Roots N' Realty October Blog

As we ride through this month filled with Halloween fun and Thanksgiving gratitude, I hope you're enjoying all the cozy moments that Fall brings. It's a great time to reflect on what we're thankful for and think about any changes you might want to make in your living space.

In this blog post, I'll be sharing some market updates and tips to help you navigate your real estate journey as we embrace the beauty of the season. Whether you're planning a move or just curious about the market, I'm here for you!

Wishing you a fantastic October!

Bad idea, right?

Not quite!

Autumn can be a GREAT time to list your home! Ideal moving weather for buyers, awesome fall scenes for listing photographs, and serious buyers are just some of the benefits of listing your house for sale in the fall. 
 
Serious Buyers: Many buyers who are looking in the fall are motivated and serious, often looking to close before the holidays.
 
Cozy Atmosphere: Fall allows you to showcase your home's warmth and comfort. Seasonal decor can create a welcoming environment that appeals to buyers.
 
Beautiful Scenery: The Fall foliage can enhance curb appeal, making your home look more attractive in photographs and during showings.
 
Potential for Quick Sales: Buyers looking in the Fall often want to move quickly, leading to faster sales compared to the busy spring market.
 
Tax Benefits: Buyers may be motivated to purchase before the end of the year to take advantage of tax deductions related to mortgage interest and property taxes.
 
Community Events: Fall brings many local events and festivals, creating a sense of community that can make your neighbourhood more appealing to potential buyers.
 
Market Trends: Many markets experience a slight uptick in sales activity in the Fall, making it an opportune time to list your home.

• Single Family Detached: At $1,501,100, the Benchmark price for an FVREB single-family detached home decreased 1.5 per cent compared to August 2024 and decreased 1.3 per cent compared to September 2023.
• Townhomes: At $834,400, the Benchmark price for an FVREB townhome decreased 1.4 per cent compared to August 2024 and decreased 1.6 per cent compared to September 2023.
• Apartments: At $545,000, the Benchmark price for an FVREB apartment/condo decreased 0.2 per cent compared to August 2024 and increased 0.4 per cent compared to September 2023.

With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10- year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.“We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.With a Sales-to-Active Listings Ratio of 11% for all property types at September month end, we are officially in a BUYERS MARKET once again. This means if you're considering selling your home, you have a great opportunity to capitalize! Alternatively, if you're thinking of buying some real estate, consider acting now before prices rise any more.