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
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!
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:
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 email@example.com
At 63% MarketSpeed™ (sales-to-active listing ratio) we are officially in a seller’s market. But the question is: Why?
- Sales: 25% less than the previous year, and with an average list price of $623,000 giving us a 5% increase compared to this time last year, and a 2% increase month over month.
- Active Listings: Active listings totaled 3169 which is a 15% decrease year over year, but a 5% increase month over month
- Days on the Market: Homes were on the market for an average of 10 days in April, which is an 11% increase from last year, and 23% less than the previous month.
All of these factors play into producing a Seller’s Market in the Fraser Valley. If you are interested in learning about the stats in your area please contact us and we will be happy to send you a report!
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:
- 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.
- 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.
- 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.
- 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!
- 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.
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.