Greater Vancouver Real Estate News from The Pearce Team October 2018   

 
Selling your home involves many important decisions, one of which is determining the right asking price. This month's article explains why overpricing your home can potentially lead to disaster.

There are also a few tips that'll come in handy if you plan on flying with your kids as well as some great ideas on how to build a bit of community spirit this Halloween.

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 

Vancouver housing market sees more supply and less demand.

The supply of homes for sale continued to increase across the Metro Vancouver housing market in September while home buyer demand remained below typical levels for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018.

This was a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.
Last month’s sales were 36.1 per cent below the 10-year September sales average.

“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type, the ratio is 7.8 per cent for detached homes, 14 per cent for townhomes, and 17.6 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.

“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”

Locally in Maple Ridge    

Sales of detached houses for  September were 42 which is a 65% decrease over last September which was 122 while the number of houses for sale increaseed by 10%. The average price for the month of September was $826,719 compared to last years August of $892,508. This represents the average price decrease of 7% over last year. Average sale price year to date is $939,234.    

 Sales of  townhouses for September were 23 which is an 45% decrease over  last September which was 45, while the number of townhouses for sale is 144 which is a increase of 220% over last year. The average price for September was $517,682 compared to last years September of $512,413. This represents an average price increase of 1% over the last  12 months. Average sale price year to date is $563,022.  

Sales of condos for September were 21 which is a 12% decrease over last September while the number of condos for sale is 126 which is a increase of 270% over last year. The average price  this September was $362,490 compared to last years September of $360,687. This represents an average price increase of 0% .  Average sale price year to date is $380,718
  

Overview of the local market:
  

We have just had a "traditional" quiet summer market with sales slowing substantially and that slowing compounded by government policies at both the provincial and federal levels. was down substantially since the peak in April. For townhomes and condo the average selling price dropped approximately 5%. This market shift makes it an ideal time for the townhome or condo owner to move to a detached home. Call us today to review the benefits of buying up in a declining market.


The Principles of Pricing 
Your asking price can either make or break your sale.

Pricing your home correctly is critical to a successful sale as it will help ensure that your home sells for the most amount of money, in the shortest amount of time.

Determining a home's asking price involves comparing similar homes in nearby areas that have recently sold while also taking past, present and future market trends into account.

Although you may have your own personal opinion of what your home's worth, it's important to be unbiased and realistic. At the end of the day, it’s the market that determines your home's true value.

There's always a huge buzz when a new property hits the market but if the price is too high, it will quickly become stale and there won't be any incentive for buyers to make a swift, strong offer. Worse yet, if it sits on the market too long, it’ll develop a stigma. We’ve all walked past a home that’s sat on the market for ages and wondered, “what’s wrong with it?”

Having your property sit on the market is also very inconvenient as you'll constantly have to keep it in a show-ready state which can be extremely stressful, not to mention exhausting. Furthermore, carrying costs such as mortgage interest, insurance, taxes and utilities will quickly add up if you get stuck carrying two homes at once.

Overpricing your property will actually help your competition as buyers will see other homes in your area as much better deals since they're less expensive. If, on the other hand, your home is priced close to fair market value, those same buyers will consider your home much more seriously.

Pricing a home is part art and part science. Market factors such as the economy, time of the year and interest rates can all make a huge difference. Your home only gets one chance to make a great first impression so it's important to enlist the services of a highly-qualified real estate agent to help you get things done properly from start to finish. Please don’t ever hesitate to ask if you have any questions!

Smoke Detectors - This artical could save your life! 
Fire Prevention Canada reports that an average of six people a week are killed in residential fires in Canada.

If there is a fire in your home, smoke detectors are your family's first line of defence. They give you an early warning that danger is present, and could give your family time to reach safety.

All homes should have smoke detectors. Newer homes have smoke detectors wired directly into the electrical system. There are also many different models of portable smoke detectors on the market that are battery-operated and easy to install.

There is a date printed on the backs of smoke alarms. Firefighters say if your smoke detector is more than 10 years old or you can't decipher the date, you need to get a new one.

Even if you test your alarm and it goes off, it's only telling you that there is power to your alarm. It is telling you the electricity is good to your home or you have a good battery inside of it. But it does not tell you if that sensing mechanism inside is working. Over 10 years, that sensing mechanism just wears out.

Firefighters recommend looking at the date every time you change your batteries in the smoke detector. They recommend doing that when you change the time on your clocks in the fall and spring.

It is also a good idea to develop a "family escape plan" in case of fire in your home. Practice the plan and make sure your children understand what they should do if they hear warning sounds from smoke detectors. The escape plan should include a meeting point outside the home.

For more details on all aspects of fire prevention follow this link to
www.firecan.ca Keep your family safe!


October 20th is voting Day 

Whoever you support please get out and vote to elect a mayor, councilors and school trustees who will guide Maple Ridge through the next four years. There are many issues facing our city and we need a clear vision of where we want to be in the next 5-10 years. Not sure who to vote for, then make sure you attend some of the candidates meetings to see who stands for what you would like to see happen in our city. Ask some questions of the candidates, they will be more than happy to explain their views. Speak with friends and co-workers to get their opinions and then vote on October 20th or at one of the advanced polls. Click the following link for advanced polls and also October 20th polling stations: https://www.mapleridge.ca/870/How-and-Where-to-Vote

Why you should vote in the municipal and school board elections


With the municipal election fast approaching, people sometimes wonder why they should vote: “What’s the point? Does my vote matter? What does city government do for me anyway?” These are common questions around election cycles. Luckily, if you’re curious about why it’s important to get your vote out, we’ve got you covered! Here are three good reasons to vote in this year’s municipal and school board elections:

 

City councillors make decisions that impact your life:

 

While many decisions in Canada are made at the Federal and Provincial level, local government, through City Council, has power over a number of decisions that impact the lives of people living in their City. For example, decisions related to city planning, roads, housing development and local transportation all go through City Hall. City councillors make decisions about local bylaws like parking, the cost of transit and funding for emergency services like police, EMS and firefighters.

City Council is a way for you to make your voice heard about the issues you care about in your community:

Your City Councillor is your voice at City Hall. Do you have an issue you really care about? Like making it safer for pedestrians to walk in your neigbourhood? Or keeping the low-income bus pass available for people who need it? Or keeping your local playground clean for your kids to play in? Do you want services in your neighbourhood that make it easier for you and your neighbours to get help when you need it? These are all issues that your City Councillor can help advocate for at City Council. Getting informed about your candidates will help you decide which is most likely to advocate for your interests.

School board trustees represent our voice on issues related to education:

On October 20th, along with electing City Councillors, you will cast a vote for your school board trustee. School board trustees are responsible for providing a local perspective on everything to do with public education. Trustees matter because they help shape provincial policies around education. Public education matters because it is a public good: the majority of children in British Columbia attend public schools. Ensuring that these children get the best possible education, in safe and accessible environments, is something that matters to all of us, regardless of whether we have children or not.

Things to Know when Flying with Kids in Tow 
When you take to the skies with little ones, be prepared for anything!

If you have young children, flying has likely taken on a whole new meaning, and fun probably isn't a word that springs to mind!

Flying with little ones can be somewhat bearable though if you're properly prepared. Here are a few handy tips to keep in mind:

  1. Call Ahead - Get details on seat selection and stroller storage. Reserve the bulkhead section if you're traveling with an infant and ask for a cot.

  2. Supply & Demand - Bring extra snacks, a variety of sticker books, lots of crayons and a few small toys to help hold their interest.



  3. Back-up Pack-up - Pack diapers, wipes and a few extra clothes in a separate, smaller bag so you don't have to lug your entire backpack to the bathroom.

  4. Get a Move On - Keep them on the move before the flight to tire them out so they won’t end up kicking the seat in front of you the whole time.

  5. Fasten Your Seatbelts - Have a few important items on hand in case you’re unable to access the overhead compartment and always have a drink ready to help relieve their ear pressure.

It always takes a little longer to do anything with kids so be sure to allow a bit of extra breathing room. Also, flying definitely isn’t the time to worry about your kids being on their screens so bring along a fully charged device (and a portable charger) to help distract them during the flight. Oh, and don’t forget the headphones!

Halloween in the 'Hood 
Halloween's a great way to get to know the people on your street!

It’s not often that the people on your block are out roaming around in full force so why not use Halloween as an opportunity to build some community spirit! Here are a few fun ideas to consider:

  1. Scariest House on the Block - Hold a competition for the best-decorated house, get everyone involved by voting and have a small prize for the winner.

  2. Open House - Forge new friendships by hosting an open house. Serve a few simple drinks and snacks and invite everyone on your block either before, after or during trick or treating.

  3. Grossest Grub - Have all the families on your street bring a Halloween-themed food item and then vote on the grossest, scariest food to see who wins!

It’s easy to avoid contact with those who live close by, so this Halloween, why not help build up your community with some spooktacular fun and make some new friends!



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.