Your Fraser Valley Real Estate Market Update
  
For the sixth consecutive month, Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100-year history of the Fraser Valley Real Estate Board (FVREB).
Here is the summary of the market for February, 2021
Total Sales Processed - 2,815 (Increase of 108 % compared to February 2020)
Total New Listings - 3,265
Total Active Listings - 4,120
For the Fraser Valley region, the average number of days to sell an:
Apartment (Condos) -35 Days
Townhomes - 21 Days
Single Family Detached - 21 Days
Of the total transactions Fraser Valley Real Estate Board processed:
788 were Townhouses
667 were Apartments (Condos)
1084 were Single Family Detached
HPI Benchmark Price Activity
Apartments/Condos
Benchmark Price - $450,900
Price increased 5.3% compared to February 2020
Price increased 2.5% compared to January 2021
Townhomes
Benchmark Price - $600,300
Price increased 10.1% compared to February 2020
Price increased 3.4% compared to January 2021
Single Family Detached
Benchmark Price - $1,163,400
Price increased 19.9% compared to February 2020
Price increased 5.1% compared to January 2021
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..
Reminder: As you know that I am in real estate investment and sales and my passion is to bring buyers/sellers together. Who have you talked to in past couple days that might be thinking about buying/selling in British Columbia or anywhere in Canada (I am blessed to be a part of a huge network that I meet/talk-to on regular basis which is the backbone of my business that my clients benefit.
Also, we offer a $500.00 referral fee to anyone that leads to successful completion of a sale.
Exploring the Factors of Forced Appreciation
As you may already know, forced appreciation is just one of many useful approaches in multifamily property investing. In this sense, multifamily investors will have to make full use of this tool to make the most of their property acquisitions.
Let’s first define what forced appreciation actually entails.
First and foremost, it allows you to improve the look and feel of a multifamily property. Repairing or improving certain aspects of a multifamily property is considered a form of forced appreciation.
If anything, forced appreciation is different from market appreciation. Forced appreciation depends on the decisions of the property owner. Market appreciation, on the other hand, depends on external factors such as job growth and population growth.
Often, market appreciation can convince property owners to perform value-adding activities. This results in an increase in the net operating income or NOI, and the value of the property itself.
Let’s look at the four factors that allow forced appreciation to take place:
Market inflation
Increases in property sales prices can be a reason to raise the rent. For this, you will have to be vigilant of market performances. You may also analyze the impact of policies affecting the property market. High interest rates, for example, can tighten property expenditures and lead to higher rent.
Consistent market growth
Aside from inflation, you may also want to keep tabs on the growth of the market itself. A balanced supply-demand ratio will definitely lead to better rental rates. Moreover, the overall health of the national economy can also be a factor for growth in the multi family real estate market.
Higher job growth and rising wages mean that more people can afford to live in apartment complexes. This creates a high demand regime where there is a higher median rent.
Providing more amenities to Residents
Increasing the value and benefits for the residents brings more rental income and consequently increases Value.
Shortage in inventory
A shortage in the supply of apartment complexes can more or less lead to forced appreciation. Property owners will have to consider raising the rent in response. Tight inventory supply provides ample opportunities to raise the NOI of your property.
In order to leverage forced appreciation, you will have to find a good property manager. Aside from collecting rent, a property manager will also oversee the overall health of your property.
Moreover, the property manager can also implement renovations on your behalf.
Forced appreciation is, after all, one way for you to secure your multifamily investment and make sure that it delivers on your income goals. Understanding this concept is just one of the things you have to do in order to grow your business.
12 Tried & True Habits of Impressively Productive People
We all want to have a life so it’s critical to become very productive in a condensed period of time. Don’t just meander through the work day. Get things done and then go have some genuine fun.
Here are 10 of the best methods I’ve used and seen used that I would recommend incorporating into your life.
1. Weekly Goals
We’re all goal oriented, but it’s much easier to actually focus on attaining those goals if you write them down at the beginning of the week.
2. Systems
Use systems for both your life and your business. That way, you just align your life so that great things will happen by doing the things necessary to achieve such a life on a consistent basis.
3. Getting Things Done
Getting things done is extremely effective—and even more so by using endless number of ways to customize this approach. You can use Google Docs for it, but you can also use Evernote, Outlook, or even a paper system.
4. Wake up Early
The early bird gets the worm, as they say. And it’s hard to deny the truth in this. There are no distractions so you can focus on improving yourself getting important things done without your phone or email blowing up.
5. Delegation
One of the best ways to get more done is to have other people do stuff for you. One part of the Getting Things Done system is to go through your inbox and decide whether to do something, defer it, throw it away or delegate it.
6. Lean Just Outside Your Comfort Zone
One thing that will kill productivity right in its tracks is procrastination. And one of the primary reasons for procrastination is fear. Often, this fear is of things that don’t make any sense, like being judged by someone you really couldn’t care less about. But this is how our minds work, so we must learn to deal with it.
7. Honesty
On the same token, another reason we have fear is a lack of candor. Hiding things creates a sense of paranoia: “What if I get found out?” If we are honest and straightforward, we don’t have to waste so much time beating around the bush.
8. Speed Reading
The method is actually quite simple:
1. Take a pen or similar item and track along each line. This keeps your eyes from backtracking, which normally happens about 20 times per page. Instead your eyes move in a consistent, linear progression.
2. Don’t pronounce the words in your head while you read. The mind can recognize words much faster than you can say them (in your head or verbally) so you can save a lot of time by skipping the pronunciation. This takes some getting used to, but is easier than you might think.
9. Weekly Time Audit
Unfortunately, almost all of us would be surprised by just how much time we waste every single day. That waste could come in the form of simply doing nothing or doing things of limited value.
10. Hold Yourself Accountable
At the end of each week, you must hold yourself accountable by reviewing your goals and activities and thinking about how you could do better. Things that get held accountable perform better, as do people.
11. Cut Out the Clutter
These days, we are barraged by so much media, entertainment and news that it’s easy to get distracted. They are a giant time suck and don’t give you much back in return other than a short-lived dopamine hit.
12. Single-Task
Multi-tasking doesn’t work. Focus on one thing at a time. Close all those open tabs you have on your browser and FOCUS! Furthermore, come up with one overarching goal for your business and focus on that instead of 800 different small goals you will likely start and then stop shortly thereafter without accomplishing much of note. Use the 80/20 principle for this step.
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