How my agent found the perfect home in a hot seller’s market

A real estate company vice president on his homebuying journey

Posted on Inman News  December 14, 2016

  • In North America, where everyone knows 10-plus agents, the ones who do it right set themselves apart.
  • Good agents don’t just wait for their clients to ask them questions: They are pro-active to ensure the client is getting the information they need.
  • When trying to buy a home in a hot market, it helps immensely to have an agent with a positive, steady attitude.

Selling my home was, of course, just the first of two chapters.

In part one of this series, I wrote about my experience listing my home and the many ways that our agent helped make the selling process easier and more successful.

When my wife and I woke up the next morning, we found ourselves buyers in the red-hot Vancouver housing market.

We wanted to stay, broadly, in the same Kitsilano area — close to my office, the kids’ grandparents and family-friendly community amenities.

We were searching for a three-bedroom condo, ground-oriented, hopefully with some outdoor space: essentially, the same thing every young family was eyeing in that neighborhood.

[Read more…]

Squamish and Whistler Real Estate Market Statistics – February 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler and Sunshine Coast listings and sales in February 2016.

Squamish

In February 2016, there were 27 sales of detached homes and 59 active listings in Squamish. The benchmark sale price was $642,800 with an average days on market of 56.

The Condo market had 17 sales and 43 active listings at the end of the month. The benchmark sale price was $296,600 with an average days on market of 28.

Townhome sales were 16, active listings were 16. The benchmark sale price was $508,200, and the average days on market were 23.

MarketHotSheet_Feb2016_Squamish

 

Whistler

In the Whistler market, the benchmark sale price was $1,098,000 with an average days on market of 178 days for detached homes. At the end of February, there were 18 sales and 87 active listings.

In comparison, the condo market had 52 sales and 124 active listings. The benchmark sale price was $299,500, and the average days on market were 104.

Townhome featured 18 sales, 54 active listings and a $632,800 benchmark sale price with 126 average days on market.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_Whistler

 

 

Sunshine Coast

There were 83 sales316 active listings, and a $398,100 benchmark sale price for detached homes in the Sunshine Coast market. The average days on market were 120.

The condo market featured 8 sales63 active listings and 192 average days on market.

In comparison, townhome sales were 8active listings were 29 and the average days on market were 122.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_SunshineCoast
Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast?

Macdonald Realty has offices in Squamish and Whistler. Please email macrealty@macrealty.comor call 1-877-278-3888 to be matched with a REALTOR® working in your area.

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MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

Surrey, Langley and Fraser Valley Real Estate Market Statistics – February 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, Langley and Fraser Valley listings and sales in February 2016.

North Surrey

In February 2016, there were 107 sales of detached homes and 168 active listings in North Surrey. The benchmark sale price was $711,400, an increase of 26.9% compared to February 2015.

The condo market had 73 sales, 349 active listings at the end of the month. The benchmark sale price was $204,700.

In comparison, townhome sales were 36, active listings were 62 and the benchmark sale price was $267,400.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_NSurrey

[Read more…]

Greater Victoria Real Estate Market Statistics – February 2016

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Island and Greater Victoria listings and sales in February 2016.

Greater Victoria

In February 2016, there were 378 sales of single family homes and 659 active listings in Greater Victoria. The benchmark sale price was $537,200 with an average days on market of 39. The hottest market for sales was Saanich East with 86 sales followed by Langford with 59 sales. There were also 21 sales and 177 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 207 sales, 504 active listings at the end of the month. The benchmark sale price was $312,200 with an average days on market of 55. The hottest market for sales was Victoria, 89 sales.

Townhome sales were 66, active listings were 182 and the benchmark sale price was $428,300. The average days on market were 60, and the hottest markets were View Royal and Central Saanich, 9 sales each.

Listings are down. Sales are up. It’s a seller’s market.

Feb2016_Victoria

 

The following is the summary of Vancouver Island market:

Feb2016_VanIsland

 

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown VictoriaSidneyParksville and on Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

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MLS® Home Price Index (HPI) Benchmark Price 
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

Squamish, Whistler, and Sunshine Coast Real Estate Market Statistics – January 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler and Sunshine Coast listings and sales in January 2016.

Squamish

In January 2016, there were 17 sales of detached homes and 54 active listings in Squamish. The benchmark sale price was $651,400 with an average days on market of 48.
The Condo market had 7 sales and 32 active listings at the end of the month. The benchmark sale price was $312,600 with an average days on market of 37.
Townhome sales were 4, active listings were 17. The benchmark sale price was $482,900, and the average days on market were 9.

Jan2016_Squamish

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – January 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, Langley and Fraser Valley listings and sales in January 2016.

White Rock/South Surrey

There were 140 sales, 299 active listings, and a $1,122,100 benchmark sale price for detached homes in the White Rock/South Surrey market.

The condo market featured 39 sales, 240 active listings and a benchmark sale price of $277,200 at the end of the month.

In comparison, townhome sales were 55, active listings were 131 and the benchmark sale price was $467,400.

Listings are down. Sales are up. It’s a seller’s market.

Jan2016_WhiteRockSouthSurrey

[Read more…]

Victoria Real Estate Market Statistics – January 2016

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Island and Greater Victoria listings and sales in January 2016.

Greater Victoria

In January 2015, there were 225 sales of single family homes and 607 active listings in Greater Victoria. The benchmark sale price was $524,000 with an average days on market of 53. The hottest market for sales was Saanich East with 49 sales followed by Langford with 35 sales. There were also 13 sales and 150 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 151 sales, 511 active listings at the end of the month. The benchmark sale price was $302,900 with an average days on market of 70. The hottest market for sales was Victoria, 56 sales.

Townhome sales were 58, active listings were 172 and the benchmark sale price was $425,100. The average days on market were 68, and the hottest market was Saanich East with 9 sales.

Listings are down. Sales are up. It’s a seller’s market.

Jan2016_Victoria

[Read more…]

Greater Vancouver Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Vancouver, North Shore, Tri-Cities and other Greater Vancouver listings and sales in December 2015.

Vancouver

In the Vancouver Westside, there were 135 sales of detached homes and 376 active listings at the end of December. The benchmark sale price was $2,885,000, with an average days on market of 42. The hottest market for sales was Dunbar with 24 sales.

In comparison, the condo market had 336 sales, 593 active listings and a benchmark sale price of $590,400 with 41 average days on market. The hottest market for sales was Downtown VW, 72 sales.

Townhome sales were 39, active listings were 79. The benchmark sale price was $897,400 with an average days on market of 35. Kitsilano, 10 sales, was the hottest market for sales in December.

Listings are down. Sales are up. It’s a seller’s market.

Dec2015_VanWest

The Vancouver Eastside had 122 sales and 229 active listings for detached homes at the end of the month. The benchmark sales price was $1,222,900, and the average days on market were 28. The hottest sales market was South Vancouver with 18 sales.

The condo market featured 108 sales, 171 active listing, and a benchmark sales price was $364,500. The average days on market were 36 days, and the hottest market for sales was Mount Pleasant with 30 sales.

The townhome market, on the other hand, had 19 sales and 25 active listings. The benchmark sale price was $651,200 with 39 average days on market. Champlain Heights had the most sales in December at 7.

Listings are down. Sales are up. It’s a seller’s market.

Dec2015_VanEast

[Read more…]

Squamish and Whistler Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler and Sunshine Coast listings and sales in December 2015.

Whistler

In the Whistler market, the benchmark sale price was $1,069,900 with an average days on market of 135 days for detached homes. At the end of December, there were 13 sales and 88 active listings.

In comparison, the condo market had 38 sales and 134 active listings. The benchmark sale price was $285,500, and the average days on market were 126.

Townhome featured 23 sales, 53 active listings and a $530,600 benchmark sale price with 83 average days on market.

Listings are down. Sales are up. It’s a seller’s market.

Dec2015_Whistler

 

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Surrey, Langley and Fraser Valley listings and sales in December 2015.

North Surrey

In December 2015, there were 99 sales of detached homes and 116 active listings in North Surrey. The benchmark sale price was $670,000, an increase of 19.0% compared to December 2014.

The condo market had 63 sales, 287 active listings at the end of the month.  The benchmark sale price was $200,000.

In comparison, townhome sales were 19, active listings were 51 and the benchmark sale price was $263,200.

Listings are down. Sales are up. It’s a seller’s market.

Dec2015_NorthSurrey

[Read more…]

Victoria Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Island and Greater Victoria listings and sales in December 2015.

Greater Victoria

In December 2015, there were 209 sales of detached homes and 578 active listings in Greater Victoria. The benchmark sale price was $521,100 with an average days on market of 58. The hottest market for sales was Langford with 46 sales. There were also 19 sales and 161 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 114 sales, 499 active listings at the end of the month. The benchmark sale price was $305,000 with an average days on market of 64. The hottest market for sales was Victoria, 49 sales.

Townhome sales were 46, 189 active listings and the benchmark sale price was $419,100. The average days on market were 85, and the hottest market was Victoria with 8 sales.

Listings are down. Sales are up. It’s a seller’s market.

[Read more…]

I wish you wouldn’t listen to the market hype

All the hype, is just that. Hype.

It is tough today to get a firm grasp on what is taking part in our real estate market. If you have read any articles or watched the news lately, it is filled with a ton of gloom and doom, stating ‘our’ market is down 10% from this time last year. What a terrible time to own a home!

Let’s pull back on that thought a bit to exam some facts. When you hear about ‘our’ market, most of the time that means the Vancouver market, not the Fraser Valley. We are the little brother to the Vancouver market and tend to follow their trends, yet there are some reasons why we may not.

  1. We are affordable in the Fraser Valley, much more so than North of the river (Vancouver, Burnaby, ect.)
  2. At this time last year, a large Asian influx was purchasing up a ton of high end homes in Vancouver, Richmond and White Rock, squewing our numbers dramatically.

The facts are in our numbers. In our area, we have 3 types of markets:

  • A Buyer’s Market – over 7 months of inventory (where buyers are favoured with tons of inventory and choice)
  • A Seller’s Market – under 5 months of inventory (Where sellers are favoured with minimal inventory promoting competition among buyers)
  • A Balanced Market –between 5-7 months of inventory (where both buyers and sellers have equal opportunity and prices remain stagnant)

With the latest statistics, we can see there are huge differences in the areas based on what we hear on the news. Look below to find your area and product type to get an accurate idea of what is happening right now.

So what does all this mean? Not a whole lot unless you are planning to get out of the market today. When you are buying or selling, you are getting into the market and likely going to stay in there. Whether you buy high or buy low, sell high or sell low, everyone is riding the same wave of activity you are. At the end of the day, no one has a crystal ball to dictate what may happen tomorrow yet all things tend to come back around regardless of if we are on a high or a low. If you don’t believe me, type “hipster” into Wikipedia and you won’t believe people think that style is back. Believe me, it’s back.

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Blog post provided by Darin Germyn Personal Real Estate Corporation, a REALTOR® with Macdonald Realty in South Surrey / White Rock.   Visit Darin’s blog at Germyn.ca