MODEST INCREASE IN APRIL HOME SALES IN THE FRASER VALLEY TAKES LEAD FROM COOLER SPRING WEATHER
May 2, 2024
SURREY, BC — Supply of available homes in the Fraser Valley market continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market in April.
The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service® (MLS®) in April, up 5 per cent from March, but off by 5 per cent compared to April 2023.
While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020. Active listings were 7,313, up by 18 per cent over last month and 17 per cent above the 10-year average.
“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”
New listings helped bolster overall inventory, increasing 33 per cent in April, to 3,976. With a sales-to-active listings ratio of 20 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“There is a lot of caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate — however we encourage anyone looking to get into the market to talk to their REALTOR® and their financial professional about what rates are available today.”
The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23 days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down from 20 days on the market in March.
Overall Benchmark prices edged up again in April, by 0.5 per cent from March and up 1.5 per cent over April 2023.
MLS® HPI Benchmark Price Activity
Single Family Detached:
At $1,532,700, the Benchmark price for an FVREB single-family detached home increased 1.0 per cent compared to March 2024 and increased 5.3 per cent compared to April 2023
Townhomes:
At $854,700, the Benchmark price for an FVREB townhome increased 0.9 per cent compared to March 2024 and increased 4.9 per cent compared to April 2023.
Apartments:
At $561,900, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to March 2024 and increased 5.7 per cent compared to April 2023.
Spruce Up the Bathrooms Before You Sell: Affordable DIY Tips
When potential buyers tour a home, bathrooms can have a big impact on them. An outdated or neglected bathroom can quickly sour their impression of your property overall. The good news is, you can spruce it up without breaking the bank.
Here's how:
Modern Hardware: Switching out old cabinet knobs, drawer pulls, or faucets can instantly modernize the room. Sleek metallic finishes such as brushed nickel or matte black are current favourites and easy to install.
Grout and Caulking Touch-ups: Over time, grout can discolour and caulking can peel. Cleaning the grout and re-caulking areas around the tub and sink can make the bathroom look well-maintained and fresh.
Revive Lighting: Good lighting is paramount in a bathroom. Swap outdated fixtures for contemporary ones. If you're not up for rewiring, even just updating the bulbs to bright, energy-efficient options can create a warm, welcoming ambiance.
Shower Curtain and Mats: Replace old or worn-out shower curtains and bathmats. Opt for light-coloured or clear shower curtains to make the room feel more expansive. Fresh mats in neutral tones can tie the space together.
Accessorize Thoughtfully: Consider a new soap dish, toothbrush holder, or a stylish tray for toiletries. Fresh, white towels displayed neatly or a couple of decorative items like potted plants can elevate the look without overwhelming the space.
Mirrors: If your mirror is plain or showing signs of wear, consider framing it. A simple wooden frame, which you can stain or paint, adds character and finishes the look.
Small tweaks can lead to significant returns when selling your home. By investing a bit of time and creativity, your bathroom can be transformed into a space that potential buyers will notice.
I can help you make the right decisions. Call me today!
604-309-5453 or email: bonetti@telus.net
Check out our next ad in the Langley Advance Times & Cloverdale Reporter:
How to Select the Right Long-Distance Mover
You don’t want to have issues with the moving company you’ve chosen — especially when relocating to a distant area. That’s why taking the steps necessary to ensure you’re making the best decision is crucial.
Here’s just a sampling of what to look for:
Recommendations
Ask for recommendations from trusted friends, family, or real estate professionals. Once you've compiled a shortlist, delve into online reviews to get a broader sense of customer satisfaction.
Credentials
For moves in the U.S., interstate movers must possess a valid U.S. DOT (Department of Transportation) number. If you’re moving within Canada, look for affiliations with the Canadian Association of Movers (CAM). These credentials are a mark of quality and professionalism in the industry.
Attention to Detail
A hallmark of a reputable mover is their meticulous approach. They'll ask detailed questions about your household items and do an exhaustive walkthrough. If they don’t, that’s a red flag.
Fees and Insurance
Inquire about any additional fees. Some movers might add charges for moving larger items (i.e. a piano), accessing stairs, or overnight storage. On the insurance front, while basic coverage is standard, it’s likely minimal. If you're transporting valuable items, consider opting for enhanced protection.
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REAL ESTATE NEWS
Wednesday, April 10 2024
The Bank of Canada holds key interest rate at 5%, but acknowledges a June rate cut in 'realm of possibilities'
The annual rate of inflation dropped in February to finish at 2.8%, with the central bank signaling for inflation to cool to 2.2% by the end of 2024.
The consensus from the Bank of Canada is they are 'encouraged' by the progress to date, but policymakers want to be confident the recent easing in core inflation is not a 'temporary dip'.
"Inflation will continue to come down gradually even as economic activity strengthens", remarked Governor Tiff Macklem, Bank of Canada. " Our key indicators of inflation have all moved in the right direction".
With most economists still predicting a June/July interest rate cut, greater clarity from the Bank of Canada will be provided with fresh forecasts for inflation and economic growth, and hopefully, a timeline on when we may see the rates drop.
To read the full article:
For any questions you may have on the latest news and how it effects you, give us a call at 604-309-5453
Upsizing or Downsizing? Don't Overdo It!
Imagine you have a growing family, and you want to trade in the small sedan for something larger. So, you visit the dealership and come back with a bus.
Well, that would be upsizing a bit too much – unless you have a really huge family!
That’s the challenge of upsizing or downsizing. You need to be careful not to take it too far and end up with something that isn’t suitable. This often occurs in the real estate world.
For example, homeowners might decide to sell their home and find a smaller one. But, if they go too far, they end up with a property so small they feel claustrophobic. How do you avoid a similar scenario happening to you?
If you’re thinking of upsizing or downsizing, the best place to start is in your own home. Think about how you use the space. Do you and your family spend a lot of time in certain areas? Are there rooms and other spaces that are rarely used? Or, conversely, do you wish you had more room — such as an extra bedroom, wider driveway, separate living and family rooms, etc.?
Do a thoughtful analysis of how you’re using your current property in order to reveal clues about what you’ll want in your next home. If you’re upsizing, you might find that all you need is an extra bedroom. If you’re downsizing, you might realize that one family room, rather than separate living and family rooms, would work better for you.
So, whether you’re upsizing or downsizing, carefully decide what type of new home you need. Be as specific as possible. Consider criteria such as the number of bedrooms, entertaining space, bathrooms, driveway size, etc., that you need. Doing that will help ensure your upsizing or downsizing move will be successful.
I can help you make an informed decision.
Call today. 604-309-5453
Get to Know...
Joanne Bonetti
Joanne's formal education and training allows her to excel at every step of the real estate selling or buying process.
Joanne has always lived in the Langley area and is very knowledgeable of the Fraser Valley market.
Choosing a Real Estate Career over 15 years ago, she has seen the many changes this industry has had. Following the trends and staying informed is crucial to this business.
Outside of her career in real estate, Joanne enjoys an active lifestyle with crossfit, neighbourhood walks and spending time with family and friends.
Known by clients and colleagues for her honesty, dedication and reliability, Joanne also has a reputation for timely and focused responses to each of her client’s needs and concerns. She is a skilled negotiator and goes the extra mile for her clients. Always included is quality after-care from start to finish.
A Full-time Realtor who is committed to providing expertise tailored to your needs and learning what is important to you to reach your real estate goals, Joanne is a clear choice for anyone thinking of buying or selling their home.
A big Thank you to all her clients, friends, and family for their continued support.
Proud Supporter of the BC Cancer Foundation
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