4 Home Updates That Get You Top Dollar

Right now is the perfect time to list your home. Mortgage changes are coming  January 1, 2018 that could reduce buying power by uo to 20%.  Also, with interest rates rising, and market prices still high, listing your home now makes sense. However, before you put a For Sale sign on your lawn, here are 4 home updates that can help get you top dollar for your home.

  1. UPDATE FLOORING

Flooring is one of the easiest and most cost-effective ways to put value back into your home. Updating your floors can instantly update the entire look and feel. A simple swap is to replace outdated carpets with hardwood or laminate, and for bathrooms and kitchens look to classic, simple tile designs.

  1. SWITCH OUT HARDWARE AND FIXTURES

Kitchens and bathrooms can instantly make a home appear outdated. One simple update that is to switch out fixtures and hardware. Replace dated brass hardware on cupboards and drawers with a more modern, clean look. Also, consider updating your faucets and light fixtures too-these are budget friendly and can be installed in a few hours.

  1. FRESH PAINT

One of the easiest ways to give your home a facelift is to refresh your paint colours! Choose light and neutral, inviting tones that will work for all buyer types. In addition, select a single colour to use in each room. Keeping it simple, clean, and neutral will add value back into your home and instantly make it easier for buyers to see themselves living there.

  1. DECLUTTER AND DEPERSONALIZE

Your home is just tha…your home. It has pieces of you and your family throughout. However, when you are selling it is important to remove some of those more personal items. That wallpaper you love, the quote over your entry way, or that funky piece of artwork might not appeal to all buyer types. Remove or place these things in storage. At the same time, look at your home objectively and pinpoint any areas that are “clutter zones”. Sort and organize these areas and put any items you don’t use day-to-day in storage as well.

By taking the time to update your home and showcase its best features you will instantly see a return on your investment. Buyers are more willing to buy a home that they can picture themselves living in.  Keep in mind that at Young Real Estate Group we have a network of trusted individuals who can help you with these projects! We know moving and listing a home can be a stressful time…and having someone do it for you just makes life easier! Give us a call today and we will be thrilled to meet  you and discuss the next steps in getting your home ready to sell for top dollar!

604.720.5353

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Snap Stats September Edition

Housing has become a valued asset in an investment portfolio. Greater Vancouver has become viewed as a hotspot for global investors. This month, statistics explain why adding real estate to your portfolio just might be the way to go.

The market speed for the Fraser Valley is 36%  which officially makes it a seller’s market. This is due to a number of factors, but let’s start with sales. Total sales last month were 1464 which is 26% greater year over year and 14%  last month over month.

Next up, sale price.  The median sale price was $682,000 which is a 15% increase over this time last year and a 1 percent increase over the previous month.

Finally,  active listings. There were 4060 active listings last month which is a 9% decrease over this time last year and a 5% increase month over month. A property was on the market for 16 days before selling which is no change from one year ago and 23%  more than the previous month.

If you would like to see what the market stats for you specific area are, or would like to talk about listing your home please do not hesitate to contact us.

Don’t forget to visit our website too and check out our top tips for buying or selling a home…remember, at Young Real Estate Group we get you more!

 

What’s just Happened in Real Estate?

If you look at any major news site at least one of the headlines will be about Real Estate. With the Bank of Canada’s rate hike 2 weeks ago, along with low inventory, and fast-moving sales, real estate today can be confusing for the typical consumer. To make things easier on you, we’ve examined 3 trends and market changes that have created the current state of real estate.

 

  1. Bank of Canada Rate Hike.

On September 6, the Bank of Canada quietly raised its interest rate another 0.25%. This brought the rate up from 0.75% to 1%. Why did this happen? With Canada’s record year of economic growth, a higher interest rate is needed to cool the economy and ensure that inflation doesn’t get out of hand.  This can also have implications on mortgages. The lending rate of variable mortgages is tied to the Bank of Canada’s prime lending rate and it can impact the amount of homeowner’s payments. For more about interest rates and how they affect you click HERE.

 

  1. Continued Low Inventory

According to my Snap-Stats, in August the total number of listings was down from last year. The total listed homes came in at 3,884 this year, compared to 4,174 in 2016. This is an ongoing trend in The Fraser Valley and Metro Vancouver detached home market. As fewer homes become available, pricing continues to push upward. This is great for sellers but creates the perfect storm for buyers looking to get into the market.

 

  1. A Shift to Townhomes and Condos

August Sales numbers were pushed above average levels due to a demand for condos and townhomes. Last month, 3,043 residential properties sold, marking a 22.3% increase compared to 2,489 sales in August of the previous year, and a 2.8% increase over this July. When compared to the August sales average from the last decade, 2017 sales were 19.6% above average. This surge in sales in Metro Vancouver is being led by first time homebuyers looking to buy property listed between $350k – $750k.  With demand rising, developers are working to keep building, and many new developments are planned for 2018.

 

The Metro Vancouver and Fraser Valley real estate markets continue to change. Each day new statistics show that we are currently in one of the best markets for sellers, and also one of the most difficult for 1st time homebuyers. However, to the buyers – do not get discouraged! At Young Real Estate Group, we are committed to helping you find the right home in your budget – no matter what it takes. For those thinking to sell, don’t hesitate. Now is one of the best times in Real Estate to place a “For Sale” sign in your yard.

To learn what your home is worth, or to buy a home, please contact us. We happy to serve you whether you’re selling or buying. Call us at 604-533-3491 or email by clicking here.

Guest Post: The Top 10 Latent Defects in Home Inspections

We are excited to have one of the sharpest Home Inspectors with us today! Say hello to Daniel Fedosenko of Mr. Home Inspector Ltd! Daniel has been in the industry for a number of years and has a wealth of knowledge when it comes to home inspections. From Vancouver to Hope and everywhere in between they are helping homeowners check off all the boxes when it comes to home inspections. So without further ado, take it away Danny!

I have worked with Alistair Young and his team for a number of years. At Mr. Home Inspector our goal is to:

  • Offer solutions to issues/challenges (not just reported problems)
  • Go above and beyond the call of duty, and
  • Provide exceptional customer service in the Lower Mainland (from Squamish to Hope).

Today, we wanted to cover the topic of Latent Defects.  Latent defects are those which would not be revealed by any inquiry which a purchaser is in a position to make before entering the contract. Here are the top 10 Latent Defects that you may miss if you don’t have a proper home inspection done!

  1. Bathing area moisture issues behind tile surrounds: water damage.
  2. Pest infestation in attic, crawlspace, and or living areas: damage and air qulity issues can arise.
  3. Plumbing issue: polybutylene pipes with plastic fittings 1978-1995 years installed. Water damage and insurance issues, extra costs
  4. Hidden water leaks: ceilings, walls, or floors: water damage and extra costs will occur.
  5. Grade levels around homes too high up onto the structure: structural rot and extra costs will occur.
  6. Electrical panel size 60 amps: causes insurance issues and extra costs to upgrade the panel size to minimum 100 amps.
  7. Poor ventilation in attic causes mildew/mold in areas: air quality issues and extra costs to treat area.
  8. Toilet tanks by Crane manufactured between 1980-1991 (tanks prone to crack): water damage
  9. Basement and crawspace water leakage issues: water damage and extra costs to address.
  10. Aluminum wiring 1960’s to 1970’s: expands and contracts and loosens and can cause a fire.

There you have it folks–these 10 defects can be avoided by having a home inspection done before you move into your new home. Get in touch with me and my team today, we promise to help you find any issues and find a solution!

 

Market Update + What defines a Sellers Market?

The summer heat has spilled over to the real estate market! This month the Fraser Valley remained in a Sellers Market.

Looking at the table above and seeing the ‘sales ratio’ you may ask how those numbers translate into a Seller’s Market. So we thought that this month we would dive into how we determine the market as a balanced, sellers, or buyers market.

First, what is a Sales Ratio? The Sales Ratio is the current inventory of homes that are selling. It is found by taking the number of sales and dividing

Examples:

 10% sales ratio=1 in 10 homes selling rate

33% sales ratip=1 in 3 homes selling rate

Make sense? We then take those ratios and compare them to benchmarks which determine if the market is balanced, favours buyers, or favours sellers.

  • A buyers market would have a sales ratio of 11% or less
  • A balanced market would have a sales ratio of 12-20%
  • A seller’s market would have a sales ratio of 20% or more
Looking at the stats in the table above, you can see that we are in a seller’s market–and have been for the past several months. If you would like to learn more about the stats for your specific area–or are interested in chatting about putting your home on the market get in touch with us today. We would love to meet with you and help you understand what the market is doing in your area!

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:

Inventory.png

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