Greater Vancouver Real Estate News from The Pearce Team August 2017   

 
Selling a home can often trigger a wide range of emotions.  This month’s article discusses how to keep your emotions in check so that your real estate roller coaster ride will be a smooth and enjoyable experience.

There are also some tips to help ease your family back into the school routine as well as a couple of apps to help you with those do-it-yourself projects.

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...
The Greater Vancouver Real Estate Market Report 
Vancouver sees fewer home sales and more listings in July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.  Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not.  It depends on price, property type, and location,” Jill Oudil, REBGV president said.  “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent.  By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 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.
Locally in Maple Ridge    

Sales of detached houses for July were 118 which is a 9% increase over last July while the number of houses for sale increased by 15%. The average price for the month of July  was $829,908 compared to last years July of $784.888. This represents the average price increase this July of  5 %  over last July. Average sale price year to date is $816,118 which is 7% higher than last years $758,234.  

Sales of  townhouses for July were 52 which is an 3% decrease over  last July while the number of townhouses for sale is 37 which is a decrease of 47% over last year. The average price for July is $488,653 compared to last years July of $436,191. This represents an average price increase of 12% over the last  12 months. Average sale price year to date is $468,246 which is an incease over last years by 18%
  
Sales of condos for July were 38 which is a 13% decrease over last July while the number of condos for sale is 28 which is a decrease of 67% over last year. The average price  this July is $310,231 compared to last years June of $236,969. This represents an average price increase of 30% .  Average sale price year to date is $298,238 which is an incease over last years by 27%
  
The Pearce Team Crystal Ball   

July and August is a little quieter that the spring market. We still have a shortage of inventory of all types of homes and lots of buyers looking to get in to the market. The Bank of Canada has increased its overnight rate .25% which will translate into a $50-$70 a month increase in mortgage payment for someone with a $400,000 variable rate mortgage. We see continued upward pressure on prices in all categories.

 Interactive graphs

 Average sale price Real Estate Board of Greater Vancouver last 11 years  
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 for last 11 years    
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
  
** 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 the first of every month. **

If you want a personal graph for your area or type of property just call or email.

Preparing for the Real Estate Roller Coaster Ride 
Never wear your emotions on your sleeve during the real estate ride.

Selling your home is a huge financial transaction that can trigger a roller coaster of emotions.  When you're being tossed around at every turn, you need to hang on and stay on track.

Although you’ll likely have a strong connection to your home, try not to get offended if a potential buyer wants to rip up your kitchen or paint over the wood trim.

Also, never take comments personally.  It’s natural for people to complain when they're interested in something so while criticisms may seem negative, they’re actually a sign that the buyer’s interested in your home.

If you receive a “low ball” offer, remember that it’s often just a starting point but be aware of tactics such as “low balling” where an attractive price is initially offered only to be adjusted at a later point on the basis that circumstances have changed.  Recognizing these strategies will help you keep a balanced perspective.

If you’re able to generate multiple offers, make sure you consider more than just the price.  There’s nothing worse than accepting a conditional offer just because it's over the asking price only to have it fall apart a month later when you could have accepted a firm cash offer that was almost as good.

It’s completely natural for both buyers and sellers to experience a wide range of intense emotions as they navigate through the complex real estate process.  However, if you hop on the real estate roller coaster with a competent agent by your side, you’ll not only enjoy the ride but you'll look forward to doing it again!

Getting Ready for School Daze 
Going back to school can be tough after the lazy days of summer.

Getting back into the school routine can sometimes be a little hectic.  Here are a few tips that will help make it a little bit less stressful on everyone:

  1. Shop Early - The first few weeks of school are very busy and unpredictable so be sure to purchase your back to school items as early as possible.

  2. Sleep Easy - Ease back into the school routine by gradually adjusting bedtimes (and wake up times) a week or so before to help everyone get back into the routine.

  3. After School Plans - Start discussing extra-curricular activities and homework routines so you can organize your Fall schedule.

  4. Have a Hub - Hang a calendar in a central spot where everyone can write down their activities and attach a folder for notices and permission slips so that everything's in one place.

  5. Be Positive - If your child is anxious, listen to their worries but also pay attention to how you’re feeling as sometimes the parent’s anxiety can rub off onto their kids.

Going back to school is a very exciting time (for you and the kids) but it’s also a period of emotional adjustment so try and make yourself available as much as possible during the first few weeks.  With just a little planning, getting back into the school routine can be a nice, smooth transition.

Do-It-Yourself Apps 
Your smartphone should be an essential part of your Do It Yourself toolkit!

If you're constantly procrastinating over household projects, you should check out a few home improvement apps for some inspiration!

You’ll soon become a DIY master with the thousands of how-to guides at WikiHow complete with illustrations and videos on every imaginable topic.

There’s also iHandy Level which will help keep you on the level if you’re hanging a picture or if you need to measure a precise angle.

These are just a few examples of the many apps that are available.  From picking paint shades to renovating your home, a smartphone will be the lightest and most versatile tool you’ll ever own!



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.