Yes We Are Seeing A Build Up Of Inventory

Yes We Are Seeing A Build Up Of Inventory

The above is a statistical fact despite a significant year over year rise in the number of units sold so far this year vs. those sold in the same period last year.

Talk of an impending “buyers’ market” in various geographical locations is prevalent and, yes, the “bubble” word is being used in national and some regional press discussion. Remember that real estate “performance” is regionally determined and all markets do not move in lock step. Just as we must resist aggregation on a city wide basis, it is more important to avoid doing so on a province wide and country wide basis if we are to come to grips with “what is happening here ?” and “how do we personally deal with it?” Dealing with it depends on the potential buyer or seller wanting or needing to deal with it now.

By this I mean buying or selling a home. I stress the word home as the greater proportion of participants in North Shore real estate are those owning or contemplating acquiring their own dwelling. I coined the word “re-homing” some years ago and feel it defines the majority of buyers and sellers (and actually includes 1st time buyers if you think about it). As folks’ housing needs change (new relationships/ offspring/ empty nesting/ retirement etc) the type of accommodation needed often changes. That is the driver of “re-homing”. What delays that process may well be economic factors (employment issues/ interest rate levels/ affordability etc).

These delayers may lead to the oft quoted “pent up demand” but, because it is ‘pent up’ it does not mean it is destroyed. It actually becomes the driving force behind the next growth cycle. We must not, however, believe “growth cycle” to be synonymous with rocketing home values. “Growth” in number of transactions (re-homing occurrences) is a product of confidence from the demand side of the equation and may be coupled with realism in expectations by those wishing to sell their current homes.

It seems that we have been trained to think of cycles only in terms of average price. A healthier approach would be to think in terms of activity and not price. Alas we are constrained by the inevitable questions – “am I paying more than I should?”  – and “am I receiving less than I could get?” How do we break free of this mind control or is it simply an inevitability of our monetarily controlled lives?       Philosophical or what!!

Overall North Shore demand continues to be fair with inventory, on average climbing from this time in 2009.

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

Alan Skinner
OnTopOfTheMarket.ca
Re/Max Crest Realty
Vancouver – NorthShore
http://www.AlanSkinner.com
Local Phone: 604-988-7368
TollFree: 1-800-665-1455
Fax: 604-985-3612

May 2010 Numbers

May 09 Numbers

Now the April 2010 YTD figures for our North Shore. North Van detached homes sold are up by 41% from the same period of the previous year, attached (t/hses) up by 58% and apartments up by 41% from ’09
Detached average prices up 18% and inventory Apr 30th, up by 23%. Average prices up 19% (t/hse) and up 20% (apts). Inventory (t/hse) 19% lower than ’09 and (apt) up 22% from ’09. N/Van inventory other than attached (down 32 units) is higher than 2009. Demand still appears strong and, as we see a significant number of new listings coming on the market, this should soften sale prices.

In West Van, detached number of sales is up by 74% from ’09.  Average price up by 19% and inventory Apr 30th down 1% from ’09. On the condo side – attached (t/hses) sold are up from 2009 to 26 vs 4 units; average price up 94%. Active listings are up from Apr 30th (59 vs. 43).  Apartments reflect 55 sold vs. 36 during ’09 – a 55% increase; with average price 32% higher than ’09 and active listings up 4% from Apr 30th 09.

Overall North Shore demand continues to be fair with inventory, on average climbing from this time in 2009.

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

Alan Skinner
OnTopOfTheMarket.ca
Re/Max Crest Realty
Vancouver – NorthShore
http://www.AlanSkinner.com
Local Phone: 604-988-7368
TollFree: 1-800-665-1455
Fax: 604-985-3612

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

8 Costly Mistakes When Selling Your Home

8 Costy Mistakes When Selling Your Home

8 Costly Mistakes when selling your home.
Basing asking price on needs or emotion rather than market value. Often sellers base their pricing on how much they paid for or invested in their home. This can be an expensive mistake. Ifyour home is not priced competitively, buyers will reject it in favour of other larger or better homes for the same price. At the same time, the buyers who should be looking at your house will not see it because it is priced over their heads. The result is increased market time, and even when the price is eventually lowered, the buyers are wary because “nobody wants to buy a house that nobody else wants”. The result is low offers and an unwillingness to negotiate. Every seller wants to realize as much money as possible from the sale, but a listing priced too high often eventually sells for less than it might have.Failing to “Showcase” the home. A property that is not clean or well maintained is a red flag for the buyer. It is an indication that there may be hidden defects that will result in increased cost of ownership. Sellers who fail to make necessary repairs, who don’t spruce up the house inside and out, and fail to keep it clean and neat, chase away buyers as fast as Realtors can bring them. 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 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 agent who tells them the highest price. You need to choose an experienced agent with the best marketing plan to sell your home. In the real estate business, an agent with many successfully closed transactions usually costs the same as someone who is inexperienced. 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 decision. Buyers like to “try on” a house and see if it is comfortable for them. It is difficult for them to do this if you follow them around pointing out every improvement that you made. Good Realtors let the buyers discover the home on their own, pointing out only features they are sure are important to them. Many sales are lost by overselling. If buyers think they are paying for features that are not particularly important to them personally, they will reject the home in favour of a less expensive home without the features.

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 not to 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 than not the 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. The home 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.

Not knowingyour rights and obligations.The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have an experienced Realtor who knows the “ins and outs” fully explain the contract you are about to sign, or retain a lawyer to review it before acceptance.

Failure to effectively market the property.Good marketing opens the door that exposes the property 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 two most obvious marketing tools (open houses and print advertising) are only moderately effective. Just 1% of homes are sold at open houses, and advertising studies show that only 3% of people purchased their home because they called on a print ad! Agents use these tools to attract future prospects, not to sell the house. The right Realtor will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home.

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