Fraser Valley Real Estate Market Update
  
Demand for Fraser Valley properties persisted through November due to strong sales of attached houses across the region. Attached listings are selling really fast these days and often face multiple offer situations.
Fraser Valley Real Estate Board processed:
1,743 sales of all property types in November
An increase of 39.8% compared to November of last year and a decrease of 3.1% compared to sales in October, 2017.
Attached sales represented 53% of all market activity for the month
Here is the summary of the market for November.
Total number of Apartments sold - 496
Total number of Townhomes sold - 426
Total number of Detached homes sold - 821
Total active inventory - 5,129
Total number of new listings - 2,324
Number of days to sell an Apartment - 17 Days
Number of days to sell Townhomes - 21 Days
Number of days to sell Single Family Detached - 31 Days
HPI Benchmark Price Activity
Apartments/Condos
Benchmark Price - $376,700
Price increased 2% compared to October 2017
Price increased by 36.6% compared to November 2016
Townhomes
Benchmark Price - $505,700
Price increased 0.6% compared to October 2017
Price increased 19% compared to November 2016
Single Family Detached
Benchmark Price - $972,700
Price increased 0.1% compared to October 2017
Price increased 13.2% compared to November 2016
For the most updated market information on what is happening in your neighborhood, give me a call at 604 308 6404 or e mail at RealtorNischal@gmail.com.
The support of a real estate expert goes a long way when navigating a busy market in the Fraser Valley..
5 Habits of Highly Miserable New Real Estate Investors
The business of real estate investing is not easy. Anybody who tells you it is, is quite literally selling you something. Hard work and persistence are the name of this game. Starting in this business can be extremely daunting, between choosing your niche, how much money you have to start, the amount of time you can devote to it, etc.
You don’t want to add misery to the beginning process—it’s important to get your mental attitude straightened out early. Otherwise it might take you twice as long to build your business at the start, if at all.
Here are some common misery pitfalls and helpful solutions to avoid them.
1. Obsessive Comparison
It is quite common, even for more experienced investors, to fall into the Obsessive Comparison Disorder trap. Networking and masterminding and even modeling are all great activities you should be pursuing. But constantly comparing yourself to another investor, maybe someone who got a faster start or a few lucky breaks, can be detrimental to your early development.
You can put this in a positive light and take up the spirit of competition to maybe outdo that guy in the future, but if you spin it negatively, as in “why not me,” it can only be harmful. Again, modeling and aspiring to be like another investor is great; being jealous and constantly comparing yourself to the other investor in a negative light is always going to end poorly.
2. Being a Lone Ranger
Its a big world out there, why go it alone? If you aren’t leveraging your local networking to your advantage, you are losing out. At weekly/monthly group get-togethers, find a partner who fits what you want to do and has strengths where you have weaknesses. Get a mentor, shadow an agent, get out and do crap work to learn the ropes.
Get involved—it’s amazing how much it does for your early start.
3. Being Afraid to Fail
Failure might as well just mark you for life and follow you around wherever you go, right? No way. To get over your aversion to failure, just go and find someone you feel is successful who never failed spectacularly in one way or another. Most people who we have looked up to at one time or another has had to pick themselves up from the ground and keep going.
Failure isn’t the end of the road—it’s a bump in the road that can be the best teacher you could ever have. If you learn from your failures, you didn’t fail at all. Experience has a price—fail forward and not backwards. Dust yourself off, learn what went wrong and adapt to the experience. You will fail; it’s not a matter of IF, but WHEN. Don’t fear it, embrace it.
4. Being Paralyzed by Analysis
There is a fine line between sitting on the sidelines and learning about what you want to do—and letting that learning or analysis keep you from actually doing it. There is a point where you certainly can over analyze the situation and let it keep your train in the station.
The longer you go without action, the less you will do overall. Like the train engine just sitting there for years, rusting and drying up from no use, I’ve seen this happen to new investors, and it sucks.
Consistent action forward will keep the parts moving. Action begets action, which builds experience, and experience kills analysis paralysis. Get your train out of the station, and keep it moving forward. You may not be able to see what is around the next corner or over the horizon, but you will see what’s next when you keep moving forward.
5. Having No Clarity/Goals
I speak from painful experience on this one. Don’t let another day go by without writing out a detailed goal list and breaking those down into daily actions to keep you going every day. If you just have a goal of “make a million dollars,” but don’t have a WHY or a HOW, the likelihood of you ever reaching your goals is very slim.
If you attach a powerful WHY (“to help as many people as possible through charity and leave a legacy for my kids”) with a breakdown of HOW you will get there, you’ll be able to take the first steps toward your goal. So get out there, write down your goals and review them OFTEN. Some do it a few times a day or a few times a week. Having a constant reminder of what you are working towards will be a great way to keep the carrot in front of you and remind you why you are working so hard.
So there it is. Go ahead and do these 5 things if you don't want to be a miserable new investor. Don’t say I didn’t warn you!
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