Market Update – December 2019
Happy New Year!! We hope you had an amazing holiday season. The December 2019 statistics have been released. Selling rate in Metro Vancouver increased from 22% in November to 25% in December. Due to the lower supply, the market has shifted to more of a Seller’s market again.
Did you know: In 2019, out of the 14,000 Realtors in Greater Vancouver, approximately 10,000 Realtors did NOT even close 1 deal? Know who you choose to represent you. In the currently balanced yet technical market, would you just choose anyone you know to represent the biggest asset you worked your whole life for? Or would you choose someone who is constantly updated in this area of expertise, with trusting clients and reviews, who is consistent in obtaining top dollar for your home in any market condition?
In 2020, we are expecting the market to trend back to a more balanced behavior. Prices wouldn’t shift as much, but if you are thinking of a move, it would be much easier than last year to plan the transition. Are you or anyone you know thinking of Selling or Buying this year? Please reply to this email or call/text Alex at 604-374-5534 for a brief conversation to discuss options. Knowledge is value.
According to the Real Estate Board:
VANCOUVER, BC – January 3, 2020 – The Metro Vancouver* housing market experienced below average sales activity and moderate price declines in 2019.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a three per cent increase from the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the 35,993 residential sales in 2017. Last year’s sales total was 20.3 per cent below the region’s 10-year sales average.
“We didn’t see typical seasonal patterns in 2019. Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year,” Ashley Smith, REBGV president said. “In terms of home values, prices dipped between two and four per cent across the region last year depending on property type.”
“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” Smith said. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”
Alex’s Inner Circle Intel
Supply and Demand is going to balance this year. We may see slight pick ups and declines over the course of the year, but it should all balance out with a slight increase in the early Spring time. This is the time to make a move if you have been planning on it. Planning is the first step. Whether up or down, we are in more of a stable market now. Time to make some decisions with your family and let us help! If you are indeed looking to Sell your home or your investment properties, please contact us ASAP to get a complimentary valuation, so you can be ready as soon as the timing is right.
Just as before, I’m here to provide some detailed relevant information segmenting different markets, to make it more applicable to your situation.
At the bottom of this email, you will find a copy of the Snap Stats, which is something we utilize to provide value to our clients. Please do feel free to call Alex at 604-374-5534 to discuss in more detail with regards to your specific areas.
In the Snap Stats attached below, you will find the activity of the different price ranges per area. As a rule of thumb, sales ratio under 12% represents a downward pressure (Buyers’ market). Sales ratio between 12% to 20% represents a balanced market. Sales ratio above 20% represents an upward pressure (Sellers’ market).
If you are looking to make a move of any sort, Call or Email Alex to arrange a quick 30-minute chat to see whether it’s right for you right now. Everyone’s priorities and timing are different, and you need to equip yourself with the best and most relevant information for you and your family. Plan early, so you know when to execute for the highest profits.
WHAT DOES THIS MEAN TO YOU?
Sellers – Demand is there, however we are still seeing a vast amount of expired listings. Your pricing and marketing need to remain SHARP. This is when an experienced Realtor can make a difference. Buyers are waiting for your home to come up for sale, and you have to make them see it, and want it. Make sure you fully understand the relevant market prior to proceeding. If you are looking to sell, please call Alex at 604-374-5534. You want the LOCAL EXPERT on your side!
Buyers – You now have competition. Dragged out negotiation processes will hurt you. Do your homework, talk to your realtor, and understand where the market value is. Worst thing to do right now is to “stay on the fence”. Get off the fence, whichever side you decide to get off on. You still don’t need to overpay, but be sure you are READY and DECISIVE. Opportunities are still available, and you need to make sure you are going in with a realistic mindset by being equipped with a Comparative Market Analysis, and to be more ACTIVE in your search. If you are looking to buy, please call Alex at 604-374-5534. We would be privileged to assist if you are in need of expertise.
Details matter in this market. You have to go in with your eyes wide open. If you need any guidance or assistance, please do reach out and call Alex at 604-374-5534, or simply reply to this email. I look forward to helping you and/or your family and friends with all your Real Estate needs.
We love our clients, and want to always show our appreciation for your kind reviews. As we grow our business primarily on referrals, we want you to be a part of the growth. For any past / current clients of Yao Real Estate Group, if you refer a client to us for a purchase or sale of a property, you would receive a 10% commission referral fee for a purchase, and / or a 20% commission referral fee for a sale of their property. Just do a mutual introduction, and we will take over. Rest assured that we will take care of your referrals with the utmost personalized attention. Once a transaction is complete, you will receive a cheque of the referral fee in the mail. It’s that easy. This is our way of saying “thank you” to all our clients for helping us grow, together.
For more details on the Referral Program, please visit https://www.yaorealestate.com/client-referral-program