May is finally here and the sun is shining! I love hearing the rumble of lawn mowers and the smell of barbeque in the air!  As everyone heads outside for some fresh air, this is the perfect time to consider buying and selling a home! If you’re one of those people still debating what to do, here are some helpful hints that may help you…

What if I’m a buyer?

In Greater Vancouver, residential property sales experienced a decline by 5 percent from April 2007 however, listings went up by 25.6% (according to the REBGV). Last month, “a property was on the market an average of 33 days before it sold,” says Dave Watt, REBGV president.  What does this mean if I’m a buyer?  You have choice and lots of time to make a decision. Do your research!  Find yourself a great agent who can help you get access to all the properties and help you analyze the information to find your perfect home.

What if I’m a seller?

According to the REBGV, in Richmond, the number of apartments sold went up by 7.8% over the last year. Prices also went up an estimated 11.4% for both detached and attached, 10.9% for apartments. The average price of a detached home in Richmond in April 2008 is $705,500, attached is $470,000 and apartment is $320,000. This is good news for a seller.  Now is a great time to get in the market as spring and summer months typically bring more activity.

What does my crystal ball say?

If I had one, I would be writing this from a beach… on my own island. However since I don’t have a magical ball , I will rely on Helmut Pastrick, the chief economist for Credit Union Central of B.C. He suspects that “we’re now at the beginning stages of a cooldown, with predictions of modest price increases for the next two years and potentially small declines after 2010.” The media also reports increases in prices next year of  9% and 5% the year after.  With our strong dollar, low interest rates, low unemployment, strong immigration and booming economy, I concur and still foresee some opportunities for both buyer and seller in the future.

Why do I work in Richmond?

Richmond is a misunderstood gem. We’re right next door to the city, 5 minutes to the airport, we have abundant multiculturalism, and less rain than the rest of metro Vancouver! With our fun festivals, peaceful parks, great restaurants, and friendly people, it’s the best place to live… and we’ve never been so accessible with the new Canada Line in service Nov. 30, 2009 (cross your fingers!) taking you downtown in 25 minutes!  Cranes are flourishing everywhere with lots of  new developments being built, a new Olympic Skating Oval, more park space and lots of waterfront developments too. I live in Steveston, next to the water and I love seeing all the strollers, dogs, bikes, and families out for walks on the boardwalk and on the warf.  I live in paradise.

Sounds good? Interested in moving here now? Give me a shout!

Shizuka Wilson

Sutton Seafair Realty

C: 604.351.2636

O: 604.273.3155

E: Shizuka@sutton.com

Spring time in Vancouver! Amazing weather (we hope!), beautiful scenery, and a great time to buy a new home. According to the Real Estate Board of Greater Vancouver, even though there were fewer housing sales compared to March 2007, residential prices have continued to climb. The market is continuing to balance, with sales and listings beginning to re-align with our 10-year averages,” says REBGV president, Dave Watt. “The selection of inventory hitting the market is wider than we have seen in the past few years, which gives prospective buyers more choices.”

As a realtor, I’m definitely seeing a change in the market. We’re seeing more and more properties sitting, versus the days of properties selling on the first weekend with multiple offers. Last week alone in Vancouver (East and Westside), 225 price reductions were reported to the board. Yet in detached, sales are still strong. Homes that are priced “right” are selling for asking or even over. So, it pays to listen to your realtor and to price your home where the market dictates it should be. It will probably sell faster, and for more money.

There seems to be more inventory on the market, which is always good for first time buyers, who typically take longer to select a new home. In past, by the time the buyer figured out they wanted to put an offer on a property, it was gone. Now that we’re seeing a bit of a slow down, people can take a little more time to make such a huge financial decision. Of course, different areas of Greater Vancouver are seeing different effects. We’re actually seeing an increase in the markets of New Westminster, Port Moody, Maple Ridge and Pitt Meadows. These areas are also seeing a huge boom in development, especially with pre-build, multi strata concrete developments. With a huge wave of immigration into this great city of ours, we should continue to see growth in our real estate market… just maybe at a slightly slower rate than the last 8 years have afforded us. But enough about real estate… where’s the sun?!

–
Kristie Marsden
Macdonald Realty Kerrisdale
Cell: 778.836.4389
realtyagentkristie@gmail.com
www.realtyagentkristie.com

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