June 2, 2017
Growing sales in Fraser Valley met with bump in new inventory
Source: Fraser Valley Real Estate Board
SURREY, BC – The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.
The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 7 per cent compared to the 2,911 sales in May of last year, and a 21.4 per cent increase compared to the 2,230 sales in April 2017.
Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.
“The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types,” said Gopal Sahota, Board President.
In May the total active inventory for the Fraser Valley was 5,203 listings, a decrease of 9.5 per cent year-over-year, and an increase of 5.9 per cent compared to the available inventory in April 2017.
The Board received 3,712 new listings in May; a 1 per cent increase from last year’s 3,674 new listing for the month, and a 25.8 per cent increase compared to April 2017’s incoming listings.
“We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”
For the Fraser Valley region, the average number of days to sell a single family detached home in May 2017 was 23 days, compared to 16 days in May 2016.
HPI® Benchmark Price Activity
- Single Family Detached: At $915,800, the Benchmark price for a single family detached home in the Valley increased 3 per cent compared to April 2017, and increased 9.8 per cent compared to May 2016.
- Townhomes: At $458,900 the Benchmark price for a townhome in the Fraser Valley increased 2.9 per cent compared to April 2017, and increased 25.7 per cent compared to May 2016.
- Apartments: At $295,000, the Benchmark price for apartments/condos in the Fraser Valley increased 3.4 per cent compared to April 2017, and increased 31 per cent compared to May 2016.
Find the May Statistics Package here.
May 3, 2017
Another solid month for Fraser Valley real estate
Source: Fraser Valley Real Estate Board
SURREY, BC – The Fraser Valley real estate market continued to show strength in April, reaching the highest sales level for the region in the past ten months.
The Fraser Valley Real Estate Board processed 2,230 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017.
Of the 2,230 sales processed in April, 438 were townhouses and 567 were apartments.
Gopal Sahota, President of the Board, on the pace of the market in April,
“Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”
Total active inventory for the Fraser Valley last month was 4,913 listings, the lowest seen for an April in ten years. Inventory levels decreased 13.8 per cent when compared to April 2016, but did increase slightly by 2.2 per cent month-over-month.
The Board received 2,950 new listings in April, a 4 per cent decrease from March 2017, and a 25.2 per cent decrease compared to April 2016’s 3,942 incoming listings.
“Pricing continues to be impacted by the persisting demand for our region. However, there’s lots of opportunity throughout the Valley where homes – especially attached homes – remain affordable and available. Talk to your REALTOR® to see what’s out there, and might be right for you.”
For the Fraser Valley region, the average number of days to sell a single family detached home in April 2017 was 26 days, compared to 15 days in April of last year.
HPI® Benchmark Price Activity
Single Family Detached:
At $888,900, the Benchmark price for a single family detached home in the Valley increased 2.3 per cent compared to March 2017, and increased 14.5 per cent compared to April 2016.
At $446,000 the Benchmark price for a townhome in the Fraser Valley increased 3.2 per cent compared to March 2017, and increased 26.2 per cent compared to April 2016.
At $285,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to March 2017, and increased 29.8 per cent compared to April 2016.
Find the April Statistics Package here.
April 4, 2017
Attached home sales thrive as overall inventory remains scarce
Source: Fraser Valley Real Estate Board
SURREY, BC – Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point in ten years, trailing only last year’s extraordinary market levels.
The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent increase compared to the 1,396 sales in February 2017.
Of the 2,213 sales processed last month, 526 were townhouses and 638 were apartments, representing over half of the region’s total sales of all property types for the seventh straight month.
“Inventory levels aren’t where we’d like them to be, especially with demand picking up as we move deeper into the spring season,” said Gopal Sahota, Board President. “However, that being said, it’s great to see more buyers turning to our burgeoning apartment and townhome markets and taking some of the pressure off of detached homes.”
Last month the total active inventory for the Fraser Valley was 4,808 listings, the lowest level seen for a March in ten years. Active inventory increased by 3.5 per cent month-over-month, and decreased 12.3 per cent when compared to March 2016.
The Board received 3,072 new listings in March, a 41.5 per cent increase from February 2017, and a 24.3 per cent decrease compared to March 2016’s 4,057 new listings.
“We’ve never seen sales like this for our attached category homes. Whereas buyers may have had a more relaxed experience looking for a townhome a few years ago, things have certainly changed: competition is up, and listings are moving fast”, added Sahota.
“Talk to your REALTOR® to help you understand what’s happening in your community. The support of a local expert goes a long way when navigating a busy spring market here in the Valley.”
HPI® Benchmark Price Activity
- Single Family Detached: At $869,000, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to February 2017, and increased 17.3 per cent compared to March 2016.
- Townhomes: At $432,100 the Benchmark price for a townhome in the Fraser Valley increased 2.3 per cent compared to February 2017, and increased 25.5 per cent compared to March 2016.
- Apartments: At $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7 per cent compared to February 2017, and increased 27.5 per cent compared to March 2016.
Find the March Statistics Package here.
March 13, 2017
Let the Decluttering Begin
Courtesy of By Mary Hunt Photo credit: misteraitch
Iknow it’s time. It’s been time for at least two years, possibly longer. I need to clean my kitchen. Now, before you send the Health Department to my address, let me explain. What I mean by “clean” is that I need to clean out and organize my kitchen pantry, cupboards and drawers.
If you walked into my kitchen, you’d see a tidy and sanitary place. But don’t walk into the pantry or open a cupboard too hastily. Something might hit you on the head. At this moment, a bottle of Advil has been tossed on top of cereal boxes, which are resting on pudding boxes that have long ago expired.
Cynthia Ewer, editor of OrganizedHome.com says the first thing I need to do is harden my heart. An efficient, convenient kitchen, she says, must be pared to the bone. I must dare to dump anything and everything that is not absolutely necessary and useful.
CLEAR THE DECKS. Ewer instructs me to prepare four boxes with these labels: Put Away (Kitchen), Put Away (Elsewhere), Give Away (or Sell) and Storage. Now I am to tackle one shelf, drawer and cupboard at a time, putting each item into its proper box.
KITCHEN KEEPERS. Once everything has found its box, send three of the boxes out of the kitchen. Now comes decision time. Ewer is ruthless in suggesting I need to just get rid of the electric french-fry fryer, that strange gelatin mold in the shape of Mount Rushmore and the odd collection of sports bottles from all those walk-a-thons. Ditto for pans I don’t use, dishes I don’t like and specialty cooking tools that I never use because they’re too much trouble to clean.
NO MORE STALLING. I’m going to follow the Organized Home kitchen decluttering plan starting at the top: The top shelves, which Ewer says resemble an unknown landscape at the back of the moon. (I keep wondering when she’s been sneaking into my kitchen because she seems to know this place quite well.)
Here’s the rule: If I’ve used it in the last month, it’s a candidate to stay. If I used it yesterday, that will be the backbone of my newly organized kitchen.
I am committed; I am determined. I will box and banish. I will not stop until every shelf, every cupboard, every nook and cranny of my kitchen is cleared, cleaned and organized.
I don’t think I’m alone in this need for kitchen organization, so I’m extending an invitation for you to join me. Let’s call it the EC Spring Clean Kitchen Challenge. All who dare are invited to join me in this marathon event. Actually, I could use the company. Somehow knowing others are participating in the same drudgery will keep me on track and moving forward.
The only requirement to join is a willingness to get your kitchen organized. And to post a comment below telling me how you are going to get started.
Stay tuned because next week I’m going to help you get motivated to declutter books, CDs, DVDs and electronics—and quite possibly get paid to do it!
March 7, 2017
Repairs and Upgrades: How Much Will They Cost?
Courtesy of, Bjorn Rygg, Pillar to Post
During the process of buying or selling a home, homeowners often learn about recommended or required repairs and upgrades. This can happen as a result of the home inspection as well as your expert knowledge of your market and comparable homes. Of course, the first thing homeowners want to know is, “How much will that cost?”
Pillar To Post is pleased to offer our popular Residential Construction and Remodeling Estimates cost guide, which provides estimated cost ranges for repair and/or replacement of the major systems and components in a home. It also includes general guidelines for the life expectancies of those systems. This information can help you make informed decisions when considering home repairs or improvements, and is valued by buyers and sellers alike. Below is just a sampling of our list of estimated costs for hundreds of repairs/upgrades.
Hardwood Floor Refinish
$3-$6 / sq ft
Carpet – Clean
$125 / room
$6-$11 / sq ft
Kitchen Counter – Laminate
$45 / lin ft
Kitchen Counter – Marble
$80 / lin ft
$35 / month
$15-$30 /sq ft
Custom Designed & Built
$55-$80 / sq ft
Casement – Replace
$50 / sq ft
These estimates reflect the average basic costs for supplies and installation of building materials in United States and Canada. Costs may vary depending on regions, upgrades, complexity, and disposal fees.
For complimentary copies of our Construction and Remodeling Estimates cost guide, please contact your local Pillar To Post office, or download from www.pillartopost.com/costguide.
March 7, 2017
Fraser Valley enjoys healthy market in February
Source: Fraser Valley Real Estate Board
SURREY, BC – The Fraser Valley housing market returned to more typical levels in February, with sales and new listing intake on-par with the 10-year average for the month.
The Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 41.5 per cent compared to the record-breaking 2,387 sales in February of last year, and a 43 per cent increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions.
Of the 1,396 sales processed last month, 369 were townhouses and 391 were apartments.
“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,” said Gopal Sahota, Board President.
The Board received 2,171 new listings in February, a 0.3 per cent decrease from January 2017, and a 33.9 per cent decrease compared to February 2016’s 3,283 new listings.
For February the total active inventory in the Fraser Valley finished at 4,645 available listings, increasing by 5.5 per cent month-over-month, and decreasing 9.4 per cent when compared to February 2016.
“While the pace of the market has returned to more normal levels, pricing is still heavily impacted by the activity and demand seen throughout 2016. Understandably, this can create a challenging environment for consumers. If you’re struggling finding the right home or buyer, talk to a REALTOR® who can help guide you towards success in the market.”
For the Fraser Valley region, the average number of days to sell a single family detached home in February 2017 was 38 days, compared to 21 days in February 2016.
HPI® Benchmark Price Activity
- Single Family Detached: At $859,300, the Benchmark price for a single family detached home in the Valley increased 0.4 per cent compared to January 2017, and increased 20.4 per cent compared to February 2016.
- Townhomes: At $422,400 the Benchmark price for a townhome in the Fraser Valley increased 0.5 per cent compared to January 2017, and increased 25.2 per cent compared to February 2016.
- Apartments: At $267,000, the Benchmark price for apartments/condos in the Fraser Valley increased 1.8 per cent compared to January 2017, and increased 26.5 per cent compared to February 2016.
Find the February Statistics Package here.
March 6, 2017
The Urge to Purge
Many of us hibernate somewhat at this time of year, meaning we have lots of time to reacquaint ourselves with our great indoors and all of its associated "stuff," much of which we may even have forgotten about. Take this opportunity to purge unwanted, unneeded and unused things from your home. You'll be surprised at how good you feel once you've opened up your space!
A good purging is necessary when putting your home up for sale or when you're thinking of downsizing to a smaller footprint. Even if you have no plans to move, your motivation could still be as major as getting ready to welcome a new baby into the household, or as simple as recognizing you have a lot of things you'll never use again. In fact, you may have no other reason for tackling your overcrowded household than wanting to claim your space back.
So, once you've made the decision to purge, what do you do with all that stuff?
Tackle each room with large, empty boxes, each marked with a different purpose. There will be the "keep" box for things you absolutely need or can't let go of, the "donate" box with things to give either to charity or to friends or family who may make use out of the items, and the "sell" box. Yes, someone might actually, thanks to the far-reaching wonder of the Internet and sites like eBay, Amazon and Craigslist, magically translate your junk into money in your pocket — you'll be surprised at what people will pay for!
Finally, there will be those items you'll transfer from one hand to the other, and spend much too much time pondering. To help move the cleanup process along, put those treasures in another box that you'll mark with a date six months from the current date. When you approach it half a year from now, you'll probably first shake your head in disbelief that a whole six months has already flown by, and then as a second step recognize that if you didn't need those items in the past half year, you can probably let them go now.
Clutter can be a source of stress, so purging can benefit your mental well-being. In some cases, letting go of certain memories will allow you to move onto a new phase of life. Other times, clearing the physical clutter in your life frees up the space, both mentally and physically, to move towards a clearer future.
At the very least, less stuff in your home means less stuff to clean and, when it comes time to move, less to pack up and move!
March 2, 2017
How's the Market Looking this Year?
Market forecasts are never easy, as the forecast for Canadian real estate is as varied as the individual characteristics of the many housing markets within Canada.
A report from PwC Canada and the Urban Land Institute reports that property owners are cautiously optimistic about the real estate market's outlook for 2017. The report forecasts a "year of stability" for the housing market, despite a slight drop in prices and a pullback in the Toronto and Vancouver markets.*
The Canadian Real Estate Association forecasts a slight decline in national sales for 2017. They expect transactions in British Columbia and Ontario to remain strong, but also anticipate they will fall short of 2016's record levels to some degree due to a lack of supply of single-family homes.
The Canada Mortgage and Housing Corporation (CMHC) believes MLS® sales will soften from last year to between 489,500 and 509,700 in 2017 before settling in 2018 at between 488,100 and 511, 100. Likewise, the CMHC expects resale prices to come in at between $483,600 and $507,800 in 2017 and between $497,700 and $525,100 in 2018. Meanwhile, the CMHC anticipates mortgage rates to rise modestly from the posted 5-year mortgage rate to within a 4.4 to 5.2 percent range in 2017, and then to within a 4.5 to 5.7 percent range in 2018.**
Your local market forecast is the one you'll be most interested in receiving. Please call today for the latest real estate information in your specific region!
* www.pwc.com/ca/en/industries/emerging-trendsin- real-estate.html
** www.cmhc-schl.gc.ca/odpub/ esub/61500/61500_2016_B02.pdf?fr=1478014289803
February 2, 2017
Demand diversifies for Fraser Valley real estate in January
Source: Fraser Valley Real Estate Board
SURREY, BC – Fraser Valley real estate kicked-off the New Year strong with sales reaching above the ten-year average for January, and a healthy intake of new inventory.
The Fraser Valley Real Estate Board processed 976 sales of all property types on its Multiple Listing Service® (MLS®) in January, a decrease of 27.1 per cent compared to the 1,338 sales in January of last year, and a 1 per cent increase compared to the 966 sales in December 2016.
Of the 976 sales processed last month, 212 were townhouses and 276 were apartments, representing exactly half of the month’s market activity.
“The impacts of 2016’s tremendous real estate surge continue to be felt as we enter the New Year, and a new market.
Notably, the distribution of sales across our residential property types levelled-off even further in January. As well, prices continue to adjust to match more typical demand, albeit slowly,” said Charles Wiebe, Board President.
The Board received 2,178 new listings in January, a significant 162.7 per cent increase from December 2016, and a 13.2 per cent decrease compared to January 2016’s 2,510 new listings.
In January the total active inventory for the Fraser Valley was 4,401 listings, a decrease of 8.1 per cent year-over-year and the lowest level seen for a January in ten years. However, active inventory increased by 12 per cent month-over-month compared to December’s 3,930 active listings.
“This is a great time to list in the Fraser Valley; buyers are looking at a wider range of homes and the market is still lacking inventory needed to match demand. If you need help figuring out your next step, talk your local REALTOR® and they can help you get to market quickly and stress-free.”
For the Fraser Valley region, the average number of days to sell a single family detached home in January 2017 was 49 days, compared to 33 days in January 2016.
HPI® Benchmark Price Activity
- Single Family Detached: At $856,300, the Benchmark price for a single family detached home in the Valley did not change compared to December 2016, and increased 24.3 per cent compared to January 2016.
- Townhomes: At $420,400 the Benchmark price for a townhome in the Fraser Valley increased 0.9 per cent compared to December 2016, and increased 28.8 per cent compared to January 2016.
- Apartments: At $262,300, the Benchmark price for apartments/condos in the Fraser Valley increased 1.3 per cent compared to December 2016, and increased 27.6 per cent compared to January 2016.
Find the January Statistics Package here.
January 5, 2017
Record-setting year for Fraser Valley real estate
Source: Fraser Valley Real Estate Board
SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.
The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.
Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.
Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year’s extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley.
“Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year.”
For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.
In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.
Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active. However, at year’s end, we see sales returning to more typical levels and low overall inventory.
“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”
HPI® Benchmark Price Activity
Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.
- Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.
- Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015.
Find the December Statistics Package here.
December 4, 2016
Fraser Valley market moves to familiar territory in November
Source: Fraser Valley Real Estate Board
SURREY, BC – Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical levels for the month of November.
The Fraser Valley Real Estate Board processed 1,247 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 29.4 per cent compared to November 2015’s 1,766 sales, and a 14.8 per cent decrease compared to the 1,463 sales in October 2016. Of the sales processed last month, 291 were townhouses and 348 were apartments, representing more than half of this November 2016’s market activity.
“Through the past four months, we’ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition,” says Charles Wiebe, Board President.
Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016. Additionally, compared year-over-year, this November decreased by 2.8 per cent.
The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings.
“As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market – and REALTORS® can certainly help with this,” explains Wiebe. “I’m pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the levelling off of prices and consistent demand for our region.”
The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days, matching the 37 days to sale average in November 2015.
HPI® Benchmark Price Activity
- Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.
- Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to October 2016, and increased 33.1 per cent compared to November 2015.
- Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per cent compared to October 2016, and increased 24.9 per cent compared to November 2015.
Find the November Statistics Package here.
November 23, 2016
Managing Your Mortgage
Mortgage-in-arrears studies track the number of households that have not made a mortgage payment in three or more months. The latest figures show that of the almost 4.7 million mortgages in Canada, just 13,000 of them — 0.28 percent of mortgage holders with Canada's largest banks — are 90 days in arrears. This figure has been consistent throughout the last 20 years, riding out fluctuations in unemployment, interest rates and an up-and-down Canadian dollar.
The Canadian government has a conservative approach to household borrowing, instituting changes over the past few years that necessitate larger down payments and shorter mortgage amortization periods. Today's homebuyer must have a down payment of at least five percent, with the portion of the home price between $500,000 and $999,999 requiring a minimum down payment of ten percent. And because government-backed mortgage insurance is available only for homes with a purchase price of less than $1 million, borrowers buying homes at or above $1 million will need a down payment of at least 20 percent if their financing is coming from a federally regulated financial institution.
Home loans must be paid off sooner than before, too. Homeowners were once able to stretch their payments out over a period of up to 40 years; the current maximum amortization period for a high-ratio mortgage is now 25 years.
How comfortable are you with your loan arrangement? Please call today to discuss your existing mortgage versus your future financial goals.
November 2, 2016
Sales increase slightly as inventory hits 10-year low for the month of October
Source: Fraser Valley Real Estate Board
SURREY, BC – The Fraser Valley real estate market remained active through October, with sales breaking slightly higher than the 10-year historical average for the month.
The Fraser Valley Real Estate Board processed 1,463 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 17.4 per cent compared to the 1,772 sales in October of last year, and a 12.1 per cent increase compared to the 1,305 sales in September 2016.
Of the 1,463 sales processed last month, 389 were townhouses and 400 were apartments, representing a significant portion of October’s market activity. Townhome transactions increased 10.2 per cent when compared to last year, and apartment sales reached even higher levels seeing a 56.3 per cent gain.
“Sales activity was healthy in October, especially in the townhome and apartment categories. With prices beginning to level-off, it appears that buyers are becoming more motivated to explore the Valley’s available inventory,” said Charles Wiebe, Board President.
Last month the total active inventory for the Fraser Valley was 6,035 listings, the lowest level seen for an October in ten years. Active inventory decreased by 6 per cent month-over-month, and decreased 7.7 per cent when compared to October 2015.
The Board received 2,197 new listings in October, an 18.9 per cent decrease from September 2016, and a 1.9 per cent increase compared to October 2015’s 2,155 new listings.
“It seems that there’s no bad time to sell a home in 2016 as demand for Fraser Valley real estate remains strong. Talk to your REALTOR® if you’re looking to make a move before the end of the year, and they can get you where you need to be.”
For the Fraser Valley region, the average number of days to sell a single family detached home in October 2016 was 31 days, compared to 36 days in October 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in October was $872,100, an increase of 34.3 per cent compared to October 2015 when it was $649,200.
The benchmark price of Fraser Valley townhomes in October was $421,300, an increase of 34.3 per cent compared to October 2015’s benchmark price of $313,700. The benchmark price for an apartment in the Fraser Valley increased 25.2 per cent year-over-year, from $203,100 in October 2015 to $254,300 in October of this year.
Find the October Statistics Package here.
October 4, 2016
Fraser Valley inventory reaches highest level in 2016 as sales settle for fall season
Source: Fraser Valley Real Estate Board
SURREY, BC – Housing sales in the Fraser Valley continued to slow throughout September, dropping below the ten-year sales average for the month for the first time this year.
The Fraser Valley Real Estate Board processed 1,305 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 24.4 per cent compared to the 1,727 sales in September of last year, and a 23 per cent decrease compared to the 1,694 sales in August 2016.
“What we’re experiencing is an environment where the summer sizzle has ceased, and demand is producing numbers in-line with what we’ve seen historically. It seems dramatic, as would anything else that wasn’t the incredible, continuous uptick we’ve seen for the last eighteen months,” said Charles Wiebe, Board President.
Despite receiving the lowest amount of new listings for the region in seven months, the total active inventory for the Fraser Valley was 6,422 listings in September, the highest level since October 2015’s 6,535 active listings. Active inventory increased by 5.2 per cent month-over-month, but still decreased 9.8 per cent when compared to September 2015.
The Board received 2,709 new listings in September, a 4.6 per cent decrease from August 2016, and a 9.2 per cent increase compared to September 2015’s 2,481 new listings.
“The level of available inventory is rising as we had hoped, and homes are taking a bit longer to sell than they have throughout the year. It’s encouraging, and gives buyers a bit more room to navigate the market more comfortably,” explained Wiebe. “At 20 per cent, our sales to active listings ratio has moved towards a more normalized state.”
For the Fraser Valley region, the average number of days to sell a single family detached home in September 2016 was 27 days, compared to 17 days in June 2016.
“When comparing with August, benchmark prices in September have remained flat, signalling a shift in market dynamics towards a balanced market. However, when stacked against last year at this time, prices are up significantly.”
The MLS® HPI benchmark price of a Fraser Valley single family detached home in September was $879,200, an increase of 37.5 per cent compared to September 2015 when it was $639,500.
The benchmark price of Fraser Valley townhomes in September was set at $419,500, an increase of 35.8 per cent compared to September 2015’s benchmark price of $308,900. Similarly, the benchmark price for an apartment in the Fraser Valley increased 26.5 per cent year-over-year, from $226,133 in September 2015 to $249,800 in September of this year.
Find the September Statistics Package here.
September 28, 2016
7 Features That Date Your Home and How to Update Them Fast
Here are 7 features that date your home and tips on how to improve them:
Wacky Bathroom Colours
It's unlikely that you will find pink toilets making a come back anytime soon. They instantly give your home an outdated vibe. You're better off leaving the colorful bathroom at your Grandma's house. If your bathroom is sporting too many colours, consider replacing what you can in crisp white. Paint the walls a warm neutral tone and add soft white towels, as well as a solid subdued shower curtain. Designer Benjamin Noriega-Ortiz suggests, “ For a clean, modern look, paint all surfaces with white epoxy paint to make everything one colour. “That way,” he says, “you can make the room's story be about textures. Do the accessories all in white as well.”
No matter how lovely the home, a room covered in wood paneling takes the buyer on a time-warp back to the 70's. Not only does wood paneling date the home, it also makes the room look smaller, which can give potential buyers a negative impression from the start. Andrew Leahay of Design Media shares some removal advice, “Removing wood paneling is not a particularly difficult job in and of itself. Removing the paneling and not damaging it, or removing the paneling and replacing it with drywall, can be a more difficult task. Having a good sense of what is behind your paneled walls will dictate the amount of work involved in the project.” If tearing the wood paneling off the wall is not an option, a fresh coat of paint will help give your home a more modern appeal. Elizabeth Weintraub, a Home Buying/Selling Expert suggests, “ Even if your wood paneling is not real wood but composite, you can paint it. Dated paneling must go. Older wood paneling such as walnut, mahogany, cedar and pine, it's all gone out of style. Paint it a neutral and soft color after priming it.”
Walking into a home with nasty old carpet is a huge turn-off for potential buyers. Nothing is quite as distracting as an ugly pattern, scary shag, or mystery stained rug. If the carpet has to stay, you should have it professionally deep cleaned. Hardwood flooring certainly offers a cleaner more updated look, and according to HGTV, it is the top desired request among renters and buyers when searching for a new home. Buyers also tend to prefer hardwood as it cuts down on the allergy inducing problems associated with old carpet. With that in mind, it might be worth the extra expense to ensure a faster, more rewarding sale.
Brassy, flashy, gold-plated fixtures had their hay day and now they tend to give an outdated first impression. If you are unable to stretch your budget too far, consider spray painting your fixtures. When done right, you will have a high-end looking durable solution without having to replace each piece. This will save you money and amp up the appeal of your home to potential buyers instantly. Ashley a creative and self proclaimed DIY enthusiast will show you how with these easy steps:
Home Improvements—Painting Old Chandeliers and Light Fixtures.
Sponge painting, fancy wallpaper, and hand painted murals might hold special meaning for you and your family, but they are more likely to scare potential buyers away. Busy walls are not only distracting, but they can close a room in making it appear smaller and darker. Beth Jaworski shares her Realtor insight by suggesting, “Buyers just do not like wallpaper. It's so personalized. If you go into a wallpaper store, there are thousands of patterns. Why is that? It's because people are very particular.” Neutralize your walls, by pulling down that busy wallpaper or painting over any flashy colours with a soft subdued tone.
Old countertops can be a deterring factor for potential buyers. Retro tiles, dirty grout, and cracked laminate just make a house look old. Don't be overwhelmed though, if replacing your countertops is not within the budget, there are still things you can do to help update the look of your home. There are many different approaches you can take when updating your counters, but it depends greatly on how much you want to invest and what look you are trying to achieve. Rose Kennedy of HGTV, offers these tips for painting over your laminate countertops.
Not only because of asbestos, but popcorn ceilings in general remind us of days gone by. Potential buyers prefer a ceiling that does not resemble cottage cheese. According to Armstrong.com, “Removing a popcorn ceiling is a messy, time-consuming job—and in most cases, it's not necessary because you can easily cover up that unsightly texture with ceiling panels of planks. They install directly over your existing popcorn ceiling in a few easy steps that you can do yourself using common household tools. In as little as a weekend, you can hide that ugly ceiling and enjoy a decorative ceiling style that will completely change the look of your room.” However, you should consider having your ceiling tested for asbestos, as this could be the motivation you need to have it permanently removed.
It might be overwhelming to think of trying to fix all of the retro quirks in your home at once, but by starting with just a few of these, you'll save yourself the disappointment of having your home passed over due to it's awkward retro quirks.
September 21, 2016
6 Tips for Removing Kitchen Clutter While Selling Your First Home
The following 6 tips will help you prepare your home for a quick and successful sale:
Walking into a home with bare countertops provides an instantly well-kept first impression. The minimalist counter also highlights extra space in the kitchen that could otherwise be lost under too much clutter. Cambria Bold, the design and lifestyle editor from The Kitchen says it best, “Messy countertops—heck, even countertops that have pretty things, but just too many of them—can make a kitchen feel untidy and claustrophobic, whereas mostly clear countertops are invigorating and inspiring. They also invite you to cook, instead of feeling like your kitchen is unready for you.”
Make-Over the Refrigerator
Quirky magnets, colorful art, and postcards might remind you of special memories, but when it comes to selling your house, less is best. Avoid turning the front of your refrigerator into a gallery wall. This not only takes away from the functionality of the kitchen, but it can be extremely distracting to potential buyers who are trying to envision their life in your home. After you've successfully cleared the front, make sure you give the inside a thorough cleaning. Go through your fridge and toss expired, leaking, or odour causing foods. Try to keep your shelves clear and organized, in order to display the storage capabilities of your main kitchen appliance.
Keep it Kitchen
For most families, the kitchen is typically one the busiest gathering places of the home, which is why organization is key. It's easy for a kitchen countertop to become the dump zone for miscellaneous household items, but if it isn't kitchen related, it must go. Keep a bin on the end of your counter as a catchall for the random things that end up cluttering your space. Then at the end of each day, go through the bin and re-home all the wayward items. This will cut down on the time you have to spend tidying up before each showing. Rather than spend precious time corralling all the bits and pieces, the catchall also makes it easier to store out of sight in a hurry for those last minute showings.
Stage the Pantry
Your pantry might usually look more on the haphazard side of things, but when preparing your home for sale, great staging can cinch the deal. Use your pantry to play up the functionality and storage capacity of your kitchen. Laura Gaskill of Houzz shares, “Pare back the contents of your pantry until you have some open space on each shelf. Organize what's left into a set of matching food storage containers or open baskets. This may mean removing a bunch of food—just remember that a staged kitchen is not necessarily a practical kitchen! As with items from your cupboards, keep extra pantry goods in a box out of sight during showings if you must.”
No one wants to cook up something in a kitchen that already smells questionable. Avoid leaving dirty dishes in the sink and purge the refrigerator of old food on a regular basis. Kathleen Squires of Real Simple advises, “ Place a box of baking soda in the freezer and another in the refrigerator to absorb and neutralize smells; replace them every three months. Alternatives: a mound of charcoal; coffee beans in a bowl; or a cotton ball soaked in vanilla extract and kept in the refrigerator until dry.” You can also keep nasty odours at bay, by using odour blocking garbage can liners, and play up that 'freshly baked' smell by using a candle warmer in a welcoming kitchen scent.
Potential Buyers want to explore the space in your kitchen, as they imagine what their life might look like within those walls. Go through your cupboards, drawers, and pantry with the objective to only leave items that are frequently used and essential. Professional Organizer Debbie Lillard suggests, “The kitchen is a very practical place, and most people I meet have more stuff than storage. So only keep what you use on a regular basis. If there is something you use only a few times a year (ice bucket, punch bowl, warming tray, etc.) those items can be stored away in a basement or closet.” Streamlining will not only cut down on clutter before showings, it will enhance the important features, so that your kitchen can truly shine.
September 14, 2016
6 Dos and Don’ts of Basement Home Improvement
When you’re preparing your house for sale, the basement is often overlooked when it comes to home staging. While rooms such as the living room and bedrooms take staging center stage, any smart buyer will want to explore all the rooms of your home – and that includes the basement. A clean and finished basement is an excellent addition to any home, and can really add some zeros to your home’s market price tag. It’s clear that it’s in your best interests to get your basement up to speed with the rest of your home staging efforts, but where should you start? And what should you stay away from?
Do: Clean It Up, No Matter What You’re Planning
Of course, whether you’re planning on an aggressive basement improvement project or just getting things together for an open house, the first step is to clear and clean the basement. Pack up boxes and move them into storage, mop and clean the walls, and air out the room if musty smells have taken over. Give potential buyers a clear view of what your basement looks like – a finished basement is a plus, but an unfinished, clean basement won’t make them bat an eye. A messy, smelly basement, however, will remain a black mark.
Don’t: Ignore Water Damage
A well-built basement is bone-dry, and if you’ve got pools of water or drips in the walls, you’ve got water problems. These can easily damage your home’s foundation and encourage mold growth, resulting in your responsibility for some costly repair bills. You’ll want to take care of the issue before any buyers come calling, even if you’re not planning on any more intense finishing projects. Many home improvement contractors offer consultations, tests, and services for waterproofing basements, but there are some simple fixes you can perform yourself. Cracks and gaps in pipes and walls can be plugged with caulk or cement, but if water is seeping in along the floor, you may need to consult with a professional to determine the cause and your options. Solutions can range from pump installations to landscaping changes.
Do: Insulate Your Walls
An insulation project is one of the easiest ways to add a bit of comfort to your basement, without trapping yourself in a more complicated project. Moreover, it’s inexpensive, and generally quite easy to DIY if you do your homework. Insulation will keep in the warmth and the cold, and covering it with a wall installation will give your basement a clean look. Before installing any insulation, however, be sure that your basement is entirely waterproofed – insulation and moisture will make for mold city. Even if you don’t have obvious water leakage problems, be sure that no condensation is coming through from the outside with hairline cracks and holes: tape plastic sheeting to the walls, and leave it there undisturbed for a few weeks. If you return to dry plastic, you’re golden.
Don’t: Bite Off More Than You Can Chew With Finishing
Remember: you’re trying to sell this house. Thus, you don’t want to tie yourself to it with a basement finishing project that could potentially take years to complete. No sane buyer will purchase a home with a basement project abandoned half-finished, so you’ll need to consider what you can really handle in the time frame you’ve decided on. If you have the money to spend, a professional job can give you the speedy results you need, but take care with your finances: you don’t want to wind up spending more on the project than the returns it’ll grant you on your home’s price tag.
Do: Familiarize Yourself With Your Local Codes
Housing codes vary from area to area, and when undertaking any kind of home construction project, you’ll need to make sure you don’t wind up in hot water by accidentally violating an obscure footnote. Codes address everything from ceiling height to water and electrical rules, so no matter what you’re planning, you’ll want to pay attention. A consultation with a home improvement professional is a great help in this area, even if you’re determined to DIY: they’ve got expert hands-on knowledge, and a more down-to-earth understanding of what local codes mean and how they apply to you and your project.
Don’t: Get Too Determined to DIY
We understand the DIY urge, especially when you’re tempted by the thought of increasing your home’s value – if you’re out to get more money in the long run, why spend money now on professional work that you can do yourself? (Theoretically.) The fact of the matter is, a home’s basement is an entirely different ballpark than any other above-level rooms. There are foundation and water factors you have to take into account, and when things go wrong here, they can potentially affect the rest of your home in the worst of ways. YouTube tutorials and online articles can only give you so much assistance, and a contractor with years of hands-on expertise is going to have an edge no matter how many blog posts you’ve read and how-to videos you’ve watched. By all means, you’re free to try your hand at basement finishing projects, but if you wind up out of your depth, don’t be ashamed to call in a pro to consult. They’ve got a passion for home improvement that’s a great addition to any team.
Finishing your basement is a great way to add value to a home you’re getting ready to sell. Basement improvement jobs are excellent undertakings due to their flexibility: whether you’re just out to add some insulation and soft lighting fixtures, or if you’re out to transform it into a fully-functional social room, any level of effort can spell big results when it comes to selling your home. Consider what you have time to go through with, get the pros on the line to lend a hand, and go forth to improve.
September 7, 2016
6 Deal-Breakers that Will Send Home Buyers Running for the Hills
Selling your home is all about appealing to the market. You’re putting a product out there, so of course you have to take steps to make it appeal to your prospective customers. Some flaws are excusable: not having a fireplace in the living room, kitchen tiles that are slightly out of fashion, and so on. When your home has certain flaws, however, you’ve got to take steps to improve or downplay them – otherwise, they’ll send any sane home buyer dashing for the door.
Utilities Gone Wild
Water, heat, and electric are the first things any smart buyer will check in a prospective home, so you’d better make sure yours are up to code and working at full throttle. Get your home inspected before you sell to get aware of any issues at hand, and have them taken care of professionally unless you’re a licensed technician – home inspectors can tell when something’s a DIY job, and you don’t want to get slapped with legal fines down the line if something goes wrong. These utilities are serious issues that could end disastrously without an experienced hand, so don’t let that DIY itch get the best of you.
A Home So Cozy That We Can’t Turn Around
It’s always tough to sell a small home, especially if you and your real estate agent don’t do your part to make the house an attractive purchase without denying the issue. Buyers know when a house is small, but you can expand it to the eye with clever staging – clear out clutter, stage with small furniture, and let in plenty of light. Don’t forget to sell your buyer on the benefits of living small: cheaper utility bills are no joke, especially to first-time home buyers and retirees looking to downsize.
This Place Has Really Let Itself Go…
Some buyers don’t mind a small home improvement project waiting for them when they move in: laying new tiles, repainting rooms, and tearing up carpets aren’t overly expensive undertakings, and can help a new buyer to settle in to a new place. However, there’s a difference between “we should tear up these tiles, they’re not really our style” and “we should tear up these tiles, I think something’s building a civilization beneath them”. Do your part to take care of the big home improvement projects before you even put the house on the market. Your house will sell faster, and you won’t have to take hits on your desired price tag.
Those Aren’t Termites! The Walls Are Just Rustic!
Insect and vermin infestations don’t need to be as severe as a termite attack to have an adverse impression on buyers, and they don’t even need to be infesting the house itself. If your lawn and garden are home to some nasty beasties, your buyers will be able to tell with even the briefest inspection that something iffy is buzzing around – especially when it’s buzzing right in their face.
For severe issues such as the aforementioned termites, a professional exterminator is absolutely essential – the exterminator will not only work to get rid of the bugs, but will also assess any potential damage to the home and its foundations. If you’re lax on getting this inspected and professionally fixed, be prepared for legal repercussions. Less pressing problems, like a booming mosquito population, can usually be improved or eradicated with a little bit of detective work, instead of smelly, lawn-damaging pesticides. Check online for what kinds of environments your given insect invaders thrive in – that long grass is prime real estate for ticks, and stagnant water attracts mosquitos. A bit of lawn improvement can go a long way.
Is That a Lawn or a Jungle?
Many home sellers neglect to include their home’s great outdoors in their prep work, and do so to their own peril. A messy, unkempt lawn will impress no one: not only will it put your home’s curb appeal in the toilet, but if things are especially dire, you might find that potential buyers refuse to even take a step outdoors. Are lions and tigers lurking in that unmowed grass; or more reasonably, ticks and fleas? Are they going to need a tendonitis shot for being in the proximity of your rusted lawn furniture? No buyer wants to be saddled with the responsibility of cleaning up the mess of a yard that you’ve left them, so do your part beforehand and get some gardening done.
In This Neighbourhood, It’s Always Party Time
Noisy neighbours (and their noisy children, noisy pets, and noisy guests) are one of the biggest deal-breakers out there when trying to sell a home, and unfortunately, it’s usually an issue that’s completely out of your control. Noise is only one of the many sins that bad neighbours can commit: there’s also the nosy neighbour, the rude neighbour, and the messy neighbour. A neighbour that parties into the night is just as bad as a neighbour that peeps into your windows, a neighbour that refuses to give back children’s toys that have gone rogue into their yard, or the neighbour whose yard is so messy that they couldn’t give the toy back if they tried.
In the end, the only thing that can solve this issue is communication. If politely requesting that a neighbour cease their bad habits doesn’t work, consider building a privacy fence to block out at least some of the issue – if the problems are severe, you may have to get local law enforcement involved. In any event, it is heavily advisable for you to speak about the issue at hand to your real estate agent so they can devise an appropriate plan to keep prospective buyers informed, but still interested.
Taking care of these deal-breakers before your home even goes up for sale will do a lot for your selling prospects. Homes that are well-maintained and attractively staged consistently spend less time on the housing market, and go for more money, than those that could do with some TLC. Put in some elbow grease, and you and your prospective buyers will be thankful for it in the long run.
September 4, 2016
Sales activity continues to slow down for the Fraser Valley in August
Source: Fraser Valley Real Estate Board
SURREY, BC – While sales in August remained above the ten-year average for the month historically, the number of transactions processed in the Fraser Valley continued to decrease following this year’s bustling spring.
The Fraser Valley Real Estate Board processed 1,694 sales of all property types on its Multiple Listing Service® (MLS®) in August, a decrease of 2.3 per cent compared to the 1,734 sales in August 2015, and a 13.7 per cent decrease compared to the 1,962 transactions processed in July 2016.
“The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time. Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down,” said Board President Charles Wiebe.
The Board received 2,840 new listings in August, an increase of 15.6 per cent compared to August of last year, and a 12 per cent decrease from July 2016. The total active inventory for August was 6,102, down 17.6 per cent from last year’s 7,407 active listings but up 1.5 per cent from July.
“With sales activity moderating to more normal levels, we’re beginning to see prices follow-suit, and even drop for certain housing types in some of our communities.
“Regardless, this is still a challenging and volatile market. Talk to your REALTOR® who can help you understand what’s happening right now and what you can realistically achieve as a seller or buyer.”
Across Fraser Valley, the average number of days to sell a single family detached home in August 2016 was 20 days, compared to 32 days in August 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in August was $888,600, an increase of 41.2 per cent compared to August 2015 when it was $629,400.
In August, the benchmark price of townhouses was $418,400, an increase of 36.4 per cent compared to $306,700 in August of 2015. The benchmark price of apartments also increased year-over-year by 29.7 per cent, going from $191,900 in August 2015 to $248,800 in August 2016.
Find the August Statistics Package here.
August 31, 2016
Three Home Projects That Will Get You Top Dollar For Your Home
If you are considering a home renovation project, it might not be realistic to take on your entire home, but even just a few upgrades can lead to a much higher selling price for your property. In a competitive market, standing out from the other homes in your neighbourhood is paramount. Below are three important projects to focus on before selling your home that are guaranteed to add that added dose of special sauce buyers are looking for.
To many, the kitchen is the most important part of the home – this idea is echoed in an old saying: people talk business in the living room, but friends hang out in the kitchen. The kitchen is where families spend time together preparing meals and talking about the day. It is where friends laugh over a glass of wine and platters of cheese and crackers. It is the nucleus of every house, and it is what a majority of buyers admit is one of their make or break items when comparing multiple listings.
Buyers like to see clean and new appliances. If your budget allows, consider getting stainless steel appliances, ideally in a fingerprint-free finish. If there is no money freed up for this kind of an upgrade, a good, thorough washing can do wonders, and don’t forget to tidy the magnets and photos on your refrigerator while you’re at it.
Next, consider replacing worn or outdated countertops. Granite or butcher block are always in demand, but any high-quality, durable countertop in a neutral tone would be a great addition to your kitchen.
Be sure to take into consideration what is appropriate for your property’s listing price when starting to update your kitchen or any area of your home, for that matter. For example, putting marble floors and granite counter tops in a lower priced property would be a bad investment as the chances of recouping that money in equity down the road might not be as great as you had envisioned.
It's wise to consult with your REALTOR® before diving into home improvement projects so you can get a comparative market analysis. This will give you an idea of what your home will sell for, allowing you to budget appropriately for your renovation projects.
Many homebuyers are intimidated about taking on large renovation projects, preferring instead to get into a home that is “move in ready.” This is especially true of first time homebuyers, as they may not have the initial budget to put up a down payment and then dive headfirst into upgrading or renovating their new home. By presenting potential buyers with a kitchen that is updated and clean, you make it that much easier for them to fall in love with your house and sign on the dotted line.
Tip: Burn a softly scented candle in the kitchen to diffuse any lingering cooking odours if your REALTOR® calls with a last minute showing.
Giving your home a fresh coat of paint is an easy and cost effective project that will give buyers a great first impression. Many people choose to do this project themselves to save money - even hiring professionals to do the job for you can be a great value if they can get the work done quickly and with great quality.
Colour selection is key to a successful paint job; your kids might love the neon green paint in their rooms, but strong colours can definitely turn buyers off. Paint the doors and moldings a slightly lighter colour then the walls. "It's a subtle shift in colour but it really brings your eye to the detail." Says Sheri Thompson, director of colour marketing and design for Sherwin-Williams.
Years of wear and tear can leave your walls with scratches and scuff marks. So even if painting isn’t in the cards for you, taking the time to wash your walls will brighten up your existing paint in no time.
Tip: Pay special attention to the interior lighting of your home. Darkly painted rooms can feel depressing and uncomfortable, but a carefully placed lamp can make all the difference.
Adding proper lighting is a simple and effective way to make your home feel more warm and inviting. Interior designer Melanie Freundlich offers up some excellent tips for using interior lighting in your home:
- A beautifully lit living room is accomplished through variety: variety in height, locations, and even bulb colour.
- Use light to feature something you love, like a favourite painting, a statue, or a wall with a decorative finish.
- The cheapest, quickest solution for upgrading your home lighting: swapping out your switch plates to a fun metal finish or even a bold colour to compliment your wall paint.
Doing all of these fantastic interior home improvement projects is wasted time if potential buyers never make it past your front door. When potential buyers drive up to your property they should see a clean and neat exterior at the very least, and – if possible – it is wise to invest in landscape features even if that just means a beautiful birdbath or window boxes filled with freshly planted flowers. It should also go without saying that your lawn should be mowed and any fallen leaves are removed. Also be sure to pick up trash or debris that can easily collect near fence lines or under trees. As an added touch, add a bright exterior light so that potential buyers can see clearly if they drive by your home after dark.
Tony Rigby, a well-known financial planner puts it this way: “Buyers are often sold on a home before they take a step inside, so it pays to make your property appealing from the outside.”
Tip: Have your home professionally pressure washed or rent your own machine if you are feeling ambitious.
These three simple home projects will definitely make your property stand out without costing you an arm and a leg in the process.
*This article is syndicated and licensed from Realtor.GetWrittn.com.
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