Market Update: April

InventoryIt’s that time again–another month of Real Estate stats for you! This month the market continued to rise however, it was substantially down from this time last year. In total, residential property sales in Metro Vancouver totaled 3,553 last month, a 25.7% decline compared to a year ago.

However, the statistics for the Fraser Valley show that although there were fewer sales than there was last year, the market continues to be one of the hottest one’s in Canada. This month also showed that condominium and townhome sales now make up a larger percentage of all residential transactions. In Vancouver Condo and townhome sales were up by  68.5% on average.

Our market is in line with the forward momentum we see during the spring time. If you are looking to sell now is an excellent time to put your home on the market. We at Young Real Estate will work with to not just sell your home, but get you the best price. Give us a call today at 604-533-3491 and take advantage of the current seller’s market.

 

Sources: Vancouver Sun: http://vancouversun.com/news/local-news/vancouver-home-sales-slide-nearly-26-last-month-condo-and-townhouse-demand-rise

BuzzBuzzNews:http://news.buzzbuzzhome.com/2017/05/demand-condos-townhomes-continues-ramp-up-metro-vancouver-market-rebgv.html

Statistics: SnapStatsReport (not available to public)

 

 

 

The State of Vancouver Real Estate

Vancouver’s Red Hot Real Estate Market has become a news sensation. It’s in the headlines. It’s on TV. It’s in every other social media post you scroll through in your feed. But the question remains—what is actually happening in the market?

I teamed up with Geoff Lee of GLM Mortgage Group to cover this topic.  We are bringing you the stats, the facts, and what you need to do to purchase a home in this crazy market. Click below to read my guest post!

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

BC HOME Partnership Program

This new program for first time homebuyers called the HOME Partnership Program may be able to help them! In a nutshell the program breaks down as follows:

  1. Offers qualifying home buyers loans of up to $37,500, interest and payment free, for five years.
  2. The province has started accepting applications, started on January 16, 2017.
  3. To qualify, buyers must:
    1. be buying their first home
    2. obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price
    3. have a combined gross household income not exceeding $150,000
    4. have saved a down payment amount at least equal to the loan amount
    5. be a Canadian citizen or permanent resident for at least five years
    6. have lived in BC for at least the full year preceding their application.
  4. The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.
  5. The Facts:
    1. The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price
    2. The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees)
    3. After five years, buyers can either repay their loan or enter into monthly payments at current interest rates
    4. Loans through the program are due after 25 years.
  6. The Application:
  7. Applicate/purchaser applies for loan
  8. Expected fees are $560.00
  9. Expected turnaround time is 5 days
  10. Housing Loan Approval is good for six months *** Pre Approval Certificate is required from a Bank before applying for the BC Housing Loan for Down Payment ***
  11. Applicants selects a home and writes offer.
  12. Lender approval and final contract to be sent to BC Housing minimum 14 days prior to closing date
  13. BC Housing will send instructions to lawyer/notary 4 days before closing date
  14. Please allow extra time if your client is applying for the program for subject removals.

For easy reference, please view the PDF Flow chartpower point, and scenario’s.

If you or someone you know has questions about this program, please contact me. I would be delighted to help!

Real Estate Wrap-up

It is officially the “New Year” and with the new year comes the yearly wrap ups! Check out the final Snap-Stats report + Video by clicking the link,  for December 2016 and find out how the year ended off.

fvr-2016-december1

You can also view the FULL report by Snap-Stats and see how different municipalities & cities in the Fraser Valley  wrapped up 2016.

If you want to know more about your home’s market speed, or get set-up to put your home up for sale (It’s a seller’s market this month!) give me an email and I will help you sell your home for the best price!

Why Your New Year’s Resolutions Will Fail (and How to Fix That)

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If you didn’t achieve your resolutions this past year, you’re in the majority of 76% of Canadians who eventually gave up on their resolutions.

The stats are discouraging enough with 69% of Canadians who choose not to make resolutions at all, but maybe they’re on to something. This year, why not do something a little different…

Don’t make a resolution, instead, create a new habit.

In order for your resolutions to stick, you need to change your behaviour. In order to change your behaviour, you need to rewire your brain.

Through the use of MRIs, neuroscientists have discovered that habitual behaviour is created from thinking patterns that create neural pathways.  These become the default for your behaviour when faced with a decision.

For example, you probably don’t have to put much thought into whether or not to brush your teeth at night. If you’re about to go to bed, the neural pathways in your brain don’t require you to make a decision – you just brush your teeth.

These same studies have shown that making a change in your behaviour by simply “trying harder” can have the opposite effect. Real change requires new neural pathways, which are created once you adapt a new habit.

So how do we create a new habit?

1) Ask yourself, “What habit will have the greatest impact on my life?”

If your goal is to increase your sales or increase your networking capabilities, a habit you could adapt to reach that goal might be to make 50 voice-to-voice contacts each week. If you did everything in your business the same, but spoke to 50 people in your network every week, would your business improve?

2) Create a rule

Make one decision that will shape your behavior over time. An example could be that from Monday to Friday you talk to 10 people in your database every day before 12pm.

2) Follow your rule (even when it’s hard)

There’s a honeymoon phase for every new habit (that’s why the gym is so full in January), but eventually it will be much harder to follow your rule. You might say things like, “I was up late last night and I’m not in the mood to make calls. I’ll get back to it tomorrow.” Inevitably, tomorrow never comes and you’re back to where you started. Remember, you can’t have excuses and results at the same time.

Small actions performed with consistency produce great results. People often over estimate what they can do in the short term and underestimate what they can do in the long term. New habits take time.

So this year, don’t make a New Year’s resolution, resolve to create a new habit.

It’s a beautiful life.

Make it count.

 

Thanks to Richard Robbins | CEO Richard Robbins International Inc. for this great article!

Winter Curb Appeal

Winter can be one of the hardest times to make the exterior of your home look its best. There’s mud, rain, slush, snow, and barely any greenery…but we have 5 great tips to increase your home’s WOW factor during the cold winter months.

  1. Decorate with Greenery

A simple holiday wreath on your door, or garlands on the porch rails can add that pop of colour that is missing when the weather is gloomy. It can also add a touch of festivity during the holidays without going over the top.

  1. Light it Up

In the grey-washed winter, light is your home’s best friend. Turn exterior lights on as soon as the sun goes down and keep them lit on particularly dark days to draw attention to your lovely home (as well as the for sale sign parked on the front lawn).

  1. Keep it Clean

Periodically take the time to rake any stray leaves, trim any unruly trees or bushes, and clean out those gutters. Simple clean-ups and continued maintenance help to keep your home looking well-kept and neat during the winter months.

  1. Safety First

Keep your open house guests safe when they come to view your home. Clear a path to your home if there is snow and ice.  Also make sure to salt your driveway and any walkways when things get icy.  Remember the old adage, “Better safe than sued!”

  1. Tasteful Holiday Décor

Last but not least, keep your Christmas décor as colour neutral as you can. Place white twinkle lights on trees or the home, add a wreath to your front door, and consider leaving the inflatable Santa in the garage this year.

Following these simple tips will help to ensure your home gets a great response from buyers, neighbours, visitors and friends and family this winter!