VANCOUVER, B.C. – Aug 5, 2008 – As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back, the last two months, from the record highs experienced in early 2008.
Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3 per cent through June and July 2008, while attached were down 1 per cent and apartment properties 2 per cent over the same period.
The overall benchmark price for all residential properties in Greater Vancouver has declined 2.1 per cent since the end of May 2008, from $568,411 to $556,605 in July 2008.
“We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,” said Real Estate Board of Greater Vancouver (REBGV) president, Dave Watt. “There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends.”
Residential property sales in Greater Vancouver declined 43.9 per cent in July 2008 to 2,174 from the 3,873 sales recorded in July 2007.
New listings for detached, attached and apartment properties increased 24 per cent to 6,104 in July 2008 compared to July 2007, when 4,924 new units were listed.
Sales of detached properties in July 2008 declined 44.2 per cent to 827 from the 1,483 units sold during the same period in 20070. The benchmark price for detached properties is up 5.4 per cent from July 2007 to $753,165.
Sales of apartment properties declined 42.3 per cent last month to 966, compared to 1,674 sales in July 2007. The benchmark price of an apartment property increased 4.7 per cent from July 2007 to $381,687.
Attached property sales in July 2008 decreased 46.8 per cent to 381, compared with the 716 sales in July 2007. The benchmark price of an attached unit increased 5.7 per cent between July 2007 and 2008 to $473,953.
If you're considering selling your home, you've probably thought about trying to do it 
yourself. Although some FSBO's (For Sale by Owners) sell their own homes, it's unclear whether they actually come out ahead financially in the end. Here are a few advantages of enlisting the services of a professional Realtor:
- Exposure - A sign on the lawn's only visible to those who see it, so buyers aren't going to know your home's for sale unless they drive by. Your pool of potential buyers will be very limited whereas agents are able to expose it to the masses through the real estate board's MLS system. It's supply and demand – the more buyers (supply), the more demand which means more money!
- Commission Sharing - The only reason a person would choose to sell on their own is to try and save money. Everyone knows that, including buyers, and most will expect to get a deal when buying privately as they know there's no commission built into the price. Half of the commission typically goes to the buyer's agent so if the buyers don't use an agent, they'll expect to pocket that portion for themselves.
- Third Party Negotiator - Buying or selling a home is an emotional roller coaster so a Realtor's help is invaluable when it comes to mediating as an impartial voice. Some buyers may be reluctant to deal directly with the seller as emotions will certainly get in the way of negotiating an offer. All it takes is one wrong remark to make a deal fall apart. Having a third party negotiator provides a much needed buffer between the buyer and seller.
- Experience - Real estate transactions are fraught with potential problems. An agent can advise you on many matters such as legal issues and inspection questions as well as rallying prospects to try and generate multiple offers. Do-it-yourself jobs are great under certain circumstances but when it comes to your biggest asset, you may want to think twice.
- Convenience - If you're selling privately, you'll have to be available to show your home to complete strangers on short notice. You'll likely find yourself canceling important plans only to have no one show up. This process is frustrating and time consuming as many prospects are simply not that serious, haven't been qualified or are just plain nosy. An agent only works with qualified buyers so they don't waste their time or compromise their personal safety.
Selling a home privately can be risky which means you're gambling with your biggest asset. Although some FSBO's sell their own homes, there are many advantages to having a professional represent you in this complex transaction. Real estate agents are paid on commission so it's in their best interest to get you top dollar for your home and to provide you with exceptional service during the entire process.
With the price of gas skyrocketing, why not vacation closer to home this year. 
Going away can be stressful as you have to arrange for someone to collect your mail and look after your pets plus there's the worry of your home's security. Then when you return, there's all that laundry and yard work waiting for you. Here are a few ideas to consider when vacationing around home:
- Contact the local tourist board and plan your trip as if you were visiting your area for the first time. This way, you'll be able to see all the places you take for granted and say you'll “get to one day”.
- Go to a restaurant you've never been to before. To save some cash, find out when specials such as “2 for 1” and “kids eat free” are on and plan around the deals!
- Your local library should have maps of community trails. Pick one you've never been to before and enjoy a relaxing day outdoors.
- Visit an unfamiliar place an hour or so from home to experience a true getaway. If you really want to get into the spirit, book a night at a hotel -- you'll get a better deal if you go mid-week.
- Involve your kids by letting them pick a playground they've never visited before. Nearby amusement parks and local farms are also great fun!
Staying home and seeing your area through the eyes
