Greater Vancouver Real Estate News from Rich Z May 2018   

 
When you put your home on the market, it's important to take care of certain details to ensure buyers don't head out the door in disgust. This month's article offers six buyer turnoffs that you need to be aware of.

There are also some great ideas on how to save money at the pump as well as a few tips on how to seasonally transform your home with a fresh spring theme.

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!

All The Very Best!
Rich Zalaudek

In this issue...
Vancouver Real Estate Market Update 
Fewer home buyers and more home sellers in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018.

This was a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold.

Last month’s sales were 22.5 per cent below the 10-year April sales average.

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, REBGV president said.

“The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”

There were 5,820 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2018. This represents an 18.6 per cent increase compared to the 4,907 homes listed in April 2017 and a 30.8 per cent increase compared to March 2018 when 4,450 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,822, a 25.7 per cent increase compared to April 2017 (7,813) and a 17.2 per cent increase compared to March 2018 (8,380).

“Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

For all property types, the sales-to-active listings ratio for April 2018 is 26.3 per cent. By property type, the ratio is 14.1 per cent for detached homes, 36.1 per cent for townhomes, and 46.7 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 $1,092,000. This represents a 14.3 per cent increase over April 2017 and a 0.7 per cent increase compared to March 2018.

Sales of detached properties in April 2018 reached 807, a 33.4 per cent decrease from the 1,211 detached sales recorded in April 2017. The benchmark price for detached properties is $1,605,800. This represents a 5.1 per cent increase from April 2017 and a 0.2 per cent decrease compared to March 2018.

Sales of apartment properties reached 1,308 in April 2018, a 24 per cent decrease from the 1,722 sales in April 2017. The benchmark price of an apartment property is $701,000. This represents a 23.7 per cent increase from April 2017 and a 1.1 per cent increase compared to March 2018.

Attached property sales in April 2018 totalled 464, a 25.2 per cent decrease compared to the 620 sales in April 2017. The benchmark price of an attached unit is $854,200. This represents a 17.7 per cent increase from April 2017 and a 2.3 per cent increase compared to March 2018.

Beware of Buyer Turn-offs 
Address these common turn-offs so buyers don’t run for the door!

When you put your home on the market, it must appeal to a large cross-section of buyers in order to generate a frenzy of activity.

Buying a home is such an emotional decision that even a seemingly small issue can create a bad impression. Here are six of the top turn-offs you need to know:

  1. Get Out - Make yourself scarce during showings as nothing turns buyers off more than a stalking seller.

  2. Fido & Fluffy - Pets and their associated smells will put many buyers off so relocate them before showings and hide their bed, bones, toys, etc.

  3. Killer Clutter - Buyers want to imagine themselves living in your home but most can’t look past other people's clutter, even if it’s tucked away in closets and cupboards.

  4. Problems Down Below - If your basement’s unfinished, you’ll want to show that it has potential so investigate any signs of moisture and paint the floor white to make it feel more spacious.

  5. Grubby Grout - It's imperative that your entire home remains thoroughly cleaned right down to the inside of your microwave. Neglected personal spaces like bathrooms will have them running for the door!

  6. Forgo the Fish Fry - It's best not to cook fish, bacon or other strong smelling foods while your home's on the market. Always air out your home by opening the windows instead of using artificial scents as some people are allergic.

When you sell your home, your goal is to get the highest price in the shortest amount of time. Sometimes the best way to do that is by focusing on the small stuff. It's definitely worth the effort and the good news is that depersonalizing, decluttering and thoroughly cleaning your home doesn't cost a fortune.

Tips On How to Guzzle Less Gas 
Modifying your driving habits can save you loads at the pump!

Maximizing your vehicle's fuel efficiency will not only save you money but you'll also be doing your bit for the environment! Here are a few tips that'll pay off at the pump:

  1. Turn it Off - Don't idle as it unnecessarily wastes fuel.

  2. Take it In - Regular tune-ups will increase your car's efficiency.

  3. Check & Inflate - Keep your tires inflated to the proper pressure.

  4. Slow Down - Speeding increases fuel consumption by as much as 50%!

  5. Don't Brake Down - Don't constantly jam on your brakes and then rapidly accelerate.

  6. There's an App for That! - Download an app that tracks the cheapest local gas prices.

  7. Lighten Up - Remove unnecessary items from your vehicle as extra weight reduces fuel efficiency.

The best way to save on gas is to keep your car in the driveway, so next time you climb behind the wheel, ask yourself if you can walk there instead. Just a few small changes to your driving habits such as combining errands or carpooling to work will save you a small fortune over time.

Spring Your Home Decor into Action 
Transform and refresh your home now that spring is here!

Spring is a time of renewal so why not bring the season's vitality into your home by making some simple decorating changes. Here are a few ideas that'll help you create a fresh spring feel:

  • Swap out heavy curtains for blinds or sheers.

  • Bring nature inside with a few plants or some fresh cut flowers.

  • Switch your cushion covers to spring shades such as yellows and purples.

Celebrate spring's arrival by bringing a breath of fresh air into your home. Just a few simple changes and a good spring clean can reflect the season’s sunny, fresh energy!



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Not meant to solicit clients already under contract.