Welcome to another Let's Talk Real Estate Vlog.
Last week, I talked about what a sellers' market was, and this week, I'm discussing the meaning of a buyer's market.
A selller’s market is when we have less than 4 months’ supply of real estate available. This means there are more people looking for a home, than there are properties available. Multiple bids are often placed on a property, which drives overall property values up.
A buyer's market is the exact opposite of a selller's market, meaning there are far more properties for sale than there are interested buyers. A buyer's market occurs when there's about 9 months worth of properties on the market. This means buyers have an opportunity to shop around and look at many properties without competition. Houses may be on the market for many months without an offer, so sellers are eager to secure a sale. This means the buyer has room to negotiate with the seller, for a better deal on the property. Typically, Vancouver is a seller's market.
Have any further questions about buyer’s and seller’s markets, or about real estate? Give us a call. We're always happy to take your call. We’re here for all your real estate questions and buying or selling needs.
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Good morning everyone, welcome to our Let's Talk Real Estate vlog series! Like our videos? Please subscribe to our YouTube Channel -we have many videos on Vancouvers' real estate market, whether you're buying or selling, or just want to stay informed.
A Seller's Market is what happens when there is a slump in available properties. We define this as having less than 4 months 'supply' of properties for sale on the market. This is what is currently happening in Vancouver - in some submarkets, the supply is as low as 3 or 2 months.
For example, last week we listed a 1950s Dutch Colonial home. Within 5 days, the property received 19 bids, which drove the price up to 2.5M - more than $500,000 over the asking price. This is definitely a sign of a seller's market - you've got all these buyers chasing a property because there's very few available. We're seeing many bids on well-priced properties, driving prices higher. In the last 12 months, we've seen many properties sell for 10-15% above their asking price.
So that's what a sellers' market is. If you have any questions, reach out to us at any time. Please subscribe, we'd love to have you aboard. Stay tuned for our next video, where we'll discuss what a buyers' market is.
We are delighted to be featured in the recent issue of Top Agent Magazine, the premier Real Estate industry publication.
The article focused on our series of community business videos on our YouTube channel at the beginning of the Covid-19 pandemic.
Read an excerpt from the article below, or click through to the full article.
"Andrew and Jill work under the umbrella of RE/MAX. Both of them aim to create long-term relationships with their clients and have succeeded in building their business primarily on past clients and referrals. “We have a boutique business mentality, and we’re always thinking about how to best serve our clients. It’s not about how many homes we sell or how many clients we have. We want to provide an elite level of service, which is why we’re hands-on and involved in every step of the process.” Their long record of excellent results and client satisfaction stems from years of experience and confidence in their methods. “We have seen the ups and downs of the market, and we bring a lot of knowledge to the table. Most importantly, we never put pressure on our clients to make a decision.”
What propels Andrew and Jill to give every transaction their full dedication is their desire to help people. “There are many personal factors and circumstances for why people decide to buy or sell, and some of them are not always positive. That’s why we take every situation and put together a strategic game plan that solves the client’s real estate problem, while always remaining empathetic to their situation and ensuring their complete confidentiality.”
Having lived and raised their children in Vancouver, the couple knew they had to find a way to help their local community when the COVID-19 pandemic shut down countless businesses around them. “We decided to shine a light on how the pandemic impacted our area. We spoke to various business owners and posted a series of videos to our YouTube channel in order to raise awareness and funds to support them and get them through this difficult time.” "
This beautiful Dutch Colonial Style home in trendy Kerrisdale is a perfect opportunity for anyone interested in renovating an older home to its former glory!
Renovated in 2004, this grand old lady features approximately 4300sqft of living space, including 4 bedrooms. The entry boasts a grand stairway, cross hall living and dining spaces with large spacious rooms and high ceilings on the main floor, and a full basement.
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The January 2021 Market stats are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.
If you are interested in a report like this is for other areas, please contact me to request it and I'll send it to you.
In the first month of 2021, Metro Vancouver’s housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020.
Last month’s sales were 36.4 per cent above the 10-year January sales average.
“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.”
There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538).
For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020.
Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020.
Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020.
Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.