You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
Happy new year to you and your loved ones. Isn't it great that the kids are out of the house and back to school again? 😉 We thought so.
Frank and I are getting back into the groove of helping you, your friends and family buy and sell real estate. Before we do that, let's just review what happened last year, before we look ahead.
2018 started out very strong with the prices increasing in the first quarter. In the second quarter, the early stages of a slow down started to emerge.This was largely due to the changes in the mortgage rules and the last of the pre-approved buyers had either found their home or had to get pre-approved again under the new rules. The third quarter continued a further downtrend, however, it wasn't until the fourth quarter where we saw some significant decreases. In the end, we saw house prices for single family homes recede to late 2017 prices and all gains from the early quarter evaporate. The tune for condos and townhouses wasn't quite as dramatic and are still slightly higher at the start of 2019 then they were at the end of 2017.
The Fraser Valley real estate board has reported the following benchmark prices: Abbotsford $ 792,600, Mission $ 651,900.
The Chilliwack board only reports average sales prices and the average sales price for December was: $ 485,350.
Here at the IMPACT Real Estate group, we strongly believe that the year 2019, will bring a diverse real estate market. There are a high number of motivated buyers looking for homes, however, they have become very cautious with what they buy, and are especially analyzing how much they are willing to spend when they take the step into the market. Although we believe there is some potential for slight upswings again in the early spring market, overall we believe the prices to be stable throughout the year with only minor price increases or decreases, depending on the area and type of home being sold.
If you have any questions or know of someone, who is thinking about buying or selling real estate, we would love to hear from you.
4 Ways to Make the Home Hunting Process Easier
1. Get your mortgage arranged in advance.
2. Clearly define the kind of home you want, and the neighbourhood you want to live in.
Don’t forget to include the neighbourhood. Upscale? Close to downtown? Lots of trees and parks? Urban and close to shopping and theatres?
With this information, we can quickly create a shortlist of properties that meet your criteria.
3. Take good notes.
4. Take care of yourself, and your family.
Want more ideas for finding the perfect home? Call today!
Light Your Way to a Faster Sale
Of course, the quality of the products has a lot to do with how appealing they look when on display. But smart retailers know that proper lighting is key to making those products look their best. In fact, some retailers even hire lighting consultants!
What does this have to do with selling your home quickly, and for the best price?
Obviously, when showing your property to potential buyers, you want your home to look its very best. Proper lighting can be a big help.
When preparing your home for sale, review the lighting in each room and make sure the space is sufficiently well lit. You want the lighting to be strong enough to prevent dark or shadowy areas, yet not so strong that it’s uncomfortable for the eyes.
Pay particular attention to traditionally dark areas, such as the garage and closets. Make sure those areas are bright too.
If you have a viewing scheduled during the day, take advantage of natural light through windows. Open the curtains!
Finally, one of the most important areas is the foyer. Always make sure the entrance has sufficient lighting.
Want more ideas for preparing your home for sale? Call today.
Wow, December is here and another year went by super fast. And what a whirlwind it has been for me and my love. We got married, traveled to Germany, started working together in the business we love. I tell you, I can't wait to see what 2019 is bringing our way. But before we look ahead, let's look back of what the market did last month:
In the Fraser Valley Real Estate Board we only recorded 1028 sales. That is a 41% decrease from last November and to be honest, even last November was already slower than the one in 2016. Yikes. 😲
Prices have come down as well, obviously not as quickly as some buyers on the fence would like it to see, but single family houses dropped by 1.1%, town-houses by 1% and apartments saw the biggest decline with 2.4%.
Overall our market is still up in prices compared to last year, however, the downward pressure is eroding the gains slowly but surely. What these numbers mean for you when thinking about buying, selling or investing in real estate in Abbotsford, Mission, Chilliwack, Langley and/or Maple Ridge, still is strongly dependent on personal circumstances and therefore should be discussed in person over a cup of coffee or tea. 😉
For now Frank and I are wishing you and your loved ones a very Merry Christmas and a great start into a happy new year 2019.
In addition to telling you everything about the real estate market, we want to use this chance, to tell you about the exciting news in our lives.
On August 18, 2018 (8/18/18) Sherry Driedger Reimer married Frank Heitzer and became Mrs. Sherry Heitzer. We are sooo happy and can't express how grateful we are for the support and love we were given by our families and friends, who made not only this day, but also are making our lives so much more enjoyable. We also were able to join forces in business and have created a new team, which will be known as IMPACT Real Estate Group going forward.
Now before we get off topic too much here, let's talk real estate.
The Fraser Valley Real Estate Board processed 1,035 sales in September, a decrease of 36.1 per cent compared to the 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018.
376 were detached homes, 250 were townhomes, and 274 were condos
Active listing inventory in the Fraser Valley finished Sept. at 7,647 listings, increasing 4.2 per cent month-over-month and 30.6 per cent year-over-year. We have not seen numbers like this since the middle of 2015.
A total of 2,946 new listings were received by the Board,a 14.4 per cent increase from that received in August 2018, and a 3.4 per cent increase compared to September 2017’s intake.
"Proper pricing and understanding of market dynamics becomes increasingly important for a successful sale of ones home" said Sherry Reimer, acting CEO of the IMPACT Real Estate Group.
Overall the activity seems to have dropped significantly and it takes 39 days these days to sell single family detached homes.
If you want to know more or are wondering what all these numbers mean for your specific circumstances, then contact the great people at the IMPACT Real Estate Group. They can give you all real estate related answers you are looking for.
Well, this fall market seems to be anything but a routine. Sales activity has dropped significantly and prices are bound to follow sooner rather than later. Take a look at the latest statistics and see for yourself what happened since the beginning of summer:
The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® (MLS®) in August, a decrease of 38.5 per cent compared to the 1,879 sales in August of last year, and a 10.5 per cent decrease compared to the 1,290 sales in July 2018.Sales of attached homes continued to represent over fifty per cent of all activity in the Fraser Valley this month, with 294 townhouses and 318 apartments selling in August.
Active inventory for the Fraser Valley in July finished at 7,339 listings, decreasing 0.8 per cent month-over-month and increasing 28.5 per cent year-over-year. 2,575 new listings were received by the Board in August, an 11.8 per cent decrease from July 2018’s 2,921 new listings, and a 2.2 per cent decrease compared to August 2017’s intake. For the Fraser Valley region, the average number of days to sell an apartment and a townhome in August was 27. Single family detached homes remained on the market for an average of 35 days before selling.
What these numbers and stats don't show is, that in 2008, the most recent significant downturn, the indicators were the same. Even though the indicators are not quite all doom and gloom as they were in 2008, however, they sure are a sign of weakening markets. So if you are thinking about buying, selling or investing, let's have an open and honest conversation on whether it makes financial sense for you.
We pride ourselves on the fact, that the IMPACT Real Estate Group can help buyers, sellers and investors in the Fraser Valley real estate market with honest advice. No matter if you are thinking of a condo a townhome or a house, we know the market and are happy to help you buy and sell with expert advice.
The real estate market is an ever changing construct with many variables. Today, more than ever, the ups and downs are driven by readily available information, which might just too often be wrongly interpreted.
The IMPACT Real Estate Group strives to make this construct more easily readable and provides market insides for interested parties. Let's take a look at last month:
The Fraser Valley Real Estate Board processed 1,290 sales on its Multiple Listing Service® (MLS®) in July, a decrease of 33.4 per cent compared to the 1,937 sales in July of last year, and a 11.2 per cent decrease compared to the 1,452 sales in June 2018.
Active inventory for the Fraser Valley in July finished at 7,399 listings, increasing 3.6 per cent month-over-month and 23.9 per cent year-over-year.
2,921 new listings were received by the Board in July, a 7 per cent decrease from June 2018’s 3,140 new listings, and a 11.5 per cent decrease compared to July 2017’s intake.
We are currently experiencing a so called balanced market, in which supply and demand are fairly stable. This is an excellent opportunity for buyers, who were hoping to buy after the craziness is over. This time is now. Sellers still get good value for their homes, if the homes are good properties is great areas.
For the Fraser Valley region, the average number of days to sell an apartment in July was 21, and 24 for town-homes. Single family detached homes remained on the market for an average of 31 days before selling.
All of the above is good news for people, who see housing as a means of putting a roof over the heads of their family. The time for speculators and crazy investors is more or less over, for now.
If you want to buy or sell a home in Langley, Abbotsford, Chilliwack, Mission or Maple Ridge, let us help you in this new market environment to make your dreams come true.
One of the most prominent features of any home is the windows. If they are well maintained, they will have a positive impact on the impression potential buyers have of your property. Of course, the opposite occurs when your windows look old and worn.
So, does that mean you should replace your windows?
That depends on a number of factors. Window replacement can be an expensive renovation. Here are a few things to consider before making your decision.
• Do you see water infiltration or mildew on the interior sides of any of the window sills? This means that moisture is creeping in from the outside, and you need to get those windows repaired or replaced as soon as possible.
• If your windows are double-paned - (two panes of glass) - check for any signs of moisture in between the glass panes. Moisture indicates that the thermal seal is broken and, at a minimum, the glass will need to be replaced.
• Take a look at your windows from the outside. Is the trim rotted or cracked anywhere? Are there dark spots or any signs of rotting on the wood frames? Repairs or replacement may be required.
• Check the operation of your windows. Do they open and close easily? Some windows, such as those in bedrooms, are often designed to be big enough to use as an exit in case of a fire. It’s important to make sure those work properly.
• Finally, are you happy with how your windows look? Do you feel that your property will look significantly better with new windows?
Although they are expensive, replacing windows can have a lot of advantages. Depending on the efficiency of your current windows, replacing them could cut your energy costs by 10-20%. In addition, new windows block out more exterior noise, making your home quieter.
Want more tips on increasing the value, and enjoyment, of your property? Call me today.
Choosing new or replacement eco-friendly flooring is one of the emerging trends among house and condo owners. Eco-friendly flooring is generally identified as being made from and with more sustainable resources; materials that don’t deplete or permanently damage the environment (such as toxic laminates); or, material that is easy to reuse or recycle after its intended purpose. Here are some examples:
Renewable/Sustainable: Bamboo and cork are popular natural resources that renew relatively quickly. It should be noted that traditional woods are also renewable, as long as they are managed through sustainable practices. Before you buy natural flooring products, ask if the harvesting methods are verified through an accredited authority.
Repurposed/Reclaimed: Flooring made from old building structures (e.g. posts, beams, walls and planks) is a viable alternative option to grown and harvested resources. Likewise, recycled glass, plastic and rubber provide ample raw materials for creative flooring effects. Using them also reduces landfill. These products can be found through decorative flooring dealers.
Reusable/Recyclable: When purchasing any product, whether natural, synthetic and/or manufactured, it is important to know that the product can be easily recycled when it is beyond its usefulness, without causing environmental detriment in a landfill.
Notable, Quotable, Quotes!
“Things turn out best for the people who make the best of the way things turn out.” John Wooden
“Don’t be afraid to give up the good to go for the great.” John D. Rockefeller
“Be as smart as you can, but remember that it is always better to be wise than to be smart.” Alan Alda
In the past few weeks the questions regarding the current state of the market have become louder and people started to realize, that real estate is not selling as fast anymore or at least not all real estate. This is especially true for the luxury market and some grossly overpriced or extremely poor maintained homes.
On the other hand, well priced properties, rare homes and well maintained homes are still going strong, when we look at the sales data for the past four weeks. I have been in two multiple offer situations with both properties still selling over list, because these two properties were great homes in very desirable neighborhoods.
I would describe our current market as moving along with moderate growth in prices and moderate numbers of sales. This is a market, which we would like to see for the foreseeable future. Only a balanced market will allow for everyone to catch a breath and most importantly catch up with what the markets were encountering for the past three years.
If you are thinking about your home and want to know whether it would be advisable to buy, sell or invest, please feel free to call or text anytime. We will look at your situation to give you honest and sound advice on whether your individual situation warrants a sale or purchase of real estate at this moment.
Recently I was asked by one of my long time clients: Is the market shifting? Well, as you can imagine, there is no clear cut answer to that questions. Sure we have seen a few price drops here and there and yes, even condos and townhomes have recently had to endure a declining asking price. Is that enough evidence to say the market is shifting?
Yes it is, at least to a certain extend. Let's look at the facts. The price drops currently seen in the Fraser Valley are some of the homes, which might not have been priced properly in the first place. Condos and townhomes, which have been priced over and above what the last sale in the complex was, might just have to be adjusted, because buyers are getting a little more cautious for one and then, there is also the effect of the new mortgage rules. Aha, new mortgage rules.
These new mortgage rules have affected the market more than we originally thought, however, because of the loss in purchasing power from the old rules to the new rules and the fact, that a ton of pre-approvals from last year have run out, if the person didn't buy yet and now these people have to be approved under the new rules is taking a big chunk of market capacity out of certain price points.
Now, how all of this affects you, when you are thinking about buying or selling, can easily be explained, so please feel free to contact the IMPACT - Real Estate Group via text, call, email, whatsapp or facebook. We are here to help make sense of it all.
Curious about local real estate? So are we! Every month we 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. We’d love to invite you to do the same!
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.
We 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, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.