When is your next free real estate sale?
On the heels of a nationwide sale of 2,700 properties, the real estate industry is again in the market for real estate bands, as well as for the next batch of new real estate properties to be released.
While the general public has been buying houses at record rates, the industry has also been seeing a massive influx of new properties being sold in the first quarter of 2017.
According to a new report released by the Real Estate Board of Greater Vancouver (REBGV), sales of real estate banded homes in the Greater Vancouver area reached $8,737,716.
The median price of these properties is $2.7 million, and sales in the next quarter reached $6,972,636.
Real Estate Board Greater Vancouver spokesperson Rachel Crampton told Global News the average sale price for a banded home in the region is now $1.3 million, which is nearly double the average price of a house sold in all of 2016.
She added that the increase in sales during the first two months of 2017 has been driven by a surge in demand from real estate agents.
“The agents are just looking for the properties that are really close to their homes,” she said.
Crampton said that the average transaction price for an individual home in Greater Vancouver this year is $3,000. “
That makes it a much easier and quicker process.”
Crampton said that the average transaction price for an individual home in Greater Vancouver this year is $3,000.
She added that while this represents an increase from the $2,200 average sale value, it’s not necessarily the increase that’s the cause of the surge.
She said that agents are also finding more opportunities for the first-time buyers.
“I think the most common question we’re getting is, ‘Why are people selling houses?’, ” she said, adding that she believes the first thing that agents do when they find a property is to see if they have the right attributes, like the land, the type of structure, and whether they have any history of previous home sales.
“But they also look at the other things that are in the contract, like, ‘Do we want to have the property insured or not?'”
She added, “So if they’ve got a mortgage and it’s a real estate agent, then they know that’s what they’re looking at, and if they’re a realtor, they know they want to sell the property, because they want the property to be insured.”
She also noted that the realtor community has been responding positively to the increase.
“It’s great to see real estate sales rising, but we also know there are a lot of people out there that are looking to sell their homes, and they are doing it with the help of the agents,” she added.
Realtor agent Cindy Bailes said she is seeing a significant uptick in her clients’ requests for properties, as they have to get a bit more aggressive in their offers.
“We’ve seen a lot more people that are coming out and saying, ‘I need to sell this property,’ or ‘I want to buy this property.
I can’t afford this,'” she said of her clients.”
When you are out on the market, the more aggressive the offer, the higher the likelihood of getting it.
But as we get more and more agents selling properties, it gets more difficult.”
She added: “We are seeing agents selling to people who are not qualified or that are not able to negotiate with the agent.
So, you’re putting yourself out there, and it really helps us with our client service.”
Bailes believes that there is an increasing demand for realtors and agents to help with the sale of houses, and she believes that it’s also an important market to work in.
“As agents become more involved in the sale, I think that we will see more and the demand will increase,” she noted.
“I think that it will help with our clients and the industry.”
While the majority of properties sold in 2017 have been for sale in the greater Vancouver area, Reber Group spokesperson Mark McLeod said that more than a dozen other properties were also sold in B.C. and across Canada, and that many of those properties have been bought by the same buyer, and not a family member.
“If you look at these sales, most of the properties have come from overseas, and we have been able to track those sales,” he said.
“Some of the buyers were Canadian, but the majority were international.”
McLeod noted that some of the recent international real estate deals that have been made were not necessarily made to facilitate a real sale, but to facilitate more transactions between Canadian and foreign buyers.
He added that international realtor deals are being driven by an increasing need for a high-quality real estate property, as the need for the home market in the United States