What’s your home worth in East Vancouver?
Curious as to what the value is of your East Van home? With prices increasing in many different neighbourhoods of East Vancouver (along the Main Street corridor, Fraser, Cedar Cottage, surrounding Queen Elizabeth Park, and even Hastings East nearing Burnaby), along with new builds and duplexes in place of single family homes, it’s getting hard to determine true value of your East Vancouver home and the lot it sits on.
Many factors come into play when determining the value of a property, including current market conditions, lot size and orientation, zoning, size and condition of the house and the neighbourhood. These factors are all very specific to each property (just because you neighbour’s house sold for X dollars, doesn’t mean yours will do the same). I’ll go through each criterion a little further below, but if you’re curious about the value of your home, either give us a call.
Otherwise, these are the factors that can affect the value of your East Vancouver home:
1. Current market conditions
Right now, the East Vancouver Detached House Market is the hottest Real Estate Market in Vancouver. Great character houses sell within the first week very close or above the asking price, often after multiple offers. Detached Homes in East Vancouver are still the most affordable option for families looking to live close to downtown, and there’s a sense of excitement as East Vancouver continues to improve. Prices have been steadily climbing in the East Van Detached Market, and the recent City Assessments only amplify this trend as it was the only area in the city where this year’s assessments increased over last year. We’ll look at current active comparable listings and recent sales to get a sense of list price vs sale price. East Vancouver is still growing quickly enough that new benchmark proving is being set by new builds and good lots.
We have many, many Buyers looking in East Van – both families looking for their next home and developers looking for buildable lots – and there just isn’t enough stock to keep up with the demand. If you’ll entertain the idea of listing your home, give us a call, we’ll get your house sold quickly and for top dollar.
2. Lot size and orientation
Is your house sitting on a standard 33′ x 122′ lot (or something similar)? Is it on an oversized lot? Is it a corner lot? Is it across from a park? Does it back on a lane? Which direction is the house facing? Every developer looking to buy a lot in Vancouver considers these factors, as it determines the total amount of square footage they are allowed to build, which affects the future value of their development and thus how much money they should be putting into it now. Bigger lots also generally have dedicated parking spaces or garages, along with good backyards. Even those buying to live in consider the size of the lot to be an important factor for resale and future potential.
What’s the zoning (i.e. R-7, RS-1, etc)? City of Vancouver Zoning Restrictions determines what you can do with a plot of land based on its zoning. It can determine if a duplex or row homes can be built, the amount of square footage, the setbacks, laneway house potential and more. For developers especially, this can be a major consideration.
4. Size and condition of house
Most importantly, especially for families, is what’s the existing house like? Has it been renovated, and when? Was it completely gutted to the studs and re-built, or were pieces of the house improved over time? Have the major components of the house been upgraded (i.e. roof, plumbing, electrical, etc)? How many bedrooms are on the upper level? Is it open concept, or does it still have an older floor plan? Is it a Character House, a Vancouver Special, a Bungalow or a new build? One of the biggest questions for younger families pushing to afford a single family house in Vancouver – does it have a basement suite (mortgage helper)?
Are you closer to Main St or Knight St? Currently, Main St, being closest to downtown and the West Side, is the most desired area of East Van, however, many Home Buyers are moving East towards Fraser and Knight, and South near Queen Elizabeth Park. Main St is still seen a vibrant area of the city, with shops, restaurants and other amenities only a short walk away, and Fraser St is slowly growing as an exciting new destination in the city. Cedar Cottage has always been desired by families since one of the city’s best Elementary Schools is in the neighbourhood. For that matter, school catchment does affect Buyer’s decisions on where to buy, on the West side as well. If it comes down to choosing their ideal area, school catchment is often taken into consideration. Many people don’t know, but there is a Main/Fraser Bog in one area of East Vancouver. This swampy area needs extra attention when it comes to the house inspection as it could lead to sinking houses and problems in later years.
Interested in knowing what your East Vancouver home is work?
This is just a start when it comes to determining what your East Vancouver house is worth and how it would sell in this market. Why Sell with the WeLoveEastVan Team? We have years of experience, have sold countless properties, work with residential developers and have many Buyers looking in this market. Along with our great marketing plans and current knowledge of the market, we can give you a good idea on your home’s value, how to best present it for sale and what to expect. Contact us if you’re interested in selling your East Van home.