Patrick Hobbs

Prudential Sussex Realty - Sechelt

  • Office: (604) 885-3295
  • Fax: (604) 885-5422
  • Toll Free: (888) 385-3295
  • Cell: 1-604-741-1877
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Patrick Hobbs
Office:(604) 885-3295
Fax:(604) 885-5422
Toll Free:(888) 385-3295
Cell:1-604-741-1877

Year End Stats

 

Slow start, strong finish for housing market in 2009

 

VANCOUVER, B.C. – January 5, 2010

– After beginning the year at near record low sales levels, buyers’ confidence

in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases

in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and

apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008,

but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined

15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence

led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV

president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half

of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our

organization.”

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent

from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when

3,083 home sales occurred.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver

increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December

2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a

41.1 per cent decline compared to November 2009 when 3,653 properties were listed.

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the

last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,”

Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008,

and a decrease of 19 per cent from November 2009 (see graph on page two for more detail).

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in

December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to

December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in

December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to

$382,573.

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in

December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and

2009 to $478,093.

 

 

 

  8 Mistakes to Avoid When Buying a Home

You've been saving for awhile, weighing your options, looking around casually. Now you've finally decided to do it - you're ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?

  Benefits of Using a Realtor to Sell your Home

Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way.

  The Best Asking Price for your Home

Setting a realistic price for your home that reflects current market values will help sell your home quickly and for top dollar. When you price your home properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers - which may net you even more in the long run.

  Buy or Sell First?

If you are considering looking for a new house, and are a current home-owner, then chances are you're wondering what your strategy should be: do you wait to find the perfect new home before you put your current home on the market, or do you sell first and then look around? You have a few options. Use the following as a guide to explore what might be the best move for you.

  "Drive-Up Appeal": Get your Property Ready to Show

When preparing your property to show, work your way from the outside in. It is essential that your home possess a certain "drive-up appeal". Remember, a potential buyer's first impression of your house is formed while s/he is still sitting in the realtor's car. So, first you need to view your house from this perspective. Go stand on the opposite curb and observe your property. Compare it to surrounding properties.

  Buying a Home: What Expenses to Expect

Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other - sometimes unexpected - expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

  Hire the Right Agent, For the Right Reasons: 8 Questions to Ask

Finding a real estate agent who is right for you requires doing a little homework, and asking the right questions. Choosing an agent is a decision that could ultimately cost or save you thousands of dollars. Keep in mind the individual you choose will be handling almost every maneuver in the biggest financial investment of your life. Experience, interests, and expertise vary from agent to agent, so you should be asking very specific questions in order to align your own needs with the abilities of an appropriate representative

  Home Inspections: Top Ten Problems

Each homebuyer has different ideas of what will constitute the ideal home for them, these notions often based on particular aesthetic preferences. But one thing that unites all potential homebuyers is the desire to find a home that is fundamentally sound - in areas beyond the immediate sweep of the eye - and that will provide a safe, comfortable, and efficient foundation for their life behind a new door.

  How to Get Top Dollar for your Home, Fast!

Your home is likely your largest asset, so selling it may be the biggest financial move you've ever made, one that requires significant thought and strategy. However, once you've entered the market, the process may move very quickly: your property has the best chance to sell within its first seven weeks on the market. Studies indicate that the longer a property stays on the market, the less it will ultimately sell for. So, you need to ensure you're ahead of the game. Get your property into top selling shape before it hits the market in order to increase its chances of selling within the desired window of time and drawing top dollar.

  How to Set an Offer Price

There is no set equation to determine how you'll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You'll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you're willing to offer.

  Know the Market before You Buy

The asking prices of most homes on the market indicate the current state of the market, and usually mirror the prices for which other similar homes in the area have recently sold. In deciding upon a selling price, a home-seller must establish a balance between the desire to draw the highest offer and finding a price that will be reasonable enough to attract an appropriate pool of prospects, and competitive offers. While most selling agents counsel their clients to consider this equation when pricing their home, keep in mind that some homes are not properly priced.

  7 Things to Look for in a New Neighbourhood

Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you'll make in the home-buying process; your choice of environment will affect the way you experience your new home.

  A Manual to Prepare your Home for Selling

"You never get a second chance at a first impression." We've all heard this expression before. And now, while you are preparing your house to sell, it should not be far from your mind.

  Prepare the Inside of your House for Showing

Once you've minimized the clutter in your home, clearing out excess items and furniture, you'll be ready to concentrate on repairs, cleaning, and decoration. Your goal is to get each room looking its sharpest and most fresh - the better your house looks, the greater your chances that it will sell quickly and for top dollar. Concentrate on the following areas to get your home into selling shape.

  Second Time's a Charm!: Sell the House that Didn't Sell

Don't get discouraged if your property hasn't sold during its first appearance on the market. Your home may actually have been one of the most appealing listings of its kind - and the reasons it didn't sell may have nothing to do with the property itself or the market. Rather, a number of separate factors may have influenced the outcome. Take a step back, break your original selling method into parts, and allow yourself time to evaluate each one. Make a commitment. Establish a new approach. Stick to it. A reassessment of your system, and a shift in perspective, may be just what you need to realize your ultimate goals in the sale of your home.

  Showtime: Tips for Showing your Home

After putting in a huge amount of time and effort to get your home looking good and ready to sell, your hard work is finally going to pay off: your home is on the market - you're ready to begin showing. Your house should always be at-the-ready for a tour, as agents may bring clients by with very little notice. If they catch you unprepared and you aren't able to show the house on the spot, you could be losing out on a sale.

  Stop Paying Your Landlord!: Own Your Own Home

The thousands of dollars in rent you've already paid to your landlord may be a staggering figure - one you don't even want to think about. Buying a house just isn't possible for you right now. And it isn't in your financial cards for the foreseeable future. Or is it? The situation is common and widespread: countless people feel trapped in home rental, pouring thousands of dollars into a place that will never be their own - yet they think they're unable to produce a down payment for a home in order to escape this rental cycle. However, putting the buying process into motion isn't nearly as impossible as it may seem. No matter how dire you believe your financial situation to be, there are several little-known facts that may be key to helping you step from a renter’s rut to home-owning paradise!

  Tips for the Moving Process

It's official: you've signed the papers, dotted all the i's and crossed the t's - you own a new home! You've almost reached the end of your journey. However, now, faced with the daunting task of moving, it may seem as though the journey has just begun. Moving can be a time-consuming and stressful experience if you let yourself be overwhelmed by the job. Remember, though, having a successful move means taking care of the details, one by one. If you break the process down into steps and arrange your time accordingly, you can make it manageable.

  Top Legal Mistakes to Avoid

The process of buying or selling a house seems to involve a million details. It is important that you educate yourself on as many parts of this process as you can - this knowledge could mean the difference of thousands of dollars in the long-run. The legal issues involved in the process are often particularly intricate, ranging from matters of common knowledge to subtle details that might escape the untrained eye. Any of these issues, if not handled properly, could develop into larger problems

  Where to Start: Begin to Prepare your Home for Showing

"You never get a second chance at a first impression." We've all heard this expression before. And now, while you are preparing your house to sell, it should not be far from your mind.