Realtors In Surrey

The Best Time To List Your House? TODAY!

The Best Time to List Your House? TODAY!

You may have heard that the housing market is softening. There is no doubt that buyer traffic has decreased. There are fewer purchasers in the market than there were at this time last year. However, still there are active and qualified buyer`s out there in market.

When we look at available inventory numbers and sales numbers released by the Fraser Valley Real Estate Board, we see that the actual number of homes sold has decreased and inventory has built up in last five months. But there are lot of sellers waiting for spring market to list there home. What that means is more inventory and more competition in spring season months.

What does this mean to you as a seller?

The best time to sell is when there is less competition. That guarantees you a better price, more exposure to buyers and fewer hassles in the transaction.

If you are thinking of selling your house this year, the best time to put it on the market might be right now. Let’s get together to evaluate the demand for your house in our market!

Mistakes To Avoid While Selling Your Home

 

Basing the asking price on needs or emotions rather than market value. Many times sellers base their pricing on what they think there house is worth. This can be an expensive mistake. If your home is not priced competitively, buyers will Look at other larger homes for the same price or other homes that are priced right. At the same time, the buyers who should be looking at your house will not see it because it is priced over their budget but in real value it fits their budget. The result is increased market time, and even when the price is eventually lowered, the buyers are wary because “nobody wants to buy real estate that nobody else wants”. The result is low priced offers and an unwillingness to negotiate.

 

Failing to “Showcase” the home. Sellers who fail to make necessary repairs, and fail to keep it clean and neat, chase away buyers as fast as Realtors can bring them. It is an indication that there may be hidden defects that will result in increased cost of ownership. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property. Sellers are always better off doing the work themselves ahead of time.

 

Over-improving the home prior to selling. Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their home prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your home for your personal enjoyment – fine. But if you are thinking of selling, you should be aware that only certain upgrades to real estate are cost effective. Always consult with your Realtor Before committing to upgrading your home.

Choosing the wrong Realtor or choosing for the wrong reasons. Many homeowners list with the real estate agent who tells them the highest price. You need to choose an experienced agent with the best marketing plan to sell your home. That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles.

 

 

Using the “Hard Sell” during showings. Buying a home is an emotional and big decision. Buyers like to “try on” a house and see if it is comfortable for them. It is difficult for them to do if you follow them around pointing out every improvement that you made. Good Realtor let the buyers discover the home on their own, pointing out only features they are sure are important to them.

 

 

Failing to take the first offer seriously. Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced Realtors know that more often first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. Real estate is most saleable early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer.

 

 

Failure to effectively market the property. Good marketing opens the door that exposes real estate to the marketplace. It means distinguishing your home from hundreds of others on the market. It also means selling the benefits, as well as the features. The Right Realtor will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home.

 

 

Fraser Valley Homes Have Biggest Gains in Assessment Value in 2019

The Bc assessment authority starts mailing property assessments to owners in January, based on market values as of July 1 of previous year, in 2019 Assessment values in Metro Vancouver show declining values for the first time in about a decade but gains in assessment values in Fraser Valley.
In Fraser valley house values average range is negative 10 per cent to plus 15 per cent compared to Metro Vancouver which is opposite negative 15 per cent to plus 10 per cent.

According to the new numbers from Bc Assessment authority, The city of Vancouver, detached homes dropped an average of four per cent in value, while condo values rose six per cent as compared to Surrey, detached homes gained an average four per cent rise and 14 per cent for condos.
City of Langley condo owners will see a 27 per cent average jump in valuation. Abbotsford, condo owners will see their assessed values jump on average 28 per cent while detached homeowners will see an average 9 per cent rise. Chilliwack values growing 10 per cent, District of Hope rising 17 per cent and District of Mission 10 per cent. Single family homeowners in White Rock and Richmond will see an average two per cent drop.

Realtors in Bc acknowledge the change in market conditions, as 2018 has been a slowest year in sales for real estate since 2013 as Government policy and natural market cycles are slowly cooling down real estate. With Mortgage rules changed and interest rates rising in 2018 made a huge contribution in slowing down the hot real estate market in Metro Vancouver and Fraser Valley. With years of experience as a realtor in Surrey , i have seen these market change cycle year after year in exception of last three years of hot real estate market in BC.

You can appeal your assessment value, if you think its high or low. Please note that the deadline to appeal your 2019 Assessment is January 31. Here Below is the link with the information about how to appeal and what is the process of the appeal.

https://info.bcassessment.ca/Services-products/appeals

Skytrain as a long term investment for City of Surrey and Langley

Today, all we need is a rapid transit as communities around the Lower Mainland have population growing at a rapid pace, especially Surrey and Langley as being an anchor for new high density development. If we take a look at Metrotown, Surrey Central and Marine Gateway in south Vancouver for high density development, its been a success.

With the Real Estate prices rising and becoming unaffordable for a common household, we need high density developments to make housing affordable for everyone, which wont happen without rapid transit. Transit needs to go farther connecting communities as road infrastructure is not enough to hold the population growing at its current pace, We need to make our city smarter and connectable to communities.

City of Surrey website describes City of Surrey as second largest city in the province, with a population of more than 500,000. Our population continues to grow and it is estimated to surpass Vancouver in population as the largest city in BC by 2041. we are a growing city that welcomes about 1,000 new residents each month. Surrey is also a youthful city, with one-third of our population under the age of 19. This mean real estate in surrey will always be in demand as I have seen in last 7 years as a realtor in surrey.

As City of Surrey had decided to build the skytrain than the controversial LRT it makes sense. Skytrain will help bring in more high density development just like Surrey Central for Example along the way to Langley which will connect riders to Downtown Vancouver, Surrey, New west and Burnaby along the way. It will reduce congestion on the roads, as skytrain delivers immediate transit improvement for the entire fraser highway even only skytrain is built halfway to Langley City in the first phase, as it already one of surrey`s most congested stretches of road between 140 street to 148 street as it merges into a single lane traffic each way.

Here are some approximate transit time difference for reference between bus and skytrain.
With SkyTrain extending between City Centre and Fleetwood, a commute to Fleetwood that takes up to 28 minutes today by bus will take less than 10 minutes on the future SkyTrain. A commute to Downtown Langley that takes up to 58 minutes by bus today will be significantly reduced to 39 minutes.

Overview of Fraser Valley Real Estate 2018.

After three consecutive busy years of Real estate  sales surpassing 20,000 units annually, 2018 saw the Fraser Valley real estate market return to more Typical level for both sales and inventory.

New data released today by Fraser Valley Board shows slow down in sales in 2018, Lowest since 2013 and  most of realtors in bc acknowledge this.

Sales data by Fraser Valley Board

The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013.

For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.

Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent.

How to have a successful sale in 2019

In my experience as a realtor in surrey for years, it has always been a key for sellers to price effectively for a successful sale. In 2019 main key for sellers for a successful sale will be to price effectively and leverage their home’s appeal to stand out and find success. Having a realtor who specializes in your neighborhood makes a huge impact on a successful sale.

Surrey Municipal Police V/S RCMP

As a Surrey resident for over 14 years & realtor in surrey for 7 years, I have seen Crime in Surrey go up as the population has been growing at an incredible pace as well. Last year after municipal election, new council unanimously voted in favor of Municipal Police as they promised in there election manifest. Policing was a big issue in last year municipal election in surrey as homicide rate has been increasing year over year. There have been 14 homicides in surrey in 2018, 12 in 2017, eight in 2016 and 9 in 2015. Surrey had Overall decline in shooting incidents in 2018 as 38 shooting incidents happened in 2018 comparing to 56 shooting incidents in 2017, 61 in 2016 and 88 in 2015. With the Own Municipal Police, Officers are accountable to city and its residents then being accountable to Ottawa, more local officers prefer joining the Municipal Police as they get to stay with there families and which is good as they know the community, local issues and geographic area very well then a new Rcmp const. from Regina or New Brunswick. Local municipal police comes with a price tag as city loses 10% funding from federal government they get with having RCMP as Municipal Police. In my Opinion the city of surrey residents clearly decided what they wanted in last municipal election.

Real Estate Market Surrey Bc In 2019

Government policy and natural market cycles are slowly cooling down real estate. Surrey Real Estate hot  market is expected to slow over the next two years, CMHC new figures says that. House prices in the province are set to level out with Population growing , jobs and salaries. Vancouver real estate market predictions 2019 are similar to expect just like city of surrey.

Bank of Canada’s recently did not hike interest rate could affect that, but it still is  buyers’ market. Buyers offer on most of the properties are  being the only offer on the table and it helps negotiating the best price and terms for the buyers, Especially first time home buyers .

Bank of Canada earlier this month did not hike the interest rate, and most of  economists predict that Bank of Canada will opt to leave its interest-rate target unchanged in January as well which is at 1.75 as of now. Looking at the economy it looks like to get one interest rate hike in 2019, which doesn`t look like before 2nd Half of the year, Which will Keep the Real Estate In Surrey and Realtor in Surrey Busy.