Summary for April 2024

It seems like Vancouver's housing market is experiencing some interesting shifts. Despite a rise in inventory, prices are still showing some resilience, with slight fluctuations both monthly and annually. Here's a breakdown:

1. Average Home Price in Greater Vancouver:

   • Annual change: Up by 0.6%

   • Monthly change: Down by 1.2%

   • Current average price: $1,302,794

2. Benchmark Price in Metro Vancouver:

   • Monthly change: Up by 0.8%

   • Annual change: Up by 2.8%

   • Current benchmark price: $1,205,800

3. Long-term Trend:

   • Over the past four years, the benchmark price has seen a significant increase of 30%, although it's currently 4.5% lower than the all-time high recorded in April 2022.

4. Average Prices by Housing Type:

   • Detached homes: Decreased by 1.1% year-over-year to $2.18M.

   • Attached homes: Increased by 4.8% year-over-year to $1.27M.

   • Condo apartments: Increased by 0.9% year-over-year to $811k.

5. Mortgage Rates:

   • As of May 21, 2024, the lowest mortgage rate in Vancouver is 4.59% for a 5-Year Fixed mortgage.

These figures suggest some complexity in the market dynamics. Despite the increase in inventory, prices are showing resilience in certain segments, while others experience slight declines or increases. The mortgage rate remains a crucial factor for potential buyers, affecting affordability and demand.

Let's Connect!: Whether you're buying, selling, or just curious about the real estate market, I'm here to help. Sign Up for valuable insights, tips, and updates on the White Rock South Surrey housing market, and let's embark on this exciting journey together!

Having access to sold MLS listings offers several benefits for both buyers and sellers in the real estate market:

1. Market Knowledge: Sold listings provide valuable insights into the local real estate market, including recent sale prices, trends, and property values. Buyers can use this information to make informed decisions about pricing and negotiations, while sellers can gauge the market value of their own properties.

2. Comparative Analysis: Buyers can use sold listings to compare similar properties in the area and assess their value relative to recent sales. This helps buyers understand if a property is priced competitively and whether it represents a good investment. Sellers can also use sold listings to set realistic listing prices for their homes.

3. Appraisal Support: Sold MLS listings can be helpful during the home appraisal process. Appraisers often use comparable sales data from sold listings to determine the value of a property. Having access to this information can support the appraisal process and help ensure a fair valuation.

4. Market Trends: Analyzing sold listings over time can reveal important market trends, such as fluctuations in home prices, inventory levels, and buyer demand. This information can be valuable for buyers, sellers, and real estate professionals seeking to understand the dynamics of the local housing market.

5. Seller Insights: Sellers can use sold listings to gain insights into successful sales strategies and marketing techniques used by other sellers in their area. This information can help sellers understand what features and amenities are desirable to buyers and how to effectively showcase their own properties.

6. Negotiation Leverage: Buyers can use information from sold listings to negotiate with sellers and agents. For example, if a comparable property sold for a lower price, buyers may use this data to negotiate a lower purchase price or request additional concessions or repairs.

Overall, having access to sold MLS listings empowers both buyers and sellers with valuable information and insights that can inform their real estate decisions and ultimately lead to more successful transactions.

Click on the link below to access sold listings:

https://whiterockviews.ca/white-rock.html

Let's Connect!: Whether you're buying, selling, or just curious about the real estate market, I'm here to help. Sign Up for valuable insights, tips, and updates on the White Rock South Surrey housing market, and let's embark on this exciting journey together!

For many people, deciding whether or not to sell their home is a major decision.  So, it’s not unusual to feel anxiety.  In fact, it may even REALLY stress you out!  Big decisions, like listing your home can be overwhelming, but fortunately, there are several ways to eliminate the stress.

One way is to get the decision on paper (or screen).  When you can see it written out, and you have a clear plan, it becomes a lot less daunting and more manageable. 

KNOW your market. Anxiety thrives on uncertainty.  So, enlist a local Realtor you trust to help you find out what you need to know about the current market. Have them do up a comparable market analysis (CMA). Which will tell you how long similar homes in your neighbourhood were on the market, and what the average sale prices were.  If, you are also buying look at the area in which you want to move and what the homes you like are selling for.  Another key piece, is to get pre-approved for a mortgage so you know what you will be able to afford.

Dwelling and over-thinking big decisions can be a thing that stops people from moving forward towards their goals.  But focused planning based on facts, will help you move forward one step at a time, towards moving into your next dream home.

Please reach out and let me help you to eliminate the guesswork, and get you into your dream home!

Should I Buy a House Now or Wait?

Yes, you should buy a house now if you’re financially ready. Mortgage interest rates are high right now, but we don’t know for sure when they’ll go back down—the next bank of Canada interest rate announcement will be on January 24th, 2024. Most predictions indicate that it will be held at 5.00%

We do know, though, that housing prices will keep going up (like they always have). So, your best bet is to buy now and lock in your home’s price before housing costs increase even more. Then, if interest rates do go down in a year, you can refinance to a lower rate.

Plus, because interest rates are high right now, fewer people are buying, which means you won’t have as much competition when you make offers.

However, you should only buy a house if you’re prepared financially and have done the due diligence in getting pre-approved.

Please reach out.  I am very passionate about what I do, and I would love to help make your real estate dreams a reality!  Let's connect.

https://whiterockviews.ca/home-buyer-search.html