Greater Vancouver Real Estate News from The Pearce Team June 2018   

 
Preparing your home for showings can be a lot of work, especially if you have kids running around.  This month's article discusses some strategies on how to prepare your home to show with kids in tow.

There are also some valuable debt management strategies to help keep you and your loved ones profitable as well as a few tips on how to de-stress your home.

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

The Pearce Team

In this issue...
Vancouver Real Estate Market Update 

Reduced demand causing housing supply to accumulate.

Home buyer demand continues to decline across the Metro Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.

The total number of last month’s sales were 19.3 per cent below the 10-year May sales average.

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

There were 6,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2018. This represents a 5.5 per cent increase compared to the 6,044 homes listed in May 2017 and a 9.5 per cent increase compared to April 2018 when 5,820 homes were listed.

The total number of listings available today is 17.2 per cent below the 10-year May average.

For all property types, the sales-to-active listings ratio for May 2018 is 25.1 per cent. By property type, the ratio is 14.7 per cent for detached homes, 30.8 per cent for townhomes, and 41.7 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,094,000. This is an 11.5 per cent increase over May 2017 and a 0.2 per cent increase compared to April 2018.

As a note there were 936 sales of detached homes on the Real Estate Board of Greater Vancouver and the average selling price was $1,790,381. This is the highest it has been since October 2017 when it was $1,803,492.

  

Locally in Maple Ridge 

  

Sales of detached houses for May were 89 which is a 44% decrease over last May which was 161 while the number of houses for sale increased by 16%. The average price for the month of May was $980,533 compared to last years May of $855,818. This represents the average price increase of 14% over last year. Average sale price year to date is $959,123. 

  

Sales of  townhouses for May were 38 which is an 47% decrease over  last May, while the number of townhouses for sale is 118 which is a increase of 162% over last year. The average price for May was $574,427 compared to last years May of $477,177. This represents an average price increase of 20% over the last  12 months. Average sale price year to date is $570,395.

 

 Sales of condos for May were 58 which is a 7% increase over last May while the number of condos for sale is 87 which is a increase of 93% over last year. The average price  this May was $399,636 compared to last years May of $305,721. This represents an average price increase of 30% .  Average sale price year to date is $379,093.   

 

 

 

 

New Rules on Real Estate Sales 

Be informed on changes in the Real Estate industry effective on June 15th 2018.

 

Effective on June 15th 2018 there will be new rules on how Real Estate is bought and sold in British Columbia. These rules changes are a result if an independent advisory group report in 2016. Some of the changes are as follows:

 

A Realtor will no longer be able to offer what is know as "Dual Agency". This is when a purchaser buys through the listing agent and that agent represents both the buyer and the seller with the obligations to both parties. Under "Dual Agency" the agent could not disclose anything to do with what the buyer will pay or the seller is willing to take. The Agent could not disclose the motivation of the buyer to buy or the sellers motivation to sell and all personal information was not to be disclosed.

 

Under the new rules the Realtor can only represent one party in the sale so if they are the listing Agent then they are to advise the buyer to get their own Agent. They can still sell their own listing to the Buyer if they treat them as an "Unrepresented Party". In doing so they can not give them any advice in regards to the sale and will only owe a duty of care in preparing the proper documents. They are not allowed to advise on what conditions / subjects that should be in the contract.

 

This means that when a Realtor lists your property they will likely not be bringing in a Buyer. If they are doing an open house they will be advising anyone attending to get their own Realtor. They can sell the house to someone that comes through the open house but must treat them as an "Unrepresented Party".

 

This is a major change in the industry and affects the way real estate is done in many ways. If you were to go into an open house, wanted to buy it and have that Realtor list your house then that is against the rules. That Realtor could treat you as an "Unrepresented Party" on the purchase but would be unable to list your house as that would make the Realtor your agent as well. The Realtor can not be an Agent for both the Buyer and the Seller in the same transaction.

 

My advice whether selling or buying chose a knowledgeable Realtor who you know and trust and have that person to represent you in the process. If you deal with the listing agent you will receive no advice so you are best to have selected your own agent ahead of time to represent you on your purchase instead of trying to find someone at the last minute.

 

Any question feel free to call or email me any time.

Preparing a Home for Show with Kids in Tow 
Have your home “show ready” at a moment’s notice!

When your home’s on the market, getting ready for showings can be a real challenge but it's even harder when you share your home with little ones!

The trick to selling a house with kids is to try and make it appeal to buyers who have children as well as those who don’t. Here are a few tips to help you prepare your home for show with kids in tow:

  1. Depersonalize - It's important that buyers are able to imagine themselves living in your home so clear the kids’ artwork off the fridge and take down photos, awards and mementos.


  2. Play Time's Over - Keep just one box of toys on hand and pack up the rest as too many toys look messy and make rooms appear smaller.


  3. Clean Your Room! - Pack up stuffed animals, books and trophies in the kids’ rooms. Any remaining items should be placed on shelves instead of the floor.


  4. Behind Closed Doors - Buyers can never get enough closet space so get rid of any clothes and shoes that are out-of-season or that your kids have outgrown.


  5. Time to Grow Up - Buyers should be able to visualize your playroom as their rec room so get rid of kid clutter like arts and crafts so it’ll appear large enough for their pool table.


  6. Curb Appeal - Don't leave toys, sidewalk chalk or bikes strewn outside your home as drive-by viewings can occur at any time.

  7. Ready to Go - Have a diaper bag that’s ready with everything you need in case you have to make a quick getaway for a last minute showing.


Selling your home is a great opportunity to declutter and by doing it now, you’ll have less to pack when it comes time to move. Showings can happen in an instant so make sure you have a system in place that enables you to vacate in a matter of minutes. Although keeping everything perfectly staged with kids can be a challenge, it'll be well worth the effort!

Canada Day 2018 
Maple Ridge:

Location: Memorial Peace Park, Maple Ridge


Maple Ridge celebrates our national holiday by bringing together thousands of people for a remarkable summer festival and ceremony in downtown Memorial Peace Park. The colour guard party leads a parade into the park at the start of the formal protocol ceremony and awards presentations. Following this, three stages present arts, culture, music and dance, and the park is packed with a variety of fun activities including the Haney Farmers Market, a fire department community barbecue, food and artisans, children's games, informative community displays and all-ages family activities. A day full of fun ends with the crowd singing Happy Birthday as the festival comes to a close after a sensational celebration.

Pitt Meadows:

Location: Spirit Square

Wear red or white and come celebrate Canada Day in Pitt Meadows at Spirit Square with non-stop activities from 8am-2pm.  Live bands, feature activities, roving entertainment and fun zones for kids, families, adults, seniors and teens. 

Coquitlam:

Location: Town Center Park  - Fireworks!

Coquitlam’s Canada Day celebration has grown to be the largest event in the Tri-Cities. It is known for its wide range of diverse live entertainment, delicious ethnic and regional food, and multi-cultural activities.  

Named one of the top 20 festivals in Metro Vancouver by Business in Vancouver, this is a free community festival with live music and entertainment, food, beverages, family activities and fireworks.

 

Mission:

 

Location: Fraser River Heritage Park

 

Kicks off with a pancake breakfast and fun events for the whole family all day including, pony rides, magic acts, food trucks, bouncy castle and much, much  more. End the day with fireworks at Mission Raceway at 10:00 PM.

It Pays to Pay Off Debt 
Getting out of debt can be tough, unless you have a plan.

Debt management isn't a popular family topic but talking about it with your kids and loved ones can help them avoid a lifetime of financial woes. Here are a few of the basics:

  1. First Things First - Focus on paying off high interest, non-deductible debt first.


  2. Budget Crunch - List all income and fixed expenses such as house and car payments. Next, list variable expenses to see what can be reduced or eliminated.


  3. Consolidate - Monthly payments can likely be lowered by consolidating debt through a home equity loan as the interest rate will be much lower.


  4. Reach Out - Creditors will often reduce monthly payments if a debt repayment plan is arranged through a reputable credit counseling service.


Managing debt may seem like a daunting task but it can help avoid a financial crisis that could devastate a person's credit rating and their ability to borrow money at attractive rates. Almost everyone feels the credit crunch at some point in their life but with a little planning, it can almost always be overcome.

De-Stress Your Home 
Your home should be a refuge from all the stressors in your life!

Life can sometimes be stressful so ideally, your home should feel like a sanctuary for you to relax in. Here are three easy ways to de-stress your home:

  1. Meaningful Memories - Hang photos and artwork that remind you of happy times in your life.


  2. Mess Causes Stress - Studies show that clutter overloads our senses so take a few minutes each day to clean up.


  3. Natural Cure - Bring nature into your home with some fresh flowers or a few potted plants to help restore a sense of balance.


Life can sometimes be overwhelming but an organized and tidy home means you’ll have a relaxing space to unwind in at the end of a long day. Just a few little tweaks can make a huge difference!



PS

 

 We have ALL the MLS listings on our site, no need to go anywhere else.   Sit back, relax and let us do the work for you! Just visit www.ThePearceTeam.com and use our preset searches in $50,000 increments for Maple Ridge & Pitt Meadows. If you want to be more specific use the "other communities feature". Either way, save your search and whenever a home matching your criteria hits the market, it'll be automatically emailed to you so you'll never have to worry about missing your dream home. Go to www.ThePearceTeam.com  to get started. Our site is a virtual office so if you sign up as a member (no obligation)  then the MLS information you receive will be current to the minute with twice the detail ( room sizes, time on market, previous prices, etc). SEE IT FIRST ON OUR SITE!! Sites like realtor.ca and mls.ca have a built in 24 to 48 hour delay on all their listings. Use our Google maps interface to get a  "birds eye" view of the listing and of the neighborhood. Check out the amenities in the area with the "walk to" score. If English is not your first language then use the translate feature on the home page. Want a feature that is not there, give us a call or email and we will see if we can add the feature. We look forward to hearing from you.

Not meant to solicit clients already under contract.