Market Update – June 2019
June 2019 statistics have been released. Activity is decreasing but prices are stabilizing. Please take the time to read through this email as I have included some additional info that isn’t available to the public, which may affect your market greatly in the near future.
According to the Real Estate Board:
VANCOUVER, BC – July 3, 2019 –With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver*.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.
Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000. “We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”
Alex’s Inner Circle Intel
It has been the slowest June since 2000, due to Buyer habits being still to sit on the sidelines and wait to see what happens. Some Sellers are trying their luck to get values from a couple of years ago. However, we are seeing prices fluctuate, and the sharp drops in pricing have calmed. The Federal interest rate may be dropping, and if it does, we would hopefully go back to a more balanced and stabilized market.
Correct pricing and marketing is KEY to getting your home sold. At Yao Real Estate Group, we have sold 100% of our listings so far in 2019.
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 benefit our knowledge to our clients. Please do feel free to call Alex at 604-374-5534 to discuss further.
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 to UPSIZE, right now would be your best chance. 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.
WHAT DOES THIS MEAN TO YOU?
Sellers – Your pricing need to remain SHARP, sharper than ever before. A 5% difference in listing price & market value could mean sitting on the sidelines for months. There are lots of overpriced listings on the market with Sellers not coming to terms with our current climate. This is your best chance to use them as leverage. Again, DO NOT take shortcuts to save home selling costs! We are seeing so many “cell phone pictures”, inaccurate information on MLS, and poor marketing strategies which lead to homes not selling at all. If you are looking to sell, please feel free to call Alex at 604-374-5534. This is when the quality of your Agent is of the utmost importance.
Buyers – There are still a lot of overpriced properties on MLS. Don’t be tricked. However there are also some that are very well priced. This is your opportunity, but make sure you are equipped with a Comparative Market Analysis to know how a listing is priced. To get a great deal, you’ll need great strategy. I’d be privileged to assist if you are in need of expertise and representation.
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