Langley BC Real Estate | Condominums And Town Homes

When buying a home, it is easy to let your emotions cloud your judgment. While the size, price and style of the house are important, there are other things to consider before you make an offer.

Location
You can change almost everything else. But, once bought, you cannot change the location of your home. You can live with almost any imperfection in a home if you love the neighborhood and your neighbors. When you go house hunting, consider its proximity to your work, the charm of the neighborhood and how it is situated on the lot.

Neighborhood
Where you live is as important as the house you live in. Even if you have a good idea where you want to live, don’t let that keep you from checking out other neighborhoods. Quality of schools, amount of traffic, crime in the area and proximity to amenities are important factors to consider when choosing a neighborhood.

Repairs and Home Inspection
Homeowners will always be happy to tell you about upgrades that have been made to the home, but you may want to pay attention to what isn’t mentioned. It is a good idea to get a home inspected before you buy. This can save you thousands of dollars in costly repairs in the future.

Developments in the Area
When you consider a neighborhood, be sure to research upcoming or future developments in the area. They may have a positive or negative impact on the value of your home. A proposed shopping center may increase the value but an airport may reduce it.

Zoning, Laws and Taxes
Look into the property’s and neighborhood’s zoning, as well as any potential easements, liens or other restriction. The seller should disclose these facts, but it’s better to be safe. And make sure you can afford the neighborhood’s tax requirements.

If you keep these specific elements of a home in mind, your house hunting will be more successful, and you’ll likely end up with the home of your dreams.

Once you’ve handed the keys over to the new owners, you may probably consider the selling process completed. But there are a few things you’ll need to do in the coming weeks and months.

Keep Copies of Paperwork
It is essential to keep copies of all the paperwork related to closing and settlement. Keep proof of improvements, expenses, sale proceeds and prior purchases for tax purposes.

Utilities and Change of Address
Make sure your utilities are paid up to the closing date, and that the account is transferred to the new owners. You would also need to change your address with Canada Post. This can be done online.

Check in with your lawyer
Your lawyer would arrange for you to sign the transfer documents. Furthermore, the lawyer would ensure that the old mortgage has been properly discharged and any payments required have been made.

Check in with the mortgage broker
If you’re selling a house, you’re likely to buy one too. You need to go over the papers for existing mortgage before signing them. When discussing mortgage for your new home, find out what level you qualify for and pre-assess the monthly dollar amount you feel comfortable committing to.

Choose your next home carefully
Take your time purchasing your next home. You can defer tax on the sale profits for a year. Re-evaluate your finances. Scope out a variety of areas and housing options that meet your family’s needs.

VANCOUVER, B.C. – June 2, 2009 – A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.5 per cent to $506,201 from $484,211. However, home prices compared to May 2008 levels are down 10.9 per cent.

“The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 36 per cent to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. At 13,641, the total number of property listings on the Multiple Listing Service® (MLS®) declined 4.7 per cent compared to last month and 16 per cent compared to May 2008.

Sales of detached properties increased 16.5 per cent to 1,402 from the 1,203 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 11.8 per cent from May 2008 to $680,320.

Sales of apartment properties in May 2009 increased 17.2 per cent to 1,458, compared to 1,244 sales in May 2008. The benchmark price of an apartment property declined 10.2 per cent from May 2008 to $349,987.

Attached property sales in May 2009 are up 19.6 per cent to 664, compared with the 555 sales in May 2008. The benchmark price of an attached unit decreased 9 per cent between May 2008 and 2009 to $435,848.

For Immediate Release: June 2, 2009

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) posted its highest sales volume in a year in May, processing 1,501 sales, the fourth consecutive monthly increase this year.

Although that number is still six per cent less compared to the 1,599 sales processed in May of 2008, Board President Paul Penner says it’s a signifi cant improvement compared to where the market was a few months ago.

“We’re the closest we’ve been to a balanced market since early spring last year. Sales have increased, inventory has dropped and prices are stabilizing.”

Penner says the market remains competitive. “REALTORS® are seeing an increase in multiple-offer situations, but only on properties that are priced right and at the more affordable end of the market.

“With 10,000 active listings in the Fraser Valley, there is plenty of selection. REALTORS® continue to advise clients to be realistic with pricing, both on the listing and buying side.”

The Fraser Valley Board’s MLS® showed 10,047 active listings at the end of May, a decrease of 10 per cent compared to the 11,132 listings available in May of last year. It received 29 per cent fewer new listings in May, 2,797 compared to the 3,941 new listings it received during the same month last year.

Year-over-year decreases in residential benchmark prices continued to moderate in May. The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in May was $465,939, a decrease of 9.3 per cent compared to May 2008 when it was $513,798 and a 1.2 per cent increase compared to April 2009 when it was $460,229.

The HPI benchmark price of Fraser Valley townhouses decreased 11.2 per cent from $335,991 in May 2008 to $298,308 in May 2009 and a 1.1 per cent increase compared to April 2009 when it was $295,078. The benchmark price of apartments also decreased year-over-year by 9.6 per cent going from $256,887 in May of last year to $232,170 in May 2009 and a 0.8 per cent increase compared to April 2009 when it was $230,337.

“The benchmark price is the most consistent measurement of price change. In May, all three residential categories saw steady, small gains compared to April. This is a positive sign,” Penner says.