Market Update - White Rock South Surrey - Nov. 2013

What's the number one question I get asked by people when then see me out in the community, at open houses or picking up the kids at school? You guessed it; "How's the market?"

What people really want to know is not the actual housing stats, but rather if now is a good time to sell? Have prices gone up? And are there any buyers out there?

There are lots of reasons for moving, not all of them are directly related to making a killing in the housing market. However, it's a good idea to keep updated on what your local Real Estate Market is doing if you are considering selling soon or sometime in the future.



October 2013 - South Surrey / White Rock Markets Statistics




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Detached Homes
Detached Residential Home sales are officially in a Buyer's Market (no surprise there) with a 15% sales ratio average meaning that 1.5 in 10 homes are selling and these homes are selling on average for 2% below their list price. To put it in perspective, last month there were 667 detached homes on the market in South Surrey / White Rock and 100 (or 15%) of them sold.

Attached Homes
For condos and town homes it is also a Buyer's Market - but only so slightly. Attached listings are selling with a 17% sales ratio average. A 18% sales ratio is considered a balanced market so this is good news for sellers of attached properties. On average, attached homes are selling at or very close to list price. Interestingly, the largest demand is for luxury attached homes within the $800,000 to $900,000 price band selling best with average 30% Sales Ratio (3 in 10 homes selling).


Analysis
In my opinion, and this is strictly my opinion based on experience, the market is doing just fine. In fact, I would say it's been a really busy year. Yes, house prices are a bit flat but most sellers become buyers as soon as they sell their current home - so all things being equal, they make up the lower selling price on the buying side. Buyers are definitely out there, interest rates are still great, house prices are steady and it's a great time to be a buyer. The difference is, today's buyer has been inundated with media information on falling markets and predictions of a declining economy. Buyers are little cautious with their money and not as eager to throw it around without considering all their options first. As a seller this means that instead of having a buyer come to take a look at your home and decide to write an offer right away, you may have to wait a week or two for them to look at 15 or so comparable homes prior to coming back and deciding that yours offers the most value to them.

Advice
My advice to sellers in this market is to price sharply at the get go. This is not a market for fishing to see how much a buyer might be willing to pay. I am still seeing homes selling in 2-4 days but these homes are well priced and force buyers to act quickly due to fear of losing out. In other words, as a seller you (or rather your Realtor) need to create a sense of urgency to purchase your home. This urgency can be created by price, or condition, or a combination of both. Whatever you do, do not over price your home! Better to wait until either the market catches up or you can afford to sell for a little less. 




Want to see the numbers?
My SnapStats™ email update is sent out monthly and breaks down the sales numbers in an easy to read and understand format, broken up by type of house and area. There is no obligation, your privacy is assured and you can opt out anytime. Click here to subscribe to SnapStats™ now.