June residential sales second highest on record
Vancouver, BC July 3, 2007 – The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 4,244 units in June 2007, an increase of 7.4 per cent compared to 3,951 sales in June 2006.

This figure represents the second highest number of sales during the month of June in the Board’s history. The highest number of sales for that month was recorded in June 2005, when 4,333 sales were reported.

The total number of new listings reached 5,533 units, an increase of 1.3 per cent when compared to the 5,460 new units listed in June 2006. Total active inventory increased by 17.7 per cent to 11,811 units when compared to the 10,033 units active in June 2006.

“Housing sales in Greater Vancouver continue to be higher than historical norms. Combine strong demand with a healthy number of listings active throughout our Board’s area, and you have a good market for both buyers and sellers,” says REBGV president Brian Naphtali

“Clearly, real estate continues to be seen as an excellent investment,” Naphtali says. “REALTORS® continue to report strong sales activity across our entire Board area. To get a better understanding of the real estate market, we encourage consumers to talk to your local REALTOR®”

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 16.0 per cent to 1,846 sales in June 2007 compared to 1,591 sales in June 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $360,469 up 10.9 per cent from one year ago.

Sales of attached properties increased by 3.2 per cent in June 2007 to 775 sales, compared to 751 in June 2006. The benchmark price of an attached unit is $443,060, up 10.1 per cent from a year ago. “Copyright Real Estate Board of Greater Vancouver."

Reprinted with permission.

As we enter July we are experiencing our typical seasonal slow-down of the market. We usually see this trend through mid September when families with school aged children get back from summer holidays and pursue their relocation plans..

7 Tips to radically update your home (And Not Lose Money!!!)
Everyone loves to update their home, and if you live in an older home in an appreciating neighbourhood, it can be a fantastic investment. There are some pitfalls to avoid, which can cost the homeowner quite a bit of money because of no return on investment. However, it’s better to focus on what TO do and stay the course.

l. Raise the Roof!!!

Not literally, but gut the attic, and raise the ceilings in, at least, the living room. Older homes typically have 8 foot ceilings, and it’s one of the first characteristics that buyers notice. It’s relatively inexpensive, when you compare your return on investment, to demolish the ceilings of your older home and sheetrock over your new, vaulted ceilings. It’s amazing how much larger and lighter your home will feel.

2. Knock Down Walls

Literally, knock down as many walls as you can and still retain the integrity of the home, and the NECESSARY separation of rooms. If you compare older homes to newer homes, you’ll notice that older homes are typically “choppy” while newer homes feel “open and flow well.” This is due to “line of sight.” Newer homes opt for less separation in rooms. You can create this same feeling by demolishing a half-wall that separates your kitchen from the living room or knocking down the wall between the living room and dining room to create one grand room. You’ll be AMAZED at the difference it makes.

3. Overhaul Your Kitchen and/or Master Bathroom

These are the two rooms in the house that you can ALMOST go overboard and still get your money back when you sell the home. Refinish or replace the cabinetry, put in new tile and sinks – even install a new, stand-up shower! When (or if) you put your home on the market, you should see a GREAT return on investment.

4. Add a Master Bathroom

The 1-bathroom houses from the 1970’s and earlier are now obsolete. We have decided that we like a private bathroom for ourselves and another bathroom for our guests and children. While 90% of the house additions are bad ideas because they don’t flow well or create poorly usable space, a master bathroom addition is a fantastic way to add more square footage, and more value to your home. Make SURE that your builder ties in the new slab to the old, and make sure that the addition is done properly. A poorly designed or executed addition never adds value – most buyers immediately imagine demolishing the work.

5. Xeriscape Your Lawn

It’s trendy, it’s cheap – it should be a go! Your homes curb appeal is the first thing that buyers notice, and it’s how buyers decide whether or not they’ll “click on you house” online to further investigate the interior. You can xeriscape a 1/4 acre lot for around $3000, and you’ll more than make up for that when your home goes on the market. Furthermore, it’s environmentally & fiscally responsible. Stop wasting water!

6. Paint!!!

It’s fairly obvious, but painting your home modern, neutral colours makes a HUGE difference in the appearance of the house. And when you factor in the cost – roughly $0.75/s.f. – it would be a HUGE mistake to forego painting your home when you decide it’s time to modernize it. If you’re planning on staying in the home for some time, paint it whatever colours you wish, but plan on repainting right before it’s time to put it up for sale. If you plan on updating your home in order to sell it, go with neutral colours so that it will appeal to the widest audience.

7. Put in Wood Floors

You won’t ALWAYS get your money out of installing wood floors. If you’re in a great area, and it’s time to replace the floors, look at the cost difference between tile, pergo, and wood (if you choose tile, make sure it’s not cheap tile). If the cost difference between wood and your other options is negligible, then go with wood – it appeals to the most buyers.

Updating your older home can be fun, very rewarding, and potentially very lucrative. Older homes in established neighbourhoods are ripe for updating and can draw a premium on the marketplace. Make sure and follow these guidelines, and you should see a great return on your investment.

Reprinted with permission, Eric Bramlett, Author.


DISCLAIMER
Note: This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.