North Delta Market Update: November 2016

Today I've got a market update for November that I'm excited to bring you. We're finally seeing a return to a stable, healthy market after the peak.

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

I'm excited to bring you the market update for the North Delta market from November 2016. If you've been following along lately, you know that our market has shifted as inventory has risen and sales have decreased and bottomed out. We've also seen pretty big shifts in our benchmark value since the peak of the marketplace. One question I always get is: "What do you think is going to happen in the marketplace?"

Since we have this data, we can make smarter, more informed predictions for what's going to happen.

We know that active listings have steadily increased, but the interesting statistic lies with sales. After a historic market run, we saw the number of sales drop to 30 in August. It stayed pretty level over the next three months, with 28 sales in September, 30 in October, and 29 in November, so we're seeing an average of about 30 a month

What's interesting is that even having come off a historic market run where a foreign investment tax was implemented and the brakes were kind of put on the market, we're still seeing 30 units sell every month in Delta and we're seeing ourselves in a balanced, healthy market.

“

We're starting to see a return to a healthy, balanced market.

”

The sales to active listings ratio is a number that basically tells us how our market is performing by way of how many homes sell as a percentage. Going back to August, it was at a healthy 15%, but it dropped down to 13% and 14% in September and October, respectively, leaving us wondering where the market might go. In November, that number was back up to 16%. You can see that we're floating around 15%, which is the bottom of a normal market, but still a normal market nonetheless.

Benchmark value is a figure that a lot of people have questions about. What's happening to the value of our homes? We've seen that number shift downward since the peak of the marketplace; last month it was $835,400. It was the biggest downward shift that we had seen from $875,000. So what happened in November? We saw a very marginal shift as it dropped down just slightly to $832,000.

Looking at the market as a whole, we've got data for the last 120 days. Sales remained relatively consistent and now, we're seeing the benchmark price level out somewhat. It's Christmastime, so it's normal for the market to cool off and not have predictors one way or another, but it'll be interesting to see. I will, of course, be the first one to bring this information as soon as it's in.

If you have any questions about real estate in North Delta, don't hesitate to give me a call or send me an email. I'd be happy to help.

North Delta Market Update: October 2016

In North Delta, we’ve shifted from a balanced market to a buyer’s market. Toward the end of the year, we should expect to see our home prices level out.

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

What’s been happening in the North Delta real estate market lately? Today I have some graphs to show you in the video above that paint an interesting picture as we head into the holiday season.

September really was a defining month for the market as a whole because it was the month that we could finally identify that we’ve shifted from a seller's market to a buyer’s market.

Going all the way back to June, our amount of inventory has been steadily increasing while our number of sales has been steadily decreasing. In October, those two trends more or less continued. The amount of inventory did slightly decline, though, so that will improve the sales-to-active-listings ratio. November and December should be quieter months with the holidays fast approaching.

“

Expect our prices to level out heading into November and December.

”

Year over year, it’s been a tale of two different markets since October 2015. Since that time, our sales have decreased 48% while our inventory has increased 105%. Our sales-to-active-listings ratio dropped from 68% in April to 13% in September. In October, this ratio stayed level at around 14%. Since anything between 15% to 20% is considered a balanced market, these statistics reinforce the notion that we’ve firmly shifted into a buyer’s market.

Our benchmark price has declined from $905,700 in June to $835,400 in October. This marked a 4.6% decline from September and a 7.8% decrease since the peak of the market. However, we’re still seeing that value up by about 26.9% year over year.

What does all of this mean for you as a homeowner? Aside from the news that the market is favoring buyers, what’s going to be really interesting to watch for is where and when the benchmark value levels outs. I think we’ve already seen this leveling out because, if you look at the marketplace, we haven’t seen the same substantial price reductions in recent weeks that we’ve seen throughout the year. These price drops were the primary force behind the 4.6% drop from September to October, and they haven’t been occurring at the same frequency.

If you have any questions about your home or the marketplace in general, please feel free to reach out to me by phone or email. I look forward to talking with you!

How We Gave Carmen Marketing Tips for Her Listing

“It was very nice, very pleasant. He is a very professional guy and he knows what he is doing. It was really, really good. He was phoning us and asked if we want to sell and decided to send me some marketing stuff.”

How We Helped Andrea Buy and Sell a House and a Few Years Later Sell Again

“We’ve had wonderful experiences with Jayson. We used him a few years ago when we were buying and selling and he did both transactions for us. This time, we were just selling a house and everything went so smoothly. It was just ideal, he is so professional. We interviewed him as well as several other people, but all of us chose Jayson. He just presented himself the best and seemed very knowledgeable and willing to work with us. He had a lot of integrity. It worked so well that when we were looking for a realtor again the only person we thought of was Jayson.”

A New Townhouse Development in North Delta

Did you know that there could be 61 new townhomes coming to North Delta? The application process has just begun.

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

On the corner of 72 Ave and 112, there are eight lots. Recently, an application was submitted to develop these lots into 61 townhomes.

The application has not been approved yet; it has to be reviewed by the Planning and Advisory Committee. There will be a traffic impact study done, and once that has been completed, it will go to the Advisory Committee for a second and third reading before the application receives its final approval.

“

There could be 61 new townhomes coming to North Delta!

”

If everything goes according to the city’s timeline, the application should be approved by November or December of next year. I will bring you more information as this process moves forward, but I think it is highly likely that the application will be approved. The plan for these 61 townhomes fits nicely with the city’s plan for growth.

Of course, the immediate concern raised by this application is that 61 townhomes means at least 61 vehicles. If we assume each household has two cars, that equals 120 cars, plus the other 80 already coming down the road. That is a lot of traffic for 72 Ave; there are plans to expand the street in the future, but we’ll see what happens.

As I said, I will continue to update you throughout the process. If you have any questions in the meantime, give me a call or send me an email. I would be happy to help you!

North Delta Market Update: September 2016

We usually see the market pick up every year in September, but that didn’t happen this year. Here’s what has happened instead.

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Before I dive into the numbers today, let me take you back to when we started to see the market shift slightly in June and July. July and August are typically quieter months, and the introduction of a foreign investment tax certainly cooled down the market a little bit. We wanted to wait until after Labor Day to see what that brings. Usually, we see the market pick up every year at this point in time.

First, let’s look at the active listings, new listings, and sales. September has remained a fairly cool month and is a continuation of what we’ve seen this summer.

First, let’s look at the active listing, new listing, and sales graph. Going back to June, we have seen inventory steadily climbing and sales steadily declining. That trend has continued through September. Active listings have risen from 204 to 218 and sales have been steadily declining too. We saw 105 sales in June, 47 sales in July, 30 in August, and 28 in September. It seems like we are bottoming out in terms of sales.

“

We are returning to a more normalized market.

”

As for our sales-to-active-listing ratio, we were at 95% back in March. We have been steadily declining since. This number was 24% in July, 15% in August, and dropped to 13% at the end of September. A healthy market has a ratio of 15% to 20%, so we are slightly below that. We rarely see ourselves in this type of position, so it will be interesting to see what happens.

Now let’s look at the benchmark price. Back in June, it was $905,000. It dropped slightly to $894,500 in August, and is now at $875,900. We are down 2.2% from last month and 3.3% from the peak of the market. However, the benchmark price is still up by 34.3% from last year.

What does this all mean for you? The hot market with abundant bidding wars is gone. We are returning to a more normalized market that is favoring buyers as opposed to sellers. We will keep watching to see what this trend looks like over the next few months. We usually don’t stay in this type of market for long, so we will keep you updated if anything changes.

If you have any questions, give us a call or send us an email. We look forward to hearing from you.

A Sneak Peek at North Delta's Newest Townhome Development

The city has just approved a new housing development on the corner of 72 Avenue and 116th Street. Here is a closer look at that development.

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

There are some big changes happening in the North Delta community. If you’ve ever traveled east on 72nd Avenue as you approach 116th street, you may have noticed a few boarded-up homes on the right-hand side. A development proposal for this area has recently been approved and in the video above, you can see exactly where this development will be constructed.

The five homes on the corner will be replaced with 40 brand-new 3-bedroom townhomes. These townhomes will range from 1,400 square feet to 2,300 square feet, and the entry to the site will actually be off of 116th Street, not 72nd Avenue.

Regardless of the public opinion of the development, it has been approved, and the corporation of Delta has made it clear that they are very much in favor of redevelopment of 72nd Avenue into future townhome development.

“

40 3-bedroom townhomes are being built on 72nd Avenue.

”

There were 105 people from 75 properties that were opposed to the development; however, after the city conducted their traffic impact study, they concluded that the development of this site won’t necessarily have an impact on peak traffic congestion. Personally, as someone who travels up and down 72nd Avenue, I think that it’s already quite congested and that adding 80 or so vehicles to the area will likely have an impact. That being said, the city is also considering widening 72nd Avenue into a four-lane street.

In any case, these 40 new townhomes coming to the corner of 116th Street and 72nd Avenue mean that the area is starting to develop, so if you have any questions about these townhomes, what is happening in this segment of our community, or anything else related to real estate, please feel free to reach out to me by phone or email. I look forward to speaking with you soon!

North Delta Market Update: August 2016

The headlines out there paint North Delta real estate as a dying market. In reality, we are very much in a balanced market.

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

It’s been an interesting month for Vancouver and North Delta real estate. We’ve seen an incredible rise in the marketplace, coupled with an unprecedented policy change from the liberal government.

We’re starting to see a cooling in the marketplace. The headlines are bad, but sensationalized. In reality, the information is out there to show that while our market is in a decline, it’s still balanced.

As you may have heard, there has been a growing trend in our market of inventory going up and sales going down. The number of sales decreased from 47 in July to 30 in August and inventory did increase slightly as well. Just 83 homes came on the market in August, and we haven’t seen sales numbers this low since August 2012 when we sold just 27 homes.

“

These numbers don’t surprise me.

”

We are finding ourselves in a rare place on the low side of a balanced market. We are heading into September so we will have to wait and see what will happen; only time will tell. My boots on the ground feeling is that there is already an uptick in activity, which we should see continue.

One telling statistic that our market isn’t in as much danger as many believe is the benchmark price. Average prices can skew in favor of high-end homes, but the benchmark price is all-encompassing. This price was $898,500 in July and dropped only .3% in the last month. The current benchmark price of $895,400 is still 40% higher than what we saw last year.

We are coming off a historic market run coupled with a huge policy change by our government to intervene in the market, so these numbers don’t surprise me. They are trending downward, but the sky is not falling. We are still in a balanced market. We are going to continue to look at the market each month and identify where we are heading.

If you have any questions, feel free to give us a call or send us an email. We look forward to hearing from you soon.

North Delta Market Update: July 2016

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

What a difference 30 days can make. If you remember, back in June I was talking about it being a bounce-back month because the sales had bumped up and inventory had come down. It was hard to identify a firm trend in the marketplace. I thought we were on our way to a shifting market and that things were cooling, but June turned out to be tremendously active.

For July, there is no question we’re now experiencing a shifting market. Home sales dropped from 105 to 47, and inventory has climbed from 156 to 196. We haven’t seen levels of activity this low during the month of July since 2010, when there were only 32 homes sold.

Since our peak of 95% back in March, the sale to active listings ratio has steadily declined from 67% down to 24%. Anything between 15% to 20% is considered a balanced market, so technically we’re still in a seller’s market, but we’re very close to returning back to a normalized market.

The 15% foreign investment tax has not put a stop to the real estate market. Of all the 47 homes sold in July, the bulk of them sold within the first 10 days of the month. After that, the sales were very much trickling off and we were on our way to a cooling off period regardless of the tax initiative.

“

There is no question we’re now experiencing a shifting market.

”

For the first time in a long time, we’ve seen our benchmark price drop in July by .8%. This isn’t a significant drop, but it’s still a trend worth watching. We’re up 43% from last year, so homeowners have thus far seen incredibly equitable gains. I expect August, however, to be a much quieter month. Besides the fact that it historically is, many homes in the marketplace are adjusting value and reacting to the shifting market. As that inventory gets absorbed, expect the benchmark value to adjust as well.

What this cooling marketplace means for you as a homeowner is that you have a better opportunity to make timely decisions regarding possibly downsizing, relocating, or selling your home in conjunction with your purchase. We haven’t seen that in a long time, and we’ll continue to watch this trend.

I’ll see you again in 30 days. As always, if you have any questions at all regarding the market, your home, or advice on buying or selling, please feel free to reach out to me by phone or email. Enjoy the rest of your summer.

How We Helped Sher Sell Her Home with Ease

“My experience was great with Jayson. He was friendly, he was easy to work with. He was very forthcoming with information if we had any questions he had the answers literally within moments. We were a little nervous and he made us feel at ease. He was phenomenal. I would recommend him to anybody.”

June Was A "Bounce Back" Month for Sales in North Delta

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

I wanted to take a moment today to update you on the North Delta real estate market for June.

Looking at the big picture, June was a record-setting month for sales across the entire Fraser Valley. Demand is still elevated and we're still very much in a seller's market across the Fraser Valley. The situation is no different here in North Delta

Remember, April was kind of the peak of the market with sales as inventory shot up. As we headed into May, we saw sales decline. So what happened in June? Well, it was a bounce-back month for sales - we saw 105 for the the month with inventory dropping from 169 to 156. New listings from May to June essentially stayed level.

Looking at these numbers, we might say the market is trending back in the other direction, and that it's going to heat up once again - but let's not jump to any conclusions like that just yet. I think the market found a balancing point back in May, and I think we'll see this trend continue over the summer. We'll definitely stay on top of the trends and keep you informed as we move forward into July and August.

“

This continues to be the most opportune time we've seen in our history.

”

Taking a look at the sale to active listings ratio, remember that March was the peak, and that we've seen that number climb steadily down from 95% to about 55% in May. What happened in June? With sales going up and inventory decreasing, we should see that number increase, and in June, that number jumped up to 67%. Interestingly enough, we're seeing the same sale to active listings ratio this June as last June (69%), and although it doesn't feel like it, the ratios really are the same.

Finally, I want to touch on benchmark price. In May we saw that value shoot up to $881,300 and at that time, I thought it was a lagging indicator based on the flurry of activity we saw in March and April. In June, that value is up about 2.8% to $905,700 from May, and it's up 47.8% from June 2015.

What does that mean for you as a North Delta homeowner? Well, we're still in a seller's market. Demand continues to be quite high; June was a record-setting month. As a homeowner who might be considering selling and making a move, this continues to be the most opportune time we've seen in our history. If we do see history repeat itself though, we can expect the market to cool down in July and August. Kids are out of school and families are on vacation - it's very typical of our market situation. As we get out of Labor Day, the market picks up as we move forward to Christmas.

As the market picks up, I'll of course be the first to bring you that information. If you're thinking about buying or selling, give me a call soon. As always, if there's anything I can do to help, feel free to give me a call or send me an email.

Is Scotiabank's Lending Change A Signal for the Market?

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

I wanted to tell you about some of the changes we're seeing in our lending market locally.

Over the last couple of weeks we've been talking about a cooling down shift in the North Delta real estate market, so I wanted to bring up the most timely information from the financial side of real estate, and some news coming out of Scotiabank. They are effectively backing off on lending throughout metro Vancouver.

Basically, Scotiabank is looking at our market and getting a sense that there's too much risk here in Vancouver to keep letting people borrow money to buy a home.

To quote Scotiabank CEO Brian Porter, "We're a little concerned about house prices in greater Vancouver and Toronto." They're effectively taking their foot off the gas, and scrutinizing the transactions coming out of metro Vancouver.

“

Lenders are starting to send signals.

”

If rates were to increase - which isn't unfathomable - at some of the values people have borrowed, it really is too much risk for the lender, and for the homeowner at that point. Porter says there is a possibility of an upside in these market, but the downside is a very real possibility. If you see money tightening by the banks, it really could have a significant impact on the Vancouver real estate market. If the Provincial and federal governments are failing to take action, then the next would be the lender, and you're starting to see that.

If TD and RBC follow and we see more lenders really clamp down on the deals, then yes, sales are going to slow, and it will have an immediate impact on North Delta real estate as well.

This is very timely info, but please understand, the market is still very healthy here in North Delta. The sky is not falling and the market is not crashing! If you have any questions, please feel free to reach out to me.

How we helped Joanne by being there around the clock

"I had very satisfying results. He answered all my questions and I felt really good. We had some news that wasn’t very comforting and I called Jayson and he was on it in a heartbeat. He reassured us that everything was OK, and this was all after hours. He found out all the information that I wanted to hear and called my back to see if I was feeling OK about everything. He practically calls me all the time to see how we’re doing. I’ve been recommending him to everybody!"

Has the North Delta Real Estate Market Shifted?

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Last month, we talked about the market starting to shift and cool down. Listings had spiked and sales were beginning to level off, which signalled the start of this shift. So, where is the market at now?

This month, sales are still on the decline, and new listings are as well. Active listings have climbed from 158 in April to 169 in May. Meanwhile, sales have dropped from 108 sales to 83. Inventory is growing as we approach a more normalized market.

That said, 184 new homes came on the market in April. We’re not going to see that every month - last month, 137 new homes came on the market. That is a more stable number.

“

The sky is not falling and the market is healthy.

”

We should also look at the sales to active listings ratio. In March, 95% of active listings sold. In April, that number dropped to 68%. Recently, the ratio has declined to 55%. Don’t be alarmed; remember, as long as the ratio is over 20%, it is still a seller’s market. The sky is not falling and the market is still healthy.

In April, the benchmark price in North Delta was $797,000. Last month, we saw that number spike to $881,300 - that’s a 10% gain! It is also the highest gain in the last 30 days in any community in the entire Fraser Valley. In my opinion, this is a lagging indicator of the market shift. What happened was the inventory from the peak of the market was absorbed and home value shot up. It will be interesting to see those numbers in 30 days, although I expect that they will level off.

If you have any questions, give me a call or send me an email. I would be happy to help you!

The Start of a Real Estate Market Shift

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

There is a recent market trend this May that we will need to keep an eye on over the next 90 days. During the first weekend of May, buyers started making offers on properties below the asking price or with contingencies. That’s the first time this has happened in 2016.

The fact that buyers are making such offers could indicate a shift from the hot seller’s market of early spring into a normalized market. The number of new listings supports that, as new and active listings spiked in April and sales began to level off. This April, 184 new listings came on the market. That is the highest number of new listings on the market we’ve seen in any given month over the last two years.

That can only mean one thing - now, buyers have more selection, and we’re seeing a balance between supply and demand. More active listings mean buyers have more time to make a decision. If this trend continues, we can expect a softening or leveling off in home values.

“

The market may be starting to shift.

”

As you all know, we have been in a seller’s market for the last 12 months. In March, 95% of active listings were sold, and in April, that number plummeted down to 68%. We are still in a seller’s market, but if this trend continues, we will see a larger shift in the market.

Finally, the benchmark price has been going up. Just 12 months ago, the benchmark price was $600,000. Now, that price hovers around $800,000. The bulk of that growth occurred over the last four months. Keep an eye on that number, because if the benchmark price starts to level off, that’s a definite indicator that the market is cooling.

We’re not sure yet, but this trend could be an indicator that we are leaving the wild seller’s market the North Delta has been in over the past year. If you have any questions, give us a call or send us an email. We look forward to hearing from you!

How we helped Brian sell his home with our professionalism

"Working with Jayson Sidhu was super easy and was very approachable, very friendly, and very knowledgeable. I hired Jayson Sidhu because I got an email from Jayson and was interested right away. His emails were very professional and he gave me a market evaluation and I contacted him after that. I would totally recommend Jayson Sidhu to my family and friends, he was very easy to work with."

How We Helped Gary by Confidently Selling his Home

"It was great, the best experience I could have wished for in a Realtor. We heard about him because a neighbor down the road had hired him and had the sign up. So we decided to give him a shot and after hearing him talk to us, we were more than confident that he could a good job for us and we were right."

How We Helped Christa Sell Her Home With Our Impressive Knowledge

"It went really well and he gave the impression of really knowing his stuff, so we felt really confident using him as a Realtor. The guy down the street had sold his house and I saw the sign and said 'Oh, he sold that guy's house, maybe he can sell our house.'"

What’s Happening in the North Delta Real Estate Market?

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Today, I’m here with a market update for March as well as a review of the market in the first quarter.

Right now in North Delta, the benchmark home value is $771,300. At the beginning of the year the benchmark value was $703,100. We’ve seen values increase by 9.69% since the beginning of the year. The benchmark removes the high end and low end sales and speaks to the average North Delta Home.

In March, 98 homes sold and 136 new listings came on the market. Sales and new listings jumped up, which is not uncommon for this time of year. We are seeing so much absorption in the marketplace, it’s as if the market cannot keep up with demand. In fact, there are only 103 active listings on the market in North Delta.

Back to the first quarter review. The sales to active listings ratio is 55%, which is incredibly high. It’s even higher than the ratio we saw at the peak of the market in 2006. We’re also seeing incredibly low inventory but sales have spiked.

Finally, if we look at the average price scale, we can see that, historically, real estate is a good investment. Over the last year and a half, the spike in property values is higher than anything we’ve seen in the history of the market.

We are obviously experiencing an incredibly hot real estate market right now. If you have any questions, give me a call or send me an email. I would be happy to help!

How to Get Your Offer Accepted as a North Delta Buyer

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Today, we’re talking about how to get your offer accepted in our current market. Right now, the North Delta market has low inventory and high demand, which can make things challenging for a buyer. You may find yourself in a multiple offer situation. How do you get your offer to stand out?

First, have your agent present the offer to the seller in person. Make sure your agent goes there to represent your interests and articulate who you are directly to the homeowner. Your agent can help position you in the best light possible.

You should also get pre-approved and have your lender or bank write a pre-approval letter. Submit your pre-approval letter with your offer. This gives the seller confidence that your financing won’t fall through and that your offer can make it to the closing table.
 

Along with your pre-approval letter, consider including a cover letter to the seller. Talk a little bit about who you are. Tell them about your family. Tell them why you are interested in their home. Build a rapport with the seller and set yourself apart from the competition.

Earlier, we mentioned having your agent present the offer in person. You should go with your agent. We have our clients wait in the car so they can make a quick decision if they need to.

Finally, be prepared to be flexible. In our market, the sellers really do have the upper hand. Be open to closing dates that may be more favorable to the seller. Consider allowing them to rent back the property after the closing. Either way, be prepared to work with some of the seller’s demands.

If you have any questions about today's video, give us a call or send us an email. We would be happy to help you!

What North Delta Sellers Need to Know About Multiple Offers

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Today, we’re talking about how to manage multiple offers. It’s a great time to sell your home, since the North Delta market has low inventory and high demand. That said, you’re not going to receive multiple offers if you hire an average agent who sticks a sign in the yard and lists your property on the MLS alone. Hiring the right agent is key to getting the most money for your home.

Let’s assume you’ve hired an expert agent who has marketed your home and created a lot of interest in your property. Now you’ve got multiple offers. What do you do?

First of all, review each offer. Don’t commit to the offer with the best price. Compare the offers and figure out which buyer you can negotiate into a position that will be best for you. That can mean looking for the best price, but it can also mean looking for the best conditions or the best dates. When would you like to move? Do you need to rent back the property? Ask yourself which buyer is the best fit.

Once you’ve selected an offer, make sure the buyer is financially able to purchase your home. Simply accepting the offer and negotiating assuming that the buyer’s financing is in order is not a good idea. You want a buyer who is pre-approved for financing so you know they are able to purchase your home.

Finally, in a market like this, you need to have a backup offer in the event that the first deal falls through. That way, you don’t lose any momentum and your home’s value remains high. You can still sell your home for the most amount of money at terms that will be acceptable for you.

If you have any questions about today’s video or about real estate in general, give us a call or send us an email. We would be happy to help you!
 

How We Helped Samantha by Working Efficiently

"Working with Jayson Sidhu's Real Estate Team was great. Jayson executed himself effectively and efficiently. He was proactive and gave us the results that we in the end needed."

What Does the North Delta Housing Market Look Like?

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Today, we’re here with your market update for March 2016. If you remember last month, our inventory was incredibly low. In the last 30 days, inventory has slightly increased, with 111 new listings coming onto the market.

To put that in perspective, that’s 52 new listings up from January; inventory has increased by 113% in the last month. Additionally, we’ve experienced an increase in sales. In February, 74 homes sold, which is a 60% increase over January 2016 and a 30% increase over January of 2015. Even though there are more listings, buyer demand is still strong! That’s excellent news for the market climate.

As far as price, in February of 2015 our benchmark price was $569,700. This year, that number increased to $746,600. Not only is that a 31% year over year increase, it’s a 3.5% month over month increase. It is not sustainable to have 3.5% monthly gains as the year progresses. The market might be a little out of control right now. Buyers are frustrated because they have to enter bidding wars right away, but that environment is not going away any time soon.

Why is the market like this? There’s been tons of talk about offshore investments, but that’s not happening in the surrounding North Delta area. We are seeing the ripples of that issue coming from the west. People in Vancouver are selling their homes for a lot more and bringing their equity out this way. They’ve identified the North Delta as a great place to live, so these trends are caused primarily by local buyers.
 

February was a record-setting month. Inventory is being absorbed fairly quickly, and homeowners in the North Delta are able to generate equity quickly, too. This is a good and bad thing, as affordability could become an issue for the next generation.

We are about a year away from an election, and affordability, offshore investments, and controlling the real estate market will become a political talking point. The government hasn’t discussed this much so far, but the Democratic Party has made it clear that they'll have a proactive approach to housing.

Locally, interest rates are still relatively low. It doesn’t look like they’re going to change. If you’re a seller and you plan on downsizing or leaving the area, now is a great time to do so. If you’re a buyer, you need a Realtor who can help you come up with the right strategy for success!

If you have any questions, give me a call or send me an email. I would be happy to help you! 

What’s the Secret to Selling Your North Delta Home for Top Dollar?

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

We've helped a lot of homeowners get their homes ready for the market, and over the years we've identified four key things that help them maximize the sale value.

1. Curb appeal. You want to make a great first impression on potential buyers. The first thing buyers see when they come to view your home is the front of your property. Make sure your landscaping is in great shape and remove any clutter from the yard. Even reducing the number of vehicles in the driveway makes the front look less cluttered. 


2. Staging. Obviously, you want the appeal of the exterior of your home to extend to the inside. We recommend engaging in a staging consult -- we’ll bring in a stager who will help you declutter the home, reposition the furniture to create a more spacious floorplan, and make sure that every room in the home has a purpose. Homes that are staged can sell for as much as 15% more!  


3. Preinspection. Bringing in an inspector before your home gets to the market in order to ensure there are no major red flags that a buyer is going to encounter during their due diligence process. If there are any major repairs that need to be done, you’ll have them taken care of well before you list your home.  


4. Marketing strategy. Before getting to the market, we’ll sit down with you to figure out exactly what the marketing strategy is going to look like. This often means pre-marketing the home up to a week before your home hits the MLS. By that time, we’ll have created such a high level of exposure that, by the time you hit market, we’ve got buyers lined up at the door waiting to see your home. In this market, this strategy often results in multiple offers and a sale price above what was originally asked!

If you have any questions about what it takes to get top dollar for your home, please don’t hesitate to reach out to us. We would love to hear from you! 

Your North Delta Real Estate Review for 2015

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Today we are excited to give you an update on the current state of the North Delta real estate market, and let you know about all the trends we are noticing right now and what we anticipate to happen in the near future.

Currently, we are very much in a seller’s market. We saw 783 homes sell in 2015, a 33% increase from the previous year. We also saw the average price go up quite a bit, it rose 15% to $679,000. There are even some pockets that saw increases in home prices by 20-25%.

As of today, the inventory in the Delta remains low. There are currently 103 homes on the market, with 51 of those being single-family homes. Usually, that number is twice as high. Demand for these homes is sky-high, and we are continuing to see multiple offers on homes that are priced well and prepared correctly.

We have an oversupply of buyers right now. Combine this with low inventory, historically low interest rates, and an increased number of buyers entering the market in 2016, it’s shaping up to be a huge year for sellers, and we expect this type of market to continue.

In fact, interest rates may even continue to decrease further. At the same time, any increase in the rate would be detrimental to many provinces that are heavily reliant on oil and gas like Saskatchewan and Alberta.

If you’re a buyer, you’re going to need to be prepared to engage in competitive, multiple-offer situations. Whoever you are working with as an agent should be someone who can help you prepare and win the negotiation. It has to be a well-crafted offer. This is critical, I can’t overstate that enough.

If you’re a seller, you are in the driver’s seat. You have a lot of power right now in the market, and there has never been a better time to sell. A softening in the market is coming, but we don’t know when. Acting sooner rather than later will help you avoid this.

If you have any questions for us at all about the market, feel free to give us a call or send us an email. We can’t wait to hear from you!

Three Reasons You Need to Work with a Top Producing Agent

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Whether you're a home buyer or seller, you have thousands of agents you could work with. Who should you work with to get the best results? I can especially help you achieve your real estate goals. Here's why:

• Results. I've been a trusted adviser to my clients for nearly a decade. I've helped over 300 families buy or sell real estate! I've been mentored and trained by the top real estate coaches on the continent, which has enabled me to be in the top percent of the real estate field.

As a buyer or seller, what matters the most is results. I can help you sell your home for the most amount of money in the shortest time in any market. If you're a buyer, I can help you get that dream home for the best possible price. I am a top producing agent who gets results, and I am committed to helping you.

• Knowledge. I have knowledge that comes from a decade of experience. I study the market every day, and I am an expert in market trends and market value. I know about homes that haven't hit the market yet. I have buyers looking for homes just like yours. This kind of knowledge is invaluable in today's real estate market.

• Communication. The number one complaint consumers have about real estate agents is a lack of communication. I promised myself the day I got into this business that I would not be one of those agents. I am relentlessly committed to making sure you feel comfortable and confident every step of the way.

If you have any questions, give me a call or send me an email. I would be happy to help you!