That’s the headline in today’s press release from the Fraser Valley Real Estate Board.
Yes, high interest rates have caused a dip over past few months, but prices remain up almost 5% compared to last year. So, even though it’s a buyer’s market, sellers shouldn’t be too discouraged.
If you’d like to know what your property is worth, contact me for a free no-obligation market evaluation.
A combination of seasonal trends and cautious anticipation of the next rate announcement saw the Fraser Valley real estate market slow in August as sales fell slightly for the second month, after reaching a 15-month high in June.
The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS®) in August 2023, a decrease of 6.9 per cent compared to July. Sales were up 25.2 per cent compared to August 2022.
New listings dropped to 2,622 in August, a decrease of 8.2 per cent over last month, but 28.2 per cent above this time last year. Active listings have been rising since last December and grew again in August by 1.5 per cent to 6,291, just 7 per cent off the ten-year average.
With a sales-to-active-listings ratio of 16 per cent, the market for detached homes was balanced between supply and demand. Demand for townhomes and apartments remained stronger (38 per cent and 32 per cent, respectively). The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent.
Benchmark prices in the Fraser Valley, remained relatively unchanged compared to last month with gains of less than one per cent across all property types. See below for details.
“We expect to see market activity pick up heading into the fall months,” said FVREB CEO, Baldev Gill. “That said, with the uncertainty surrounding interest rates as well as the potential impact of provincial housing strategy initiatives, buyers and sellers would be well-advised to consult with a professional REALTOR® to assess any risks and opportunities before making a decision.”
On average properties spent between two and four weeks on the market before selling, with townhomes and apartments moving faster (16 and 20 days, respectively) than detached homes (25 days).
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SURREY, BC – The Fraser Valley real estate market saw strong sales activity in June with levels on par with the 10-year average for the month, amid on-going challenges with supply.
In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service® (MLS®), an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May.
The Board received 3,424 new listings in June, an increase of 2.8 per cent compared to last year, and a decrease of 3.1 per cent compared to May 2023. The month ended with a total active inventory of 5,944, a 6.9 per cent increase compared to May, and 8.2 per cent less than June of last year.
Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell.
MLS® HPI Benchmark Price Activity
The Fraser Valley Real Estate Board claims the latest stats show a welcome trend towards alleviating our region’s housing supply issues, as buyers and sellers “adjust” to the new market conditions. However, I’m still seeing demand outpace supply, with multiple competing offers and prices over asking. It’s a great time to sell, but leave yourself extra time to buy. As your realtor I can help with that!
Click HERE for the full FVREB press release & stats.
Ahhh, time to sell your house. You want to get the best price for your house – and you want it to happen fast! But the competition out there can be stiff…especially if there are lots of great properties for sale in your area. So how do you give your home the edge?
When it comes to selling your home, you’ve got to think beyond how pretty it looks, how nice the shrubs are outside, and whether the paint color on the front door is a turn on, or a turn off.
It’s no secret that you’ve got to appeal to their sense of sight – after all, we perceive up to 80% of our information through vision.
If you want to sell your home fast (and at the best possible price, of course), you also need to pay attention to is smell.
It’s true… stinky homes sell slowly. Sweet-smelling homes are much more desirable!
Even though it may seem like common sense, many sellers can overlook it because it’s not just the obvious smells that make potential buyers run away holding their noses.
So read on to learn about 12 scents that potential home buyers hate as well as how to fix them. Then read further about what smells home buyers love…
https://trevormillerhomes.bestrealestateblog.com/12-smells-homebuyers-hate
New FVREB data shows a huge jump in sales from the previous month; however, there remains a lack of inventory. This benefits sellers, of course, and we are seeing multiple offers for many homes that are on the market. Thinking of selling? Now is a good time!
Read the full story HERE.
While the spring market is almost always a busier time of year in real estate, the past few years were more hectic than usual. Mortgage rates were at an all-time low, and there weren’t enough houses listed to satisfy the amount of buyers in the market for one.
So if you put your house on the market, it wasn’t uncommon to see a line of buyers and their agents waiting for a chance to see your house, and there was a good chance your house would sell within days and for over asking price. On the other hand, buyers had to be quick to see new listings and make an aggressive offer — and they still weren’t guaranteed their offer would be chosen.
Well, as you’re probably aware of, some things have changed in the real estate market since then… yet, other things haven’t. Here are the key factors that will affect both buyers and sellers this spring:
Mortgage rates are higher. This is obviously the biggest change. We went from historically low interest, to rates that are more in line with where they tend to be historically. They’re not necessarily “high,” but they’re higher than they had been for some time, which affects how buyers feel, and how much they can actually afford to pay for a house.
Houses are taking longer to sell in some areas and price ranges. It’s not like houses aren’t selling, but it may take more time to get offers and go under contract with a buyer. It depends a lot upon your price range and area, so you might find that you can get your house sold quickly and for over asking with multiple offers still, but in some areas your house may take some time to sell and you won’t get over asking price for it. Your local agent can give you insight into which is more likely to happen with your house.
Inventory is still low. Again, this depends upon where you live and the price range you’re selling or buying in, but overall inventory hasn’t grown considerably. There are still too few houses for the number of buyers who want to buy one.
Buyer demand is still pretty high. Despite rates having gone up, there are many buyers who are glad to finally be able to look for a house and not have to contend with as many other buyers as they would have over the past few years.
Buyers are more cautious. Even though buyer demand is still high, and there aren’t that many houses to go around, buyers are being more deliberate and cautious. They won’t necessarily make offers as high as they had been, and they might not be willing to waive contingencies like a home inspection.
The Takeaway:
The spring real estate market has probably already begun (even as far back as January) to some degree in your local market, but it’s surely about to ramp up in the next few weeks with the official arrival of spring.
This spring market will probably not be quite like the past few since mortgage rates have risen, causing houses in some areas to take longer to sell. That said, inventory is still low, and buyer demand is still high.
So, if you’re planning to sell your house:
– Make sure it shows as nicely as possible.
– Price it appropriately against the competition.
– Make it easy for buyers to get in and see.
– Be flexible on your price and terms when negotiating. (Buyers may not be willing to pay the prices they were paying, or forgo contingencies as they were in the past few years).
If you’re looking to buy a house:
– Take advantage of less competition from other buyers than there was over the past couple of years.
– Don’t hesitate when you see a house you like; if you like it, someone else likely will too. Make a strong offer before anyone else does.
– Keep eye on rates and lock in your rate if it goes down a decent amount.
Signs of stability in Fraser Valley create opportunities for home buyers and sellers.
Housing prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over-month decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October.
Read the full press release and stats HERE
Latest market stats just released from the Fraser Valley Real Estate Board show a sluggish start to year so far.
In January, the average number of days to sell a single-family detached home was 48, and a townhome was 40 days. Apartments/condos took, on average, 41 days to sell.
Click HERE for full story.
| The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Fraser Valley Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. |
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