For four months in a row now, we have seen record breaking or near-record breaking number of sales in the Fraser Valley real estate market, and for the last 2 months detached houses have been worth more than they ever have been before. I would speculate that townhomes and condos would be at their highest point as well, but the recent and ongoing insurance issues that have been affecting stratas throughout the lower mainland have kept prices down (though certainly not low) in the attached market.

The Fraser Valley Real Estate Board saw a record 2,229 sales in October 2020 which is 6.2% more than September 2020 which also set the record for most number of sales for that month, as well as finishing with 58% more sales than the 10 year average for the month of October. On top of the record number of sales, new listings actually went down in October 2020 compared to September 2020 and October 2019, which could mean that prices will continue to rise, albeit not by a lot, into November. One factor we do have to keep in mind is the ongoing pandemic and the repercussions that any further lockdowns or restrictions could have on the activity that we have been seeing. I would not expect buyers to stop as much as I would expect sellers to be hesitant to have people coming through their homes which could cause the ratio of buyers to sellers to change even more to a sellers market over the winter months.

In October 2020, 40 out of every 100 detached homes sold and that number could go up if people are concerned for the safety of the pandemic. When that many homes sell in a month it is very much indicative of a seller's market which means that prices will likely continue to rise and buyer's will see more competition. So if you are thinking of downsizing or just selling and even moving out of the area, now could be a very lucrative time to do so. If safety is a concern, do take note that all my listings will always have a walkthrough video and floor plans that I will always encourage buyers to look at closely prior to booking an in person viewing, as well as mandatory masks and several bottles of sanitizer throughout the home as I realize that safety is not something to cut corners on.

As I mentioned above, condos are not performing at quite the same numbers that detached homes are, but they are still selling quite quickly and for a good price. In fact 30 out of every 100 condos listed in October sold, which is also putting condos into a seller's market despite the prices remaining stable.  The ongoing insurance issues are likely the reason that prices are not jumping up as much as other property types, but affordability is definitely what is keeping condos as an attractive purchase for both first time buyers and investors alike.

Townhomes as usual are falling right in between houses and condos as far as price increases, but are actually the most likely to sell according to October 2020's 50 out of every 100 townhomes listed selling. This is likely because you have buyers who are both moving up from condos and buyers who are downsizing from detached homes looking at townhouses as the main move both ways. Factor in that total number of townhomes is less than the total number of condos and houses and the fact that 50% of homes listed are selling makes a lot of sense.  Despite the high number of sales for townhouses, prices have not increased quite as much as houses have. This is likely due to the fact that houses come with land that can be used to the highest use of the underlying zoning, while in townhomes, the land is owned by every owner of a unit within the strata.

Interest rates have also remained historically low, and are forecasted to stay low into the foreseeable future, which has historically meant that prices will likely remain stable for several years to come. Anything can of course happen, but we do look to historic trends for a reason, and in this case the history is telling us that we will probably see homes remain in the same prices ranges for at least a couple of years.  Another set of lockdowns could cause the market to pause much like it did last April and May, but I would expect things to pick right back up again when the restrictions ease.

Overall it is certainly a good time to think about making a move as historically low interest rates always make borrowing money easier. Whether you are looking to buy or sell, I have a variety of tools to help make the process much less stressful than it often ends up being, and as always, I look forward to hearing from you soon with any questions or moving plans that you might have! 

 When asked why they want to wait until spring, the answer is almost always "Spring is the best time to sell your house" and a 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!