Langley BC Real Estate | Condominums And Town Homes

In the current buyer’s market, there’s enough inventory to look at and ample time to negotiate. Buyer’s remorse often pops up regardless of what the real-estate market is like, especially for first-time buyers.

What if you acted too quickly and a better house comes on the market next week? What if you paid too much for the house? What if you can’t make your house payments? Doubts creep in, making you uncertain if you want to proceed with the purchase. Unless there’s a true reason for concern, your state of mind might simply be a case of Home Buyer’s Remorse.

Take these steps to beat the buyer’s remorse before it sets in.

Do a detailed research
It’s essential for buyers to know what they want - both in terms of housing needs and the neighborhood. The more research you do up front, the less likely you are to make a mistake. Look around and learn how far your real estate dollar would stretch. It is also important to be aware of the long-term trends in your area.

Get mortgage pre-approval
Can I afford the monthly payment? This is a common fear most buyers have. Get pre-approved for a mortgage before house hunting. Once a professional lender has “done the math,” you can be more confident that you can afford the house.

Discuss it with family and friends
If fears start to creep up after the paperwork is finalized, enlist the ears of friends, parents or peers who can reinforce the decision to buy. An agent can also help out by reminding you why the home was originally a favorite. And reassuring you that a good price was secured for the property.

Don’t dwell on it
You made an educated, thoughtful decision when you signed the paperwork. There’s not much you can legally do to get out of it if you change your mind after the contract is finalized. Don’t dwell on what might have been.

Avoid checking out comparable homes
After you have finalized a home, stop looking at other houses unless you feel the contract has a good chance of falling apart.

Recognize that home buyer’s remorse is a common phenomenon. Understanding why buyer’s remorse occurs helps you prepare for it ahead of time and work through it quickly if it occurs.

It’s tough being the seller in a buyer’s market. But you can improve your odds with the right research. If your home is not priced properly, it can sit on the market for months on end. Getting the best price for your home comes down to studying your market and being an educated seller.

Analyze the market trends
Housing markets are local and demand changes depending on the price range and neighborhood. Look at comparables for similar houses. Are the prices going up or down? How many days are homes staying on the market? Analyze the market trends to determine the appropriate price for your home.

Calculate your home’s worth
Get an appraisal from a certified professional appraiser. Look at the comparable homes. Combined together, this information will give you a fair idea of what your home is currently worth.

Check out the competition
Check out the listings in your location to find what other home owners are asking. Compare the homes to yours in terms of the size, property, interiors and features.

Don’t over price or under price your home
Under-pricing will actually devalue your home making it less attractive to the right buyers. Over-pricing will also deter potential buyers from even looking at your home. Price it just above the amount you want to get to allow a little bargaining room.

Don’t price it based on your financial needs
This is another common mistake made my most buyers. There is no connection between the fair market value of your home and your future financial needs.

Selling a house can be a bit tricky if you don’t know how to price it. Pricing your home for sale in a Buyers market should not be taken lightly. As this can determine whether you get a good deal or a bad one.

VANCOUVER, B.C. – September 2, 2009 – The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007.

New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.

“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 per cent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.

Sales of detached properties in August 2009 increased 155.5 per cent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 per cent from August 2008 to $732,656.

Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263.

Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.

For immediate release: September 2, 2009

(Surrey, BC) - The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.

There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales – outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.

“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”

“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”

Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive.

“Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”

The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent.

The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.

The number of active Fraser Valley listings in August decreased 5 per cent from July, dropping to 8,987 listings. This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.