Langley BC Real Estate | Condominums And Town Homes

Contemplation, comparison and commitment are three stages for the first-time home buyer. The current buyer’s market offers you an excellent opportunity to buy your first home.

Why buy when you can rent?
Pride of ownership is the primary reason why Canadians desire their own home. Home ownership gives you and your family a sense of stability and security. Mortgage reduction builds equity that can be used as security for other loans.

Are you ready to buy a home?
Is your credit good? Do you have a steady job and income? Do you have funds set aside for your down payment and closing costs? The answers to these simple questions would help decide if you are financially ready to buy a home.

Find out what you can afford
Getting pre-qualified for a loan will let you know in advance how much mortgage you can afford. Your total monthly mortgage payment (principal, interest, taxes and insurance) should not exceed 33% percent of your monthly gross income. And you must have sufficient finances for down payment and closing costs.

Hire a professional Buyer’s Agent
A buyer’s agent will represent your best interest in negotiations. And would also provide reliable references for other experts (lenders, inspectors, etc). Furthermore, a good buyer’s agent would help you save on the purchase price.

Get a home inspection before buying
Your offer should be contingent to a home inspection. This can save you thousands of dollars in costly repairs in the future. If you’re unsatisfied with the results, you may ask the seller to pay for certain repairs, lower the price, or you may decide to walk away from the deal.

Negotiation Advantage
Highly motivated sellers in the current buyer’s market are offering extra incentives. They are more flexible on prices and terms. And offer assistance with either down-payments or closing costs. You, as a first time buyer, are in a better position to negotiate.

First Time Buyer Programs
There are several programs that help first time buyers get into the housing market. The BC provincial government’s First Time Home Buyer’s Program offers Property Transfer Tax Exemption for First-Time Buyers. Canadian Mortgage and Housing Corporation (CMHC) too offers a 5% down payment program for first-time buyers. You can also take advantage of the Home Buyers’ Plan that allows you to withdraw up to $20,000 from your registered retirement savings plan (RRSPs).

Buying your first home can be overwhelming. The right preparation and insights yield positive results. Remember, the right home for you is one you want and can afford.

Updating your home can increase its resale potential and add to its value. Unless your house is almost new, you would have to make some improvements before putting it up for sale.

Buyers pay a premium for a home that is in top-notch, move-in condition. Cosmetic improvements make your home look as fresh and neutral as possible. There are a few inexpensive techniques that would give your home a higher resale value without costing a fortune.
     » Fresh Paint and wallpaper
     » Re-grouting tile walls and floors
     » Removing or replacing worn-out carpets
     » Replacing dated faucets and light fixtures
     » Refinishing or repainting the doors
     » Updating handles and knobs on kitchen drawers and cabinets

Nothing adds value to a home like improvements to kitchens and bathrooms. Certain home improvements have proven to add value or speed the sale of houses. These include
     » Minor kitchen remodeling
     » Bathroom remodeling
     » Adding central air conditioning to the heating system
     » Building a deck or patio

A thousand dollars spent to improve a home that is in good condition, seldom adds a thousand dollars to its sales price. Improvements with low returns are generally ones that appeal to personal tastes. These include
     » Swimming Pools
     » Fireplaces
     » Wet bars

No matter how much you improve any given house, you’re unlikely to sell it for more than 15% above the median price of other houses in the neighborhood. Steer clear of renovations that will cost you money at resale time.

VANCOUVER, B.C. - February 3, 2009 - The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.

New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008.

Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.

“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said.

“Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said.

Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008.

Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008.

Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.

For Immediate Release: February 3, 2009

(Surrey, BC) – A total of 389 sales were processed through Fraser Valley’s MLS® in January, a decrease of 59 per cent compared to 956 sales in January 2008 and comparable to January sales fi gures last seen in the early 1980s, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service®.

However, for the fourth month in a row, the Board received fewer new listings. REALTORS® added 2,003 new listings in January 2009, 30 per cent less compared to the same month last year. This decreased the number of properties available in the Fraser Valley to 8,630, 26 percent higher than January 2008, but 30 percent fewer than the Board’s record high number of active listings in September 2008.

“Those who don’t have to buy right now aren’t and they’re creating tremendous opportunity for those who are house-hunting,” says Kelvin Neufeld, president of the Board. “The ability right now for Fraser Valley REALTORS® to negotiate for their buyers is the strongest it’s been in over a decade.”

Neufeld says if the current imbalance between supply and demand continues to change with the trend moving toward a decrease in homes on the market, buyers will only have this window of opportunity for so long.

“When selection decreases, pricing becomes more competitive,” he says.

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI)*, decreased 9.6 per cent compared to January 2008, the eighth consecutive monthly decline. The benchmark price was $452,145 in January 2009 compared to $500,070 last year.

The HPI benchmark price of Fraser Valley townhouses decreased by 8.5 per cent in one year, going from $322,888 in January 2008 to $295,339 in January 2009, while the benchmark price of apartments decreased by 12.9 per cent going from $253,198 in January of last year to $220,595 in January 2009.