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If you're planning to sell your home in the future, there are several things you can do to increase its resale value. Here are five ways to make your home more appealing to potential buyers and increase its value:

  1. Update the kitchen: The kitchen is often considered the heart of the home, and it's one of the first areas that potential buyers will look at. Consider updating your kitchen by replacing old appliances, adding a fresh coat of paint, or installing new countertops and cabinets.

  2. Improve energy efficiency: Many homebuyers are looking for energy-efficient homes that can save them money on utility bills. Consider adding insulation, upgrading to energy-efficient windows and doors, or installing a programmable thermostat.

  3. Add curb appeal: The exterior of your home is the first thing potential buyers will see, so make sure it looks attractive and well-maintained. Consider adding some landscaping, repainting the front door, or installing outdoor lighting.

  4. Upgrade the bathroom: Like the kitchen, the bathroom is another important area that can impact a buyer's decision. Consider updating your bathroom by replacing the fixtures, adding new tile, or installing a new vanity.

  5. Finish the basement: If you have an unfinished basement, consider finishing it to add more living space to your home. A finished basement can increase the value of your home and make it more appealing to potential buyers.

These are just a few ways to increase the resale value of your home. It's important to work with a knowledgeable real estate agent who can provide more specific advice based on your home's location and market conditions.

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"Home Staging 101: How to Make Your Vancouver Home Stand Out to Buyers"

Home staging is one of the most important aspects of selling a home. It is the process of preparing and decorating your home to make it more attractive to potential buyers. A well-staged home can increase the perceived value of your home and help it stand out in the competitive Vancouver real estate market. In this blog post, we'll share some tips on how to stage your Vancouver home for sale and attract the attention of potential buyers.

  1. Start with a deep clean The first step in home staging is to give your home a thorough deep clean. This includes decluttering, dusting, and organizing. You want to create a clean and clutter-free space to showcase your home's best features. Consider hiring a professional cleaning service if you're short on time.

  2. Neutralize the space When it comes to home staging, it's important to create a neutral space that appeals to a wide range of potential buyers. This means removing any personal items, such as family photos or political memorabilia, and sticking to neutral colors for the walls and decor.

  3. Highlight the best features One of the keys to successful home staging is highlighting your home's best features. If you have a beautiful view, make sure to keep the curtains open and draw attention to the scenery. If you have a fireplace, light it up to create a cozy atmosphere.

  4. Create a welcoming entryway The entryway is the first thing potential buyers will see when they visit your home. Make sure to create a welcoming atmosphere with a clean, clutter-free entryway. Add a fresh coat of paint to the front door and add some potted plants or flowers for a pop of color.

  5. Showcase outdoor space Vancouver is known for its beautiful outdoor spaces, so don't forget to showcase your outdoor space when staging your home. Clean up the yard and add some outdoor furniture to create a relaxing atmosphere. If you have a balcony or patio, make sure to highlight it as an extension of your living space.

  6. Hire a professional real estate agent Finally, to ensure that your home stands out in the competitive Vancouver real estate market, consider hiring a professional real estate agent. They will have the expertise and resources to market your home effectively and attract potential buyers. A reputable real estate agent will also be able to provide advice on home staging and make recommendations on how to best showcase your home's unique features.

In conclusion, home staging is an important part of selling your Vancouver home. By following these tips and working with a professional real estate agent, you can increase the perceived value of your home, attract potential buyers, and sell your home for the best possible price.

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"The Benefits of Using a Realtor for Selling Your Vancouver Home"
 

Selling your home can be a stressful and overwhelming process, but it doesn't have to be. By using a realtor, you can take advantage of their expertise and knowledge of the Vancouver real estate market, making the selling process much easier and more efficient. Here are some of the benefits of using a realtor for selling your Vancouver home:

Pricing Expertise

One of the most important aspects of selling your home is pricing it correctly. A realtor has access to valuable data and market trends, which they can use to determine the right price for your home. This can help you sell your home faster and for the best possible price.

Marketing and Exposure

A realtor has access to a wide range of marketing channels, including MLS listings, social media, and online advertising. This exposure can help your home reach a larger audience and attract more potential buyers. Your realtor will also handle all the marketing and advertising for your property, saving you time and effort.

Negotiation Skills

Negotiation is a critical part of the selling process, and a realtor has the skills and experience to negotiate on your behalf. They can help you get the best possible price for your home, as well as handle any issues that may arise during the negotiation process.

Professional Networking

A realtor has a vast network of professionals in the real estate industry, including other realtors, appraisers, and home inspectors. This can be beneficial when it comes to finding the right buyer for your home, as well as any necessary repairs or inspections.

Legal Protection

Selling a home can be a complex process, and there are many legal requirements and regulations to follow. A realtor can help ensure that all the necessary paperwork is completed correctly and on time, protecting you from any legal issues that may arise.

Objective Advice

Selling your home can be an emotional process, and it can be difficult to remain objective. A realtor can provide you with unbiased advice and guidance throughout the selling process, helping you make the best decisions for your situation.

In conclusion, using a realtor for selling your Vancouver home can save you time, effort, and stress, while also helping you get the best possible price for your property. Their expertise and knowledge of the Vancouver real estate market can be invaluable, making the selling process much smoother and more efficient. Contact a realtor today to learn more about how they can help you sell your Vancouver home.

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Home sales decline below long-term averages and inventory remains low to start 2023


Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.


Last month’s sales were 42.9 per cent below the 10-year January sales average.


“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.”


There were 3,297 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9 per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent increase compared to December 2022 when 1,206 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,478, a 32.1 per cent increase compared to January 2022 (5,663) and a 1.3 per cent increase compared to December 2022 (7,384).


For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and 16.7 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“We know the peak for prices in our market occurred last spring. Over the coming months, year-over-year data comparisons will show larger price declines than we’ve been reporting up to now,” said Lis. “It’s important to understand that year-over-year calculations are backward-looking. These price declines already happened, and what we are seeing today is that prices may have found a footing, even if it’s an awkward one sandwiched between low inventory and higher borrowing costs.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,111,400. This represents a 6.6 per cent decrease over January 2022 and a 0.3 per cent decrease compared to December 2022.


Sales of detached homes in January 2023 reached 295, a 52.6 per cent decrease from the 622 detached sales recorded in January 2022. The benchmark price for a detached home is $1,801,300. This represents a 9.1 per cent decrease from January 2022 and a 1.2 per cent decrease compared to December 2022.


Sales of apartment homes reached 571 in January 2023, a 56.6 per cent decrease compared to the 1,315 sales in January 2022. The benchmark price of an apartment home is $720,700. This represents a 1.1 per cent decrease from January 2022 and a one per cent increase compared to December 2022.


Attached home sales in January 2023 totalled 156, a 55.2 per cent decrease compared to the 348 sales in January 2022. The benchmark price of an attached home is $1,020,400. This represents a three per cent decrease from January 2022 and a 0.8 per cent increase compared to December 2022.

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The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,226 in July 2016, a decrease of 18.9 per cent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 per cent compared to June 2016 when 4,400 homes sold.

This is the first time since January that home sales in the region have registered below 4,000 in a month.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.

Last month’s sales were 6.5 per cent above the 10-year sales average for the month.

“Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends,”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 per cent increase compared to the 5,112 units listed in July 2015 and a 10.8 per cent decrease compared to June 2016 when 5,875 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 per cent decline compared to July 2015 (11,505) and a 6.9 per cent increase compared to June 2016 (7,812).

The sales-to-active listings ratio for July 2016 is 38.6 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $930,400. This represents a 32.6 per cent increase compared to July 2015.

Sales of detached properties in July 2016 reached 1,077, a decrease of 30.9 per cent from the 1,559 detached sales recorded in July 2015. The benchmark price for detached properties increased 38 per cent from July 2015 to $1,578,300.

Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 per cent compared to the 1,729 sales in July 2015.The benchmark price of an apartment property increased 27.4 per cent from July 2015 to $510,600.

Attached property sales in July 2016 totalled 547, a decrease of 20.7 per cent compared to the 690 sales in July 2015. The benchmark price of an attached unit increased 29.4 per cent from July 2015 to $669,000.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.