The Final Stretch Of The Bounce-Back Year

The Final Stretch Of The Bounce-Back Year

Yes it has been a hectic few months as we cruise toward the docks at “Port New Year”.

The return to the almost forgotten “multiple-offer” era of past years and again the lack of inventory coupled with some (almost frantic) demand. What will 2010 bring? Continued price increases? Rate increases? I’ll attempt a little “crystal ball” gazing in a future edition, after we look back in January at “the year that was”.

I have just read an article in the Financial Post entitled Housing Records to Fall http://www.nationalpost.com/story.html?id=2301878 in which Garry Marr quotes Benjamin Tal, senior economist of  CIBC World Markets’ as saying  “You are going to see a very strong national number. It will be another double-digit increase for sure”. He then cites the REBGV (Vancouver board) stats concerning sales activity “..rocketing up 252.7% in November from a year ago”.  An aside here; if there was a month in which no sales occurred in a certain location, that same month for the following year in which at least one sale occurred could be described as experiencing an “infinite” increase in sales. As any high school math students will tell you, you can’t divide by zero. Remember that Nov ’08 saw one of the lowest levels of sales of the preceding 5 years or so. Put it another way, it’s easy to shine (or rocket above) a dismally low month.

The second message in this same article referred to this November high being distorted by “data from the country’s two most expensive markets”, those of Toronto and Greater Vancouver.  There always appears to be a subtle suggestion that locations like ours are “guilty” of having higher prices. Could it be that buyers of our 3 bedroom, 2 bathroom homes just don’t get that they could buy the same home in Estevan or Chicoutimi or Digby for half or a third of the price? Obviously a closely guarded secret. I’m going to pose a radical question here – could it be that some (clearly illogical) folk would rather reside in B.C.’s premier city?  Alas, demand, supply and price levels are rearing their ugly heads once again! Disclaimer: The foregoing is not intended to insult those preferring not to live in Toronto or Greater Vancouver.Overall the North Shore is seeing a continued drop in overall inventory which is not in lock step with the general case evident in Greater Vancouver where inventories are showing some increases. We’ll doubtless see some slowdown in actual sales in December as is usually the case.

A joyous family and friendship-filled festive season to all. May it be a warm one with our families and friends close by or affectionately in mind – often the easier part – but don’t forget providing warmth and cheer to strangers. Adeste Fidelis is stirring, but Good King Wenceslas is the greater message!

Again, visit my website to see and “hear” the new developments.  I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

To join the group getting the e-mail version of this “update” – send a request now toalanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca

Alan

November 09 Numbers

November 2009 Numbers

Now to look at the “guilty” data of our own North Shore.

The YTD 2009 [eleven months] vs. corresponding 2008 figures. North Van detached homes sold are now up by 32% from last year; attached (t/homes) are up by 43% and apartments up by 33% from those sold in ’08. Detached average prices down 6% and inventory November 30th, down by 47%. Average prices down 4% (t/hse) and down by 7% (apts). Inventory (t/hse) 53% lower than ’08 and (apt) down from ’08 by 28%.  Again we see that all N/Van inventory is way lower than the preceding year. Demand is maintaining strength and the general level of sales still continues

In West Van, detached number of sales YTD continues to be up from ’08, as of Nov 30th by 45%. Average price down 12% and inventory Nov 30th down 28% from ’08. On the condo side – attached (t/hses) sold stand at 48 vs. 49 units last year; average price down 7%.  Active listings are up from ’08 by 17% (10 new listings during Nov). Apartments sold now reflect a 20% increase YTD vs. ’08 (155 vs. 129); with average price down 15% and active listings down 32% from end of Nov ’08.

Overall the North Shore is seeing a continued drop in overall inventory which is not in lock step with the general case evident in Greater Vancouver where inventories are showing some increases. We’ll doubtless see some slowdown in actual sales in December as is usually the case.

A joyous family and friendship-filled festive season to all. May it be a warm one with our families and friends close by or affectionately in mind – often the easier part – but don’t forget providing warmth and cheer to strangers. Adeste Fidelis is stirring, but Good King Wenceslas is the greater message!

Again, visit my website to see and “hear” the new developments.  I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

To join the group getting the e-mail version of this “update” – send a request now toalanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca

Alan

Podcasts

North Shore Real Estate Radio

This year I pledge to continue my personalized service and further reduce my business ecological “footprint”. A new initiative is the radio (podcast) library which I am creating.

All North Vancouver Real Estate “Updates”, reports and information articles, checklists etc. will be archived on my website and available for download or desktop listening 24/7. You can access the information you seek when the spirit moves and not when someone pushes yet another flyer into your mailbox. I am most excited about these developments. Input as to the topics for “programming” you feel would be of interest is strongly sought. Please e-mail This email address is being protected from spam bots, you need JavaScript enabled to view it or call me 604 988-7368

Click on the “Launch Podcast Player” Icon in the top right of this website to listen now

North Vancouver Real Estate

Podcasts

Selecting Your Real Estate Agent

Selecting Your Real Estate Agent

Selecting Your Real Estate Agent. The Agent brings the market to you. The market decides the price.

The right Agent is the one who knows the market and can get you the best price possible – not the one who promises you the highest price just to get you to list with them!
Many of the same questions, hesitations and strategies connected with seeking out professional assistance in any field – whether you’re looking for a doctor, dentist, lawyer or accountant – come into play when you’re selecting a real estate agent.

Some people find an agent through a family member or friend. This is often a reliable approach. However, you might not always find the most compatible assistance this way. In a transaction as important and intensive as buying and selling a home, that can be critical.

A referral from a family member or friend doesn’t guarantee a perfect match. Just think of something as simple as a movie or restaurant recommendation. Your close friends rave about a new Chinese food place downtown – so you check it out. Could this possibly be the same restaurant they were describing? Mediocre service. No chopsticks. Bland flavors. It’s the same restaurant. Same cook. Same waiters. Just different perceptions.

Regardless of how you get an agent’s name, it might be worth interviewing at least a couple before you make a final decision – or at least arming yourself with some criteria to go over with any agent who has been recommended to you.

A few things to look for:

If you’re looking for an agent to list your home, be wary of anyone who suggests they can get an unreasonably high sales price. An agent might use a high listing price to secure a contract, only to seek a lower price later, after little traffic is generated at the initial price level.

Meanwhile, you’ve lost what can be the most critical time period in selling a home – the first weeks immediately after it’s listed.

Check on experience and productivity. As with most professions, experience pays in real estate.Experienced agents know the market and the marketing process. They’ll have the best chance of quickly and smoothly helping you to buy or sell your home.

The number of transactions an agent is handling monthly or yearly is going to give you an indication of how committed the agent is to the profession. Is the agent a part-timer who’s just dabbling in real estate sales – or is the agent a full-time professional whose livelihood depends entirely on an ability to successfully and repeatedly close real estate transactions?

Does the agent know the market ?

Is the agent part of a national network? This can be especially important if you’re selling in one city in preparation of moving to another. Your selling agent can refer you to a professional,compatible agent in your destination city – and keep in close contact with that agent so both your selling and buying efforts are closely coordinated. It is no secret that Re/Max sells more North Shore property than any other realty company; many of those buyers coming directly from Re/Max agents in other geographic locations.

And a final point: Does the agent seem primarily interested in sharing expertise and market knowledge in an honest and straightforward manner? Or does the agent seem more interested in telling you what you want to hear ? Or worse still are they getting you to sign up with them just to pass you off to an assistant who will deal with the “trivia” of actually selling your home ? The worst time to secure the services of a “yes-man” or an agent who seems to have too many irons in the fire is when you’re entering a transaction involving something as important as your home. You need straightforward, reliable information – even if it’s not necessarily flattering – regarding the home you’re selling – or very encouraging regarding a home you think you might want to buy.

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