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Fraser Valley Buyers Looking for Affordable Homes

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Property sales through the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®)  decreased by 19 per cent in November compared to the same month last year, moving from 1,120 to 905. Sales also decreased 14 per cent month-over-month compared to October 2012.

Scott Olson, president of the Board says, “Buyers can’t borrow as much as what they could prior to the mortgage rule changes, so we’re seeing our pool of prospective buyers shrink and we’re seeing a change in the price range they’re looking for.

“For three months in a row, we’ve seen a decrease in sales of detached homes $700,000 and up and greater demand for those $400,000 to half a million. Tighter credit conditions are having an impact on the market.”

In addition to the drop in sales in November, the number of new listings posted on the MLS® decreased by 11 per cent compared to last year and by 32 per cent compared to October. Olson observes, “This was a significant drop with last month ranking alongside November 2003 as the slowest for new listings in the last decade.

“It means that sellers are adjusting to conditions that favour buyers; great selection, houses are on the market longer and prices are lowering. If sellers don’t have to sell, they’re taking their home off the market.”

In the last six months, prices for all three residential property types combined have decreased by 1.4 per cent while year over year they’ve increased by 1.3 per cent.  For single family detached homes, the benchmark price increased by 2 per cent in one year, going from $533,800 in November 2011 to $544,700 last month.

For townhouses, the benchmark price in November was $298,900, a decrease of 1.5 per cent compared to $303,600 during the same month last year. The benchmark price of apartments in Fraser Valley in November was $202,800, an increase of 2.6 per cent compared to $197,700 in November 2011.

The Board received 1,723 new listings in November compared to 1,926 during the same month last year, taking the number of active listings to 9,478, on par with November 2011.

For a detached home in the Fraser Valley, the average number of days to sell in November was 59, up five days from the same month last year. For townhomes, it was 70 days and apartments 74 compared to 52 and 72 in November 2011.

See the full statistics package for November here

Published: December, 04 2012 10:41:13 am, by FVREB

Tips for moving your family

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Thinking about moving your family? At BrokerSmart, we are family focused in the city of Langley and are very aware of what it takes to sell and buy a home. From mortgages to movers, there is a lot to consider when buying which can be very overwhelming for people with kids. These home-buyers need to think about what is in the area, like schools, day-cares, libraries, parks, recreation, and if their desired location is family friendly.

The following are just a few tips to keep in mind when moving your family:

  • To create excitement about a move,  include your kids in the home buying process by having them look at listings for homes and ask them to make a wish list of must-haves for the new home and neighbourhood.
  • Visit local parks and recreation centres in your new area to give kids an opportunity to meet new friends.
  • Stick to a normal routine as much as possible on days leading up to and following the move.
  • Unpack the kids’ rooms first.
  • Talk to the kids about their feelings on the move and help them collect email addresses/phone numbers from friends in their old neighbourhood so they can stay in touch.
  • Take lots of photos of your old house and neighbourhood and plan a goodbye party with all of your old friends.

BrokerSmart’s collective service are here to help, just give us a call!