The shocking truth about the value of your home

February 28, 2009

Here is a lengthy article by McLeans published on February 23, 2009:

There are still people out there who don’t believe Canada is about to be hit by a devastating housing crisis, but Riaz Kassam isn’t one of them. For him, the crisis has already arrived.Last July, he made an $80,000 pre-sale payment on a $1.5-million penthouse condominium in Vancouver’s tony H&H Yaletown building, just a few blocks away from where he lives. Read more

Richmond Real Estate: City Property Value

February 26, 2009

How relevant is the city property value as compared with your current home value?

The city value of a home may be higher or lower than the market value of a home. When the housing market was rising as happened during the past 5 years, the property’s city value was found to be lower than the market value. However, when property values are falling, the market value of a home may be lower than its city value.

City Property Value for 2009 is about the same as 2008 Read more

Expired Listings in Richmond B.C.

February 11, 2009

Richmond expired Listings

The number of Richmond expired listings fluctuates with the housing market activities. The present market down turn had resulted in many homes expired or terminated by home sellers due to lack of buyers interest. Active listings peaked sometime around October/November, 2008. In the last quarter of 2008, the number of Richmond expired listings totaled 1,610 units.

The ratio of Richmond “sold” versus Richmond expired listings for the last quarter of 2008 was 1 to 4.26. The sales figure showed that the probability of a listed home expired or terminated was more than 4 times as likely as it would get sold - not a very good bet for a home seller! Find out how I can help you sell your home in 30 days or less! Read more

Richmond Housing Report - List Vs Sold January, 2009

February 10, 2009

Richmond Housing Report - List Vs Sold January, 2009
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings January Sales AV. 3 mth No. Months Average Price
Detached 625 30 32 19.53 $700,000
Townhouse 375 13 21 18.86 $435,000
Condominiums 750 56 49 15.30 $260,000

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The Richmond total unit sales for January , 2009 remained very low at 99 homes as compared to 120 units sold the previous month. On a year-over-year basis, this is a drop of 75% as compared with the January 2008 sales of 391 units. The average price for detached homes in January registered a decline in price from $770,000 in December to $700,000 this month. The average price fro townhouses for the month was not available for comparison. Average apartment price continue to decline from $275,000 in December to $260,000 this month.

The total active listings dropped further from 2,080 units the previous month to around 1,750 units as more homes expired or taken off the market. The list to sale ratio for the month increased slightly from 16.51 months to around 17.33 months.

The Big Picture

Overall, the low sale figures and high inventory continued to put pressure on selling prices. The supply demand situation may continue to favor home buyers. The weak demand from home buyers may remain for sometime as bearish economic news and deteriorating  employment situation in Canada will affect buyers sentiment.

Follow this link to view the latest Greater Vancouver and Canadian housing reports and news.

For information on homes available for sale in Richmond, you are welcome to contact me at 604-721-4817 or you can email me.

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Greater Vancouver Housing Market Update - January, 2009

February 4, 2009

FOR IMMEDIATE RELEASE:

Home listings withdraw as sales volume slows

VANCOUVER, B.C. – February 3, 2009 – The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008. Read more

Richmond BC real estate: Is this the time to buy your home?

February 1, 2009

As a home buyer, you are wondering whether this is the right time to buy your home.

The news media are full of conflicting news about the Greater Vancouver housing market. Judging from the latest Onni’s liquidation sale of 375 newly completed homes, there are a great number of buyers who are ready to buy if they perceived good values for the homes they are buying.

Be prepared and get ready

In view of the tightening in credit, you should re-confirm how much mortgage you can get from your bank. Read more