MARKET UPDATE- JANUARY 2020

HOME SALE ACTIVITY UP, SUPPLY DOWN

Inventory is down – buyers are looking for your home.

Total home sales in the residential sector for January 2020 totalled 1,571, representing a 42.4% increase from January 2019 sales of 1,103 homes sold. Sales did however decrease 22.1% from December 2019 where 2,016 homes were sold.

Ashley Smith, REBGV president states, “We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average. Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year.

On the supply side, there were 3,872 newly listed homes comprising of the detached, apartment, and attached residences. This reflects an increase of 143.8% compared to homes listed in December 2019.

MLS current listings are 8,617 or a 0.2% increase compared to December 2019.

For all property types, the sales-to-active listings ratio for January 2020 is 18.2%. By property type, the ratio is 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments.

Metro Vancouver benchmark price for all residential homes currently sits at $1,008,700 as indicated by the MLS Home Price Index composite. That is an 1.2% decrease over January 2019 and a 1.4% increase over the past six months.

January 2020 detached housing increased 29.5% (439) from January 2019 (339). Currently, the detached home benchmark sits at $1,431,200 a 1.7 % decrease from January 2019 stats and a 0.5% increase compared to December 2019.

The benchmark price for apartments is currently $663,200. This represents a 1.7% decrease compared to January 2019 and a 1% increase compared to December 2019.

Lastly, Townhomes or attached homes, sales totals for January were 318, showing a 55.1% increase compared to January 2019 where 205 sales were recorded. The attached home benchmark price currently sits at $782,500 a 0.7% decrease in comparison to January 2019 and a 0.5% increase compared to December 2019.

What do these stats mean to you? In winter, inventory is generally low. This means you have a greater chance of selling your home – at the price you want. Call us today and let us help you read the market for your home.

Discover if your individual neighbourhood and price band is either a Buyer, Seller or balanced market.  

 

Get in touch with the top Vancouver real estate team to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

YOUR GUIDE TO THE HOME APPRAISAL

You’ve found your dream home and now it’s time to cross all your T’s and dot all your I’s before it’s all your own. And one of the first items on your closing checklist the home appraisal. So, what exactly is that?

The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately.

During a home appraisal, the appraiser conducts a complete visual inspection of the interior and exterior of the home. He or she factors in a variety of things, including the home’s floor plan functionality, condition, location, school district, fixtures, lot size, and more. An upward adjustment is generally made if the home has a deck, a view, or a large yard. The appraiser will also compare the home to several similar homes that were sold within the last six months in the area.

The final report must include a street map showing the property and the ones’ compared, photographs of the interior and exterior, an explanation on how the square footage was calculated, market sales data, public land records, and more.

After it is complete, the lender uses the information found to ensure that the property is worth the amount they are investing. This is a safe-guard for the lender as the home acts as collateral for the mortgage. If the buyer defaults on the mortgage and goes into foreclosure, the lender generally sells the home to recover the money borrowed.

And, as always we are here to help. Contact us today for a free home evaluation. We can help you and potential buyers to see your home in its best light.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. 

info@leeandpete.com

604- 729-5646

MAKE YOUR BEDROOM SUITE, SWEET!

BEDROOM MAKEOVER TIPS

For most of us, our bedroom is little more than a place to sleep and relax. However, just because it’s always been that way doesn’t mean that we have to settle for drab and dreary.

One trend that’s gaining steam these days is converting your current bedroom into a luxury suite (or something comparable). If you want to live like you’re renting a room at the Ritz, then you want to follow these tips.

Compartmentalize Your Activities

Making your bedroom more functional is going to make it more luxurious. Add a gorgeous desk for working and a TV area for entertainment, and you’ll be living it up in no time.

Make it Chic

Choose a colour palette that is both luxurious and classy. Silver and gold can seem tacky, so choose muted shades that compliment each other.

Also, a brilliant and commanding headboard can instantly upgrade the look of your room without any other changes.

Light it Properly

Finally, make sure that you have the right light to show off your designs. If it’s too washed out or yellow, then it will look drab and run down. Switch to brilliant LEDs and see the difference.

Choose Your Accents Wisely

We already mentioned a headboard, but some elegant drapes can also make your room feel more royal. Being strategic with your furniture accessories is going to both keep you under budget and avoid doing too much with the space.

Are you ready to lux your bedroom? You’ll be impressed by the results, and the feeling of decadence will make you more confident in your surroundings.

And, as always we are here to help. Contact us today for a free home evaluation. We can help you and potential buyers to see your home in its best light.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. 

info@leeandpete.com

604- 729-5646

MOVING DAY CHECKLIST: DO THIS FIRST!

MOVING DAY CHECKLIST

Moving into a new home is an exciting time, and you’re probably daydreaming about decor and paint schemes and new furniture. But before you get into the fun stuff, there are some basics you should cover first.

Change the locks

Even if you’re promised that new locks have been installed in your home, you can never be too careful. It’s worth the money to have the peace of mind that comes with knowing that no one else has the keys to your home. Changing the locks can be a DIY project, or you can call in a locksmith for a little extra money.

Steam clean the carpets

It’s good to get a fresh start with your floors before you start decorating. The previous owners may have had pets, young children, or just some plain old clumsiness. Take the time to steam clean the carpets so that your floors are free of stains and allergens. It’s pretty easy and affordable to rent a steam cleaner—your local grocery store may have them available.

Dust Your House

Dust each room, including the topsides of all the furniture, undersides of shelves, and all handrails, as well as picture frames, TV screens and knickknacks. “When it’s possible to dry-dust, I do—getting something wet makes it harder,” says Romero. To get rid of fingerprints, dampen a microfibre cloth with warm water.

Clean out the kitchen & Bathroom

If the previous occupants wanted to skip on some of their cleaning duties when they moved out, the kitchen and bathroom would be where they probably cut corners. Wipe down the inside of cabinets, clean out the refrigerator, clean the oven, and clean in the nooks and crannies underneath the appliances, clean the toilet and sink and wash all grout lines in the shower.

And, as always we are here to help. Contact us today for a free home evaluation. We can help you and potential buyers to see your home in its best light.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. 

info@leeandpete.com

604- 729-5646

FEATURED HOME OF THE WEEK

Loft living at its finest!

305 228 E 4TH AVENUE, Vancouver, BC
1 bedroom | 1 bath | 742 sq ft

This stunning home presents high ceilings partnering with a wide open, airy interior while impressive floor-to-ceiling windows shower the living area in natural light. Enjoy polished concrete floors, custom shelving and built-ins throughout, cozy gas fireplace with Parisian ceramic tile, custom lighting, chef’s kitchen with European appliances and a luxurious bathroom. The spacious full height upper level that easily fits a king, secure parking & storage round out this one-of-kind-home located on the lush courtyard level in a well maintained strata with common rooftop offering sweeping views. Nestled in Vancouver’s trendiest hood, only steps from coffee shops, restaurants, shopping on vibrant Main Street & the Olympic Village.

 

CLICK HERE TO VIEW LISTING

 

If you’re interested in learning more about how to sell your home, click here to access our selling process. Of course, we’re always available for a call or a coffee to chat further about how we can help you sell your home!!!

info@leeandpete.com
604- 729-5646

MAKING YOUR MOVE WITH PETS A STRESS FREE ONE

MAKING YOUR MOVE WITH PETS A STRESS FREE ONE

Congratulations on the sale fo your home! Now the real fun starts. Packing, and prepping for the big move. Moving can be stressful too with lots of action; large boxes and new people in and out of your space. Now, imagine what little Fluffy is thinking… Let’s look at 5 steps to avoid pet-panic during your move:

Research pet rules and regulations

If you’re moving out of province, city or township, or into a condo or other rental, it’s wise to research the rules and regulations surrounding pets. Different landlords and homeowners’ associations may have specific pet rules. Check for restrictions and make sure your pet adheres to the local guidelines.

Be prepared

Keep all your pet’s info and necessities together in one place.

  1. Current Vet paperwork
  2. Dishes for food and water
  3. Food and treats
  4. Temporary litter boxes if you have cats
  5. Favourite toys
  6. Towels and blankets 

Transport pets in your own car 

This one is a no-brainer! Transporting your pets in a moving van can be extremely stressful. It’s important on your journey to give them plenty of water and relief breaks. Another great tip is to not let your pets out of the vehicle until you’ve moved your things into the house and are relatively settled.  

Keep them secluded in your new home

Once you’ve moved to your new home, keep your pets in a safe area until all your boxes and furniture get moved in. It’s important that they don’t get out, or they might try to run away from home.

Allow them to get used to your new home by checking out the rooms and smelling their surroundings. Incorporate things that have your scent as soon as you can, such as furniture, clothing, and bedding.

Check and pet-proof your new home

Check your perimeter before letting your pets out into the garden. If there are any gaps or holes in the fencing, be sure it’s repaired before your animals are roaming free. It’s a good idea to walk your pets on a leash (yes, this means cats too) before letting them out fully. This will also help them get used to their new space. 

And, as always we are here to help. Contact us today for a free home evaluation. We can help you and potential buyers to see your home in its best light.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. 

info@leeandpete.com

604- 729-5646

WITH VANCOUVER GETTING MORE EXPENSIVE, CAN I BUY A BIGGER HOME?

CAN YOU REALLY UPSIZE YOUR HOME IN THIS MARKET?

According to the 16th annual Demographia International Housing Affordability Survey, and for the second year in a row, Vancouver ranked as the second-most unaffordable housing market in the world. Hong Kong was No 1 again but Sydney has now slipped to 3rd.

2020
Hong Kong 20.8
Vancouver 11.9
Sydney 11

2019
Hong Kong 20.9
Vancouver 12.6
Sydney 11.7

2018
Hong Kong 19.4
Sydney 12.9
Vancouver 12.6

2017
Hong Kong 18.1
Sydney 12.2
Vancouver 11.8

What does that mean for anyone looking to upsize their space? Our homes don’t always grow with us. What may have initially worked fine for a single person or a young family with a newborn can quickly become too small as our families grow and when multiple generations live under one roof.

Remodelling and renovating our home is a great option for creating more space, but it can be costly, and the size of your property may be make any major changes prohibitive. That’s when moving to a bigger home becomes the best solution.

WHERE DO YOU NEED MORE SPACE?

The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it’s important to take a more critical approach to how your space will actually be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or university, or starting their own families, it may be better to prioritize group spaces like the kitchen, dining room, living room, and outdoor space—it’ll pay off during the holidays or summer vacations, when everyone is coming to visit for big gatherings.

MOVING OUTWARD

If you need more space, but don’t necessarily want a more expensive home, you can get a lot more house for your money if you move a little further from the centre of Vancouver. While the walk-ability and short commutes of a dense neighbourhood or city centre condo are hard to leave beyond, your lifestyle—and preferences for hosting family Christmas, barbecues, and birthdays—might mean that a spacious home in the suburbs makes the most sense. It’s your best option for upsizing while avoiding a heftier price tag.

And, as always we are here to help. Contact us today for a free home evaluation. We can help you and potential buyers to see your home in its best light.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. 

info@leeandpete.com

604- 729-5646

Repair this before you list.

Repair this before you list.

When getting ready to list your home, it’s in your best interest to ensure you are showcasing it in the best light. Take time to highlight your home’s strengths and remedy any of its possible weaknesses. This can make a huge difference in how fast your home sells.

Here are our top recommended repairs to make before selling your home.

Walls

Freshening up rooms with a fresh coat of paint is one of the most cost-effective ways to spruce up your home, and generally, can be an easy do-it-yourself project. Make sure to patch any walls with scratches and chips and consider updating any accent walls with a more neutral colour.

Floors

Hardwood floors are a very desirable feature, so if you do have hardwood flooring, you want to ensure that they look their best by buffing out any scratches or dull areas. If your carpet is worn or stained, consider replacing them, or at the very least having them professionally cleaned. And don’t forget any tile in your kitchen or bathrooms. Scrubbing the grout with a toothbrush and some baking soda can go a long way in making dingy tile work look brand new.

Landscaping

Curb appeal wins most of the time. Show potential buyers you take pride in your home, and that it is well cared for. Clean or shovel walkways and driveways, install lighting, plant seasonal flowers and plants, trim hedges and trees, install outdoor décor pieces and fill in mulch and gravel.

Fixtures

This is an area that generally requires the most attention. It’s always the little things that get noticed the most. Do you have a leaky faucet? Rusted drains? Loose drawer handles? Making these small fixes can make a big difference to potential buyers with detailed-orientated minds.

Kitchen

An outdated kitchen can be a real eyesore in a home. Updating cabinetry, repairing or replacing countertops, and installing new faucets and sinks may be worth the investment

And, as always we are here to help. Contact us today for a free home evaluation. We can help you and potential buyers to see your home in its best light.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. 

info@leeandpete.com

604- 729-5646

How we sell your unique property.

When we put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales.

There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria we look for in a sales comparison.

  1. Location: Homes in the same neighbourhood typically follow the same market trends. Comparing your home to another in the same neighbourhood is a good start, and comparing your home to homes on the same street or block is even better, however there is still much more evaluating to do.
  2. Date of Sale: It varies by location, but the Vancouver housing market has see a ton of fluctuation over a short period of time. We use the most recent sales data available.
  3. Type of Home: We look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
  4. Features and Upgrades: Remodelled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. We try to look for similar bells and whistles.
  5. Sale Types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.

With over 10 years of working in the Vancouver Real Estate market and winning several awards including Top 1% of Greater Vancouver Realtors, we have a proven record of success that results in a long list of happy clients.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. 

info@leeandpete.com

604- 729-5646

FEATURED HOME OF THE WEEK

Private Residences at Hotel Georgia

3605 667 HOWE STREET, Vancouver, BC
2 bedroom | 3 bath | 2,289 sq ft

Private Residences at Hotel Georgia. Perched high above the city sits this crown jewel S/E corner residence with the most spectacular vistas from False Creek to the Burrard Inlet. Sprawled out over 2,200 sqft residents enjoy floor-to-ceiling windows that bathe the entire living area in natural light and capture sweeping views and jaw dropping sunsets. Experience elegant quartz counters in a chef’s kitchen with Miele appliances, Sub Zero fridge, dual tone custom cabinetry and amazing pantry. Enjoy white oak flooring, Air Conditioning, integrated Sonos entertainment system & custom lighting. Relax on your expansive balcony overlooking the city skyline or wake up to breathtaking views of the Burrard Inlet from your master bedroom with spa-like marble wrapped ensuite and large WIC.

 

Take advantage of privileged hotel services incl. 24 hrs concierge, salted indoor pool, gym & 2 parking spots. Luxurious and sophisticated living made possible only steps from restaurants, shops, boutiques in the heart of the city!

CLICK HERE TO VIEW LISTING

 

If you’re interested in learning more about how to sell your home, click here to access our selling process. Of course, we’re always available for a call or a coffee to chat further about how we can help you sell your home!!!

info@leeandpete.com
604- 729-5646

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