Real Estate Blog for Buyers & Sellers

Curtis Pope: 0:23

Saudi Arabia challenged Michelle Commons in the commons Real Estate Group show. Good morning, Michelle.

Michele Cummins - PREC: 0:28

Good morning credit Pope.

Curtis Pope: 0:30

Oh, you have had some coffee today. No doubt. Three cups. Three cups by ATM. That is impressive.

Michele Cummins - PREC: 0:39

Yeah, you know, I tend to express myself sometimes with that too, but it's nothing to write home about. No awards are being given for the most coffee drink before I am.

Curtis Pope: 0:49

No, this is true. No. Possibly heart palpitations but no awards

Michele Cummins - PREC: 0:54

for home. You know, this weekend is Mother's Day weekend. It is. And anything special that you do for Kelly and the kids? Well, she's not my mom. Well, no, but I know you give her breakfast in bed. You bring your coffee in bed. Well,

Curtis Pope: 1:11

this is true. I will I do that for just about every Sunday and part of the it's actually kind of ridiculous because even the kids are like, What is wrong with you, Mom, I will bring her breakfast in bed. And then she'll look at me and she goes, I can't eat breakfast in bed. Take it to the table. I'll be right there. So I go through the process and it's like this little thing we do. Yeah, I'm just gonna have to take the table for her anyway.

Michele Cummins - PREC: 1:34

Oh, romantic myths of it

Curtis Pope: 1:37

all. But we go through the process just about every weekend. Yeah.

Michele Cummins - PREC: 1:42

And she deserves it every day. Well, she

Curtis Pope: 1:45

puts up with me so that alone is you know enough to deserve it.

Michele Cummins - PREC: 1:48

I wasn't gonna say anything. But you know. So I I'm actually just working this weekend, got some open houses and showings and stuff just happened to to happen anyways on on Mother's Day, but I love it when I'm able to get a buyer or a seller and accepted offer on a special day like Mother's Day. I just love that.

Curtis Pope: 2:14

That is That is very cool. I mean that honestly, like and you know, we bought few houses over the years. And and actually that whole process of of bidding on the house making an offer, and then you know, getting used to counter offers or that that moment of its accepted. I mean, there's a definitely adrenaline rush for that as the buyer and I'm sure as an agent, you must get at least some of that too.

Michele Cummins - PREC: 2:36

Oh, yeah. It's so exciting. I yeah, I love it. Because it's been such a special moment in all of our lives, you know, buying and selling and moving and a huge transition in our lives. And

Curtis Pope: 2:49

yeah, absolutely.

Michele Cummins - PREC: 2:52

And this first segment is our staff segments of the month because they just came out it was released May 3, so a few days ago. And then on our second segment, we have a special guest is Ken old Dale, friend of mine and inspector extraordinaire. And we He's helped me with a couple of my recent purchases as well as clients and pre inspections. And oh my gosh, so we so he's gonna give us an insight about inspections on our second segment. Very cool. Yeah. And so the headline for the Fraser Valley real estate statistics is that the Fraser Valley sales dipped below 10 year average for first time in nearly two years. And property sales in the Fraser Valley decreased by over 35% In April, compared to the previous month and while a figure is still the sixth highest April on record for the past 10 years. Anyways, it marks the first time monthly sales have fallen below the 10 year average since June of 2020. In April, the Fraser Valley Real Estate Board process 16 137 sales on its MLS system and that's a decrease of 45.7% compared to April of last year and a 36.6% decrease compared to March. We this is a statement from Sandra Ben's our new real estate president at the board. We will typically see a flurry of activity around this time of year. She says And however that's not been the case so far. While it's still too early to say whether this trend will endure. the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers. Last month, the board received new listings and it was a decrease of 27.8% compared to April of last year and a decrease of 20.9% compared to March of 2022. So the total months and active inventory in April was 14.6% higher than in March, which means listings are staying on longer, taking longer to sell prices have come down for certain areas of the Fraser Valley. other municipalities in the Fraser Valley they've actually gone up a little bit. So with that in mind, now across the Fraser Valley, I'm going to mention how many days on market is taking to sell a detached home, which is 16 townhouse is 13 days, and an apartment is taking on average 3013 days to sell. And the single family detached home for overall the Fraser Valley for the benchmark price currently is 1,731,000. That's an increase of 2.2% compared to march and an increase of 33.8%. Still from last year. So still still overall doing better than last year, but just month over month. Now that's overall I said, point 2% increase but for certain areas, like Abbotsford admission has actually gone down townhouses, though overall 902,500 For benchmark price That's an increase of 1.8% compared to March of 2022, and an increase of 38.3% compared to April of 2021. Apartments are at 649,500. And that's an increase of 1% compared to March of 2022, and an increase of 35.6% compared to April of 2021. So now going into this to sell at by municipality. Abbotsford, we're going to start there are detached homes. The benchmark price currently is 1,511,200. And that's still an increase of 35.3% from last year, but it has gone down second month in a row, this time by point 7%. However, the stratas doing pretty good overall throughout the Fraser Valley for townhouses in Abbotsford, the benchmark price for that is 763,300 an increase from last month 4.3% And the increase of last year overall 41.2% apartments in Abbotsford 527,100. That's an increase of 45.3% from last year and an increase of 2.7% from the month before. Now mission detached benchmark prices are at 1,252,500 that one down 2.5% from last month. So second month in a row it's gone down. And that's an increase though overall still from last year of 38.7%. And I want to note right now that Abbotsford and detached the average prices from last month it's actually gone down 10.8% I speak of benchmark price which is point 7%. But you will see the average has actually gone down a lot more and admission it's actually gone down average prices 5.1% Were the benchmark prices minus 2.5%. So we're moving on to townhouses so strata admission they are at 759,600. That's an increase month over month of 9.7% which is pretty good. And overall year over year 42.6%. Apartments admission are at 533,500. That's an increase overall for the year of 36%. And month over month, it's gone up 6.4% and white rock so South Surrey included their benchmark prices for detached homes have gone up 27.5% from last year and month over month up 1.4% And there are $2,147,000 townhouses in White Rock South Surrey are at 1,058,400. That's an increase year over year 33.6% and an increase month sorry a decrease month over month of point 3% apartments in White Rock South Surrey are at 713,300 An increase of 28.8% from last year and increase month over month of 1.5%. Langley benchmark detached prices at 1,765,000 85,000 Sorry, that's an increase of 32.7% from last year and an increase of point 9% from the month before and townhouses are at 914,200 and increase from last year 38.2% and an increase of 4.2% in the month before and apartments at $599,600 An increase of 34.1% from last year. And nothing happened month over month this zero and delta north. The detached benchmark price is at $1,584,100 at 31.2% increase from last year. But minus point 1% from the month before and townhouses 903,000. That's an increase of 37.8% from last year and an increase of point 1% from the month before and apartments at $544,000 increase of 34.6% from last year and an increase of 1.3% from the month before. And last but not least, city of Surrey overall combined benchmark prices for detached at 1,000,008 868,400 An increase of 33.8% from last year and an increase of point 9%. from the month before, townhouses at 938,000 and increase from last year of 37.7%. And an increase from the month before it's point 3%. And apartment is a $587,500, an increase of 34% from last year and an increase of 1.3%. From the month before, and that is our real estate stats for the Fraser Valley. beautiful British Columbia.

Curtis Pope: 10:29

Alright, Michelle, take a breath. Have a sip of water, man, you rattled those off. I mean, I felt like I was at an auction sometimes.

Michele Cummins - PREC: 10:39

I'm getting I'm getting practice for the auction. I'm having this fabulous new listing, which is coming up. It'll be about four weeks from now. And it's this amazing, gorgeous heritage home that's completely renovated with amazing views and private yard, a triple detached garage with a carriage house on top. It's just so fabulous, and no money has been spared. And this property is so wonderful. I have to go on my website to check out the video and drone videos, find out about the cinematography walks through the floor plan, the auction that we're going to have on it. It's amazing.

Curtis Pope: 11:12

Very, very cool. That's that's that's that's, that's gonna be a lot of fun. I'm sure if you get to play auctioneer. Oh, yeah. No, I was gonna ask you actually, because I have noticed seems as I'm driving around the valley the last week or so that it seems like inventory is coming up. A lot of houses seem to be going up for sale now.

Michele Cummins - PREC: 11:31

Yes, more signs are going out. And we're signing this thing up. Yeah, you're correct way more listings than ever before. So buyers have it a little easier now, which is a nice fresh of breath air of fresh air. Right. Right.

Curtis Pope: 11:45

All right. Okay, well, people might want to see some of your listings, like you just mentioned, you gave a teaser on the one you're doing the auction for and, and some other places, plus all the stats you've just listed off. I would imagine there's a one stop shop where people can go to get all this information.

Michele Cummins - PREC: 11:58

Always and forever. It's Michelle cummings.ca.

Curtis Pope: 12:01

All right, we're gonna take a quick break, we'll be back with more right after this. She go to become a real estate group show with Michelle Cummings and myself Curtis Pope. And as Michelle mentioned, we have a very special guest. And nobody does a better introduction than the one and only Michelle come and so Michelle, I'm gonna let you do one of your world famous introductions.

Michele Cummins - PREC: 12:59

Well, this is gonna be fast and quick. Because I'm telling you that 10 ONLINE Google reviews that are all five stars of 140 Walking Google reviews, says it all can ovale from the buyers Choice Home Inspections, I'm telling you, I've known him for years and years and years. And he's helped so many of my classes, he's helped me recently on a couple of my purchases. And a couple couple of my recent new listings during pre inspectors. And Ken knows his stuff he has been doing, he's gotten way more than 10,000 hours in, and he really knows how to explain things to you. I mean, he, he doesn't make things feel like oh my gosh, the sky is falling, the sky is falling. Like he gives it to you exactly how it is. And he has solutions for certain things. And he has his professional opinion. And he really wants you to know what it is you're buying or selling. And then you can make your best decision after that. And I have to tell you, his follow up system. Oh my goodness, first of all, as a realtor I hear I was gonna make this a quick introduction. But I have to say his follow up and his intro and his or his inspection. So suppose moves with ease and make sure the selling agent knows the buyer's agent. Everybody's prepared know what to do. And then afterwards, it's chilled, seamless, how he does everything if there's no question about anything, and then his service providers afterwards that he actually gives and they actually call you at clients that hires him. They call you the follow up and you know, talk about certain things you may need for the home. So just it's amazing experience the best I've ever had, I must say with them. In fact, they're So Ken, thank you so much for coming on our show.

Unknown: 14:53

Good morning to show interest. Thanks for having me. That was thank you for that great introduction.

Michele Cummins - PREC: 14:57

I don't want to take up too much of your time because we only have Have like 10 minutes or so. So sorry, I talked so much. So I really did want the listeners to know how much I respect you and what you do and what you've done for me and my clients. So thank you.

Unknown: 15:10

No problem. I appreciate that. Thank you.

Michele Cummins - PREC: 15:13

So because recently we I've had a couple listings do pre inspections, because a lot of people may not know what that is. And that isn't an option or good thing to do as a seller. Can you explain pre inspections, what they are and why they're good?

Unknown: 15:28

Sure, absolutely. So a pre inspection is basically essentially the same inspection we do providers, but perform for the sellers becoming more popular, you know, as the market changes, or whatnot. A lot of sellers are not sure why they would want to do them, right that why would I want to get the home inspection done, you know, I prefer not to have one at all. But a lot of cases are going to happen anyway. So why not control the process. Lots of cases that instills confidence in the buyers. Competence in the buyer can often translate to a higher offer and a quicker sale, there's always still could be less subjects in the offer, which also translates to a quicker sale. Eliminate or mimic minimizes last last minute negotiations to ask for price reductions can give the seller tests to fix any items found during the inspection that they deem important. If they desire to, to, to change the number, upgrade them, and they can price the home accordingly as well get the best price for their home. And one of the most important things is you can book the inspection when it's convenient for you. And the report is yours to use it as you wish. So a lot of sellers they just use the report and keep it to themselves for their own knowledge. Like I said, fixing anything that needs to be fixed. A lot of sellers when they get them done, they use them to promote the home too and, and use it to upsell them and work with a realtor to to get that done. We don't share the report though, that's important to know we only give it to to our clients the seller and and the rest is up to them.

Michele Cummins - PREC: 17:05

It's so true that it gives confidence to the buyer and competence to the seller in two different ways, which helps get the best offer on the property. So confidence is key. Disclosure is key. And knowing everything up front is key. And, and it's the expectations. So you you want to just make sure everything's upfront, if you can, especially in the market we're going into which is shifting, and so I think it's really important as we move into a more balanced market even though it's still technically a seller's market. And as far as inspections can, what are some of the things that you've noticed in all your interest you've done some of the key things that you find come up quite often that really saves the buyer from maybe going into a purchase they shouldn't or be able to have that opportunity if the seller had no clue and no idea about something major able to maybe renegotiate the price on it if they still want to move forward.

Unknown: 18:12

Well, I don't know like I don't know if there's a common issue that would you know, would deter buyers but some of the most common issues we run into are minor like usually minor electrical problems that can be fixed quite easily but they do protect you know it could be a potential safety issue of left on address things like you know loose outlets or like sort of Wired incorrectly in awkward inoperative outlets, lack of ground assault outlet exposed wiring that type of thing all those things can be fixed relatively easy but you know they can be safety issues if they're not often run into a lot of you know like or more often things just plumbing leaks you know usually minor to under the sink and stuff like that, which can also be you know, fixed quite easily but you know, if left unattended or not no, those could cause damage right. often run into roofing material damage, missing shingles here and there, especially as become sort of a fall into the winter or winter into spring. All consigned those. And moisture issues are quite common to to find by I would say I guess they're common, but they're uncommon at the same time ranges. It's kind of tricky there.

Michele Cummins - PREC: 19:22

Do you think that has anything to do with our climate here that it rains a lot or the quality of build are defined through that's related matters and more dishwashers or washer dryers are what

Unknown: 19:34

I would say you know, a lot of it's to do with you know, sometimes lack of maintenance in the home and the weather that we have especially the way the weather has changed over the last few years. You know, we get quite the winds coming through places now that we're not used to and you know, all these things can that can affect your roof material and stuff like that. Right? And electrical outlets and plumbing leaks. Those are just things that happen in every house that you know it's good to have somebody check over once in a while right to identify them and get

Curtis Pope: 19:58

them fixed. And we've done a lot lot of serious weather through the Fraser Valley over the last few months, especially last fall, obviously. So when you go into a house, you're going to see if there's been some signs of, of any flooding in the basements and things like that, right?

Unknown: 20:12

Absolutely. Yes, that definitely increased this year. And awareness awareness of it as well.

Michele Cummins - PREC: 20:18

Can you you offer what I haven't seen in the past, either. And I want to mention is warranty, you have you earn insurance on on his appliances? Or what is it again, it's a certain day after the inspections done that you warranty or virus Choice Home Inspection, company warrant warrant? Thanks. Can you explain that?

Unknown: 20:40

Yeah, we work with a company. It's like a third party service provider that we pay as part of the inspection for our clients. And it gives them a limited 90 day warranty on the property after the inspection. It covers appliances less than 10 years old, including your water heater and your furnace. Some of your things that are all not not existing at the time of the inspection. So perhaps plumbing leaks or roof leaks that arise, all those type of things, right. And you can work with a third party service provider, if any of those things arise to get them fixed. And they'll help you out right, which is kind of unique to us handle a lot of other companies that do that. That same company provides a recall check service as well. So after the inspection, you'll receive another report letting you know if there's any potential recalls on any appliances. Yeah, I remember getting that as well on both ones you did for me personally, so and 19 years in the business. And I yeah, I don't know of any other injectors I've ever had that where they have that coverage. So kudos to you. And again, of those people, service providers that call to say, hey, you have this in your new home wondering if you have this covered already, or, like help with that, or,

Michele Cummins - PREC: 21:46

you know, that's amazing. So, Ken, thank you so much. I, I work short on time, and I just want to make sure the listeners get your contact information. Can you share that?

Unknown: 21:59

Sure. So my phone number is called Kennedale at a buyer's Choice Home Inspections in Chilliwack. Upper Fraser Valley phone number is 604-703-9876. And you can email me at 10 dot Coaldale o LD AOE at buyers choice.com.

Michele Cummins - PREC: 22:18

Excellent. Thank you. And is there any last minute last thing that you wanted to share? Before we get into the new listings and open houses? I have?

Unknown: 22:26

All my biggest just to say that I think it's important that Yeah, your home inspector, whoever you hire provides you peace of mind.

Michele Cummins - PREC: 22:33

That's the number one number one thing. So true. Thank you so much. You're welcome. Thanks for having me. Absolutely. Okay, so a new brand new listing that came up and this is one that can actually get a free inspection on. Its off low heat highway. It's a Christmas tree farm. It has 36 years of goodwill. It's an amazing Christmas Tree Farm. It's got two residences on it, and the patch twos workshop. exposures, wonderful. It would make a great nursery that just went on sale, five acres it is and that's it 2,399,000 And then there's a brand new listing our old definition, by the way. And then there's a brand new listing. It's a cute rancher house with a single garage in Tampa Dara estates, which is in Harrison Mills, and it's number 57. And it's a two bedroom, two bathroom cute as a button place. It's got really private yard. And you can have access right there. It's an indoor pool, there's the hot tub, there's access for your kayak or whatnot on Harrison River, if you know the community, the gated community of Cafetiere estates, you know, it's a great location, the price is only 750,000 for that, and that's just over 1000 square foot home again with a single garage and lots of parking in front for your RV or boat. And then there's a brand new listing admission just on the market two days ago off the Hafner terrace, which is a cul de sac, private yard. It's got a suite in it. It's four bedrooms, three bathrooms built in 1992. It's almost 3000 square feet of a house, and it's priced at 1,049,900. And this tenant would like to stay. And then another new listing and this one is in little mountain of Chilliwack and it's adjacent to the golf course. So that's Meadowlands and it's got vast views of the golf course. It's sitting just a little bit higher. And so you get to see the magnificent views, the trees, the moonlight, the sunset, the rainbows, it's just amazing. The sun rises with your cup of coffee in the morning, and you could make a bridge to go out and actually just take your golf cart from your house to the golf course if you want. And that one is five bedrooms, three bathrooms and over 16,000 square foot lot. The yard actually is very private. It's over 3000 square foot house. And it's priced at 1,848,000. And then we got five new listings this week. So sorry, this isn't the last of the five. It's unit 33. And it's Langley city townhouse. Four bedrooms, three bathrooms. It's an empty unit. And it's co listed with Christine Allen from my office. It's over 1800 square feet of space. And it was built in 2014 still has a couple years left on his overall warranty. And it's so nice. I had a walkthrough the other day, and it's really well kept. It's 949,000. And again, that's an end unit. So you got extra windows, it's really nice, okay, and the open house, that townhouse has an open house today and tomorrow between two and 4pm. The other open houses I have go onto my website or my Facebook business page, social media to find out all of them. But we have quite a few this weekend. We have one on Miller, which has a suite and then mission. And it's two days from 1130 to 130. Then we have an open house at a property off Starling from 12 to two today and that's in mission as well. And then another mission one today and tomorrow at 753 to Robin between 230 and 430. And last li an open house on my diamond Avenue property a 10,000 square foot lot house with a suite and it's from 12 to two and that's tomorrow from 12 to two. Again, thank you so much everyone for joining us this morning. Thank you Ken again and thank you, Curtis.

Curtis Pope: 26:30

Absolutely not a problem if people want more information about these properties and the services you provide and the first stats, where do

Michele Cummins - PREC: 26:38

they gotta go? We don't come into.ca

Curtis Pope: 26:41

And join us again next week and we will talk real estate in order to unlock your real estate potential on the show real estate is maximized. Thanks for listening.

 

If you Missed last weeks episode where Michele talks with Mark Podolski about passive invome, buying raw land, etc. Please go take a listen!

Its well worth it.

 

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