Mistakes To Avoid When Selling Your Home

July 16, 2011

Part 1 in a series of 7:

Selling your home is a complicated process. It is natural to feel overwhelmed by the magnitude of details involved, but the experience can be very manageable, and educational, when broken down into its component parts and plotted out into steps. Over the course of the next 7 weeks, I will be touching on 7 common pitfalls encountered during the home-selling process. Here is the 1st:

Faulty Pricing

It is essential you determine the asking price of your home based on its market value. Too many times home-sellers let emotions or needs influence their asking price, drawing from numbers based on the price paid for the house originally, or the amount of money they’ve invested in the home. This mistake may prove to be a costly one. If your home is priced significantly higher than what the market is bearing at the time, prospective buyers interested in your style of home will reject it for larger homes listed at the same price. And, those buyers who do see your house may have significantly higher expectations than what you have to offer. Ironically, over-pricing your home actually increases the chances that your home will sell for less than it is worth. Driving prospective buyers away will increase the amount of time your home stays on the market, which raises an additional red flag for buyers. They become wary of the reasons your home has not sold, thinking, “If no one else has bought it, there must be something wrong with it.” The bottom line: price it correctly, and they will come.

Be vigilant, too, of pricing your home too low: a lack of market value awareness could result in selling your home for much less than it’s worth.


Vancouver West Side Condo Update (2-Br)

July 14, 2011

WEST SIDE
On the West Side of Vancouver there are currently 1010 active two-bedroom properties for sale, ranging in price from $235,000. to $8,350,000., with the average asking price being $1,022,454. There have been 549 sales since April, with the average selling price being $764,507 and the average cost per square foot being $691. The median sale price during this period is $620,000. The least expensive sale price so far this year was for $287,500. in June and the most expensive was for $5,600,000. in April. With 1010 properties currently for sale and with 148 sales last month, there is currently a 7 months supply of homes, an absorption rate of 7. The absorption rate is the ability of the real estate market to absorb or sell all of the homes for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers.

KITSILANO
In Kitsilano there are currently 58 active two-bedroom properties for sale, ranging in price from $382,000. to $939,900., with the average asking price being $613,310. There have been 48 sales since April, with the average selling price being $567,651. and the average cost per square foot being $609. The median sale price during this period is $544,000. The least expensive sale price so far this year was for $355,000. in March and the most expensive was for $1,188,000. in April. With 58 properties currently for sale and with 17 sales last month, there is currently a 3 & 1/2 months supply of homes, an absorption rate of 3.5.

FAIRVIEW
In Fairview there are currently 72 active two-bedroom properties for sale, ranging in price from $330,000. to $1,499,000., with the average asking price being $703,611. There have been 62 sales since April, with the average selling price being $622,792. and the average cost per square foot being $603. The median sale price during this period is $599,500. The least expensive sale price so far this year was for $303,000. in February and the most expensive was for $2,725,000. in March. With 72 properties currently for sale and with 20 sales last month, there is currently a 3 & 1/2 months supply of homes, an absorption rate of 3.5.


Vancouver West Side Condo Update

July 14, 2011

WEST SIDE
On the West Side of Vancouver there are currently 704 active one-bedroom properties for sale, ranging in price from $169,000. to $1,298,000., with the average asking price being $435,143. There have been 537 sales since April, with the average selling price being $411,688 and the average cost per square foot being $624. The median sale price during this period is $401,750. The least expensive sale price so far this year was for $148,500. in June and the most expensive was for $1,500,000. in May. With 704 properties currently for sale and with 152 sales last month, there is currently a 4 & 1/2 month supply of homes, an absorption rate of 4.5. The absorption rate is the ability of the real estate market to absorb or sell all of the homes for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers.

KITSILANO
In Kitsilano there are currently 74 active one-bedroom properties for sale, ranging in price from $279,000. to $609,000., with the average asking price being $408,135. There have been 52 sales since April, with the average selling price being $402,770. and the average cost per square foot being $600. The median sale price during this period is $395,000. The least expensive sale price so far this year was for $275,000. in January and the most expensive was for $615,000. in February. With 74 properties currently for sale and with 18 sales last month, there is currently a 4 month supply of homes, an absorption rate of 4.

FAIRVIEW
In Fairview there are currently 56 active one-bedroom properties for sale, ranging in price from $225,000. to $688,000., with the average asking price being $387,021. There have been 65 sales since September, with the average selling price being $389,323. and the average cost per square foot being $569. The median sale price during this period is $385,500. The least expensive sale price so far this year was for $185,000. in January and the most expensive was for $539,000. in May. With 56 properties currently for sale and with 13 sales last month, there is currently a 4 month supply of homes, an absorption rate of 4.


North Vancouver Condo Update

July 12, 2011

There are currently 433 condominium apartment homes for sale in North Vancouver ranging in price from $156,500 for a 545 square foot studio in a Central Lonsdale co-op, to $2,498,000 for a 3 bedroom, 1,700 square foot view home in Lower Lonsdale.

There have been 241 sales since April 1st, with the average sale price for a 1-bedroom during that time coming in at $316,565 and the median sale price coming in at $313,5000. For 2-bedroom homes, the average sale price was $454,103 and the median sale price was $429,900. The least expensive sale price so far this year for a 1-bedroom was for a 700 square foot home in a Central Lonsdale co-op for $155,000 and the most expensive so far this year was for a 1,200 square foot home with nice views of Capilano River Canyon for $620,000. The least expensive sale price so far this year for a 2-bedroom was for a 1,000 square foot home in Lynnmour’s Edgewater Estates for $193,500 and the most expensive so far this year was for a 1,300 square foot penthouse home in Central Lonsdale, with beautiful ocean views and a hot tub on the deck, for $1,255,000.

With 187 North Vancouver 1-bedroom condos currently for sale and taking into account 38 sales last month, there is currently a 5 month supply of homes, meaning the Absorption Rate is 5. With 215 North Vancouver 2-bedroom condos for sale and taking into account 48 sales last month, there is currently a 4 & ½ month supply of those homes as well, an Absorption Rate of 4.5. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an Absorption Rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of condos in North Vancouver overall and one would want to drill down deeper in individual neighbourhoods where one was interested in purchasing.

Number of Bedrooms in Current North Vancouver Condominium Homes For Sale:
There are 15 studio homes
There are 187 one (1) bedroom homes
There are 215 two (2) bedroom homes
There are 16 three (3) bedroom homes
There are 0 four (4) bedroom homes

There are currently 76 two-bedroom homes priced under $400,000 in North Vancouver and 85 one-bedroom homes priced under $300,000.

North Vancouver Condominium Homes For Sale By Community:
Blueridge – 3 homes for sale
Boulevard – 0
Braemar – 0
Calverhall – 0
Canyon Heights – 0
Capilano Highlands – 3
Capilano – 1
Central Lonsdale – 92
Deep Cove – 3
Delbrook – 1
Dollarton – 0
Forest Hills – 0
Grouse Woods – 0
Hamilton – 17
Hamilton Heights – 0
Indian Arm – 0
Indian River – 2
Lower Lonsdale – 167
Lynn Valley – 14
Lynnmour – 11
Norgate – 21
Northlands – 2
Pemberton Heights – 11
Pemberton – 31
Princess Park – 0
Queensbury – 0
Roche Point – 40
Seymour – 0
Tempe – 0
Upper Delbrook – 0
Upper Lonsdale – 10
Westlynn – 2
Westlynn Terrace – 0
Windsor Park – 2
Woodlands – Sunshine – Cascade – 0


West Vancouver Condo Update

July 11, 2011

There are currently 107 condominium apartment homes for sale in West Vancouver ranging in price from $269,000 for a 470 square foot studio in Ambleside to $7,800,000 for a 4 bedroom, 4,811 square foot penthouse in Dundarave.

There have been 69 sales since April 1st, with the average sale price for a 1-bedroom during that time coming in at $518,728 and the median sale price at $557,800. For 2-bedrooms, the average sale price was $1,376,351 and the median sale price was $1,097,000. The least expensive sale price so far this year for a 1-bedroom was for a 431 square foot renovated suite with mountain views for under $235,000 and the most expensive so far this year was for an 1,100 square foot home with ocean views in a newer building in Dundarave for the mid 800’s. The least expensive sale price so far this year for a 2-bedroom was for a 728 square foot home in an older building in Ambleside for $360,000 and the most expensive so far this year was for a 2,400 square foot Dundarave home with sweeping ocean views and exquisite finishings for $5,000,000.

With 28 West Vancouver 1-bedroom condos currently for sale and taking into account an average of 5 sales per month over the last 3 months, there is currently a 5 & ½ month supply of homes, meaning the absorption rate is 5.5. With 68 West Vancouver 2-bedroom homes for sale and taking into account an average of 17 sales per month over the last 3 months, there is currently a 4 month supply of those homes, with an Absorption Rate of 4. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an Absorption Rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of condos in West Vancouver overall and one would want to drill down deeper in individual neighbourhoods where one was interested in purchasing.

Number of Bedrooms in Current West Vancouver Condominium Homes For Sale:
There are 3 studio homes
There are 28 one (1) bedroom homes
There are 68 two (2) bedroom homes
There are 7 three (3) bedroom homes
There is 1 four (4) bedroom home

There are currently 26 two-bedroom homes priced under $750,000 in West Vancouver and 15 one-bedroom homes priced under $400,000.

West Vancouver Condominium Homes For Sale By Community:
Altamont – 1 home for sale
Ambleside – 44
Bayridge – 0
British Properties – 0
Canterbury – 0
Caulfeild – 0
Cedardale – 3
Chartwell – 0
Chelsea Park – 0
Cypress – 0
Cypress Park Estates – 5
Deer Ridge – 1
Dundarave – 20
Eagle Harbour –0
Eagleridge – 0
Furry Creek – 0
Gleneagles – 0
Glenmore – 0
Horseshoe Bay – 5
Howe Sound – 0
Lions Bay – 1
Olde Caulfeild – 0
Panorama Village – 9
Park Royal – 13
Queens – 0
Rockridge – 0
Sandy Cove – 0
Sentinel Hill – 0
Upper Caulfeild – 0
West Bay – 0
Westhill – 0
Westmount – 0
Whitby Estates – 6
Whytecliff – 0


North Vancouver Single Family Home Update

July 9, 2011

There are currently 312 single family homes for sale in North Vancouver ranging in price from $549,900 for a 2 bedroom 1,500 square foot house in Westlynn to $14,900,000 for a 7 bedroom, 13,000 square foot waterfront home on Panorama.

There have been 423 sales since April 1st, with the average sale price during that time coming in at $1,070,284 and the median sale price being $950,000. The least expensive sale price so far this year was for a 5-bedroom, 2,500 square foot Vancouver Special in the Seymour area for $495,000 and the most expensive so far this year was for a 4-bedroom, 6,500 square foot waterfront home in Dollarton for $6,200,000.

With 312 North Vancouver homes currently for sale and taking into account 117 sales last month, there is currently a 2 & 1/2 month supply of homes, meaning the Absorption Rate is 2.5. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an Absorption Rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of North Vancouver overall and one would want to drill down deeper in individual neighbourhoods where one was interested in purchasing.

Number of Bedrooms in Current North Vancouver Homes For Sale:
There are 2 one (1) bedroom homes
There are 21 two (2) bedroom homes
There are 62 three (3) bedroom homes
There are 103 four (4) bedroom homes
There are 72 five (5) bedroom homes
There are 28 six (6) bedroom homes
There are 17 seven (7) bedroom homes
There are 3 eight (8) bedroom homes
There are 0 nine (9) bedroom homes
There are 0 ten (10) bedroom homes
There is 0 eleven (11) bedroom homes

(There are currently 36 homes priced under $750,000 in North Vancouver)

North Vancouver Homes For Sale By Community:
Blueridge – 10
Boulevard – 8
Braemar – 4
Calverhall – 10
Canyon Heights – 28
Capilano Highlands – 15
Capilano – 5
Central Lonsdale – 10
Deep Cove – 24
Delbrook – 3
Dollarton – 6
Forest Hills – 5
Grouse Woods – 8
Hamilton – 6
Hamilton Heights – 0
Indian Arm – 8
Indian River – 4
Lower Lonsdale – 10
Lynn Valley – 33
Lynnmour – 5
Norgate – 4
Northlands – 2
Pemberton Heights – 7
Pemberton – 6
Princess Park – 10
Queensbury – 5
Roche Point – 1
Seymour – 12
Tempe – 3
Upper Delbrook – 5
Upper Lonsdale – 34
Westlynn – 10
Westlynn Terrace – 1
Windsor Park – 6
Woodlands – Sunshine – Cascade – 8


West Vancouver Single Family Home Update

July 5, 2011

There are currently 468 single family homes for sale in West Vancouver ranging in price from $675,000 for a 2 bedroom rancher in Lions Bay to $39,000,000 for an 11 bedroom, 29,770 square foot mansion on a 5.44 acre lot at 2190 Camelot Road.

There have been 413 sales since April 1st, with the average sale price during that time coming in at $2,2247,676. The least expensive sale price so far this year was for a 3-bedroom west coast contemporary in Lions Bay for a little under $630,000 and the most expensive so far this year was for a 6-bedroom, 10,000 square foot beauty in Caulfeild with stunning views, for a little under $11,000,000.

With 468 West Vancouver homes currently for sale and taking into account 100 sales last month, there is currently a 4 & 1/2 month supply of homes, meaning the Absorption Rate is 4.5. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of West Vancouver overall and one would want to drill down a little deeper in individual neighbourhoods where one was interested in purchasing.

Number of Bedrooms in Current West Vancouver Homes For Sale:
There are 0 one (1) bedroom homes
There are 18 two (2) bedroom homes
There are 106 three (3) bedroom homes
There are 151 four (4) bedroom homes
There are 109 five (5) bedroom homes
There are 57 six (6) bedroom homes
There are 16 seven (7) bedroom homes
There are 4 eight (8) bedroom homes
There are 2 nine (9) bedroom homes
There are 0 ten (10) bedroom homes
There is 1 eleven (11) bedroom home

There are currently 34 homes priced under $1 million in West Vancouver.

West Vancouver Homes For Sale By Community:
Altamont – 15 homes for sale
Ambleside – 39
Bayridge – 15
British Properties – 51
Canterbury – 8
Caulfeild – 31
Cedardale – 8
Chartwell – 22
Chelsea Park – 6
Cypress – 11
Cypress Park Estates – 12
Dundarave – 26
Eagle Harbour – 29
Eagleridge – 10
Furry Creek – 17
Gleneagles – 9
Glenmore – 17
Horseshoe Bay – 12
Howe Sound – 10
Lions Bay – 32
Olde Caulfeild – 6
Panorama Village – 1
Park Royal – 6
Queens – 6
Rockridge – 8
Sandy Cove – 6
Sentinel Hill – 15
Upper Caulfeild – 0
West Bay – 10
Westhill – 3
Westmount – 14
Whitby Estates – 7
Whytecliff – 8