Area Real Estate News & Market Trends

You’ll find my blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because I care about the community and want to help you find your place in it. Please reach out if you have any questions at all. I'd love to talk with you!

June 10, 2020

How Home Inventory is Looking: May 2020

How has housing inventory been like in the last few months? Visually tracking what is currently available on the market is a great way to see how this spring market is doing versus the past few years. You can see for yourself here: 

 

 

 

What does this graph show? Currently the total aggregate inventory of what's out on our Greater Vancouver market (excluding presales). Going several years back, this is tracking all property types (single family homes, apartments as well as townhouses) at all price points. 

So if you're a buyer right now impatiently waiting for the perfect unit to come out, well, you might notice a couple of things: 

  • Vancouver had a total of 2,434 units listed while the Real Estate Board of Greater Vancouver had 9,662 properties listed last month in May 2020
  • Let's compare this to May 2019: Vancouver had 3,911 units listed while the REBGV had 13,865 properties listed. 
  • Compare this to May 2018: Vancouver had 3,358 units listed while the REBGV had 10,714 units listed.

 

We currently have less inventory in this current market than we've had in the last 2 years. Does this mean it'll be harder for you to find your perfect home? No, not at all! What it DOES mean is the importance of working with the agent of your choice so you'll know when the next hot properties are coming up, and what you'll do to get prepared for it if it's a perfect match for you!

Did you know? I can run neighborhood reports looking in further detail into the buying & selling trends in the area you're interested in. Just contact me for more details!

Posted in Market Updates
June 10, 2020

The Worst Real Estate Advice

As we emerge (slowly) from the confines of our homes here in B.C., there isn’t just one question, but a whole host of questions that has clients asking: When is the best time to buy? When is the market dropping? When is the best time to sell? 

That plus all the contradictory headlines about which way the market is headed that are coming out daily from the big banks and housing agencies which only serve to confuse consumers even more.  Too much noise doesn’t help the cause - it becomes white noise and paralyzes us with indecision and fear. 


The worst advice to take would be to take advice that doesn’t fit you and your current situation. You wouldn’t take medicine that you didn’t need, would you? You wouldn’t buy an XXL- jacket (even if it WAS on sale for 50% discount) if you were a size medium, would you? 


The same goes for real estate advice. Much of real estate advice is broad-brush. Yes - we all know exercising three times a week is healthy. Brushing your teeth is good, too. 

But when it comes to your specific housing needs, all that general information needs to be boiled down and applied to you, your current situation and your finances. Broad-based headlines will impact someone differently who needs to relocate here in July with a signed six-figure annual income than someone else who is facing impending foreclosure. And in both of these situations, they will have their own action plans and timelines to consider that are may - or may not - jive with the timelines of the news headlines. 


Have you had a chance to speak with one or two Realtors yet about your own situation? Whether you want to buy or sell (or do both), timing and a granular analysis of the factors that are important to you is key. 


For buyers, more often than not, it’s only during the journey of active house hunting that they really find the gem of a place they’ve been looking for. You find the gem or the deal as opportunity comes up - and yes, below market listings are coming up even now. But guess what? The blowout prices aren’t being advertised across the mall. It’s just one sales rack at the back corner that’s just like a pop-up shop - here and then gone. And you have to know where to look (or get a Realtor who can look for you - wink wink!). 


Getting a few grounds-based market opinions is akin to getting that extra-large jacket nipped and tucked in all the right places, just for you. Because at the end of the day, isn’t that what you need? Advice that’s right for you. 

July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So am I! Every month I review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. I’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

I can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, I hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates