Langley BC Real Estate | Condominums And Town Homes

Buying a home is one of the biggest and most important decisions you’ll ever make. One of the most fundamental questions all homeowners face is whether to buy a condo or single family house. Here are a few factors to consider when choosing a between a house and a condo.

Location
Most condos are centrally located and are within walking distance of amenities such as grocery stores, dry cleaners, restaurants, cafes, shops and theaters. If these are things you frequent, it may save you gas and time. Living in the suburbs, you would need the car to complete even the smallest of errands.

Noise
Condos share walls, houses do not. If you own a house, your yard can be a buffer zone for noise. Every complex usually has a certain clientele, but even if you get a condo in a quiet complex, new neighbors can change that quickly. Be sure to check out the ‘noise factor’ before you purchase a condo.

Maintenance
Most condominiums have monthly maintenance fees. The money goes toward the collective upkeep and development of the property. Combine these fees with monthly mortgage payments and you can sometimes end up paying more per month for a condo than a house of equal value. A condo can offer you a comfortable home free of yard-work and home-maintenance responsibilities. The upside is that money you put into home improvements will likely pay off in terms of a higher resale value.

Family friendly
With their own yards and generally more square-footage, houses tend to be more family friendly. A fenced-in backyard for children to play in can be a big benefit. Plus, a house allows the option of having pets that may not be permitted in a condo.

Privacy
Is it important to you to have complete privacy or do you find close neighbors to be a comfort? If privacy is a big issue for you, a condo may not be the ideal living situation. Unless you can afford the top-floor, corner unit - which is the ultimate in condo privacy - you may want to go another route.

Decision Making
Do you need total control over decisions affecting your home or are you attracted to the idea of sharing decision-making with your neighbors? How your condo fees are spent is the purview of the condominium board. Homeowners not on the Board may have input in decision-making but won’t have authority to make decisions.

Budget
On average, condos are much more affordable than houses, making them an excellent fit for individuals who want to lower or limit their housing costs. Property taxes are directly correlated to purchase price, which means condo owners usually have a lower tax burden than owners of detached homes. Since property taxes are a recurring expense, the savings can amount to a sizable chunk over the years.

These considerations and others will help you determine the best choice for you now. Remember, if your interests and priorities change in the years ahead, you can always sell your home and make a move, this time with experience as your guide.

Slowing market conditions make it more difficult to sell homes, yet some homes still sell. So, why do some homes gets offers and others sit on the market? The answer has very little to do with the home itself. Here are a few time-tested marketing tips to sell your home faster.

A picture is worth a Thousand words
Pictures speak volumes and are noticed before the written word. Most home buyers begin their search online, hence good photos are essential. Listings without a photo or with only an exterior shot are often passed over. Begin your photo shoot outside the home and try to snap pictures that highlight the finest features of your home.

Virtual Tours
There is no better way to initially view a house than in the comfort of one’s own home, looking at a 360-degree tour. Some buyers won’t even consider a property listing if it doesn’t include a virtual tour.

Plan an Open House
Providing prospective buyers an opportunity to view your home in person is one of the most important steps in selling a home. Your agent would actively seek for prospective buyers and arrange private tours for those unable to attend the open house. Although not every home is suitable for an open house, it is a good idea if your home is located in a high traffic area.

Don’t overlook Print and Online Advertising
Print advertising reaches buyers who read newspapers. Online ads reach the rest. Put ads local newspapers and real estate publications. The general rule-of-thumb here is to keep it simple and short. Stay with the main facts and features (number of bathroom and bedrooms, proximity to schools, etc.) and remember to keep descriptions short and concise.

Say it with Signage
Most buyers tour the surrounding neighborhood of where they would like to buy. This fact makes lawn signage very economical and powerful marketing tool. Provide buyers with your contact details. Professionally designed lawn signage provides credible visibility that will motivate buyers to look closer and get more information.

Provide a Takeaway
Color copies of your real estate listing profile page made available to buyers greatly helps them remember your property and it’s positive features. One or more of the photos used in your listing should also be included on the fact sheet available outside your home. This takeaway brochure will typically list the details of your home – number of bedrooms and bathrooms, square footage and lot size – and can also be used during open houses as a reminder to prospective buyers.

Buyer Incentives and Agent commissions
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. Also offer competitive commissions to agents.

Home Staging
A well staged property can give a buyer that extra push to make an offer. Presentation is everything here. Buyers are naturally attracted to clean, well lit and maintained properties. Before putting your property on the market, remove counter clutter and make sure rooms are neat and tidy Make simple aesthetic changes to your property such as mowing the lawn, trimming hedges or planting flowers.

VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.

July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.

Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.

Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

DETACHED:
Burnaby                           ….up 121.7 per cent (153 units sold from 69)
North Vancouver              ……up 53.3 per cent (115 units sold from 75)
Maple Ridge/Pitt Meadows …..up 60 per cent (160 units sold from 100)
Richmond                           ..up 140.2 per cent (221 units sold from 92)
Vancouver East                  ..up 66.4 per cent (208 units sold from 125)
Port Coquitlam                    ….up 236.4 per cent (74 units sold from 22)
Vancouver West                 ..up 104.5 per cent (180 units sold from 88)
South Delta                         ….up 203.1 per cent (97 units sold from 32)
West Vancouver                  ….up 108.1 per cent (77 units sold from 37)
Sunshine Coast                    ……up 60.5 per cent (69 units sold from 43)

ATTACHED:
Burnaby                            ..up 123.3 per cent (134 units sold from 60)
Maple Ridge/Pitt Meadows ……up 77.7 per cent (64 units sold from 36)
North Vancouver                 ………up 70 per cent (51 units sold from 30)
Vancouver West                 …..up 110 per cent (105 units sold from 50)
Richmond                           ..up 152.1 per cent (179 units sold from 71)
Vancouver East                  ….up 195.8 per cent (71 units sold from 24)
Port Coquitlam                    ….up 117.6 per cent (37 units sold from 17)
Maple Ridge/Pitt Meadows  ……up 77.7 per cent (64 units sold from 36)
Coquitlam                            ……up 88.2 per cent (64 units sold from 34)

APARTMENTS:
Burnaby                            ..up 72.8 per cent (235 units sold from 136)
North Vancouver                ….up 47.9 per cent (105 units sold from 71)
Richmond                            ..up 85.5 per cent (230 units sold from 124)
Vancouver East                   ..up 64.2 per cent (179 units sold from 109)
Vancouver West                 …..up 94 per cent (584 units sold from 301)
New Westminster                ….up 70.6 per cent (116 units sold from 68)
Coquitlam                            ……up 62.3 per cent (86 units sold from 53)
Port Moody/Belcarra           ….up 138.1 per cent (50 units sold from 21)

For immediate release: August 5, 2009

(Surrey, BC) - Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales.

“The factors contributing to last month’s sales are completely different than they were in 2005,” explained Board President Paul Penner. “Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a ‘move-up’ market.

“In July, 37 per cent of Fraser Valley buyers were first-timers. In June, it was one third. That volume creates a significant ripple effect, as the sellers of those homes buy up.”

Penner said that despite seeing an increase in new listings over the last few months, current demand has led to a shortage of inventory in certain markets. “Whether you’re buying or selling, it’s important to tap into local housing market expertise. Your REALTOR® will be able to explain why some properties are attracting multiple offers, while others aren’t moving.”

The Fraser Valley Board’s MLS® showed 9,510 active listings at the end of July, a decrease of 22.7 per cent compared to the record high of 12,299 listings available in July of last year. It received 14.3 per cent fewer new listings in July; 3,207 compared to the 3,742 new listings received during the same month last year.

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 July was $477,420, a decrease of 5.6 per cent compared to July 2008. In the last three months, the HPI benchmark price of a detached home has increased by 3.7 per cent.

The HPI benchmark price of Fraser Valley townhouses decreased 6.9 per cent from $327,604 in July 2008 to $304,940 in July 2009, and in the last three months has increased by 3.3 per cent. The benchmark price of apartments also decreased year-over-year by 8 per cent, going from $254,510 in July of last year to $234,178 in July 2009, and has increased by 1.7 per cent in the last three months.