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.

To view the complete package:                   

Stats Package (fvreb.bc.ca)

              

Maximizing a Small Garden’s Charm for Buyers

If you have even a tiny backyard garden, you can count on some buyers taking an interest in it – especially those who love to garden! So, it pays to make it look as enchanting as possible. 

Here are tips for doing just that:  

Create a focal point.    Every garden needs a star. A small water feature, a striking plant, or an elegant statue can draw eyes and underscore your garden’s potential. 

Go vertical.  Height tricks the eye into seeing more space. Use trellises or wall-mounted planters to grow upwards. This not only saves ground space but also adds an intriguing visual layer that can make even the tiniest of gardens feel lush.

Pops of colour.  Bright flowers or striking foliage can make your garden memorable. However, don't overcrowd; choose a few vibrant plants to sprinkle through the garden, offering a spectrum of hues.


Furnish smartly.  A small bench or chair invites potential buyers to envision relaxing moments. But remember, proportion is paramount — avoid bulky items that can make the space feel cluttered.

Keep it tidy. Weeds and overgrown plants make a small garden look neglected. Create an impression of a well-cared-for backyard space. 

The goal is to ensure a small garden adds yet another desirable feature to your home.

I can help you make the right decisions. Call today!    

604-309-5453  or email:  bonetti@telus.net






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Window Woes: Transforming a Less-Than-Perfect View

Windows frame the world beyond. So, when you’re selling your home, what do you do if the view is less picturesque and more problematic? Fear not. There are clever ways to ensure potential buyers don’t fixate on a less-than-perfect view.  

Start with window treatments. They are your first line of defence. Sheer curtains allow natural light to come through while softly obscuring the view. For a bolder approach, choose statement curtains that draw the eye inward and become a focal point. 

Another option is to install a window box filled with vibrant flowers or lush greenery. Not only does this provide a living picture frame, but it also adds a dash of nature to the view. This makes the window itself more attractive, so the view becomes less of an issue.  

Proper interior lighting is another way to redirect attention. Wall sconces, pendant lights, or even a well-placed mirror can illuminate the room and draw focus away from the windows. 

A practical option for privacy and style is frosted glass or adhesive window films. They come in various patterns and can mimic everything from etched glass to a stained-glass masterpiece.

Hanging artwork or photographs around windows can also alter a viewer's gaze. Well-positioned pieces can make windows seem like part of a gallery wall, rather than portals to the outside. High shelves near the window staged with decorative items or books can reclaim the line of sight, making the actual view a background consideration. 

As you can see, there are many ways to turn a window with a less-than-ideal view into an attractive feature that supports the sale of your home. Remember, the goal is to enhance, not deceive, ensuring buyers appreciate the entire space.













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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.






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