When you enjoy what you do, sometimes it doesn’t even feel like work! We’re so grateful to work with an amazing team, and incredible clients.
2019 was an incredible year for us all here at the David & Ty Homes Group, many thanks to you! Thanks for your support last year and we’re excited for 2020 together, the market’s already looking hot!
With the new year comes your new BC Assessment, one of the most misunderstood elements of real estate in this province. So, what do you need to know? Should you be excited about an increase? What if it dropped? Let’s shed some light below.
The Basics: BC Assessment is a publicly owned crown corporation charged with the responsibility of assessing property values across the province, they do this primarily using algorithms that use municipal data as their source information – have any of you ever had a visit from BC Assessment to take a look at your beautiful new kitchen reno? Didn’t think so. They attempt to calculate value as of July 1st from the previous year, in this case from July 1st 2019, which in real estate years can be a lifetime of change.
Your BC Assessment: If you’ve misplaced your BC Assessment you can find details here, https://www.bcassessment.ca/ You can also use that site to see how other properties’ BC Assessments compare, although the value of this information may not be that beneficial to you, for the reasons explained below.
Primary Use: Your BC Assessment is primarily for the purpose of calculating property taxes for your municipality. The municipality multiplies your property value against a mill rate, and that’s how your taxes are calculated. Now, just because your assessment may be down from the previous year doesn’t mean your property taxes will automatically drop the same amount. Municipalities still need to cover the same services they did last year and we all know government is always hungry, so don’t expect to see a proportional drop, or even a drop at all.
Accuracy: BC Assessment’s algorithms do their best to assess value, but they are rarely an accurate reflection of market value. Market value is, of course, determined by what someone is willing to pay. As many of you know, we (David’s family) just purchased our home in Walnut Grove a couple of months ago, we ended up in multiple offers and had to stretch ourselves to win. The market value of our property turned out to be over $100,000 dollars higher than BC Assessment. At the same time, we regularly see properties with a market value six figures lower than their BC Assessment.
Appealing: If you suspect your BC Assessed value may be higher than market value then you have until January 31st 2020 to appeal. This may be to your advantage as it may reduce your property taxes. See here for more details, https://info.bcassessment.ca/Services-products/appeals. Some home owners are sometimes concerned a drop in their BC Assessed value will impact their market value, this is not the case. Professional Realtors involved in real estate transactions are, in most cases, aware of the difference between BC Assessed value and actual market value.
If you’re wondering how your BC Assessed value compares to our professional evaluation of today’s market value, don’t hesitate to reach out to us. We’re happy to do a market evaluation for you at no expense. Simply reply to this email and we’ll be happy to help.
This past week we received a call about one of our listings that was pulled from the market over December to have a few improvements made to the home. The agent asked if he could arrange a showing, at a terminated listing! That was one of many anecdotal evidences that we’re experiencing historic lows in inventory in many markets across the Fraser Valley and Metro Vancouver.
Also anecdotally, we’re seeing more and more multiple offers. Ty alone has been in multiples four times this year already! These multiples are caused by buyers being concentrated on an extremely low number of homes to potentially purchase.
Statistically, we’re seeing the same. December 2019 had the third highest sales for the month since 2010 and new inventory was down a whopping 20% from the ten-year average for the month. With sales higher and inventory lower than usual we are expecting to see a strong start to 2020, with prices increasing across many markets and categories. For more on the statistical side of things, please ask us to send you your local market Snapstats.
So what does that mean for you? If you’re considering listing this year, we would advise speaking to us sooner rather than later. Many of our upcoming listings are choosing to try to capitalize on the low inventory and potential multiple offers by listing in January and February rather than the traditionally strong Spring Market months of March, April, and May. If you are thinking of buying, have faith! Expect to see inventory increase fairly rapidly over the coming weeks as sellers capitalize on an early spring – the challenge could be that prices may begin appreciating again, so sooner rather than later may also serve you as well.
Don’t hesitate to reach out to us by replying to this newsletter if you’re considering any real estate moves in 2020, it’s never too early to speak and for us to begin strategizing.
With the launch of the David & Ty Homes Group we’ve been busy behind the scenes launching our various platforms to best keep in touch with you and to help us market out properties as powerfully as possible. That means there are new pages to follow and subscribe to! If you’d like to be kept in the loop on what’s going on in your area, please make sure to follow us below if you aren’t already.
Each platform will have a randomly selected winner of a prize of $200 value custom selected for them (Do you like a certain restaurant? Dinner covered! What about some new clothes to start 2020? A gift card with your name on it to your favourite store!), so make sure to subscribe to all three for the biggest chance of winning a custom prize!
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Thanks for your likes, follows, and subscriptions! These platforms are about more than business for us, they are were we connect with so many of you, and for that we’re very grateful.
It’s not everyday you find yourself on the front cover of a magazine, but that happened for Ty just last week as he was featured in Top Agent Magazine! Top Agent Magazine is “the premier real estate magazine featuring the foremost real estate agents, mortgage professionals, and affiliates in the USA, Europe, Canada, Australia, and New Zealand. Top Agent Magazine features the top producing and most accomplished professionals in the real estate industry, offering an in-depth look at their careers and providing a blueprint for their success.”
As his business partner, I want to personally congratulate Ty on this honour, well deserved after 16 years of serving his clients with excellence. I also know he’s very grateful for the response so many have already had.
If you’d like to read the article you’ll find it in the link below (pages 8-12), in which he shares his story, his passion, and his hopes for the future as we move forward together.
Lost in the midst of launching the new company in the past few weeks was another Video Influencer Award. Those of you that have journeyed with David know that he was the first in British Columbia to be awarded such an honour last year and actually climbed a place in this year’s awards.
Why is this award particularly important for you, our friends and clients? The category of our award is ‘Home Tour/Listing Videos’, the only category that directly represents marketing ability benefitting the client. We spend disproportionately more on marketing our properties, in part because we don’t need to spend as much on marketing ourselves due to your trust and referrals.
Our listing videos are not only some of the most viewed videos in the industry, but consistently rank as some of the videos that have the most engagement, with viewers often watching right through to the end to see the community footage. David and Ty have been some of the pioneers of the ‘property in community’ approach in our marketplace, and it’s helped us best reach prospective buyers for our listings.
We’d love to hear from you if you are considering selling your home to begin the process of developing an award-winning marketing plan that will help you take your next step!
If you’d like the SnapStats for your neighbourhood & price point, simply respond to this email – ‘Send Me SnapStats!’
As many of you know it’s been our privilege to organize Realtor Monopoly for the past three years now. The first year we raised just over $4,000 for New Hope Community Services, who help refugees get settled here in Canada. Last year we doubled to $10,000, and this year we doubled AGAIN to raise $20,000, a huge achievement for 50 Realtors in 4 hours. Have a look at our evening below:
We’ve tried to live out our commitment to being ‘Advocate Agents’ in a number of ways and this is one of them. It’s a challenge and sacrifice every year to organize Realtor Monopoly, but it’s nothing in comparison to the challenges these refugees have faced and the sacrifices that volunteers at New Hope are making daily.
Some local press were present too, and you can see their coverage below:
Thrive Mortgage Co. also released a fun video.
We are massively grateful to everyone that came out and played, supported, and even sponsored. Thanks again for helping us support such a great cause.