October 2018 Fraser Valley Real Estate Update
For the fourth month in a row we are continuing the trend of fewer sales and lower prices than the month prior. We saw an average price drop of about 1.2% in the HPI price of homes across the board in the Fraser Valley with September being $860,300 compared to August 2018 at $871,600. Prices coming down this small amount is really not surprising when we are seeing sales dip, it is actually surprising that the prices have not dropped more. From the glass half full point of view, prices are only down 0.4% over six months, and up 8.5% compared to September 2017, and up a whopping 70% compared to just 3 years ago.
In September 2018 The Fraser Valley Real Estate Board processed 1,035 sales, down 36% year to year compared to September 2017's 1,619 sales and down 10% month to month compared to August 2018's 1,115 sales
We do seem to be in a stalemate between buyers and sellers for now, as it appears buyers are waiting for prices to drop more before they jump back in and sellers are not lowering prices enough to attract the buyers to start buying. A lot of this is the effects of the stress test combined with higher interest rates making it that much more difficult for buyers to qualify for a mortgage.
Our market is still considered to be in a 'balanced market' with a sales to active ratio of 14.4%. This means that 144 homes out of every 1000 listed will sell. This sounds like a low number, but it is actually a very healthy number overall, as anything from 12-20% is considered to be balanced. Anything below is a Buyers Market, meaning buyers have the control, and anything above is a Sellers Market. We have obviously been in a Sellers market for the last few years and balance is a good thing for everyone!
I would love to hear from you with any questions you have, whether it be about the market as a whole, or a specific area and property type, I am always here for you. If you are thinking, even a little bit, about buying or selling, give me a call or get in touch with me today! I will never pressure you into making a decision one way or another, instead I believe in giving you the facts you need to make an informed decision yourself.
Kevan Lewis
Kevan Lewis - HomeLife Benchmark Titus Realty
phone: 604-218-5635
email: kevan@kevanlewis.com
address: 105 5477 152 street
HPI® Benchmark Price Activity
- Single Family Detached:At $988,900, the Benchmark price for a single family detached home in the Fraser Valley decreased 2% compared to July 2018 and increased 1.1% compared to August 2017.
- Townhomes:At $546,100 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.4% compared to July 2018 and increased 9.5% compared to August 2017.
- Apartments:At $438,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1% compared to July 2018 and increased 22.5% compared to August 2017.
New Listings
Do You Know the Basics of Home Security?
Most people feel confident that they know the basics of home security. For example, they know to: keep all doors locked; have a light on in the house while away; and, never hide a key outside in an obvious place, like under the mat.
Yet, almost a million and a half properties get burglarized in North America each year. So, how can you prevent that from happening to your home? Here are a few lesser-known home security basics:
- Actually, never hide a key outside. Thieves know all the hiding places. Instead, make sure all family members have a key.
- Two-thirds of home burglaries occur during the day. So, be extra vigilant about making sure doors and windows are locked while you’re out during the day.
- Surprisingly, most thieves are not daring. They are 2.7 times more likely to target a home without an alarm system.
- Thieves will attempt to force entry through sliding-style doors and windows first. Make sure these have a locking bar or extra bolt lock.
- Surprising, 40% of household burglaries do not involve forced entry. The thief is able to slip in through an unlocked window or door.
- Don’t show off possessions! An imported racing bike parked next to the garage, or expensive audio equipment clearly seen through a window, is an invitation to burglars.
- Take a look at the lighting and landscaping around your property. Are there spots where a thief could easily hide? If so, make some changes.
- When planning a trip, have a trusted neighbour pick up newspapers, flyers and anything else that may accumulate at your door.
Your local police department may have more tips and special programs for keeping your home secure. Give them a call.
Do You Know the Basics of Home Security?
When you make an offer on a home, it’s a smart idea to have a professional home inspector check it out from top to bottom. This inspection will ensure that the property doesn’t have any unexpected “issues”. After all, you don’t want to buy a home only to discover that the roof needs to be replaced, immediately, for thousands of dollars.
Nevertheless, you might question whether you really need to invest the few hundred dollars it costs for a professional home inspection. “The home we want to buy looks like it’s in very good shape,” you might be thinking. “I can’t see anything wrong with it.”
However, a professional home inspector can see things you can’t. When you view a property that’s on the market, you might be able to notice obvious issues, like a crack in the foundation or a dripping faucet. If you’re experienced with home maintenance, you might even notice roofing tiles that look like they’re overdue for replacement.
But, most people don’t have the equipment, knowledge or experience to identify all the issues a home inspector can.
A home inspector will, for example, use a special device to check for moisture build-up in the washrooms - which can be an indication of mould. A home inspector will also inspect wiring to make sure everything is safe and compliant with the building code.
That’s not all.
Like a determined detective, a home inspector will investigate the property’s structure, electrical and plumbing systems, insulation, and other components - and then report the findings to you.
In the end, a professional home inspection gives you peace-of-mind and protects your investment. So, getting one is highly recommended - even for recently built homes.
Looking for more ideas on making smart decisions when buying a home? Call today.
