It was another sound year for our market here in Vancouver. On Vancouver’s Westside, (the priciest of markets in the metro area) home prices for single family homes continued a steady climb higher. Inventory remained stable with a slight bias to the downside.

The market here on Vancouver’s Westside for homes continues to be driven by immigration into the city. We saw a steady stream of buyers for all types of homes this past year compared to 2012 when new construction remained soft while all the action was centered around Lot Value homes.

This past year saw strong activity in the high end of the market too. There were 43 homes sold over $7 million in 2014 compared to just 10 homes sold back in 2010.

Demand for Lot Value properties of all shapes and sizes was strong with many home sales attracting multiple offers and selling prices substantially over the Listing Price.

The Condo and Townhome market also saw a strong market with average sale prices remaining stable with a slight bias to the upside. Inventory levels of re sale properties remained stable with a slight bias to the down side. We saw many condo and townhome properties sell quickly with multiple offers.

For home owners looking to sell, 2015 should pick up where 2014 left off. The Lunar New Year is typically a very busy time for home sale activity in Vancouver and this year probably will be no different. Home owners that list their homes early may be at an advantage facing less competition verses waiting for Spring when many more homes enter the market. Many of our clients have had tremendous success selling before the flowers bloom taking advantage of the late Winter Market.

If you are planning to sell your home this year, here are a few tips now to ensure a smooth selling process:

1. Interview realtors who only work in your neighborhood. Listing with an “out of area” realtor is not recommended.
2. Spring Cleaning is essential. De-clutter, have the garden pruned and ready for Spring. Fix any minor repairs needed.
3. If you own an older home (Pre 1960) check for a buried underground Oil Tank.
4. Have your Furnace / Boiler serviced if it has not been done in 2 years. 
5. Have your Windows Cleaned.

These are just a few Things to Do to get you started. For a complete list of suggestions call us anytime or visit our website and download our Pamphlet, “29 Essential Tips That Get Homes Sold Fast for Top Dollar”.

Wishing you a healthy and Prosperous 2015,

Andrew & Jill Hasman

Another very satisfied client!! This past weekend we SOLD this lovely Point Grey property. Our marketing strategy was to attract as many potential buyers in the 1st week of the home being listed. This 50 x 122 ft lot sold with 11 offers! The buyers bid up the price to $ 2.95 million which sets a new high benchmark for properties of this kind in the upper Pt Grey Area! We are just thrilled for our clients.

P.S. There are no plans for development.

I always say, “The best time to sell is when it's right for you." There is never an ideal time to sell when you consider our busy lives. Selling your home gets in the way of routine which just makes the whole process darn inconvenient. That being said, if you want to sell, ideally you want to make sure the process from start to finish is one that does not consume your lives for an extended period of time. Most homeowners are relieved when their home sells in less than a month. Anything longer and it begins to wear on sellers' patience.

If you have a home to sell in 2015 you should be thinking of selling anytime from late January onward. Late January would not normally be a time that you would consider simply because gardens are still asleep due to the winter. In Vancouver, over the past several years, the late winter market has proven to be an opportune time to sell. Why, you ask. It is the Lunar New Year, a time when many overseas buyers travel to Vancouver for the purpose of buying real estate. This is a very busy time many smart homeowners have taken advantage of with tremendous success when it comes to selling their homes. This year the Chinese (Lunar) New Year is on February 19th. Typically we see a pickup in home sales 2 weeks before the New Year which lasts for at least a month after. If I was a homeowner on Vancouver’s West Side, I would seriously be looking to be on the market by no later than mid-February to take advantage of the traditionally busy time.

Andrew & Jill Hasman

(Photo: flickr.com/stewart)

The Real Estate Board of Vancouver (REBGV) just released their report for November 2014. For a month that is traditionally more quiet out of the year, home buyers in Metro Vancouver remained active!

Take residential property sales in Metro Vancouver, for example. They reached 2,516 on the Multiple Listing Service® (MLS®) last month. Even though that’s a 17.7% decline from the 3,057 sales in October 2014, it’s still an 8.4% increase compared to November 2013 at 2,321 sales.

The overall good news is that last month’s sales were 6.9% above the 10 year sales average for the month of November!

Read the full article here

Detached Homes:

-Sales in November 2014 were down 16% from last year, but the average sale price is up 16% to $ 2.963 million. House inventory is down by 9% from 730 units to 664 units.
-Month’s supply is 5.6 this year vs 5.2 months a year ago. This indicates in average terms a ‘balanced market’.

Condos and Townhomes:

-Sales were down 20%  for townhomes and up 13% for condos during November 2014 vs a year ago. The average selling prices were 18% higher for townhomes to $ 1,002,000 and 6% higher for condos to $ 647,700. Inventory was unchanged for townhomes and down 8% for condos at the end of November compared to a year ago.
-Month’s supply for townhomes was up to 5 months from 4 months and for condos down to 4.3 months from 5.3 months a year ago. These figures indicate a fairly balanced market with slight upward price pressure.

It’s important to note that the above statistics are for the West Side as a whole. Markets really do vary by specific neighborhoods and by the type of property. If you have any questions about the market in your neighborhood then it’s wise to speak with a realtor who has presence in your area. Call us today at 604-657-7936 and we will be happy to provide you with some helpful market information specific to your neighborhood.

Do you own a home that was built prior to 1965? If you do then your property may contain a buried (out of use) Oil Tank. Under the City of Vancouver By Laws, these buried tanks pose an environmental hazard and must be removed.

If you are planning to sell your home and you think there is a possibility of a buried tank, the plan of action should be as follows: 

1. Call an Oil Tank Removal company and have them inspect your property for a tank. There are several in the lower mainland that will come out on a day or twos notice. If you have no tank have the Oil Tank Company provide you with a letter confirming such. The cost for this is minimal. If a tank is located then you’ll need to gain a couple of estimates.
2. The tank removal can take place prior to listing your home for sale or after. The key thing to consider is that any tank removal must take place no less than 1 month prior to the closing of a sale. This is due to the time it will take for the oil tank company to deal with an Environmental Report if required. Also, banks funding a mortgage for a prospective buyer on your property will not fund a mortgage without all documentation being provided regarding the oil tank removal and the environment report.
3. I have come across many home owners who have told me they know nothing about an oil tank on their property only to find one after a site scan is conducted. In order to assist the selling process its best to have the site scan done so that a letter can be provided to a prospective buyer’s before they make an offer. This scan should be done prior to the home being listed for sale.

If you have any questions and or need a list of recommended Oil Tank specialists we are pleased to provide.

Happy Selling!

Photo: currenenvironmental.com