Langley BC Real Estate | Condominums And Town Homes

Financial awareness is a big part of the real estate game. It is important to realize that there are a few things you can do before even starting your house hunting in Langley, White Rock and Surrey that can get you prepared for the final sale.

Make a Plan
It is unfortunate that many homebuyers rush into a purchase without ever having devised a solid game plan. There are a lot of variables involved when buying Langley, White Rock and Surrey real estate, and knowing what is involved and planning for them will save you time, energy and quite possibly a lot of money in the end.

Use Self Discipline
You have given yourself a budget, now you need to stick to it. Don’t waste your time looking at Langley, White Rock and Surrey homes that are out of your price range - no matter what! There are often costs associated with a property purchase that you may have forgotten to plan, and you need to make certain that the process is completed smoothly. The last thing you need is to find yourself in a compromised financial decision.

Find a Good Langley, White Rock and Surrey Real Estate Agent
Your real estate agent in Langley, White Rock and Surrey can be a lifesaver in both the searching and purchasing of a home. His guidance and knowledge is invaluable and can end up saving you thousands of dollars in the long run. Use the time you have with your agent wisely - ask questions and get all the information you can about the Langley, White Rock and Surrey property before making the final purchase.

When you take the time to plan, you lessen the risks involved, and can make decisions with certainty and confidence. Take the time to really assess your finances and what you are looking for in a Langley, White Rock and Surrey home. Upon close examination you may find that you have a much clearer vision of what you are looking for in your future Langley, White Rock and Surrey home and neighborhood.

As a local real estate agent in Langley, White Rock and Surrey I can offer you more free information about the Langley, White Rock and Surrey real estate market, including the most recent homes for sale, current property values and more. Feel free to contact me, Andrew Szalontai, anytime with any of your real estate or mortgage related questions and I will be happy to answer your them for you. You can visit my website at www.mylangleyrealestate.com , which offers complete information about the Langley, White Rock and Surrey real estate market. You can also call me on my cell at 778.862.5542 or email me at andrew@yourperfecthome.ca .

Refinancing a mortgage for a Langley, White Rock and Surrey home can sometimes end up costing more than what it should if you haven’t properly researched a few things. There are many costs involved with refinancing, and by doing a bit of homework first you can cut these costs considerably. Here are a few things to keep in mind when you want to refinance your mortgage in Langley, White Rock and Surrey.

#1 - Consider getting a short-term mortgage
Usually the costs involved are much less when you opt for a short-term mortgage for a Langley, White Rock and Surrey home versus a long-term one. A short-term mortgage is generally fifteen years in length, while a long-term one is about thirty. A short-term loan is often less costly because the lender is carrying less risk on the home in Langley, White Rock and Surrey. Even though you will be paying a much higher monthly rate, your initial costs will be less and you will be paying less interest overall.

#2 - Private mortgage insurance
PMI, (private mortgage insurance), is usually required if you are borrowing more than 80% of the value of your Langley, White Rock and Surrey home. It is very costly and is only useful for the lender. For the homeowner it does no good at all, so avoiding this costly expense will reduce the overall cost of refinancing. You can ask your lender if he requires PMI if you are borrowing over 80% of the Langley, White Rock and Surrey house value. If it is required, you may want to try to find another lender that will not demand it.

#3 - Get more than one quote
Every Langley, White Rock and Surrey lending institution has its own rules and guidelines it follows when refinancing a mortgage. There are many different financial institutions in Langley, White Rock and Surrey that you can approach, and once you get your quote be sure to read through all the fine print and be certain you understand it fully. One difference between two quotes can add up to thousands of dollars in the long run.

Many people in are choosing to refinance their Langley, White Rock and Surrey house mortgage during this post economic crisis. By following these few simple tips you can end up saving a lot of money on costs.

If you need more free information about selling, buying or investing in Langley, White Rock and Surrey real estate feel free to contact Andrew Szalontai. For complete information about the Langley, White Rock and Surrey real estate market, including the most recent homes for sale, current property values and more, please visit the most complete online website dedicated to meeting all of your Langley, White Rock and Surrey real estate needs at www.mylangleyrealestate.com . Do not hesitate to contact me anytime with any of your real estate or mortgage related questions and I will be happy to answer your them for you. Call me on my cell at 778.862.5542 or email me at andrew@yourperfecthome.ca .

VANCOUVER, B.C. – January 5, 2010 – After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009.

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.

For immediate release: January 5, 2010

(Surrey, BC) – Results from Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in December reflect the real estate story of 2009: recovery.

“In 12 months, we went from the worst January in 20 years to the third best December,” said Paul Penner, President of the Board. “Home buyers took Boxing Day shopping to new levels with some Fraser Valley REALTORS® showing multiple homes per day between Christmas and New Years.”

According to Penner, a significant portion of the 148 per cent increase in activity in December’s sales, 1,260 compared to 508 in December 2009, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest rates. “An informal poll of our members in December revealed 40 per cent of home sales were by first-time buyers when it would normally be in the 25 per cent range.”

The trend overall for 2009 was one of increasing sales, decreasing inventory and prices rebounding. The Board’s MLS® processed 16,721 sales in 2009, compared to 13,194 the previous year, an increase of 26 per cent. However, it received 15 per cent fewer new listings during the same time period – 30,221 in 2009 compared to 35,651 in 2008. Over the year, the number of active listings for buyers to choose from dropped by 34 per cent going from 9,960 properties in December 2008 to 6,534 in December 2009.

“We’re seeing the combined effect of fewer homes being listed, which is normal for this time of year, a flurry of buying activity, plus a decrease in the number of new homes being built. This has put pressure on prices in the Fraser Valley, particularly on homes in the lower to mid-range markets,” explained Penner.

The MLSLink Housing Price Index (HPI) benchmark price for detached homes was $497,732 in December compared to $464,189 in December 2008, an increase of 7.2 per cent. Although prices have gradually recovered, they have not yet reached the previous benchmark high of $513,798 in May 2008.

The benchmark price of Fraser Valley townhouses in December 2009 was $318,174, a 7.4 per cent increase compared to $296,296 in December 2008. That price also last peaked at $335,991 in May 2008.

The benchmark price of apartments decreased by 0.3 per cent year-over-year going from $237,786 in December 2008 to $237,157 in December 2009. It’s previous high was in April 2008, at $260,037.