Purchasing a home is an emotional time when serious mistakes can be made by even the savviest of buyers. This month's article highlights some common blunders that can cause a serious case of buyer's remorse.
We also examine the advantages of taking a staycation this summer as well as a few tips on how to naturally keep away those pesky mosquitoes.
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
Vancouver Real Estate Market Update
Home seller supply grows as demand declines.
With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver reached a three-year high in June.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018.
This was a 37.7 per cent decline from the 3,893 sales recorded in June 2017, and a 14.4 per cent decrease compared to May 2018 when 2,833 homes sold.
Last month’s sales were 28.7 per cent below the 10-year June sales average.
“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”
There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2018. This represents a 7.7 per cent decrease compared to the 5,721 homes listed in June 2017 and a 17.2 per cent decrease compared to May 2018 when 6,375 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,947, a 40.3 per cent increase compared to June 2017 (8,515) and a 5.8 per cent increase compared to May 2018 (11,292). This is the highest this total has been since June 2015.
“With reduced demand, detached homes are entering a buyers’ market and price growth in our townhome and apartment markets is showing signs of decelerating.”
Locally in Maple Ridge
Sales of detached houses for June were 67 which is a 52% decrease over last June which was 142 while the number of houses for sale increased by 15%. The average price for the month of June was $977,631 compared to last years June of $882,525. This represents the average price increase of 10% over last year. Average sale price year to date is $961,521.
Sales of townhouses for June were 32 which is an 44% decrease over last June which was 58, while the number of townhouses for sale is 113 which is a increase of 289% over last year. The average price for June was $555,780 compared to last years June of $478,727. This represents an average price increase of 16% over the last 12 months. Average sale price year to date is $568,298.
Sales of condos for June were 34 which is a 19% decrease over last June while the number of condos for sale is 84 which is a increase of 154% over last year. The average price this June was $398,747 compared to last years June of $338,578. This represents an average price increase of 17% . Average sale price year to date is $381,358.
Overview of the local market:
We appear to be in a "traditional" quiet summer market. The number of sales have declined drastically over the last 60+ days and our average sale prices in all categories is virtually the same for the last 3 months. We are no longer seeing multple offers on properties and are seeing downward pressure on prices as the number of sales decrease.
Click the following links to see the prices on a monthly basis since January 2005 for the areas noted. Just run the cursor along the graph for details on price and month.
Average sale price Real Estate Board of Greater Vancouver since January 2005
Detached house - http://statscentre.rebgv.org/infoserv/s-v1/h1us-NlU
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/h1uE-bt5
Condo - http://statscentre.rebgv.org/infoserv/s-v1/h1u8-tLA
Average sale price Maple Ridge since January 2005
Detached house - http://statscentre.rebgv.org/infoserv/s-v1/h1uU-h4S
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/h1uN-pWc
Condo - http://statscentre.rebgv.org/infoserv/s-v1/h1Am-3NU
Average sale price Pitt Meadows since January 2005
Detached house - http://statscentre.rebgv.org/infoserv/s-v1/lA1h-H0v
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/lA1H-y12
Condo - http://statscentre.rebgv.org/infoserv/s-v1/lA18-gEB
Average sale price Langley since January 2005
Detached house - http://statscentre.rebgv.org/infoserv/s-v1/lA1S-ZpA
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/lA1u-ruZ
Condo - http://statscentre.rebgv.org/infoserv/s-v1/lA1q-MSU
Average sale price Mission since January 2005
Detached house - http://statscentre.rebgv.org/infoserv/s-v1/lA1s-lY8
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/lA1r-2jb
Condo - http://statscentre.rebgv.org/infoserv/s-v1/lA1a-AI1
** If you save these links somewhere convenient you will able to check on a monthly basis for the new months information. A new month is added to the right side of the graph and the old month is removed from the left side on the first of every month. **
If you want a personal graph for your specific area type of property just call or email.
Maple Ridge and Pitt Meadows "Country Fest" on July 28th & 29th. Admission is free!
Live entertainment, Pie eating contest, Beer garden, 4-H exhibits, rides for the whole family and more. Click the link for details:
The 18th annual Maple Ridge Caribbean Festival will take place August 4-5, 2018 at the Maple Ridge Fairgrounds.
There is no shortage of Reggae – Ska – Soca and Cuban Salsa performances by well known artists Los Furios ,Rumba Calsa Mostly Marley just to name a few.
A wide variety of food vendors, offering authentic Caribbean foods from Jerk chicken to curried goat.
40-50 street vendors displaying their goods at the Caribbean open air market.
A large kid zone with rides, face painting and a number of other activities planned for our smaller festival goers.
Music on the Wharf:
July 16: Olson Bros Band
July 30: Knudson and Connaughton
August 13: Flint and Feather
August 27: The Argyle Embargo
Come to our free concert series, held every Tuesday during July starting at 7:30 pm on the Maple Ridge bandstand!
Pitt Meadows and Maple Ridge- Bard on the Bandstand 2018:
July 19-21at Spirit Square and July 26th - 28th at Memorial Peace Park (6:30pm - 9:30pm)
Last year's performance was a smash hit and provided hours of laughter, and good times. Admission is FREE, but donations to the Friends in Need Food Bank are gratefully accepted! Bring your lawn chair, a blanket, and the family!
Mission Folk Music Festival July 20-22nd 2018
In 2018 the Mission Folk Music Festival happens on the weekend of July 20 to 22. It’s a fairly large festival at a beautiful venue which attracts dozens of performers and thousands of local folk-music enthusiasts.
At the Mission Folk Music Festival you can expect around three or so stages with performances taking place throughout each of the 2.5 days. Some people camp overnight at the festival right on site while others attend just for the day.
At the venue there’s a camping area, a few food trucks and a licensed bistro, an artisan market with close to 20 vendors and a Wee Folks Area for children. There are also usually half a dozen or so food trucks.
The festival is family-friendly and attracts a wide range of music lovers.
How to Avoid Buyer's Remorse
A bit of advanced planning will help you avoid buyer’s remorse.
Buying a home can be an emotional roller coaster which is why it's so easy to make mistakes. Here are a few common buyer blunders to be aware of:
- Not Thinking Ahead - If you’re hoping to start a family in your new home one day, it pays to consider features like local parks and school zones.
- Buying a Home that's too Expensive - Buyers who overextend themselves are often forced to sell at a loss. Avoid temptation by only viewing homes that are in your price range.
- Bad Location, Bad Location, Bad Location - Determining the location that best suits your lifestyle is critical so consider proximity to public transit, schools and other amenities.
- Choosing the Wrong Home - Make a list of all the features that are essential to you. It's easy to be taken in by curb appeal, but walk away if it lacks anything that you’re unable to live without.
- Uninspected Circumstances - Just because a house looks solid doesn't mean all is well behind the scenes. Making an offer conditional on a home inspection will help eliminate any regrets.
- Acting too Slowly - The home you fall in love with could be gone tomorrow if you wait too long. Do your research ahead of time so you'll have the confidence to act swiftly when the time comes.
- Not Using an Agent - It's important to have an agent to help you make crucial decisions, negotiate the offer and explain the conditions in order to have a positive experience and avoid buyer’s remorse.
Buying a home can be an extremely emotional process so it's important to stay grounded in order to avoid errors that could cause regret. If you conduct your research ahead of time and are well aware of your wants and needs you'll be able to move forward with confidence and peace of mind. If you ever have any questions about real estate, please don’t hesitate to get in touch.
There's No Place Like Home
Exploring your local area can be just as much fun as going away!
When you go on vacation, not only do you have to pack and plan but you also have to arrange for someone to collect your mail and look after your pets.
Gas prices also take a huge toll on vacation budgets so this year, consider unwinding locally with a staycation! Here are a few ideas:
- Be a Tourist - Contact your local tourist board so you can plan a trip as if you were visiting your area for the very first time.
- Take a Hike - Check out a couple of local community trails that you’ve never been on before. Enjoy a hike, bike ride, picnic or geocaching experience.
- Overnighter - Head out to an unfamiliar place an hour or so from home to experience a true getaway. Book a night at a campground to really get into the spirit!
- Dine Out - Visit a few restaurants that you've been meaning to check out and research specials such as happy hours or 2 for 1 promotions so you can plan around the deals!
- Kids Stuff - Involve your kids by letting them each pick a new attraction to visit. Nearby amusement parks, museums and summer festivals offer endless hours of fun.
Staying home and seeing your area through the eyes of a tourist will give you a new appreciation of where you live. Not only will you save money but you'll also reduce your carbon footprint while supporting the local economy. Best of all, you won't need a vacation after your vacation!
Natural Mosquito Repellents
A few natural alternatives for all you mosquito magnets out there!
It’s so unfair :( Whenever the weather turns nice, we have to lather ourselves in chemicals so we don’t get chased inside by swarms of mosquitoes. Here are a few natural solutions to consider:
- Go Natural - Make homemade sprays and lotions with essential oils such as lemon eucalyptus, lavender, mint or tea tree oils.
- Not on My Watch - Eliminate breeding places by covering or flipping over backyard bowls, buckets, bird baths or any other spot where there’s stagnant water.
- Get your Garden On - Plant citronella, geranium, eucalyptus, rosemary, catnip and lavender in both your garden and in pots as they all help repel the little bloodsuckers.
- Gone Batty - Bats eat thousands of mosquitoes each night so attracting them to your yard by installing a few bat boxes is a great way to defend against skeeters.
It’s well worth giving some of these natural alternatives a try to avoid the nasty chemicals that come in spray cans. Don’t forget to also wear light or neutral shades as mosquitoes are attracted to people wearing dark clothing and avoid any heavy, perfumed scents.