Last week I posted a great infographic on the first half of 2017 in Powell River Real Estate. I even did a Facebook Live video on this topic yesterday. However I wanted to provide a more in depth look at everything that’s happened up to July 1st.
With just 1.5 months of available Single Family Detached Home (SFD) inventory, our real estate market continues to favour sellers. There are just 67 residential listings on our MLS, and a mere 56 actively listed SFD Homes on mainland PR, just 23 of which are under $400,000.00. With a lack of supply and constantly increasing demand the real estate market has become incredibly competitive.
52 of 177 SFD Home sales through the end of Q2 2017 have been full price or above! 2017 is so far similar to 2016 in many ways. SFD Home sales volume is up 5.3%, but total volume of residential sales is down 6.5%. In 2016 the first quarter was very slow, and the second quarter was a record setter, but this year has been more even, and should continue to be. 2016’s strong second quarter saw a drop in volume in Q3 where often they’re similar, which should again be the case in 2017. Total sales fell 24% between the second and third quarters on 2016, but I wouldn’t be surprised if they’re very close in 2017. Overall, residential sales are on pace to be +/- the same volume as 2016.
While sales volume is stable, sale prices are climbing fairly quickly. At the end of Q2 2016 the average SFD Home sale price was $301,913. When Q2 2017 ended, that number was up to $332,925, a jump of over 10% and trending higher. Comparing each second quarter, the increase was almost 14% as homes sold from April – June this year averaged $346,098. At the close of 2016 the average SFD Home price was $320,058. If the current average increase continues SFD Home sale prices will average north of $350,000 by the end of this year, and if volume doesn’t increase it most certainly will be all of that.
In recent news some Canadian banks have increased rates marginally only on certain products as they anticipate a long expected increase to the Bank of Canada’s key benchmark rate. CIBC and BMO increased longer fixed term rates with 25 year amortizations between 5 and 20 basis points. Rate increases have been long coming, but should not have a negative effect on our real estate market.
Despite the rapid appreciation the average home is still very affordable in Powell River, and a few points either direction is not going to make or break most transactions as it might in major markets.
Canada Day has come and gone and so has the mid point of 2017. Six months and 181 days are behind us, so it seems like an appropriate time to look back at the first half of 2017 in Powell River Real Estate, and look ahead at what’s to come.
Check out this great infographic featuring a few of the key stats from 2017 thus far. I’ll have more in a few days as I take a more detailed look at the second quarter of 2017 and the year overall so far.
It was about a year ago the Matterport 3D Imaging system finally arrived at my office. It was like Christmas in June. I had just listed a beautiful lakefront home, ideal to showcase this groundbreaking new technology. Alex (my right hand man) had just started, and on day one I asked him to research how we could get this machine that creates 3D living models of homes, and if he could run it. Well, the latter was a synch, but considering the company wasn’t direct shipping to Canada yet (that’s how exclusive this technology is), we had to send it from California, to Florida, to Vancouver and up to the beautiful Sunshine Coast.
My business philosophy is predicated on adding value to the listing process; it’s the reason I do what I do. So, to acquire a technology that can put a buyer right in your home, along with my already exciting suite of value added services was a dream come true. To me, anyone can put a home on the market, it’s marketing the home to its full potential that’s so critical, and there’s no better way, especially when nearly half of all purchases in Powell River in 2016 were made by someone from outside of PR. It’s called digital curb appeal. Let’s face it, everything sells online, so, make sure what you’re selling – in this case pretty big ticket items like houses – show to their full potential.
When I meet a buyer at a home who has already told me they enjoyed the 3D model, I know they’ve already made the purchasing decision in their mind because they’ve already experienced everything the home has to offer…seeing it in person becomes a formality. Showings become more like pre-offer meetings.
Our first Matterport 3D listing was in Cranberry on a beautiful two storey home right on the lake. 7032 Cranberry presented amazingly for our new 3D camera and what you get most from the final product is the size and space available from the huge family room to the beautiful entrance way and upstairs master bedroom. You can’t get that from photos, you get a sense of it on video, but only the 3D scan allows you to see every inch of the home, how its laid out and just how big everything is.
Shortly after, we ventured over to Savary Island to capture a pair of homes including a stunning custom build overlooking the south side of the Island and back to Powell River and Texada Island. Take a look at this scan and see how it handles the outdoors by standing on the back deck and checking out the view and landscaped gardens.
In September, we scanned a beautifully renovated home that was staged expertly by Relish Interiors. This two floor family home on Field Street was showcased to its maximum by capturing beautiful photos and creating a 3D walkthrough that allowed prospective buyers to see all the improvements and upgrade, see the views out the window and see how the house was laid out.
Overall, in a year we’ve scanned 36 properties in Powell River and Savary Island. 36 homes with unprecedented digital curb appeal and 36 properties that appeal like nothing else on the market to a growing contingent of out of town buyers. In 2016, almost half of all buyers (48.8%) were from outside of Powell River and it’s no longer an option to cater to that pool of prospective buyers…it’s a necessity.
It doesn’t matter what you call home, you can benefit from my exclusive 3D technology when its time to sell…at NO EXTRA COST! You don’t have to have a million dollar listing to reap the benefits of unparalleled real estate marketing technology, you just have to give me a call. I believe everyone deserves the ability to sell their biggest investment for maximum return, whether you’re down sizing, up sizing, cashing out an investment property, or relocating altogether.
Looking back at all the homes we’ve scanned in the first year it just amazes me the effect this cutting edge technology has when it comes to selling real estate…seeing how this machine brings the beauty of my clients’ home to life.
If you haven’t heard of, or seen it yet, click here for some more examples of local homes we sold in the past year with the help of the Matterport 3D system, and when it’s time to hire an agent remember I’ll be happy to put this high tech marketing tool to work for your benefit.
This is something that I’ve wanted to put together for a long time and I’m happy to now begin offering this moving forward. Every month we collect various stats and information about the transactions in Powell River for Real Estate. These range from where buyers and sellers come from to why they’re coming or leaving Powell River. Combine that with our up to date MLS data featuring asking and sales prices, number of units and much more and you get a pretty complete look at the region.
So we took all that information and put it into an easy to view infographic. The numbers are quite interesting.
The first quarter is in the books, and 2017 is off to a hot start.
The 99 sales recorded in Q1 are the most in a first quarter since 2007. The fact the local real estate market is hot may not really be a headline-maker, but at the start of the last big run in ’03 there were 94 sales, then 143, 166, 111, 112 and back in to the 90s in ’08 before the global economic crisis. It’s not an exact science, but market cycles are just that: cyclical.
I would love to think that we have room for that kind of sales volume growth ahead of us, but it’s hard to imagine there would be enough inventory for a 166 sale first quarter any time soon. Right now there’s just 67 single family detached homes for sale from Lund to Saltery Bay, and only 44 of those are within the municipality, with a mere 27 under $300,000.
The jump in first quarter sales from 2016 to 2017 is an impressive 38%. If that trend continued through the entire year that would produce a record setting 730-sale pace, which I don’t see happening. In the last big run up our sales volume jumped from mid-400s to mid-600s, and a couple years in to our market
correction, the same volume jump hasn’t happened, which has led to a sharper spike in pricing as the supply has not been there.
If we somehow don’t get more inventory pricing will continue to climb at a substantial rate. I think it’s looking feasible to think total sales may hit the 600-plateau in 2017, which would mean a realistic increase of 13% over last year’s sales volume, but even then I’m not sure there will be enough product to sell to get to 600+ sales.
In the first quarter exactly one-third (33 of 99) of all sales were full price or over. The average SFDH was selling for $319,750.80 (around the same number at the close of 2016), and of those homes listed and sold in the first quarter the average days on market is 23; that’s just over three weeks to sold, not accepted offer, but firm deal! If you’re asking me it’s entirely likely our market crests the 600 sales mark this year, but with the ever increasing number of out-of-market buyers, it’s not outside the realm of possibility that before the year ends the average SFDH home sale price is closer to $400K than $300K.
Time to kill on the peninsula?
Turn that frown upside down, and stop for a flight at the southern Sunshine Coasts’ brewery district…ok, they have two breweries, but they’re both top notch and only a few minutes apart. I had the pleasure of visiting both establishments on a recent return trip, and won’t be passing them up again.
First, there’s the grandiose (by craft brewery standards) Persephone, now a few years established, in their trademark big red barn surrounded by towering hop plants. A rustic tasting room complete with covered deck, pizza oven, cozy wood stove, and plethora of card and board games to pass the time while quaffing one of their many fine offerings, which now includes sour beer varieties and a dry hopped cider, along with a broad selection of fine ales and lagers in draught, bombers and now cans. There’s a brew for every pallet from hop heads to heavy malters, and I thoroughly enjoyed their single-hop series, nitro ales, and dark mild.
Next stop, Gibsons Tapworks, on Cruice Lane in downtown Gibsons. This is the essence of craft beer. Not a lot of fan fare, just impressively crafted beers brewed on site and served fresh; no cans or bottling line, just on site draught. It has been open just over a month but is already producing world class brews. Founded by three brewers with roots in the famous Port Moody brewing scene I was able to sample their entire current roster of ales in a single flight, and enjoyed each one more and more, from the summer sipper Vienna Ale, to the punchy IPA boasting a juicy, citrus aromatic, and lingering crisp finish from a beautifully balanced profile of Mosaic and Centennial hops. I have to thank these guys for finally brewing a brown ale that isn’t too heavy…think Newcastle with a Cascadian twist. And to boot, the brewer himself sprung from the brew house to serve us, all too happy to share his insight on the beers we enjoyed, and the brewery itself. The entire brewhouse is on display, which only adds to the experience of enjoying truly fresh craft beer.
So next time you’re on your way to the city, or rushing back to Powell, please, do yourself a favour and stop at one of these impressive breweries found just down the coast in Gibsons BC; you’ll be raising a toast to me for twisting your rubber arm.
The new year is already three months gone and as we push into summer, many people are thinking about renovations or updated in their home’s decor.
Forbes has published an article on some of the projected home design trends for 2017. Whether you’re looking to sell, or just wanting an update, here’s a look at what’s popular for interior design this year.
Looking for some great ideas for your home? How about a voice-activated assistant that will give you a weather update while you pour coffee into a preheated mug from a warming drawer? Not your style? No worries — there’s something for everyone in this preview of 2017 design trends. We plowed into Houzz data, sifted through popular photos and articles, and talked to industry leaders for this look at 10 things we think you’ll be seeing more of in the home in 2017.
1. Satin brass. Brass finishes have been making a comeback in recent years, cherished for their ability to bring shiny golden tones to a space without the high price tag. But more recently, designers like Elizabeth Lawson have been turning away from the reflective finish of polished brass and embracing satin or brushed brass, which is more muted and warm.
“I especially like a satin brass finish because it’s transitional and can complement a number of styles,” says Lawson, who used the finish in the kitchen shown here. “It also looks amazing against almost any color of the rainbow. I think we’ll continue to see rooms with satin brass for quite some time and also possibly mixed with other finishes for a more eclectic look.”
Click here for the full article.
My primary goal when helping sell your home is to make the process as stress free and painless as possible. That’s why I take the time to go through all the steps with you, and we try to present your home in its best possible light. All these steps aim to create a market for your home and make the selling process go faster and smoother.
BUT…it’s no secret that selling your home can be a difficult time. Showings, open houses and inspections are just a few things that can disrupt your daily routine. Realtor.com has collected a list of six of the common “annoyances” when selling your home. But rest assured, while we face many of these on a daily basis…I take every step possible to minimize the impact on you and your family during the sales process.
It’s hard for a home to always look its best—which is why selling your home can be such a hassle. Even the most laid-back homeowners may find themselves losing patience as buyers traipse through their house, disrupting the peaceful atmosphere that once reigned. Just so you know what’s in store, here are some of the top pain points you might encounter when you attempt to unload your largest asset. Trust us, you will survive, but it might not be pretty. Consider yourself warned.
Annoyance No. 1: No-shows for showings
You’ve been dusting and vacuuming; you even got out the rubber gloves in anticipation of a showing, only to have the prospective buyer cancel at the last second or, worse, just not show up without any excuse.
“While this is very frustrating, sometimes it is unavoidable,” explains Cara Ameer, a Realtor® with Coldwell Banker in Florida. “Just try to remain flexible and accept the fact that some showings may run behind or end up having to reschedule.”
Another tip: Have your agent reach out to find out the reason and if the prospective buyer will actually be returning. This will drive home the point that you won’t be stood up twice.
Click here to read the full article
Here are a few of the things I do to help mitigate these “annoyances”
- No-shows for Showings: I communicate with other agents to confirm appointments. No-shows do still happen, however with this communication they are very rare.
- Last-Minute Showings: This is completely up to you. With every request to show your home, I coordinate with you. If it’s not convenient, then we don’t book the showing. However, during the selling process you want as many potential buyers in your home as possible in order to create a solid market for your home.
- Buyers Messing with your Stuff: Again, something that doesn’t occur a lot as all visits into a home are accompanied by a REALTOR®, with all showings logged through my office meaning it’s easy to see who has been in a home, and when.
- Property Damage: VERY RARE. This falls under the “it’s always possible, but never happens” category. Like with annoyance #3, supervision helps mitigate risk.
- Getting your pets out of the house: I certainly see this one a lot, and while it can be an annoyance, this one just comes down to communication and doing the best we can to schedule appointments ahead of time so that you’re not rushing back from work to move Fido from the living room couch.
- Leaving Doors unlocked and lights on: Each home that goes on the market comes with a lock box with a spare key inside. It allows REALTOR’s® to access properties and take people through. Each REALTOR® is different, however most will turn lights off or at least leave the property how they found it. All will place the key back in the lock box and ensure everything is secure before leaving.