2014 – The Return Of Our Stability

Those regular readers of the “update” know that I spend 2/3rd of  these “gentle rants” talking about cycles – for that I do not apologize (hopefully not confused with ‘spin-cycles’). It is in our ability to judge the likely point we are at, at any particular time, that the most valuable knowledge to assist with decision making exists.

To buy, to sell, not to buy, not to sell – to wait, perchance to dream….. (sorry, wrong soliloquy…. likely wrong play too!!)

In the ‘peak’ or ‘valley’ jargon, most analysts would likely agree that we are slowly (but surely) bidding farewell to the low point of the trough. Personally I see that as having been on the 17th of July this year at 7:42pm just as I was pouring the guests their second glass of chardonnay  (or was that the Merlot?….I forget).    I refused to apologize in the second sentence …..this time, maybe I should….!)

Yes, hindsight is definitely more easily digested than prediction!  Alright, by way by way of apology, or should that be “to atone” for my facetiousness, I will now beat myself with a spherical crystal object.

What will we be discussing (market wise) over our July 17th 2014 dinner with friends? In a nutshell – 3 to 5% higher selling prices and one half of 1% increase in 5yr mortgage rates with the likelihood of more increasing rate action as 2014 exits. A sidebar will be the surprise expressed by those of us sitting at this future table, as to how quickly the mid-2013 inventory of apartments seems to have been reducing (not gone, but not nearly as intimidating!) Oh yes, and Tortorella has coached a Stanley Cup win! OK forget that last one, not my area of expertise (more like wishful thinking).

‘SnapStats’ (what price ranges are selling and which are not) is being very well received. I’m now forwarding the past 12 month trend for not only N and W/Van but ALL available metro neighbourhoods, as many requested. If any locations are not of interest, please ignore those areas.

So, 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 N/S R/Estate analysis and jump-off point for FULL market information.

Join those wishing to get the e-mail version of the “update” and SnapStats  – send a request to alanskinner@shaw.ca; phone (604) 988-7368 or visit www.OnTopOfTheMarket.ca and you’ll be added.

October Podcast 2013

North Shore Real Estate Radio

On an ongoing basis I pledge both my continued personalized service and a commitment to my reduced  business ecological “footprint”. A significant part is the radio (podcast) library which I’m continually 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 and 1-800-665-1455.

Click on the “Podcast” Icon in the top right of this article to listen now.

North Vancouver Real Estate

October Numbers 2013

February 2012 Numbers

Again to our ‘Year to Date’ figures for 2013. We now have 75% of the full results comparing 2013 with 2012. North Van detached homes sold are up 13% from last year, attached (t/hses) up from last year by 16% and apartments down by 9% from 2012. Detached average prices down 2% and inventory now down by 16% from 2012.  Average prices down 3% (t/hses) and up 2% for (apts). Inventory (t/hses) 133 vs. 164 (down 18%) from Sept 30th 2012 and (apt) down 4% from the same date.

In West Van, detached number of sales YTD for 2013 is now up by 12% from Sept 30th 2012. Average price of what has sold is down by 2% and inventory now down by 1% from Sept 30th 2012. On the condo side – attached (t/hses) sold 2013 are now up by 15% from 2012 at 67 vs. 58 units with virtually no change in average price. Active listings are down year over year from Sept 30th 2012 by 15% (53 vs. 63).  Apartments reflect 121 sold in 2013 vs. 131 (down 7%) from Sept 30th 2012; with average price up 5% from Sept 30th 2012 and active listings up 14% from Sept 30th 2012.

As mentioned last month, overall the Vancouver aggregate figures appear more positive than West Vancouver, with North Vancouver keeping closer to Vancouver. W/Van’s performance is not surprising coming off 2012’s stellar year. I continue using average YTD prices which are more meaningful as we have now passed the 3/4 way mark.

Something That Absolutely Needs To Be Correct

Pricing your home correctly is critical to a successful sale as it will help you sell for the highest price, in the shortest time.

Figuring out the best listing price involves comparing similar homes that have recently sold while taking past, present and future local market trends into account.

It is normal to have your own personal opinion of what your home’s worth, but it’s important to be realistic and unbiased.  In the end, the market will determine your home’s true value.

There’s always a flurry of activity when a new property is listed on the market but if the price is too high, it will quickly become stale and there won’t be any incentive for buyers to make a swift, strong offer.  Worse yet, buyers may well start to wonder what’s wrong with it.

Overpricing your property will also help your competition as buyers will see other homes in your area as much better deals since they’re less expensive.  If your home is priced at fair market value, those same buyers will consider your home more seriously.

Having your property sit on the market is also inconvenient as you’ll constantly have to keep it in a show-ready state.  Furthermore, carrying costs such as mortgage interest, insurance, taxes and utilities will quickly add up if you allowed yourself to get stuck owning two homes at once.

Pricing a home is part art and part science.  Market factors such as the economy, time of year and interest rates can all make a huge difference.  Your home only gets one chance to make a great first impression so it’s critical to enlist the services of a professional to help you get things done properly from start to finish. An experienced Realtor has seen property marketing done the right way and many homes marketed in the wrong way. It is that experience that is of most value to you.