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REAL ESTATE

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JANUARY 2021 UPDATE: Fraser Valley real estate market full steam ahead in January; another record-setter for property sales*

SURREY, BC – In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.

The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service® (MLS®) in January 2021, an increase of 76 percent compared to January 2020 and 18 percent fewer than were processed in December 2020. Sales in January set a new, record high for the month; 72 percent above the 10-year average, and 28 percent higher than the previous record of 1,338 sales set in January 2016.

“Buyers are very motivated right now,” said Chris Shields, President of the Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space.

From Mike

The market continues to be very active even with COVID-19. Two factors that I like to point out about the market are:
1_ Interest rates are very low, so if you have a secure job there’s never been a cheaper time to borrow money.
2_ There is not a lot of supply right now so you need to have a solid plan in place for both selling and buying your next home. Of course, this is where my experience can help.

I’m here to help you in any way I can during these tough times. If there is anything I can do to help you and your family, please do not hesitate to reach out.

Take care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

Oh, by the way…if you know of someone who would appreciate the level of service I provide,
please call me with their name and contact information. I’ll be happy to follow up and take
great care of them in a way that is healthy and safe.

_ _ _ _ _

*Source: Fraser Valley Real Estate Board

Here’s a look at where the Canadian market stands right now, and what you’ll want to keep an eye on moving forward.

LOW HOUSING INVENTORY
At the end of last year, tight inventory created a great market for sellers. Even if the market begins to cool, 2021 may still bring favorable conditions for sellers and a competitive market for buyers(1)

BUYER DEMAND IS INCREASING
Many millennials and renters still have plans to buy a home in the next few years(2) With interest rates hovering at historic lows, homeownership could be more affordable for many during the first mortgage term, making this the perfect time for those with a steady income to buy.

MOVING TO THE COUNTRY
At the end of last year, close to a third of Canadians 3 wanted to leave the city and move to rural or suburban communities, especially as remote work becomes more common. But those who prefer city life may be able to scoop up a recently-vacated condo(4) for a lower price as some owners leave for the country.

WE NEED MORE SPACE
Homes with extra rooms and outdoor amenities like a pool, balcony, or patio are attractive to an increasing amount of buyers looking for more living space(3) as family and work needs shift.

2021 Real Estate Market Update

SHOULD YOU CONSIDER A MOVE THIS YEAR?

ARE YOU FINANCIALLY SECURE?
Yes __
No __
Somewhat __

If you have a steady stream of income and can secure a downpayment, now is a good time to enter the market, since low-interest rates will make your monthly mortgage payment more affordable. Otherwise, keep saving and revisit your search when finances are more stable.

DOES YOUR JOB ALLOW FOR EXTENDED REMOTE WORK?
Yes __
Sometimes __
Never __

Employees with a flexible work-from-home policy don’t necessarily need to live in the same place they work. This can lead to housing opportunities in areas you hadn’t previously considered.

HOW OFTEN DO YOU FIND YOURSELF NEEDING MORE SPACE?
Always __
Sometimes __
Rarely __

Most families could benefit from an extra room or two, these days. Consider upgrading this year while market conditions are solid. If you’d rather renovate your current home, call me for a referral to a trusted contractor!

ARE YOU HAPPY WITH YOUR CURRENT LOCATION?
Yes __
No __

This is the perfect time to find a great deal in your dream location. For moves locally, I’m here to help you figure out your options! If you’re trying to change cities, still give me a call — I’m part of a vast network across Canada and the United States.

>>>Download a pdf version of this post – RMMK_January_MF_c<<<

THINKING OF BUYING OR SELLING THIS YEAR? GIVE ME A CALL, AND I’LL HELP YOU GET STARTED ON YOUR JOURNEY!

Take care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

Oh, by the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them in a way that is healthy and safe.
_ _ _ _ _

SOURCES: 1. Robert Hogue, “Monthly Housing Market Update,” RBC, October 2020 2. CIBC, “Millennials: Rent or own?” 3. RE/MAX CANADA, “Canadian Housing Market Outlook (Fall 2020)” 4. Matthew Halliday, “Canada’s big-city condo market most vulnerable to pandemic headwinds,” The Globe and Mail.

Photo by Francesca Tosolini on Unsplash

Mike Wilson - REMAX Treeland Realty
Mike Wilson – REMAX Treeland Realty

Hello!

If you are planning on buying a home in the Fraser Valley you’ve come to the right place!

Whether you’re looking for help finding your perfect home at your perfect price, or you need professional support and friendly expertise to sell your home in an ever-changing market, I have a true passion for helping you make the best possible move.

Markets are changing all the time, and right now (July 2020) we’re seeing increased activity in the market compared to the early Spring despite all that is going on in the world, and some of the doom and gloom forecasts that came out earlier this for the Canadian real estate market.

To give you an example of a home that I helped sell recently see the property described below. It sold firm for $1,150,000.

Property

18018 67A AVENUE
Surrey, British Columbia V3S7H7
MLS® Number: R2475132

Description

Quality built home by Foxridge. The main floor features ten-foot high ceilings, with a twelve-foot high ceiling in the living room. Open concept floor plan. Beautiful white kitchen with shaker cabinets, quartz countertops, s/s appliances, gas stove, pantry for extra storage. Gorgeous engineered hardwood throughout the main floor. Master bedroom features a vaulted ceiling and TWO walk-in closets. 2nd bedroom also has a walk-in closet. LEGAL SUITE in the basement. Large bachelor suite with living room, full kitchen, and separate laundry. Basement has one additional bedroom outside of the suite. Loads of extra storage space. High ceilings in the garage with potential for additional storage/shelving. Sunny, south-facing backyard – bring your gardening ideas! Lovely quiet neighborhood close to schools and transit.

If you think it might be time to sell your home, give me a call for a free marketing action plan.

Mike Wilson
Remax Treeland
Web – https://fvlifestyle.com/real-estate-home/
604-533-3491
mike@fvlifestyle.com

It’s been an unusual year for us all and that includes those of us in Real Estate.

Starting in June house sales began to pick up and that continued through the summer. Currently, interest rates are low which is always helpful for those who qualify. Looking ahead there are just too many variables to predict what might happen, so stay tuned!

Mike Wilson – REMAX Treeland Realty

I have lived and worked in the Fraser Valley for over 40 years and I am active in the community, I bring several decades of real estate experience and strong marketing background to the FV housing scene. Whether you’re looking for help finding your perfect home at your perfect price, or you need professional support and friendly expertise to sell your home in an ever-changing market, I come to the table with a true passion for helping you make the best possible move.

For more information contact me at 604-533-3491.

For Sale: 206 – 13959 16 Avenue, Surrey – MLS# R2460050

WOW! This is great value for this condo!

The complex will give you peace of mind because of the many updates including a newer roof, siding, windows, and a full rain screen exterior.

The condo has been well maintained by the current owner and offers a great location, close to transit, plenty of shopping, and is close to White Rock Beach. Amenities include a common rooftop deck with ocean views, beautiful well-kept gardens, and exercise room, lounge, library, and more. 

South Surrey Condo for Sale

 

 

 

 

 

Inside, this bright 2 bedroom and 2 bath unit overlooks a private western green space that’s perfect for enjoying morning coffee from your balcony, and well removed from the street frontage. 

 

 

 

 

 

Other Features:

  • This is an age-restricted 55+ complex.
  • Washer and dryer,
  • One underground parking stall
  • Storage
For more information contact Mike Wilson, Remax Treeland, 604-533-3491

Back in May 2020 in the midst of COVID-19 CMHC gave a poor outlook on Real Estate in Canada saying that prices could drop as much as 18%. Then surprisingly there was an upturn in the market in June 2020 with an increase in listings and sales. What does it all mean? We turn to Real Estate expert Mike Wilson for some answers.

CMHC Article on FV Lifestyle – CLICK HERE

Please take good care,

Mike Wilson
Remax Treeland
Web – https://fvlifestyle.com/real-estate-home/
604-533-3491
mike@fvlifestyle.com

Photo erikhopkins.com

What’s happening in the Real Estate market?
By far, as a Realtor the question I get asked the most is, “what’s happening in the real estate market?” and then the next thing people want to know, especially during these uncertain times is, “what is going to happen in the real estate market next several months?”

The COVID-19 Factor
As you can imagine, it’s difficult to predict what is going to happen and opinions among real estate professionals vary right now almost week to week! A big reason is we just don’t know what’s going to happen with COVID-19. Is there going to be another wave? Are businesses going to be able to stay open and recover? What will the impact of the current protests, social unrest, and the November US election be? As you can see, there are a lot of unknowns right now.

CMHC predictions
In the midst of all this, the CMHC came out with quite a “dire prediction”* saying that housing prices will drop in BC. CMHC CEO Evan Siddall “told a parliamentary committee that Canadian house prices could drop by as much as 18%.”*

He also said that “20% of mortgage holders who are deferring payments could be in arrears at the end of September when the COVID-19 deferral period finishes if the economy doesn’t improve.”*

Adding insult to injury for those of us who live in Vancouver he mentioned that Vancouver along with Toronto and Alberta could be the hardest-hit places.

A bit of optimism
More optimistically there is still a demand for housing in Metro Vancouver and real estate is selling. There has been a healthy increase in listings and sales so far in June and we may be on pace to have more listings and sales than we did in June 2019. In June 2019 there were 913 listings and 397 sales and as of June 9, 2020, there are 863 listings and 380 sales. In all of May 2020, there were only 522 listings and 180 sales. This increase in June over May 2020 is probably due to pent up demand that occurred as a result of the shutdown, so it will be interesting to see what happens during the summer.

Travel restrictions
It’s going to be an unusual summer because of the continued restriction on travel. Immigration in Metro Vancouver is a driving factor in our housing market, but with the travel restrictions, immigration is reduced dramatically. If restrictions are lifted immigration can return, pushing the real estate market to pick up again.

On top of immigration and travel, people won’t be going away as much this summer which usually causes a bit of a seasonal lull in real estate sales. I’m curious to see what the impact will be on the housing market this summer with more people having to stay home rather than leave on vacation.

Mike’s current advice
My current advice is if you are a homeowner and you are needing or wanting to sell, this may be an opportune time to discuss your options with your real estate professional.

I want my clients to know, as challenging as it might be sometimes, that I am always open to discuss what is occurring in the housing market. If you have any questions about your property, please don’t hesitate to contact me.

Please take good care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

*Vancouver Sun https://vancouversun.com/news/local-news/cmhc-offers-dire-predictions-for-house-price-drops-in-b-c?utm_medium=Social&utm_source=Facebook#Echobox=1590622621
Photo: https://www.digitalmarketer.com/blog/marketing-predictions-2020/

To say the least, we live in uncertain times. That said, I still have clients who need to sell or buy a home right now. I also have clients ready to buy and sell when the impact of the pandemic and the need for social isolation is over. If you have decided to sell your home either now, or in the future, there are several things that will maximize your home’s appeal to potential buyers and get your house sold COVID pandemic, or not!

1. Paint The Walls in Neutral Tones
A new coat of paint will leave each room looking fresh. and choosing neutral tones appeals to a wide audience, creating a blank slate for potential buyers to picture the space as their new home.

Taking the time to touch up scuff marks on baseboards and door frames will also give your home an extra polish to make it feel more move-in ready.

2. De-Clutter, De-Clutter, De-Clutter.
If a house is overflowing with stuff, not only can it make an entire room look smaller, buyers may worry that there is not enough storage for their own belongings. Start with decluttering countertops, bookshelves and window sills, and then tackle the cupboards, drawers, and closets. No space is off-limits for the eyes of a curious buyer!

Use this rule of thumb: Make sure each storage space is never more than half full, and organize what is left to look uniform and tidy. Decluttering can be tedious, but it offers the added bonus of helping you get organized for packing for your own move.

3. Fix The Small Things
This small detail can make all the difference; do a walk-through of your home and fix any loose handles. Check the drawer-pulls on cabinetry and make sure your closet doors are tracking properly. Secure shelves and check that they’re level. Be sure that there aren’t lightbulbs missing and their switches are all working. Check that the window coverings are all hanging properly.

These are some of the simplest things you can do to ensure a positive impression of your home, and when missed, may make potential buyers consider what else may be broken in your home.

4. Consider Curb Appeal
No matter how inviting the interior of your home is, potential buyers have already formed an impression before walking through the door. Increase your curb appeal by tidying up garden beds and ensuring your lawn is in good shape, add some greenery with inexpensive shrubs and bright, cheery flowers. Fix any cracks in your front steps or walkway. Painting your door a different color and adding a few flower pots to your front porch will also go a long way.

5. Keep Your Home Show Ready
Now that you’ve painted, de-cluttered, cleaned every corner, and made sure everything is in tip-top shape, you never know when a buyer may schedule a last-minute tour. Don’t leave dishes in the sink, keep the bathroom sparkling, ensure the beds are made and keep the floors free of dust bunnies. It may be inconvenient but you never know which viewing will lead to a sale!

Need help? Here are few places I’d like to recommend…

Need hardware and paint? Home Hardware – White Rock
Need paint, furniture restoration, and decorating help? The Passionate Home – Langley
Need to do some gardening? Art Knapps – Surrey

Please take good care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

Photo: Livabl 

The COVID-19 Pandemic is presenting challenges for almost every industry including the real estate industry. That said, I have had the opportunity to show a few homes for clients during the shutdown. Open Houses are not happening, bur showings can continue.

Here are the steps I am taking to ensure buyers and sellers remain safe during home showings.

Expanded services for both real estate buyers and sellers…

For Sellers

  • I will be present for all showings (seller leaves)
  • Protective gloves for buyers while viewing your property
  • Limiting buyer’s to 2 people maximum while viewing your property (plus buyer’s realtor)
  • Minimum 24 hours notice before a showing
  • Buyers and buyer’s agent must complete a health form questionnaire prior to viewing your property (provided by me)
  • I will dispose of all protective gloves at the end of the showing
  • Messaging sellers when the showing is complete
  • Offer “Skype Style” showing upon request
  • Offer an online paperless option for contract
  • As I said above, I will not be offering Open House as a marketing tool as recommended by FVREB and CREA

For Buyers

  • Arrange showings where sellers are not present on the property (Social distancing)
  • Provide protective gloves and sanitizer for buyers/clients
  • Offer video walk-through “Skype” upon request
  • Offer an online paperless option for contract

Please take good care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com