Newsletter for August 2007

Vancouver for Homes Monthly Newsletter

Welcome to our newsletter on Vancouvers real estate market. We are here to help you buy or sell real estate in the Greater Vancouver area and through our partners in many areas of B.C.

August 2007

REAL ESTATE ETIQUETTE

People new to Canadian real estate might be interested in a few rules of etiquette. They will make life easier when buying or selling in the real estate market here in Canada.

OPEN HOUSES

The open house is a major means of marketing homes in Canada. When you see an open house sign on the road side, then you can follow the arrows and find the home. When entering the home you will usually be expected to remove your shoes. If you are asked if you are working with anyone it is the listing realtors way of finding out if you are represented by another realtor to help you buy. Their hope is that they can persuade you to buy from them (and they can pocket both the buying and selling commission).

If you are a serious buyer be careful what you say to the listing realtor. Anything you say may be used by the realtor to help their seller in subsequent negotiations.

APPOINTMENTS

Although open houses are a common way of marketing a property they are not actually the way that most properties are sold. It is far more likely that the sale will result from a viewing arranged by the buyers realtor. When we are working with a buyer who is actively looking, we often set up a tour. This involves a series of appointments with the listing realtors of suitable properties. In our area this mostly means that we will meet the listing realtor at the property.

We are always careful about making these arrangements. It can be difficult to set up such a tour as you need to make appointments. Listing realtors need to ensure that the owners will not be at home. And we have to work out how long to spend at each home and judge the time needed to get from one viewing to the next.

We get this wrong sometimes but thanks to the cell phone are usually able to warn the other realtor if we are going to be late. Our success in the real estate market is in part due to our ability to co-operate with other realtors and this simple courtesy goes a long way toward ensuring we can work well together.

Buyers sometimes dont turn up when they are expected. Being stood up, especially without the courtesy of a phone call, is annoying. There is a ripple effect too when a tour has been arranged, so if you are ever in the unfortunate situation of being unable to make your appointment with your realtor then please for their sake let them know as soon as you can.

OFFERS

When you are making an offer on a property it can be extremely important for you to be easily contacted. Offers are time critical and if a response is needed for a counter offer then we may need to get your response within a short time. Keep your cell phone on!

Sellers should be careful that their realtor knows there whereabouts. For sellers this can be a requirement over an extended time. While the home is on the market, the realtor may need to make appointments. Let them know when you can or cannot show your home. And we know it is inconvenient to keep it clean and tidy just in case theres a viewing requested. We like to agree limits with our sellers in advance - such as how much notice is needed, times of day that work or dont. These guidelines make it easier for all of us.

NEGOTIATIONS

If you are making an offer on a property, the aim is to come to an agreement. Most often this is an amicable coming together - where buyer and seller find common ground and agree on price, dates and other issues. It is rare that an aggressive approach is effective - at least in this market.

Both buyer and seller generally move toward agreement and, in our experience, are more successful when they are looking for the common ground that results in a win-win.

REAL ESTATE MARKET

JULY HAS SET RECORDS

According to the Real Estate Board of Greater Vancouver (REBGV) total residential sales reached 3,873 units in July 2007, which is a 41.8% increase compared to 2,732 sales in July 2006 and an increase of 5.0% compared to 3,687 sales in July 2005. It is the second highest number of sales during the month of July in the Boards history. The highest number of sales for that month was recorded in June 2003, when 4,023 sales were reported.

July was expected to be a slower month but has not proved so. Nor have expectations of a more general slowing down panned out. On average a property sells within 38 days at the moment, which is pretty good. We wait to see if August brings the slow down that comes with annual vacations.

I have also set out the REBGV benchmark prices as published for this month. Note that these are for typical properties in each area - it is no substitute for a proper market analysis. Figures in brackets refer to the 1 year change, with 3 year change in square brackets.

DETACHED BENCHMARK PRICES

Greater Vancouver $714,810 (10.9%), [3yr: 48%]
Burnaby $703,063 (6.4%), [3yr: 44.5%]
Coquitlam $634,162 (9.5%), [3yr: 44.8%]
South Delta $611,919 (6%), [3yr: 39.1%]
Maple Ridge $451,747 (12.4%), [3yr: 36.2%]
New Westminster $537,960 (7.6%), [3yr: 45.7%]
North Vancouver $847,540 (12.8%), [3yr: 48.4%]
Pitt Meadows $483,260 (12%), [3yr: 48%]
Port Coquitlam $529,420 (14.9%), [3yr: 47.8%]
Port Moody $655,951 (14.6%), [3yr: 39.7%]
Richmond $712,759 (12%), [3yr: 53.2%]
Squamish $500,221 (26.6%), [3yr: 19.9%]
Sunshine Coast $412,323 (7.2%), [3yr: 47%]
Vancouver East $647,555 (10.1%), [3yr: 49.5%]
Vancouver West $1320,831 (15.8%), [3yr: 62%]
West Vancouver $1365,306 (6.7%), [3yr: 50.7%]

ATTACHED BENCHMARK PRICES

Greater Vancouver $448,383 (10.8%), [3yr: 47.7%]
Burnaby $436,167 (8%), [3yr: 50.6%]
Coquitlam $405,910 (11.1%), [3yr: 44.4%]
South Delta $397,856 (4.8%), [3yr: 41.6%]
Maple Ridge & Pitt Meadows $306,544 (9%), [3yr: 45.3%]
North Vancouver $568,465 (9.1%), [3yr: 45.2%]
Port Coquitlam $378,332 (7.5%), [3yr: 38.3%]
Port Moody $387,987 (10.7%), [3yr: 55.8%]
Richmond $435,437 (11%), [3yr: 46.3%]
Vancouver East $485,081 (15.4%), [3yr: 53.8%]
Vancouver West $692,485 (17%), [3yr: 53.6%]

APARTMENT BENCHMARK PRICES

Greater Vancouver $364,510 (10.8%), [3yr: 58.5%]
Burnaby $324,817 (11%), [3yr: 58.2%]
Coquitlam $280,401 (10.3%), [3yr: 61.3%]
South Delta $321,339 (10.6%), [3yr: 40.9%]
Maple Ridge & Pitt Meadows $261,382 (14.3%), [3yr: 73.8%]
New Westminster $282,723 (12.2%), [3yr: 68.9%]
North Vancouver $376,517 (11.4%), [3yr: 56.3%]
Port Coquitlam $241,325 (11.8%), [3yr: 73.3%]
Port Moody $300,169 (11.9%), [3yr: 62.4%]
Richmond $295,310 (8.7%), [3yr: 57.7%]
Vancouver East $304,468 (13.7%), [3yr: 68.3%]
Vancouver West $465,734 (10.3%), [3yr: 54.4%]
West Vancouver $655,251 (6.8%), [3yr: 48.6%]

TIME TO BUY OR SELL

If you are looking to buy or sell property then we can help you. We work for you either as a buyers agent, to help you find your next property, or as a listing agent. If we cannot help you personally we have excellent partners in most areas within B.C. We and our partners are licensed realtors with the experience and knowledge to help you make your next move a success. Call us to find out how we can help you now.

And remember if you introduce someone to us you will receive a referral fee when they buy.