September 2018 Fraser Valley Real Estate Update
I often remind you that I view continuous client service as an important part of my business. But, I’m not sure I’ve ever explained why.
There are two reasons.
First, I really enjoy working with quality people. As I build my business, I want to keep working with quality clients - “good people” - like you.
Second, I hope that by providing you with outstanding service before, during and especially in the months and years after a transaction, I’ll earn your trust. Then, when a friend or family member needs a good real estate agent, you’ll feel comfortable giving them my name.
So, remember, you can count on me to stay in touch and be here when you need me.
Call me anytime.
As far as the market goes for the month of August, sales are still down both year to year and month to month processing 1,155 sales in August 2018 compared to 1,879 sales in August 2017 and 11% lower than the August 10 year average of 1,298 sales..
Of the 1,155 sales last month 612 homes were attached, continuing the trend of condos and townhomes representing over 50% of the total sales. This makes sense as we are seeing more attached homes being built, on top of the fact that many buyers cannot afford to buy detached homes due to increased prices and mortgages becoming more difficult to qualify.
Although we are still seeing sales decrease month after month after August, it would not be surprising if this September breaks this trend as the fall market is traditionally much busier than the summertime. It is unlikely that September 2018 will be similar to September 2017, but September 2017 with 1,546 sales was well above the 10 year September average of 1,207.
Prices are holding quite stable, and although we saw a decrease of 1.4% in average price from July to August 2018, we are still up 10.7% compared to August 2017, and up 74.5% compared to August 2015. Many seller's are thinking that 1.4% decrease means it is a bad time to sell, but if you change the way you look at it, an increase of of 73.1% over three years is still extremely positive! These number are of course averages, so get in touch with me to find out how homes similar to yours have changed.
In my last few market updates I have been touching on the Sales to Actives Ratio, which represents the number of homes sold compared to how many homes were listed at the time of each sale. August 2018 had a ratio of 16%. Any ratio within the range of 12% to 20% is considered to be a balanced market. Buyers have more properties to choose from, and more time to make a decision. Sellers who have chosen an agent, like myself, who know how to market and price a home correctly, are still getting their homes sold for a great price, albeit the average time to sell has increased compared to the last 3 years, but homes are
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 $1,008,700, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.9% compared to July 2018 and increased 2.9% compared to August 2017.
- Townhomes:At $548,300 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.7% compared to July 2018 and increased 11.5% compared to August 2017.
- Apartments:At $443,200, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.6% compared to July 2018 and increased 26.9% compared to August 2017.
4 Cheap Ways to Prepare Your Home for Sale
If you want to improve how your home shows to potential buyers, you don’t necessarily need to invest in a costly remodelling or renovation. In fact, there are some simple - and relatively inexpensive - things you can do to make your property look significantly better.
Let’s take a look at some of the options available:
1. Paint it.
There’s no doubt about it. A fresh coat of paint will significantly improve the appearance of just about any area of your home. In fact, compared to other home improvements, painting will give you the highest return on investment when you sell your property. Think beyond walls. Painting a door, window frame, garage floor or deck can make those features look like new.
2. Declutter it.
Eliminating clutter will make your home look more attractive, roomy and comfortable to buyers. Do an inventory of each room. Ask yourself: “What can I throw out? Give away? Sell? Put into storage?”
3. Put up mirrors.
Mirrors are a relatively inexpensive design feature. Yet, according to an article in Style At Home magazine, they can make small rooms appear bigger and dark rooms seem brighter. You don’t necessarily need to buy wall-hanging mirrors. Standalone floor models will have the same effect.
4. Repair it.
In most cases, you will have to get any needed repairs done anyway. So, do them before you show your home. That way buyers will focus on the appealing features of your property, not the minor defects.
Want more ideas for preparing your home for sale on a tight budget? Call today.
Retrofitting Houses and Condos for Seniors
Many seniors are reaching the stage in their lives when they are choosing to downsize their homes for lifestyle or financial reasons. Other seniors are faced with a more difficult decision. Health and/or mobility concerns may require them to either retrofit their existing home to meet their changing needs, or to seek a more accommodating home.
The decision can be difficult because many simply don’t want to move. In such cases, especially if mobility challenges are arising, wheelchair accessibility may be necessary, not just at the home’s entrance, but under counters, in bathrooms, and through doorways as well. Ramps, elevators and stair-lifts may also need to be considered.
In addition, other small changes may need to be contemplated, such as easy-to-find and easy-to-use switches, possibly with remote or hands-free applications, as well as levers for all door handles. The addition of keyless entrances, remote control security and 24/7 monitoring devices will help put many family members at ease. However, in cases where a retrofit is cost-prohibitive, the logical option may well be to seek a bungalow or well-appointed condo that can be more easily adapted.
What Home Inspectors See That You Can't
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
