Price your home right

Are you planning on making a move this summer? If you're selling your home, the perception might be that you can stick a For Sale sign in your yard, and buyers will be flocking by the hundreds, and you’ll be rolling in offers. We are in the midst of a great market for sellers, but you still need a strategy, especially for pricing.


Don't Price Low

Pricing your home too low may raise red flags with buyers. They might question the quality of your house. Buyers will like the lowest price. However, you'll lose money compared to what you could get when your home is priced right in this market.


Don't Price High

If you price your home too high in this market, your home will sit longer. You might have to lower the price, and potential buyers will ask questions.


Find the Sweet Spot

Pricing your home at market value is the sweet spot in this market. You'll create more buyer interest and potential bidding wars. You might be surprised at how much you get for your home and how fast it sells. I can help you determine your home's market value, and we'll price it right.

 

If you're planning on selling this summer, you're in the right market. However, when it comes to pricing your home, make sure you think about finding the sweet spot. Give me a call, and I'll help determine the price of your home so that you come out on top. Reply to this email or give me a call to schedule a free market evaluation.


Always available and never too busy to chat about Real Estate. 

Sheldon Coxford: 778-835-5621 or sheldoncoxford@gmail.com


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Freehold, Strata titled, Leasehold and more.

In BC there are 5 common types of property ownership; Freehold, Strata, Co-Operative, Leasehold and Bareland Strata. There are advantages and disadvantages to each of the types of property ownership.  It’s important to know the differences  between the different types of property ownership when you’re shopping for a new home.

Freehold

Freehold, also known as fee simple, is the term typically referred to as ownership of a home. In this case, the owner is in full control over the land and buildings on it, subject to any rights of the Crown, local land-use bylaws and other restrictions.

Strata Titled

With strata title, an owner retains exclusive use and ownership of a specific housing unit and shared use of common areas like elevators, hallways, entertainment rooms and garages. This is used for apartments, townhouses and possibly duplexes.

Bare Land Strata

A bare land strata plan pertains to the land only and does not include the structures on the lot. In this instance, the strata corporation has no interest in the buildings on the land, so each individual owner is responsible for all maintenance, repair and insurance for his/her individual lot. However, there are often common properties and shared amenities that are maintained by monthly maintenance fees, such as clubhouses, street lamps, private roads and on-site services such as power, water and sewer.

Leasehold

This is when an owner purchases the rights to use a residential property for a long but limited period of time. Leaseholds are typically set for a period of 99 years, but only the remaining term is available for purchase. At the end of the leasehold, the property can be returned to the original owner, which is usually the municipality or the First Nations. The shorter the remaining time left, the less a buyer will be willing to pay.

Cooperative or Co-op

This is where each owner owns a share in the cooperative association and each shareholder is assigned a particular unit for living Housing co-ops typically have rules that must be followed and the owners work together to manage the co-op.


For more questions about types of ownership or other Real Estate topics let's chat. Available by phone at 778-835-5621 or email sheldoncoxford@gmail.com

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Listings inch up, demand remains steady and price gains continue in Metro Vancouver’s housing market

VANCOUVER, BC – March 2, 2022 – The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in February 2021, and a 49.8 per cent increase from the 2,285 homes sold in January 2022.

Last month’s sales were 26.9 per cent above the 10-year February sales average.

“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” Taylor Biggar, REBGV Chair said.

There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2021 and a 31.2 per cent increase compared to January 2022 when 4,170 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 per cent decrease compared to February 2021 (8,358) and a 19.1 per cent increase compared to January 2022 (5,663).

“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said.

Don't hesitate to reach out anytime if you have any questions about all things real estate
Sheldon - 778-835-5621
or sheldoncoxford@gmail.com

LINK TO FULL REPORT FROM THE REAL ESTATE BOARD OF GREATER VANCOUVER

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Full update from the City of Vancouver.  vancouverplan.ca


Hello, 

During our phase 3 engagement last fall, we asked you where and how we should locate and prioritize growth to create a more livable, affordable and sustainable city. We had more than 6,500 points of contact with community members, local groups and organizations, and other stakeholders. Thank you to all who participated!

We reviewed all of your feedback and identified your highest priorities. Adding more housing choice in neighbourhoods across the city was identified as the top priority, with over 75% of respondents supporting more equitable housing choices in all neighbourhoods.

The other top-ranked priorities were: 

  • Protecting ecosystems and biodiversity

  • Reducing Vancouvers carbon footprint

  • Protecting small, locally owned businesses

  • Creating people-friendly streets that prioritize walking, rolling, and cycling.


See what else you had to say by reading the full Phase 3 Engagement Report.


Participants also indicated a high level of support for all three Big Ideas of the Vancouver Plan that emerged through the first two phases of engagement:

  • More equitable housing and complete neighbourhoods

  • An economy that works for all

  • Climate protection and restored ecosystems

Learn more at vancouverplan.ca/phase3.


Key Findings

  • 78% of people surveyed either strongly or somewhat agreed that Vancouver should have a range of housing options in all neighbourhoods, particularly in those with low density now.

  • Over 80% supported low-rise apartments up to six stories, multiplexes and townhouses in areas that are mostly single detached homes; 48% said mid-rise up to 12 stories are acceptable.

  • 77% supported rental housing options on smaller, local roads within neighbourhoods.

  • 68% agreed all neighbourhoods should have housing options through increased heights and density for those who make less than $80,000 a year.

  • A majority of respondents indicated a preference for density to be spread out with more 6-12 storey buildings distributed throughout rapid transit areas, versus concentrations of over 12 storeys closer to stations. 

  • For shopping areas, a majority preferred density located in lower rise buildings (3-6 storeys) in the surrounding neighbourhood as opposed to higher (6-12 storey) buildings located immediately in and around the shopping area.


What's next?

After carefully considering the community input from all phases of engagement and carrying out critical technical work, we will finalize the draft Vancouver Plan in April 2022. The draft plan will include a land use strategy for how Vancouver will grow into the future.

We will present the draft Plan to you to hear your thoughts. Everyone who lives, works or plays in Vancouver will be invited to participate.

After collecting feedback on the draft Vancouver Plan, we will summarize the input and present the final Vancouver Plan to City Council for approval in June 2022.

When complete, the Vancouver Plan will be a strategic land use plan with supporting policies that will guide growth and change for the city to 2050 and beyond. It also aims to enhance the qualities that make Vancouver special while responding to the challenges facing the city and its residents.

 

Project information & latest updates: vancouverplan.ca

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Summer sees home listing supply decline across Metro Vancouver

While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.


Last month’s sales were 20.4 per cent above the 10-year August sales average.


“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist. 


There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease compared to July 2021 (9,850).


“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.” 


For all property types, the sales-to-active listings ratio for August 2021 is 35 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 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.


“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.


Sales of detached homes in August 2021 reached 945, a 13.7 per cent decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.


Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.


Attached home sales in August 2021 totalled 576, a 7.1 per cent decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.


Don't hesitate to reach out anytime if you have any questions about all things real estate
Sheldon - 778-835-5621
or sheldoncoxford@gmail.com

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Elevated home sale activity continues to outstrip the supply of homes for sale in Metro Vancouver

Home sale activity remains elevated across Metro Vancouver’s housing market while the pace of homes being listed for sale continues to follow long-term averages.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021. 


Last month’s sales were 20.8 per cent above the 10-year September sales average. 


There were 5,171 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2021. This represents a 19.2 per cent decrease compared to the 6,402 homes listed in September 2020 and a 28.2 per cent increase compared to August 2021 when 4,032 homes were listed. 


September’s new listings were 1.2 per cent below the 10-year average for the month. 


“The summer trend of above-average home sales and historically typical new listings activity continued in Metro Vancouver last month. Although this is keeping the overall supply of homes for sale low, we’re not seeing the same upward intensity on home prices today as we did in the spring,” Keith Stewart, REBGV economist said. “Home price trends will, however, vary depending on property type and neighborhood, so it’s important to take a hyperlocal look at your location and property category of choice before making a home buying or selling decision.” 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,236. This is a 29.5 per cent decrease compared to September 2020 (13,096), a 2.6 per cent increase compared to August 2021 (9,005) and is 27.7 per cent below the 10-year average for the month. 


For all property types, the sales-to-active listings ratio for September 2021 is 34.1 per cent. By property type, the ratio is 25.5 per cent for detached homes, 53.1 per cent for townhomes, and 36.7 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. 


“The total inventory of homes for sale remains insufficient to meet the demand in today’s market. This scarcity limits peoples’ purchasing options and ultimately adds upward pressure on home prices,” Stewart said. “With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.” 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,186,100. This represents a 13.8 per cent increase over September 2020 and a 0.8 per cent increase compared to August 2021. 


Sales of detached homes in September 2021 reached 950, a 27.9 per cent decrease from the 1,317 detached sales recorded in September 2020. The benchmark price for a detached home is $1,828,200. This represents a 20.4 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021. 


Sales of apartment homes reached 1,621 in September 2021, a 1.6 per cent increase compared to the 1,596 sales in September 2020. The benchmark price of an apartment home is $738,600. This represents an 8.4 per cent increase from September 2020 and a 0.5 per cent increase compared to August 2021. 


Attached home sales in September 2021 totalled 578, a 20.8 per cent decrease compared to the 730 sales in September 2020. The benchmark price of an attached home is $963,800. This represents a 17.5 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021.


Don't hesitate to reach out anytime if you have any questions about all things real estate
Sheldon - 778-835-5621
or sheldoncoxford@gmail.com

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