Langley BC Real Estate | Condominums And Town Homes

There is no flawless house. Each home, even a new one, has some issues. The trick is in spotting the really big ones before you sign on the dotted line. Behind the new paint, counters and carpets are signs of looming problems - if you know what to look for.

Foundation
Foundations can crack if they are poorly built or made of insufficient materials, or if the house is poorly engineered. You’re most likely to find foundation cracks in older homes. Look around the outside of the home. If you can see cracks, bulges, mold, wood rot, or a tilt there may be severe problems with the foundation.

Roof
A home’s roof sags when it’s bearing too much weight, often from too many layers of shingles piled one on top of the other. Rough, broken, curled, bubbled, warped, or split shingles could indicate a leaky roof, or one that will need to be replaced. Make sure to look for old, leaking gutters that may contribute to a wet basement. Moss will need to be cleaned off or treated.

Floor
A sloping floor may signal weakness in the home’s supporting structures. Humps beneath doorways and bounce can indicate failing supports. A separation at the joining of the floors and walls can indicate a problem with the sub-flooring or an underlying foundation condition.

Doors and Windows
In a house that has twisted in its frame, doors and windows won’t close. The cause might be a cracked foundation or missing structural members. Open and close all the windows and doors, noting if they stick or move sloppily. Check if there are big gaps visible between the floor and the door or if the door has been sawn off at the bottom or top.

Walls and Ceilings
Check walls and ceilings, particularly under bathrooms and kitchens, for water stains, mold and mushy drywall. Is there a round-shaped discoloration, bubbling, cracking, or bowing in the sheetrock or paint? All of these things can indicate moisture or any sort of water leak. Depending on how big and how long the leak has been there, the damage can be as little as discoloration, or as much as rotten framing timber.

Bathrooms
Take the chance to flush each toilet and run water in each sink. If the water pressure is overly low, there’s rusting, or poor drainage, then there could be a problem with aging pipes or sewerage. Check the shower for missing grout or loose fixtures, which could allow moisture to infiltrate behind the tile or tub.

Cracks, bulges, stains, odors, squeaks and tilting are easy to spot and can mean a little or a lot of trouble in any home.

The price at which you list your home is determined by several factors including market trends, the condition of your home, it’s assessed value and a comparison with similar properties in your area. Setting the right price is crucial in ensuring that you get the return on your original investment.

Determining the market value
Comparing the square footage, lot size and overall amenities of your home to those that have already sold can help you gain some valuable insight into the true market value of your property. When calculating the market value, you should also account for the improvements made and the neighborhood. Consider how factors such as nearby schools and the proximity to desirable businesses or recreation areas might interest prospective buyers.

Risks of Over pricing
Buyers may pass up your home in favor of better values elsewhere if your home is over priced. Lenders tend to reject loans if the offer is more that the appraised value. If your house remains on the market too long, buyers may assume that there is something wrong with the property. This makes it more difficult to sell. You may end up having to drop your price to below that of comparable properties in order to sell.

Under Pricing
Setting the price too low may attract many buyers and lots of offers. But you would end up losing thousands of dollars when you sell. Buyers might also assume that the house has a number of flaws or is otherwise undesirable when the list price falls too far below the market value.

Estimating the Net Sale Amount
It’s important that you know exactly what amount you would walk away with. Before finalizing your selling price, ask your realtor to calculate what you can expect to realize from the sale after all the costs are deducted. Subtracting what is owed on your mortgage, closing costs, realtor’s fee, home warranties and other costs, you will arrive at the amount that you can expect to receive.

The right price is typically within 5% of the market value. And it usually results in a sale at a fair price within a reasonable amount of time.

VANCOUVER, B.C. – December 2, 2008 – November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.

In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.

“Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt. “For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years.

“The local real estate market is not immune to the current economic challenges globally; however, Canada’s disciplined lending structure has kept the mortgage landscape steady in these uncertain times.”

New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.

Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.

Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.

Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.

For Immediate Release: December 2, 2008

(Surrey, BC) – Property sales in the Fraser Valley decreased by 62 per cent in November compared to the same month last year, moving from 1,327 sales on the Multiple Listing Service® (MLS®) in November 2007 to 507 sales for the same period in 2008.

“We’re seeing the combined effects of a lack of consumer confi dence with the overall global economy added to a typical, seasonal slowdown in real estate,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “This new buyers’ market is creating excellent opportunities; in particular, for those buying a larger home, in prime locations or looking for an affordable purchase.”

Neufeld explains how upgrading from an average townhome in the Fraser Valley to an average single family detached home is more affordable than it was six months ago. “Compared to May 2008, average detached home prices have decreased by 6.8 per cent and townhomes by 6.2. Since detached homes have greater value, a person upgrading now is spending thousands of dollars less than they would have six months ago.

“This is an excellent market in which to fi nd quality properties because fewer people are buying.”

The average price of a single family detached home in the Fraser Valley in November was $511,698, increasing by 0.1 per cent from $511,176 the same month last year but a decrease of 6.8 per cent since the peak of the market in May. Townhomes went for an average $319,883 last month, a decrease of 1.7 per cent compared to November of last year when they averaged $325,409 and a decrease of 6.2 per cent since May. The average price of an apartment in November was $213,801, a decrease of 0.6 per cent compared to $215,118 last year and a decrease of 6.9 per cent compared to May 2008.

While average prices remained stable or decreased modestly over one year, the benchmark prices, or the price of a “typical” home in the Fraser Valley in all three residential categories decreased by larger margins. The benchmark price for single family detached decreased by 6.6 per cent in one year, townhomes decreased by 5 per cent and apartments by 6.1 per cent.

Neufeld explains, “The housing price index is the most consistent barometre of prices because it measures a constant product, whereas average and median prices are affected when more expensive or more economical homes sell.

“REALTORS® watch benchmark prices closely. November’s numbers are telling us that typical homes in the Fraser Valley are becoming more affordable. That’s great news for families wanting to buy rather than rent, in order to have a smart, long-term investment.”

The Board received 1,866 new listings in November, a 13 per cent decrease from the 2,154 new listings received during the same month last year, taking the number of active listings to 11,800, 47 per cent higher than November of last year, but only 1 per cent higher than October 2008.

Every industry has its own acronyms and terms. When you decide to buy a home, it is a good idea to be familiar with the different terms real estate professionals use.

Asking Price
The price placed on the property for sale by the Seller.

Assessed Value
The value of a property, set by the B.C Assessment Authority, and used by the local municipality for the purposes of calculating property tax.

CMHC - Canada Mortgage and Housing Corporation
A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians.

Closing Costs
Costs, in addition to the purchase price of a home, such as legal fees, transfer fees, and disbursements, that are payable on the closing date.

Conveyance
The term used to describe the process of transferring the seller’s title to the buyer and indicates all the necessary steps to complete the transfer.

Counter Offer
An offer made by the seller back to the buyer altering one or several terms or conditions.

Deposit
A sum of money placed in trust by the purchaser when an Offer to Purchase is made.

Fixtures
All things attached to the property or growing on it.

Market Value
The highest price paid for a piece of property which has been exposed for sale in the open market.

MLS - Multiple Listing Service
A current and comprehensive listing system for relaying property information.

Offer to Purchase
A written contract setting out the terms under which the buyer agrees to buy. If accepted by the seller, it forms a legally binding contract subject to the terms and conditions stated in the document.

Property Disclosure Statement
This form enables sellers to disclose known defects. If the seller does not disclose known defects, he or she can still be held liable.

Statements of Adjustments
Closing statements in a real estate transaction that indicates credits to the seller (purchase price, prepaid taxes, etc), credits to the buyer (deposit, etc), and the balance due on closing

“Subject-to” Clause
A statement of a condition to be fulfilled before the contract will become firm and binding; must include a specific deadline for removal.

Title Registration
The legal evidence of ownership of a property.

Being familiar with any contingencies, provisions and requirements in the Offer to Purchase will save you time and money during the process of selling your home.

Mortgage or Third Party Financing
Even the best price will lose its sheen if your buyer can’t come up with the funds on closing day. To protect yourself, make sure that the buyer has been pre-approved for a mortgage big enough to purchase your home.

Contingent to Sale of Buyer’s Home
An offer contingent on sale of the buyer’s home is risky. If the buyer’s property does not sell, the sale is off and the buyers’ deposit is usually returned. It is a good idea to include a release clause in the contract, which allows you to continue marketing your home.

Risk of loss or damage
To avoid disputes regarding loss or damage to the property, ensure that your insurance cover does not expire before the closing date. If otherwise, inform the buyer

Home Inspection Contingency
It is one of most common contingency. The buyer usually pays for the inspection. To avoid disputes, clarify if the offer requires you to pay for additional specialized home inspections and the cost of repairs.

Occupancy
Some buyers will include a clause that penalizes sellers who don’t move from the property by a specific date. Be confident that you can vacate your home by the date requested before accepting the offer.

Fixtures and Chattels
It is generally accepted that all attached fixtures and appliances will be sold with your home, but the buyer must list these carefully in the offer to purchase. If you have items that you do not wish to include when selling your home, it’s a good idea to let your real estate agent know from the get-go, so he or she can help mitigate the expectations of buyers.

As a seller, you want to receive the highest price possible. But the closing date and other conditions can be just as important. Sometimes a lower price with fewer restrictions can be a better deal.

VANCOUVER, B.C. – November 3, 2008 – Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”

Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.

Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.

Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.

Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent.

Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.

For Immediate Release: November 3, 2008

(Surrey, BC) – Property sales in the Fraser Valley decreased by 48 per cent in October compared to the same month last year, moving from 1,464 sales on the Multiple Listing Service® (MLS®) in October 2007 to 768 sales for the same period in 2008.

Although REALTORS® have seen month-to-month price fluctuations in a number of Fraser Valley communities the overall change in home prices over the past six months is downward, with average prices of detached homes showing a decrease of 6.5 per cent, average prices of townhomes down 9.2 per cent and average prices of apartments down 2.6 per cent.

“The decrease in home sales does not refl ect BC’s positive economic reality of record low unemployment and interest rates and consistent population growth,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “While the global economic picture is causing individual buyers to wait on the sidelines, there are property developers across the Lower Mainland who remain confi dent in BC’s economic fundamentals and continue to move forward with current and long-term projects.

“In some areas of the Fraser Valley, the number of days on the market has doubled in the past year putting more pressure on sellers to lower their asking prices,” Neufeld says. “The benefi t of lower sales and higher inventory is that homes are becoming more affordable. Currently, there are some excellent buys in the Fraser Valley. With our typically slower, ‘winter’ months ahead it presents consumers with the best buying conditions we’ve seen this year.”

The Board received 2,794 new listings last month, an 11 per cent decrease from the 3,124 new listings received during the same month last year and also 8 per cent fewer than the 3,053 listings received in September 2008. This decrease in new listings lowered the number of active listings to 11,715 in October, still 42 per cent higher than October of last year, yet a 5 per cent decrease from September 2008.

The average price of a single family detached home in the Fraser Valley was $513,892 in October 2008, a decrease of 0.6 per cent compared to $517,087 in October of last year and a decrease of 6.5 per cent compared to $549,512 in May 2008.

Townhomes went for an average $309,834 last month, refl ecting a 6.1 per cent decrease from October 2007 when they averaged $329,991, and refl ecting a decrease of 9.2 per cent compared to the average price of $341,149 in May 2008. The average price of an apartment in October was $223,669, a decrease of 1.6 per cent compared to $227,358 last year and a decrease of 2.6 per cent compared to $229,727 in May 2008.