfect selfie to making your home brighter, we can all agree that lighting is important. Not only should you ensure all light bulbs are working correctly, but make sure that your lighting fixtures are clean, stylish, and in good condition. If you have it in the budget, updating your light fixtures can have a large impact on your curb appeal.

3. Groom the Gardens: Not everyone has a green thumb, but even if your gardens aren’t the envy of the neighbourhood, you can still ensure they are clean and well maintained. Overgrown flowers and shrubs can be unappealing and turn away potential buyers, and taking care of them is simple. All you will need is a pair of garden shears and a little elbow grease and your yard will be in tiptop shape in no time!

4. Give the Lawn a Trim: There is nothing like an unkempt lawn to turn away buyers! Tending to your lawn is important whether you’re selling or not, but ensuring your grass is healthy and regularly cut will be a big key to your success. If you’re lawn isn’t quite as green as you would like it, you can also spray your lawn with a green spray paint that is created specifically for grass and is both non-toxic and environmentally friendly.

5. Clear the Dirt! Over time, your home can build up a fine layer of dirt. Fortunately, it is easy enough to clear it off! Whether it’s a pressure washer or the strongest setting on your garden house, clearing off that extra dirt is an easy task for a lazy summer afternoon in the sun! Start with the sidings of your home, and from there take it to the sidewalks, driveway, and anything else that could use a bit of freshening up.

The best part about summer curb appeal is it doesn’t need to be an annoying task you put off for weeks. Wait for a weekend where the sun is shining bright and the air is warm, and start checking these items off your list. With the beautiful weather and a cold glass of lemonade you will have the best curb appeal on the block in no time at all!

Thank you to the Canadian RE/MAX blog for such a great post!

 

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4 Landscaping Mistakes to Avoid

Avoid These 4 Landscaping Mistakes

When a prospective buyer pulls up to your home, it’s your yard that greets them. Don’t get off track, then, in your outdoor efforts. Here are a few things not to do.

1. Ignore maintenance
Many people love the idea of a beautifully landscaped yard, but they aren’t willing to put in the work to maintain it. Make sure that any updates you make won’t require an intimidating amount of upkeep for buyers.

2. Forget that seasons change
When planning your landscape improvements, remember to include appealing elements for each season and not just a yard full of flowers that will wither in September. Evergreens add color through the winter, deciduous trees will flower in spring and turn color in autumn, and annual and perennial beds can bloom with color in the warmer months.

3. Neglect growth
Keep your trimmers sharp. Overgrown shrubs and trees can make your home look rundown. And a well-edged lawn suggests that the rest of the property is as well-maintained as the yard.

4. Let clutter sprout
Kids’ toys, athletic equipment and excessive lawn furniture can ruin the effect of even the most well thought-out landscaping. Keep it neat.

Ready to dig into other improvements you can make to your home to increase its appeal before listing it for sale? Talk to a Realtor to find out exactly what features buyers in your unique market are looking for.

Thank you to my colleagues at RE/MAX for this article.