James Lal : Abbotsford Homes For Sale. Abbotsford Real Estate. Abbotsford Realtor James Lal : Blog posts labelled: housing market

Listings Reach An All-Time High

Posted on August 25, 2008 by James & Jennifer Lal

Posted in Abbotsford Information, Housing Market, Investment Properties

There are more homes for sale now in the Fraser Valley than at any time in recent history, with at least 12,299 listings posted with the Fraser Valley Real Estate Board, an increase of 56 percent from July 2007.

"Buyers are now in the drivers seat and we're starting to see that reflected in home prices" said Kelvin Neufeld, Board president. Sales in July reached 1,284 properties, down 35 percent from the same month last year. The sales level is now at a more normal level, the type seen before 2007, Neufeld explained. Prices are beginning to stabilize, with only modest increases. The average price of a detached house, for example, rose just 2 percent in July from a year earlier, to $530,450. Townhome average prices were virtually unchanged at $324,042 and the average price of a condominium was up 6.5 percent, to $233,597.

The high number of listings means that vendors must be sure their home is ready for viewing and priced to the market, Neufeld said. He urges vendors to tap the expertise of their local realtor to establish a competitive price and recommend the presentation and marketing strategy to ensure the home is sold.

Currently it is taking an average of 50 days to sell a detached house in the Fraser Valley, he added.

source: Real Estate Weekly: Friday, August 22, 2008

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Why NOW is a good time to list your home

Posted on February 5, 2008 by James & Jennifer Lal

Posted in Housing Market, Listings

February is one of the best times of the year to list your home.
We’re right ahead of one of the busiest seasons of real estate
(Spring). By listing your home right before the market gets
cluttered with the “spring rush of listings” you will capture attention
from more buyers as there is less to choose from on the market.

Well priced, clean homes are literally selling overnight even
in the midst of the unusual amount of bad weather we’ve been
getting this year.

Another important factor to consider is how well your home will be
marketed to potential buyers. We don’t just list your home and wait
for a buyer to drive by and see the sign, we use our background in
marketing/graphic design to customize an entire advertising plan
around your home. This unique service involves a combination of
internet advertising, our exclusive “email blast” system, Real Estate
newspaper advertising, hosting open houses, and most importantly,
marketing your home to other real estate agents.

So get ahead of the game! List with The Lal Team before the
“Spring Rush” and let’s get packing by Easter.

Call us direct: 778-240-9662

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BC Housing Affordablility Expected to Improve

Posted on January 30, 2008 by James & Jennifer Lal

Posted in Housing Market, RBC

VANCOUVER, January 24, 2008

Retaining its title as the least affordable province in Canada in
which to purchase a home, British Columbia’s housing affordability
is expected to improve modestly in 2008, according to a new
housing report issued today by RBC Economics.

"B.C.’s housing market moved into uncharted territory last year
as affordability deteriorated to its worst levels since we started
tracking conditions back in 1985," said Derek Holt, assistant
chief economist, RBC. "We expect affordability rates to see some
modest improvements in 2008 as the province’s housing market
reached a peak stress point late last year."

The RBC Affordability measure for British Columbia, which captures
the proportion of pretax household income needed to service the
costs of owning a home in the province, deteriorated across all housing
segments as the detached bungalow moved to 67 per cent, the standard
two-story home to 71 per cent, the standard townhouse to 50 per cent
and the standard condo to 36 per cent.

Slower demand, coupled with a downward trend in the sales-to-listing
ratio, has helped ease some of the upward pressures on B.C. home
prices. As a result, price gains have started to level off, dropping from
18 per cent in 2006 to 12 per cent last year. An even softer rate of eight
per cent is expected for 2008.

In Vancouver, affordability deteriorated across all housing segments
in 2007, but the pace slowed significantly mid-year. The combination
of more modest house price growth and improved income growth helped
restrain the affordability deterioration. The city’s housing market remains
robust, with annual price growth around 12 per cent and the sales-to-listing
ratio skewed towards sellers. However, with an increased supply of
homes on the market helping to moderate price gains, Vancouver should
see some affordability relief later in the year.

source: RBC.com

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