Market Update – October 2019
October 2019 statistics have been released. As we predicted last month, prices have started to pick up in most areas. Homes of quality are selling very quickly. 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 – November 4, 2019 – The Metro Vancouver* housing market is experiencing a fall pickup in home sale activity. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019. Last month’s sales were 9.8 percent above the 10-year October sales average.
“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”
Alex’s Inner Circle Intel
Since September, we have been seeing a stabilization in home prices due to a balance of supply and demand. As you can see, prices have increased in most of the region – the first time in 18 months! The higher price range areas / properties are still seeing a drop, whereas the lower priced areas / properties are seeing several multiple offer situations driving the price up, averaging to the balanced pricing. With the new government assistance for first time home buyers, a 5% downpayment assistance is provided for homes up to $600k. Instead of a trickle down demand we saw in the last 5 years that caused the Real Estate boom (Singe detached houses increased in value, causing owners to downsize to condos and driving up the condo market), this growth will be from the bottom up. Demand drives up pricing. And we are seeing that right now. If you have been on the fence on purchasing a property, don’t wait and miss the boat again! There are tons of opportunities in the market right now depending on what you wish to do. Give me a call and we can discuss how to maximize your investments!
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 of any sort, this is a key opportunity to do so. 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 – Buyers are there now. Your pricing and marketing need to remain SHARP. Barring any unorthodox challenges such as an excess supply in your area, problems within your home, things WILL SELL in this market. 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 – Prices are growing meaning competition is there. 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. To successfully purchase a quality home, you’ll need great strategy. Most importantly, you’ll need to ACT QUICK! To be able to do so, you need start off with a solid understanding of the market you’re searching in. If you are looking to buy, please call Alex at 604-374-5534. 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