April 2013 Housing Market Update - Real Estate Board of Greater Vancouver

This month, Sandra Wyant, president, Real Estate Board of Greater Vancouver, discusses real estate market activity in the Greater Vancouver area.

Tags: Vancouver GVA real Estate  market Update real Estate market sales adil dinani house home condo MLS

"Vancouver sales hit 10-year low.." Imagine being at the point in your life where you're ready to purchase a home - and then you read this. Immediately you second guess your buying decision and are filled with fear.

The media certainly communicates information to the public. Unfortunately, the headlines are often negative and do not paint an accurate picture of the story.

Take for example the headline above. When you read it, one must think that Vancouver's yearly real estate market has hit an all-time low for the first time in 10 years. However, you realize after reading the story that only sales in June were the lowest total for the month in the region since 2000 and not at catastrophic levels - just lower. You also learn that although June 2012 didn't perform as well as the month of June in the past, detached house prices still showed an average increase of 3.3%. The article goes on to talk about how we are now in a buyer's market as there is now more supply in product than in recent months with a 22% increase in listings from the year before.

An alternate headline could have been, "Metro Vancouver considered a Buyer's Market", which could have then been followed up by the very same stats. Instead of paralyzing people with fear, the headline could have just as easily presented the opportunity in the market. Unfortunately, this happens all too often and negative headlines are filling our papers which in turn are often the quotes at dinner parties and around water coolers spreading the fear.

The public relies heavily on the media to provide accurate, relevant and timely information. We, the public, need to spend a bit more time reading through the articles to get the true story while our newspapers could use a headline to better describe the content rather than sensationalize the negative to sell a few extra papers.

Compliments of Mac Marketing Solutions

For the past 20 years, condos in Vancouver have been ever changing. So when it comes to condos, staying on the cutting edge of style and décor is important as the perception of what’s hot and what’s not can change quickly. Therefore selecting trendy yet timeless styles, finishes and furniture pieces is the true challenge for all condos residents.

Usually condo owners don’t have plans on living in the home forever so when they sell, they have to keep the place looking attractive, up to date and ensure that it appeals to as many people as possible.

So what’s hot in condos today? What do people look for and appreciate more than the condo on the next block?

Up to Date Finishes and Appliances

These features create the ultimate first impression. Dramatic wood flooring, tasteful stainless steel or integrated paneled appliances, overheight ceilings and stone finishes are all trends that have now become pretty standard. So if these items can be found in most homes, what sets one apart from the other? Well, it comes down to the quality of construction and finishing details and custom built-ins for storage and organization always make a home feel special. These days, condo buyers have a keen eye for detail and it has become an increasingly important factor in their buying process.

A Functional Floorplan

There is nothing worse than walking into a home that has a bad floorplan - one that does not have a natural path, cannot be furnished or has bedrooms that are too small just to name a few. These factors all have to be taken into consideration when walking through the home. As mentioned above, features and finishes can make a lasting first impression however you must ensure that the floorplan meets your needs.

Less is More

The choice to live in a smaller space generally means one must commit to living clutter-free. Although most condos have a storage locker, the space for storage is often limited. Whether you are “moving up” into more space or downsizing, ensuring your furniture is the right scale for the home is important. Oversized furniture can really take away from the space in the home and as a result feel really cluttered and smaller than it is. Alternatively, a two person table in a large dining area will feel awkward also. Regardless, purging your items to ensure your home is well organized and clutter free will likely not only improve your love affair with your home but also help you sell it when it’s time. If you’re nervous about doing this, rent a storage unit for items you may not need to access often and store it away. You may realize that you actually don’t have a need for these items after all.

It's in the Details

A well-designed condo may have all of the items mentioned above. But it’s the small details that are integrated throughout the home that usually have the biggest emotional impression. Take for example, Cressey Development Groups latest condo Meccanica. It has the famous Cressey Kitchen that includes a walk through style kitchen with ample storage and workspace, a recycle centre and overheight interior doors throughout. Features like these help the home stand apart especially when you’re looking at multiple homes over a short period of time.

Other meaningful details can include walk in closets with custom shelves, built in utensil organizers in drawers and built in shelving in either the living area or bathroom.

Condo trends are ever changing. Whether you are living in one now or looking to purchase on in the near future, it’s important to stay parallel with the curve not only for ease of mind, but also for resale value.

Provided by Mac Marketing Solutions

Click Here:

http://www.thenownews.com/business/fire+hall+design+released/6528022/story.html

The byelection results....

http://www.tricitynews.com/news/148301645.html

Check This Out - Interesting Article

http://www.rew.ca/articles/2-top-economists-vs-the-bubble-247

For more information click on the link below:

http://www.hgtv.com/real-estate/10-best-kept-secrets-for-selling-your-home/index.html