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Huge HOME RUNS by buying a home in 2022?

With all the information coming out in the news lately you must be wondering what the heck is really going on with the real estate market. Are prices going down as fast as they are saying and what are people actually negotiating on property when they are actually buying them? Well today's video is going to answer some of those questions because this is all about how much people are actually getting off of the asking prices when they are buying homes. This is real world homes that are selling every single day in the Fraser Valley. So if you want to know these numbers and they're very interesting, today's video is just for you.

Let's get into it. What's good everybody? It's Darin Germyn from the Germyn Group where we know you've only got one chance to either buy or sell your next home. So we're here to help you get it right. Make sure you hit that subscribe button below because you do not want to miss out on any of the videos we are releasing on a regular basis with incredible information just like this video to help home buyers, home sellers or homeowners be better at what they're doing.

So you might be surprised to know what's actually really going on in the market when people are buying homes and what you would probably expect if you strictly just read what the news puts out to you then you would think people are hitting absolute home runs when it comes to negotiating on their properties. Without a doubt, there is no doubt that we have seen prices change for homes in the Fraser Valley which is all the way from North Delta to the Mission area. Those sitting on the sidelines are going to celebrate some of the recent changes but those who got into the market earlier are still being heavily rewarded with their purchase that they made previously. To give you an idea of what I mean, apartments are down about 2.7% month over month but for those that bought one year ago they are still up 21.9% and it's a similar story for both townhomes and detached. Townhomes are down about 2% month over month but in the last year townhomes are up 22.7%.

Detached took the biggest hit down about 3.5% month over month. But for those of you that bought your home about 12 months ago you are up and not just by a little bit, you're up 17.8% year over year. So that's what the prices have done. But what are people actually negotiating when they're buying homes? Because we're seeing a very what I would call a typical summer market and it's been years since we've seen a typical summer market but it's fairly quiet out there which is kind of normal for this time of year.

Let's get into some numbers though and see if people are really hitting home runs when they're buying the properties that are transacting right now. According to the C report from the Fraser Valley Real Estate Board, this is the real numbers of what's happening as of the end of July, 4 July in 2022, you will see that apartment units in the Fraser Valley are negotiating just over 1% off of their actual listing price, coming in at 98.56% at this time last year in the same month they were doing 99.6%. This is not really a huge change. Jumping over to apartments, they are negotiating just over a percent and a half at 98.24% when compared to what they're selling for versus their asking price. And at this time last year they were a lot higher.

They were at 101.64%, showing that the townhomes at this point last year were still relatively quite busy and going into multiple offers. This leaves us with detached homes, which do take the biggest decline in terms of what people are negotiating on them versus what is being asked of them at 95.87%, just over 4% off the asking price at this time last year, they were getting almost full ask at 99.99%. So it begs the question are people really hitting home runs? Now, we're comparing these numbers to this point last year, but when we're talking about asking prices versus what people are actually negotiating, how much are they really getting? These numbers are obviously quite different from where they were in 2021, where condos are getting about 1.04% less versus their asking price than they were at this time last year.

Town homes at 3.64% less, and then following up with detached homes with the biggest change at 4.12%. So while they have changed quite considerably year over year, not so much with condominiums. One of the important takeaways of this is to recognize that the asking price would be 100%. What it was doing at this point last year is really less relevant than what it's doing versus the current asking price. Condominiums are staying relatively close to where they're asking.

Townhomes are about a percent and a half off their asking prices. However, detached homes are over 4% off of their asking price. So does that really mean that people are hitting absolute home runs when they're negotiating on these properties? I don't think so, and I don't really buy that. Now, one caveat to these numbers, of course, is this is only relevant to the properties that are actually transacting, the ones that are actually selling.

It doesn't account for the ones that are asking way too much money for their homes and just really sitting on the market because of course they haven't sold. So there's no data on those. Without a doubt though, there is no doubt again that the biggest home runs or the biggest savings is really seemingly happening in the detached home market. And I'd be curious what you guys think of these numbers. Do they surprise you?

Did you expect to see this? Leave a comment below and let me know what your thoughts are on these numbers or what you think is going to happen with the market. It's certainly been a wild ride and who knows where it's going to end up. Hey look, I hope you enjoyed today's video. I want to make sure you are aware of the link below as well.

If you're interested in either buying or selling a home in the Surrey or surrounding area, you can book a time to speak directly with me for a strategy session where we will give you the advice and the information you need to help be successful. I want to thank you for watching, thank you for subscribing and I'll definitely look forward to seeing you on the next video. Cheers.

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The Germyn Group
Darin Germyn PREC* & Adam Howsam
Macdonald Realty LTD
homes@germyn.ca | 604-542-2444 | germyn.ca
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