Things to consider before you list your home
Before you list your home for sale there are things you should consider. You should determine why you really want to go. Some reasons are obvious, such as the need to sell if you are moving to another city or putting in an offer on a new house. Other needs may be less definite, such as outgrowing your space or concerns about cash flow. A Mortgage Professional can help you assess financing options and the costs of moving against the costs of staying, so that you can make the best choice.
Currently a seller’s market
Currently Metro Vancouver and the Fraser Valley remain a seller’s market. High demand and strong sales volume continue to drive up property prices in both regions.
REBGV says home sales dropped in November
Home sales did drop in November however sales remain strong overall, according to The Real Estate Board of Greater Vancouver (REBGV). Still demand remains high, making it a seller’s market (REBGV).
Demand at near record levels in Metro Vancouver
Demand has been at “near record levels” since the summer, says Colette Gerber, REBGV chair. “This is putting upward pressure on home prices, particularly in our detached and townhome markets,” she said.
Currently in Metro Vancouver the total number of homes listed for sale is 11,118, demonstrating a 10 per cent decrease from October 2020.
“The current market favours sellers because demand is outstripping supply,” (Colette Gerber).
What is happening with home prices in Metro Vancouver?
The Multi Listing Service Home Price Index composite benchmark price for all residential properties in Metro Vancouver – detached homes, townhouses and apartments – is $1,044,000, a 5.8 per cent increase year-over-year and a 0.1 per cent decrease compared to October 2020.
Benchmark Prices in these categories are:
- Detached Home: $1,538,900
- Attached Home: $814,800
- Apartment: $676,500
What is happening in the Fraser Valley?
According the Fraser Valley Real Estate Board (FVREB) home sales are even higher. In the Fraser Valley the level of demand is described as “unrelenting”. Since November 2019 sales have increased 54.7 per cent. The FVREB says that monthly sales records were set in September, October and November compared to previous years.
President Chris Shields says, “we expected November activity to moderate due to the season, but the desire for family-sized homes and their benefit continues to dominate (FVREB). “Since the summer, we’ve seen the strongest demand in our board’s 99-year history, specifically for single-family detached and townhomes.”
What is happening with Fraser Valley home prices?
The FVREB calculates the benchmark prices for the region:
- Single family detached: $1,061,500
- Townhome: $570,100
- Apartment/Condo: $435,900
Why you should contact us
As Mortgage Professionals, we are a part of your sales team to help you size up your financing options before you put out the “For Sale” sign. Contact us today!
Original Article – CBC News
