Langley BC Real Estate | Condominums And Town Homes

Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.

Get the Right Information
Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you inform yourself about the factors involved. You can, and should, get pre-approved for a mortgage before you go looking for a home. Pre-approval is easy, and can give you complete peace of mind when shopping for your home

Know what monthly dollar amount you feel comfortable committing to
When you discuss mortgage pre-approval with your lending institution, find out what level you qualify for, but also pre-assess for yourself what monthly dollar amount you feel comfortable committing to. Your situation may give you a pre-approval amount that is higher (or lower) than the amount of money you would want to pay out each month.

Think about your long-term goals to determine the type of mortgage that will best suit your needs
There are a number of questions you should be asking yourself before you commit to a certain type of mortgage. How long do you think you will own this home? What direction are interest rates going in, and how quickly? Is your income expected to change (up or down) in the near term, impacting how much money you can afford to pay to your mortgage? The answers to these and other questions will help you determine the most appropriate mortgage you should be seeking.

Make sure you understand what prepayment privileges and payment frequency options are available to you
More frequent payments (for example weekly or biweekly) can literally shave years off your mortgage. For the same reason, authorized prepayment of a certain percentage of your mortgage, or an increase in the amount you pay monthly, will have a major impact on the number of years you will have to pay and could shorten your payment term considerably. Not every mortgage has these prepayment privileges built in, so make sure you ask the proper questions.

Ask if your mortgage is both portable and/or assumable
A portable mortgage, where available, is one that you can carry with you when you buy your next home and avoid paying any discharge penalties. This means that you will not have to go through the entire mortgage process again unless you are making a move up to a much more expensive home.

An assumable mortgage is one that the buyer for your home can take over when you move to your next home. This can be a very powerful tool at the negotiating table making it much easier and more desirable for a buyer to buy your home, and again saves you any discharge penalties.

Consider dealing with a Mortgage Expert
Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make a significant difference in the cost and effectiveness of the mortgage you obtain.

Selling your home can be a difficult job, especially since you’re competing against hundreds of other properties. It’s vital that you be aware of what works and doesn’t work when it comes to home selling. Consider the following list of the most common mistakes made by home sellers:

Setting the wrong price for your home
The right price sells a house faster than any other factor. When the listing price is more than 5% over market value, the price alone discourages buyers. An overpriced house scares away potential buyers who think they can get more house for their money elsewhere.

Selling your home in ‘As-Is’ condition
Most buyers will not even consider a house that needs fix ups. What they are looking for is an inviting home in move-in condition, one that looks as good as a model home. Buyers who are willing to tackle the repairs after moving in automatically subtract the cost of needed fix-ups from the price they offer.

Selling your home with a dull interior
A clean, bright decor is what buyers want. Probably the best dollar-for-dollar investment for selling your home fast is fresh paint. Make your home look better than you’ve ever had it looking before. Focus on the three rooms most inspected–kitchen, master bedroom and garage (if you’ve got one).

No ‘Curb Appeal’
Your house gets only one chance to make a good first impression. “Curb appeal” is one of the most critical points in selling. Spruce up the view of the house from the street, including lawn, shrubs, shutters, windows, front door, mailbox. Add potted flowers out front, brass outdoor lighting fixtures–whatever will enhance your home’s “buy me” look.

Over-improving your home
While it’s important to fix whatever needs fixing to get your home ready for sale, undertaking a major project could cost more money than you would recover from the sale. If your improvements will push your home’s value more than 20% over the average neighboring home values, you may not recover the entire cost.

Inflexible Financing
The more buyers you appeal to in terms of financing, the greater your chances of selling faster. Be flexible. Accept various financing, offering seller financing, paying closing costs or points, providing a decorator’s allowance or other irresistible buyer incentives.

Stretching out buyer negotiations
One of the most important moves you can make is to reply immediately to an offer. When buyers make an offer they are, right then, in the mood to buy. You don’t want to lose a sale because you stall in replying.

Being Adversarial during negotiations
No one wins if you enter negotiations with boxing gloves on. Instead, approach negotiations in a positive frame of mind, not as an adversary of the buyer. After all, you both want the same thing–a sale. Leave most of the discussion of price, terms, possession and other conditions up to your agent.

Not having a presentable house
The presence of your family can make prospective buyers feel like intruders. If you’re at home when your home is being shown, be your usual friendly–but low-key–self. It’s the agent’s job to show buyers what they need to see. If an open house is scheduled, plan to be away from home.

Selling without a professional
Going it alone could invite disaster. Surveys show self-sellers often net less from the sale than sellers who use a real estate agent. Selling a house is a team effort between you and the listing agent. You’ll find agents do a lot more than most people know–from bringing qualified buyers to keeping things on track to settlement.

VANCOUVER, B.C. – July 3, 2008 –Increased property listings and moderating home prices have eased the Greater Vancouver housing market into a buyer’s phase. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in June 2008 to 2,425 from the 4,244 sales recorded in June 2007.

New listings for detached, attached and apartment properties increased 18.3 per cent to 6,546 in June 2008 compared to June 2007, when 5,533 new units were listed.

“Although housing prices, on a year-over-year comparison, continue to show single-digit percentage increases, we are beginning to see more price reductions in properties listed on the market today,” said REBGV president, Dave Watt. “Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home’s value when putting it on the market.”

Sales of detached properties in June 2008 declined 43.4 per cent to 918 from the 1,623 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 7 per cent from June 2007 to $765,654.

Sales of apartment properties declined 42.7 per cent last month to 1,057, compared to 1,846 sales in June 2007. The benchmark price of an apartment property increased 7.8 per cent from June 2007 to $388,722.

Attached property sales in June 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585.

Bright spots in Greater Vancouver in June 2008 compared to June 2007:

Apartments:
New Westminster …………………………………..up 46.2 per cent (19 units sold from 13)

For Immediate Release: July 3, 2008

(Surrey, BC) – Recent sales data from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) indicates that Fraser Valley’s real estate market is changing to favour the buyer. Sales continue to decrease and benchmark prices for residential homes in most Fraser Valley communities are moderating, in some areas trending down slightly since March.

The Board posted 1,418 sales in June reflecting a decrease of 31 per cent compared to the 2.053 sales processed on the MLS® during June of last year. The Board received 3,236 new listings in June, taking the number of active listings to 11,295, an increase of 47 per cent compared to the 7,676 listings available during June 2007.

“Real estate is cyclical and the numbers show that we’ve entered a buyer’s cycle,” explains Kelvin Neufeld, president of the Board. “Where appropriate, REALTORS® are recommending their sellers sharpen their prices, in particular for higher-end properties. On the other hand, there’s still a steady appetite for mid-range properties priced competitively. Our average days-to-sell in June for single family homes was only six days more than last year indicating that when buyers see an opportunity, they act.”

The average price of a single family detached home in the Fraser Valley increased by 6.1 per cent, going from $529,678 in June 2007 to $561,771 last month. Townhomes went for an average $337,054 in June, an increase of 4.8 per cent compared to the same month last year when they averaged $321,614 and the average price of an apartment in June was $237,155, an increase of 7.8 per cent compared to $219,935 last year.

While average prices year over year continue to rise, the benchmark price or the price of a “typical” home across a number of Fraser Valley communities reveals price fluctuations for the last three months ranging from a .3 per cent decrease for single family detached, a .4 per cent increase for apartments, to a 1.6 per cent increase for townhomes.

Neufeld says, “We’re experiencing a soft landing coming off the strongest and longest real estate cycle in our history. For those who don’t remember selling a home in a normal competitive market, it’s essential to work with a real estate professional who knows how to establish the right price for your property. Everything matters now: your neighbourhood, your property type, your home’s appearance and thorough marketing.”

Purchasing a home is probably the biggest investment you will ever make. When buying a house, you will have to rely on a range of professionals to guide you through the process.

Realtor
The Realtor plays the most important role in helping you find a home. Your realtor will help you find the ideal home, write an Offer of Purchase and negotiate on your behalf to help you get the best possible deal. A real estate representative will find properties in your price range and would arrange the purchase transaction in return for a portion of the sale price as a commission.  

Mortgage Broker
If you haven’t already gone through the mortgage pre-qualification process, you will need to find a good lender to assist you during the purchasing process. A Mortgage Broker is an expert who introduces buyers to a full range of mortgage products, interest rate options, and strategies to pay off a mortgage more quickly. They do not work for specific lending institutions.

Lender
Lenders are financial institutions, such as banks, trust companies, credit unions, pension funds, insurance companies or finance companies that lend money to home buyers. 

Appraiser
An appraiser is a property expert who determines a property’s market value. This is based on the property’s physical and functional characteristics. And an analysis of recent comparable sales. The market value enables the lender to determine the loan to value ratio of the mortgage.

Lawyer / Notary
The lawyer or notary will review the Agreement of Purchase and Sale, ensure that all closing documents have been completed correctly, as well as file documents with the provincial land title office.  Your lawyer or notary will also ensure your property is clear of all existing mortgages, judgments and builder’s liens.

Home Inspector
The Property or home inspector examines the home you intend to buy to evaluate its roof and structural stability, electrical work, plumbing, appliances, fireplaces and furnace.  A home inspection allows a buyer to address any issues with the seller prior to closing, as well as anticipate any repairs that may be required.

Mortgage Insurer
The Mortgage insurer protects lenders from a borrower defaulting on a mortgage at any time during the amortization period.  Home buyers with down payments of less than 25% must purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC) or GE Mortgage Insurance Canada.

If you are putting your home up for sale, consider having your own home inspection. This should be part of your “pre-sale home improvement” process.

One of the most common conditions of the contract is, “offer contingent upon satisfactory building inspection.” Most buyers have a professional home inspection done before purchase.

The last thing that you want is to have your deal fall through because of an unknown problem uncovered by the buyer’s building inspector. This is especially true if it is a minor problem and could easily have been repaired ahead of time — if only you had known about it. Many a transaction has fallen apart because of building inspection surprises.

When preparing your house for sale, you do lots of things to make it more appealing to potential buyers. Spend that little extra and have a home inspection. By having a pre listing home inspection, you will go into the whole process knowing exactly what a buyers inspector will be looking for, and know what needs to be addressed. Find out the hidden problems with your home and correct them in advance. Take care of potential deal breakers beforehand.

By making repairs and disclosing to the prospective buyer the property’s condition up front, before negotiations begin, you can create a more relaxed atmosphere by instilling confidence regarding the home’s condition. This, in turn, may help your house sell faster and closer to listing price.

VANCOUVER, B.C. – June 3, 2008 – The Greater Vancouver housing market continued its re-balance between sales and listings last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 30.7 per cent in May 2008 to 3,002 from the 4,331 sales recorded in May 2007.

New listings for detached, attached and apartment properties increased 20.2 per cent to 7,390 in May 2008 compared to May 2007, when 6,149 new units were listed.

“With more property listings and a decline in the number of sales, prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint,” said REBGV president, Dave Watt. “The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from.”

Sales of detached properties in May 2008 declined 33.4 per cent to 1,203 from the 1,805 sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 8.4 per cent from May 2007 to $771,250.

Sales of apartment properties declined 30.5 per cent last month to 1,244, compared to 1,789 sales in May 2007. The benchmark price of an apartment property increased 8.7 per cent from May 2007 to $389,668.

Attached property sales in May 2008 decreased 24.7 per cent to 555, compared with the 737 sales in May 2007. The benchmark price of an attached unit increased 9 per cent between May 2007 and 2008 to $478,931.

Bright spots in Greater Vancouver in May 2008 compared to May 2007:

ATTACHED:
Coquitlam………………………………up 45.2 per cent (45 units sold from 31)

APARTMENTS:
New Westminster………………….up 13.6 per cent (100 units sold from 88)

For Immediate Release: June 3, 2008

(Surrey, BC) – Property buyers continued to see an increase in selection while sellers faced more competition as listings grew and sales decreased on Fraser Valley’s Multiple Listing Service® (MLS®) in May.

The Fraser Valley Real Estate Board posted 1,599 sales in May, a decrease of 26 per cent compared to the 2,152 sales processed on the MLS® during May 2007. At the same time, the Board received 3,941 new listings, taking the number of active listings to 11,133, an increase of 33 per cent compared to the 8,381 listings available during May 2007.

“We’re experiencing a return to more normal market conditions,” explains Kelvin Neufeld, president of the Board. “In a balanced market, we can generally advise our clients to take a little longer, look at a wider variety of properties and negotiate harder when it comes to price.”

However, Neufeld cautions, “It also depends on where you’re looking and for what type of home because we’re still experiencing market conditions that favour the seller in some parts of the Fraser Valley, which is why local advice from your REALTOR® is so valuable in an adjusting market.”

For example, in Abbotsford, the average price increase for a single family detached home remained in the double digits in May, increasing 11.3 per cent compared to the same month last year. In Mission, the average townhome took only 12 days to sell in May 2008, compared to 38 days for the average townhome in Fraser Valley, and average price increases for condos in both Surrey and Abbotsford remained solid at nine per cent.

Overall, average apartment prices in the Valley increased by 5.2 per cent compared to last year. They averaged $229,727 in May 2008, compared to $218,371 last May. Similarly, the average price of a single family detached home in the Fraser Valley increased by 5.4 per cent, going from $521,444 in May 2007 to $549,612 last month. Townhomes went for an average $341,149 in May, an increase of 2.9 per cent compared to the same month last year when they averaged $331,476.