Langley BC Real Estate | Condominums And Town Homes

Buying a home is a complicated process. Save time, money, and frustration by avoiding these common mistakes made by home buyers.

Not getting pre-qualified for a loan before searching for a home
Getting pre-qualified for a loan by a professional lender will let you know in advance how much mortgage you can afford. This lets you make an offer with the confidence that funding is available.

Not asking enough questions
Why is the seller selling the house? What repairs were done recently? Have they obtained a professional home inspection report? These are a few questions every buyer should ask when shopping for a home.

Not getting a home inspection done
A professional home inspection is a must when buying a home. This can save you thousands of dollars in costly repairs in the future. You can negotiate for any repairs prior to signing the purchase contract.

Not requesting a market analysis of the home and recent comparable sales
Improve your bargaining position by viewing several homes so you know what’s available on the market. Be certain you’re making a wise investment by asking your agent to provide recent comparable sales of similar homes in the same neighborhood.

Not working with a Professional Buyer’s Agent. 
A Buyer’s Agent can give you equality at the bargaining table. Often buyers find that by using the services of a good Buyer’s Agent, they are able to save more on the purchase price than the costs of the service.

Forgetting to do a final walk-through
You have an opportunity to walk through your new home right before you officially buy it. When you first looked at the home, the seller was probably still living there. You can make sure that there are no problems with the vacant house before you close on it.

Under-estimating closing costs
There are last-minute costs such as taxes, legal fees, appraisal fees, moving expenses, and home insurance to pay before you are finally in your new home. Do not under-estimate these costs to avoid unwanted financial surprises.

It’s a buyer’s market, but don’t despair. The sale may take a bit longer, but a few tips can help you sell your home at a fair price.

Price your home according to the Current Market
The key to selling a house is to “price it right.” Your real estate agent may encourage a list price in accordance with others currently on the market, rather than those previously sold. If your price is too high, potential buyers may not even look at it.

Offer Incentives
Offer incentives to attract buyers. Besides a low price, incentives may include offering a unique home warranty package, paying non-recurring closing costs or providing flexibility about the move-in date.

Get a Professional Home Inspection
Nothing will kill your deal quicker than a buyer’s inspector finding a major problem during the inspection process. Spend that little extra and have a home inspection. Be sure to have the home inspection report available for prospective buyers.

Be Flexible
In this market, buyers will expect to pay less than the asking price. Don’t simply reject their first offer. Instead, make a reasonable counteroffer. You will have to be more flexible than sellers have had to be in recent years.

Make your home More Marketable
First impression is everything. Make sure the house is in top-notch, move-in condition, Maximize the curb appeal. A well kept lawn, fresh paint, uncluttered space; do what is necessary to make your house stand out from the competition.

VANCOUVER, B.C. – October 2, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.

New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.

“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”

Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.

Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.

Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.

For Immediate Release: October 2, 2008

(Surrey, BC) – In September, a record level of inventory combined with a ‘wait and see’ approach from prospective buyers has improved the affordability of single detached homes across Fraser Valley communities.

Kelvin Neufeld, President of the Fraser Valley Real Estate Board, says, “Although our economic fundamentals remain solid, it’s fair to conclude that the U.S. fi nancial situation is affecting consumer confidence here.

“People are closely following what’s happening south of the border, they’re watching the fi nancial markets, and in some cases, delaying big ticket purchases that they feel aren’t essential right now.”

A total of 980 sales were processed through Fraser Valley’s MLS® in September, a decrease of 26 per cent compared to 1,332 sales in September 2007. The Board received 3,053 new listings last month, a 17 per cent increase from the 2,614 new listings received during the same month last year. That takes the number of active listings to a new record high of 12,379, an increase of 56 per cent compared to the number of properties available during September of last year.

Neufeld adds that in addition to a signifi cant increase in selection, the current market brings other advantages, “REALTORS® are seeing more rental accommodation coming on the market. Properties are becoming more competitively priced and thus becoming more affordable.

“For people who are moving for ‘life purposes’ and feel that their return on investment isn’t what it ‘could’ have been, it’s important to remember that the new home they’re buying will likely be priced lower as well. Over the long-term, real estate in the Fraser Valley has proven to be an excellent investment.”

The average price of a single family detached home in the Fraser Valley was $522,816 in September 2008, a decrease of 2.4 per cent compared to $535,572 in September of last year. Average prices of detached homes in Abbotsford, Langley and Surrey showed year over year declines, while average prices of townhomes and apartments fared better in most Fraser Valley communities compared to last year.

Townhomes went for an average $329,947 last month, refl ecting a 2.6 per cent increase from September 2007 when they averaged $331,480 and the average price of an apartment in September was $232,219, an increase of 0.8 per cent compared to $230,280 last year. However in some Fraser Valley markets, townhomes and apartments have experienced year over year average price decreases. Talk to a local REALTOR® for more information.