October brought more activity to the market than any other month so far this year! This has never happened in the last 10 years in the Fraser Valley Real Estate Market. With 1,499 sales in the books for October 2019 we have seen a month to month increase of 19% and a year to year increase of 38%.

Much of this jump in activity is likely due to pent-up demand from buyers who had held off for the past year, as well as some relief in the form of lower interest rates. The stress test has been in effect for almost 2 years now, and with the results of the recent federal election, it looks as if it is here to stay. Consumers seem to be accepting this as the norm now and are not waiting to see if it is going away.

Our current inventory of active listings has decreased due to the recent spike in sales and has pushed the market back to a seller’s market. It seems as this is more due to lack of sellers rather than too many buyers. This does not mean that sellers should expect multiple offers and price surges like we saw in 2016 through the first half of 2018, instead it likely means that prices have settled back down to a point where they can remain somewhat stable into the future.  We may see prices dip slightly over December and January which would likely be followed by a slight increase in the spring months.

New listings for October 2019 came in at 2,180, which is fewer than September 2019s 2,515 new listings, and down from October 2018s 2,514 new listings.  With buyers continuing to come out of the woodwork and the trend towards a reduction in inventory could mean that the next month or so could be a great time to get your home sold!

The idea that a seller’s market does not necessarily mean prices will increase is backed-up by the fact that October 2019 saw a 0.1% price reduction in all property types. This could however change once November’s statistics come out in a month’s time, as price tends to change after activity. However, I would speculate that if there is an increase in price, it will be nearly as negligible as October’s decrease was.

All property types saw an increase in activity, and as you can see in the MLS HPI benchmark prices below, the price changes of each type were nearly negligible. This is all evidence that leads me to believe that we will be seeing some long term stability in the market.

Next year will likely see sales numbers closer to the 10 year average for most or all months of the year, and prices will likely increase slightly in the Spring, only to likely slip a touch down again over the summer and through to 2021. In short, this likely means that buyers will continue to have time to make a decision without being too rushed, and seller’s will still be able to sell their homes for a great price, and in a reasonable amount of time as long as expectations are realistic and not based on prices a year and a half ago.

No matter what your situation is, if you are considering making a move in the near future, be sure to get in touch so we can start making a plan. I look forward to hearing from you soon!
 

lot of people feel that this is a fact.  The truth however, is that any time of year is a great time to sell your home, especially when you have the right agent on your side.

Spring may be the most common time to make a move happen, but that does not necessarily make it the best time to sell.  Let's talk about some of the reasons why it might be better to simply put your home on the market now and make that move happen!

1. There are fewer listings to compete with.  With fewer homes for sale on the market buyers will have less choice, less homes to choose from means that buyers will be that much more likely to buy your home. Yes, there are fewer buyers in the winter than in spring, but at the end of the day it comes down to ratios between buyers and sellers, and with so many more homes on the market in the spring, that ratio might actually be favourable to seller's in the winter. Studies have shown that homes listed around the holidays cannot only command more money but can also sell quicker than ones listed in the spring. One of the reasons is there is less competition during the holidays. For a multitude of reasons people won’t put their houses up for sale when the holidays are coming up, and so the ones shopping aren’t going to have dozens of houses to choose from. In the spring, inventory usually picks up, and price wars break out in coveted neighborhoods. But during the holidays, there will be limited choices which means a homeowner can have a higher asking price.

2. You may be able to get a better deal when you buy your next home. This may sound entirely counterintuitive to the last point, but the key here is to look for poorly marketed homes that no one else is looking at. This is a fantastic buyer hack to use any time of the year, but at the end of the day, a poorly marketed home will always sell for less than a well marketed one, and those terrible pictures that look like they were taken on a 2002 flip phone camera will scare many would be buyers away. When there are already fewer buyers out looking, this can really make a seller concerned when no one views their home and more likely that they will accept an offer at a slightly below market value price.

3. Buyer are more serious. Anyone taking the time out of busy holiday schedules to be looking for a home is far more likely to be a serious buyer than those that wait for sunshine and something to do on a sunny spring day. Looky-lous can be some of the most frustrating "buyers" to deal with, as they never actually intend on purchasing a home at that point in time. The holiday season will very rarely, if ever, leave you dealing with tirekickers. Because the buyers are often more serious, this can also help speed up the process and potentially make a sale happen quicker if that is what you are after.

4. Your home can be presented in a warm and cozy way. This is often overlooked, but should certainly be pointed out. A classic staple of the holiday season is a curling up beside a fireplace enjoying a cup of hot cocoa with loved ones. Why wouldn't we take advantage of this by creating a warm and inviting feeling to your home by keeping the heat at a comfortable level, showing off your fireplace (gas and electric only, let's not leave that woodburning fireplace unattended...) and having the smell of freshly baked pie rolling out of the kitchen.  Many buyers make a decision based on emotions, and emotions tend be higher around the holiday season. Capture this by inviting that buyer into their "New Home" just the way they would want it to be!

5. Buyers can get frustrated with high traffic in the busier seasons. This point piggy backs on what has already been said, but it deserves to be pointed out here. Many would-be-buyers will get frustrated if they are viewing a home during a busier time of the year and there is too much foot traffic in that home. On an emotional level this creates stress in the buyers head and can turn them away from an otherwise great home.

6. Your neighbourhood may look more appealing.  This can work two ways. First off, if you live in a neighbourhood with a lot of holiday spirit, all the lights and glamour of the holiday season can help to create a warm welcoming neighbourhood feeling to any would-be-buyers. The second way this might help, is for the house down the street that refuses to cut the lawn; if you're lucky enough to have snow on the ground, unsightly neighbouring homes will suddenly become much more appealing under the layer of snow.

At the end of the day though, everyones situation is unique. If your home is truly the best home in the neighbourhood and your renovations are top notch, you may actually be better off waiting until the springtime to sell, as being the best house with more buyers will likely net you more money in a quicker time period. But the truth is, we may not all have the absolute best home in the neighbourhood because there can only be one best. At the end of the day, the best time of the year for you to sell your home is when it is best for you to do so, whether that means the holiday season, springtime or even summer or fall, there is no such thinbg as the wrong time of year to make that move happen!  Call me today at 604-218-5635 my time is always free and you never pay until your home is sold!