Keeping Realtors Honest

Every so often in any practitioner’s life there arises the need (opportunity) for the professional to experience just what the client is or will soon be going through. Whether that individual be a Dentist, Chef, Proctologist or Realtor.

This relearning experience came to visit our household recently, although the timeline was somewhat protracted. Last March (2013 that is) we purchased a 2 bedroom plus den apartment, the sale of which was to close (money changing hands) in early April 2014. This was the easier, although financially most onerous part of what I’ve referred to in the past for my clients as the rehoming experience. We put down a $100,000 deposit upon removal of subjects (March 2013). After taking possession April 2, 2014, when the tenants vacated, we started the process of, what meant was to be, the 3 to 4 month renovation of the 25 year old apartment. I shall call that Stress Project a). I’m not going to dwell on the reno as most folk have experienced that either first hand or second hand and it is not technically part of the selling and buying process or in our case, the buying and selling process. Suffice it to say that our scheduled move in, booked after the “ready” assurances, has now been postponed by a further ten days (we are currently in that timeframe).

A quick rewind to the disposition of the home we are still occupying at the time of writing, the so called Stress Project (b). This was placed on the market early to mid April at what was felt to be a realistic asking price, but which proved with hindsight to be “above market”. Being a licensed Realtor, I did not list our own property for sale, owing to the Errors and Omissions Insurance rules of the Real Estate Council of B.C. It should be said that the colleague who did list our property is in no way held responsible for any delay in its selling – market forces and timing coupled with a modicum of owner optimism carry that blame. After competing offers, the successful one was accepted some 48 days after the marketing began.

The advice I continue to dispense, as a Realtor, is to sell first and buy thereafter. Some circumstances preclude that approach and it is then that one has to ask oneself (and partner) “just how much stress and risk can we tolerate?”  I guess one tends to rely on the adage “all is worth it in the end”….or not ;).  I’ve always believed that I do empathize with my clients but certainly feel that the same dose of medicine goes a long way toward enhancing that empathy. Our journey will shortly be over.

August 2014 Podcast

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.

August 2014 Numbers

And now to our July figures for 2014 in comparison to 2013. North Van detached homes sold are up 17% from last year, attached (t/hses) up from last year by 17% and apartments up 20%. The detached average price is up 9% and inventory is down by 22% from 2013. Average prices up 3%(t/hses) and virtually unchanged for (apts). Inventory (t/hses) 121 vs.147, down from July 31st 2013 and (apt) up10% from last year for the same date.

In West Van, detached number of sales YTD for 2014 is up by 18% from July 31st 2013. Average price of what has sold is up 9% from last year and inventory now down 8% from July 31st 2013. On the condo side – attached (t/hses) sold 2014 are down from 2013 at 46 vs. 51 units with a 1% decrease in average price. Active listings are down year over year from July 31st 2013 by 6% (46 vs. 49). Apartments reflect 105 sold in 2014 vs. 95 in 2013 with average price down 3% from July 31st 2013 and active listings down 2% from July 31st 2013.Both jurisdictions continue evidencing healthy demand. Inventory is generally down.

Home Buyers Continue To Slightly Outpace Sellers, But Not By Much

— Last month I posted the Metro Vancouver Report produced by the REBGV and received some positive feedback. Do remember that this is for Greater Vancouver and some conclusions may be at variance with the NorthShore Update data.  I’ll post these occasionally especially when the NS differs from the Greater Van position   – Enjoy. Alan

The Greater Vancouver housing market continues to see slightly elevated demand from home buyers, steady levels of supply from home sellers and incremental gains in home values depending on the area and property type.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This represents a 3.9 per cent increase compared to the 2,946 sales recorded in July 2013, and a 10.1 per cent decline compared to the 3,406 sales in June 2014.

“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.”

Last month’s sales were 3.8 per cent above the 10-year sales average for July of 2,948.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $628,600. This represents a 4.4 per cent increase compared to July 2013.

“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” McLeod said.

The sales-to-active-listings ratio currently sits at 19.6 per cent in Metro Vancouver. This ratio has ranged between 18 and 20 per cent over the last four months.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925 in July. This represents a 1.5 per cent increase compared to the 4,854 new listings in July 2013 and a 7.8 per cent decline from the 5,339 new listings in June.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,617, a six per cent decline compared to July 2013 and a 2.5 per cent decrease compared to June 2014.

Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 per cent from the 1,249 detached sales recorded in July 2013, and a 68 per cent increase from the 787 units sold in July 2012. The benchmark price for detached properties increased 6.5 per cent from July 2013 to $980,500.

Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2 per cent compared to the 1,210 sales in July 2013, and a 30.7 per cent increase compared to the 927 sales in July 2012. The benchmark price of an apartment property increased 2.2 per cent from July 2013 to $376,500.

Attached property sales in July 2014 totalled 527, an 8.2 per cent increase compared to the 487 sales in July 2013, and a 37.2 per cent increase over the 384 attached properties sold in July 2012. The benchmark price of an attached unit increased 3.4 per cent between July 2013 and 2014 to $472,400.