Langley BC Real Estate | Condominums And Town Homes

Buying foreclosed properties is getting more popular and more profitable every day. There are dozens of foreclosed properties hitting the Langley, White Rock and Surrey market every day. These properties can be both gold mines and land mines. In this article, we’ll go over several simple tips to help ensure that your first foreclosure purchase is a successful one.

Opt for a Low-Repair Property for Your First Deal
We’ve all heard about people who make thousands of dollars buying fixer foreclosures and fixing them. The reality is, however, that doing such a deal requires a high degree of expertise.

Do you know how to fix a broken roof? Can you estimate how much it would cost to replace an entire shed? Can you estimate how much the repairs will cost and compare it to your selling price in the end?

Although you can make a lot of money doing fixers in Langley, White Rock and Surrey, you can also make a lot of money just by buying foreclosed properties, doing minor cosmetic repairs and selling them again. For your first foreclosure deal, look for houses that don’t require much work so you can get some experience under your belt.

Research the Markets Surrounding Langley, White Rock and Surrey Real Estate Market
There are generally three reasons you’d buy a foreclosure in Langley, White Rock and Surrey: To rent out, to sell or to live in. If you’re buying to repair and rent out or sell, then market research is absolutely essential.

If you’re buying to rent, it’s important to know what other properties in the Langley, White Rock and Surrey real estate area are renting for. It’s also important to know what the vacancy rates are. Based on these numbers, you can accurately predict what your cashflow will be like.

If you’re buying to sell, it’s important to know what you can expect to sell your property for once your repairs are completed.

You should know these numbers before you make your purchase. Remember that with any real estate investment in Langley, White Rock and Surrey, the profit is made on the buy end, not the sell end. You must know how much your property is worth or how much you can rent it out for before you can make a profitable investment.

These tips will help you avoid some of the biggest pitfalls beginning investors tend to fall into with their first investments. Foreclosures can be a very lucrative business, but it also has its dangers.

There is a lot of free information available to you about buying, selling or investing in Langley, White Rock and Surrey real estate. For complete information about the Langley, White Rock and Surrey real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Langley, White Rock and Surrey real estate at www.mylangleyrealestate.com or www.fraservalleyforeclosures.ca . Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 778.862.5542 or email me at andrew@mylangleyrealestate.com .

Let’s face it. Selling your home is probably one of the biggest financial transactions you’ll ever make. Of course you want to do it right. On the other hand, you also want to walk away at the end of the day with the most money possible. Should you hire a real estate agent or should you go with a FSBO? Let’s look at both sides of coin.

On one hand, by not working with an agent you save yourself the 6% in commissions that real estate agents collect. You have complete control over the process. You get to meet all the buyers and negotiate for yourself. You decide everything for yourself.

The two most common reasons people opt for a FSBO are that they want to be in control and they don’t want to pay commissions. That sounds great; but let’s look at the other side of the coin.

Real estate agents have spent hundreds of hours learning how to negotiate, how to market and how to sell homes. If you’re working with a good agent, chances are they have a lot of experience selling homes just like yours.

When it comes down to it, the statistics tell the real story. The statistics are quite drastic and shocking. The reality is, 88% of FSBOs will not sell and end up listed with a real estate agent anyway. Furthermore, sellers that work with real estate agents generally get at least 6% more on their bottom line, which includes paying out commissions.

The reality is, for most sellers working with a real estate agent will result in a faster, more profitable sell. That said, working with an agent may not be for everyone. If you truly believe you can sell the home faster and more profitably or if you must be in control of the process yourself, then perhaps a FSBO really is for you.

On the other hand, if you want to get the most money for your house in the fastest possible timeline, your best bet is probably to work with an experienced real estate agent.

There is a lot of free information available to you about buying, selling or investing in Langley, White Rock and Surrey real estate. For complete information about the Langley, White Rock and Surrey real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Langley, White Rock and Surrey real estate at www.mylangleyrealestate.com or www.yourperfecthome.ca . Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 778.862.5542 or email me at andrew@yourperfecthome.ca .

For immediate release

VANCOUVER, B.C. – August 4, 2010 – Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010.

Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.

“With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability,” Jake Moldowan, REBGV president said. “Activity in today’s marketplace is clearly trending in favour of buyers.”

The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver on the Multiple Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale.

At 16,431, the total number of property listings on the MLS® in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009.

“It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,” Moldowan said.

Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.

Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 per cent from July 2009 to $793,193.

Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008.The benchmark price of an apartment property increased 6.2 per cent from July 2009 to $387,879.

Attached property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995.

For immediate release: August 4, 2010

(Surrey, BC) – The Fraser Valley Real Estate Board (FVREB) processed 1,101 sales on its Multiple Listing Service (MLS®) in July, a decrease of 47 per cent compared to the 2,089 sales during the same month last year and down 39 per cent compared to June.

“Last year, we experienced the busiest July in our history and this year it was the quietest in a decade,” says FVREB President, Deanna Horn. “Although the real estate market typically slows in the summer months, we didn’t anticipate this level of change.

“We attribute it to a combination of factors, the beautiful weather, interest rates edging up and reaction to the Harmonized Sales Tax in BC – although the HST does not apply to resale housing, not everyone knows that,” explains Horn.

“The plus side of this market is highly favourable conditions for buyers – potentially the best they will be this year due to the significant volume of listings currently, which is already showing signs of decreasing.”

In July, Fraser Valley’s MLS® received 25 per cent fewer new listings, 2,355, compared to the 3,153 new listings received in June. At month’s end, the total active inventory was 10,852, 14 per cent more than was available in July 2009, however 2 per cent fewer than in June.

For the first time since January 2009, benchmark prices for the three main residential property types: single family homes, townhomes and condos, decreased compared to the previous month. The benchmark price for Fraser Valley detached homes in July was $510,470, down 1.5 per cent compared to June and 6.9 per cent higher compared to $477,420 in July 2009.

The benchmark price of Fraser Valley townhouses in July was $325,856, a 0.7 per cent decrease compared to June and a 6.9 per cent increase compared to July 2009 when it was $304,940. The benchmark price of apartments decreased by 0.8 per cent from June and increased 4.4 per cent year-overyear going from $234,178 in July 2009 to $244,368 in July 2010.

Buying a home in Langley, White Rock and Surrey for the first time can be very exciting. It can be very tempting to want to jump right into looking at homes, dreaming about your future and making offers. However, it’s important that you cover your bases before you jump into the pool, so to speak. When you’re buying your first Langley, White Rock and Surrey home, there are several steps you should take before making an offer.

Step One - Improve Your Credit Rating
If you’re thinking about buying a house in Langley, White Rock and Surrey, now is the time to start working on your credit. There’s very little you can do a few weeks before closing. However, if you get started six months before you make an offer, you can very likely improve your credit and reduce your interest rate when it comes time to qualify for a loan.

Step Two - Find a Good Real Estate Agent
Working with a real estate agent generally doesn’t cost you anything, because the seller pays all the commissions.

Working with a real estate agent in Langley, White Rock and Surrey gives you a huge advantage. You get access to years of real estate knowledge and experience. You have a trained negotiator to negotiate on your behalf. You have someone with a wide variety of contacts, from lenders to property inspectors you can call on.

Step Three - Get Pre-Approval for a Loan
Not only should you get pre-approval, but you should also do your homework on how much of a home in Langley, White Rock and Surrey you can really afford. Although you might get approved for a loan that’s more than your means really are, that doesn’t mean you should do it.

It’s important to figure out how much you can really afford and work from there. Once you have a pre-approval letter, sellers are much more likely to consider your offer seriously.

A buyer who’s worked on his credit, is working with a great agent and has a pre-approval letter has a far better start on buying a house than a buyer who doesn’t. Follow these three steps and you’re well on your way to purchasing a great new home in Langley, White Rock and Surrey!

There is a lot of free information available to you about buying, selling or investing in Langley, White Rock and Surrey real estate. For complete information about the Langley, White Rock and Surrey real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Langley, White Rock and Surrey real estate at www.mylangleyrealestate.com . Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 778.862.5542 or email me at andrew@mylangleyrealestate.com .

Staging is one of the most essential parts to successfully selling a home in Langley, White Rock and Surrey. The difference between good staging and bad staging is usually the difference between a house that sells. Here we’ll briefly go over some staging basics, then jump into 3 little known secrets that can really help you increase your staging effectiveness.

Staging Basics

The purpose of staging is to make your house as appealing as possible to the buyer. The first step is to empty the house out, leaving just a few key pieces of furniture to help set the vibe. Make sure all necessary repairs are done.

Clean the carpets, walls and especially the front lawn and your doorway, as that’s your buyer’s first impression.

The 3 Staging Secrets

Secret #1 - Scent. Most people don’t realize how important scent is. Out of the five senses, scent actually has the strongest direct link to our emotions. Since most buyers in Langley, White Rock and Surrey buy based on emotions, it’s vital that you make sure your house smells great.

Secret #2 - Lighting. Most people underestimate how important lighting is when it comes to staging. Open all the curtains and turn on all the lights. If it’s still too dim, get some extra lights to help with lighting. A brightly lit home seems cheery, while a dark come seems gloomy.

Secret #3 - Collect Contract Info and Follow up. Collecting the contact information of your potential buyers or their agent’s contact info allows you to drastically increase the chances of them returning or making an offer. Less experienced real estate agents are less likely to want to make “warm calls” (cold calls from leads,) so be sure you’re working with an agent who’s willing to do this if you want to use this tactic.

If you follow all the common sense tactics of home staging, then on top of that make sure you home has a great scent that accentuates the house, is properly lit and you follow up with your prospects, you’ll be far ahead of the curve when it comes to selling your home.

There is a lot of free information available to you about buying, selling or investing in Langley, White Rock and Surrey real estate. For complete information about the Langley, White Rock and Surrey real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Langley, White Rock and Surrey real estate at www.mylangleyrealestate.com . Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 778.862.5542 or email me at andrew@mylangleyrealestate.com .

For immediate release

VANCOUVER, B.C. – July 5, 2010 – The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.

“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.

Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.

“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®.

At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.

“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.

Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.

Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528.

Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861.

For immediate release: July 5, 2010

(Surrey, BC) – Sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) increased by 23 per cent in one month going from 1,477 sales in May to 1,815 in June. June’s numbers represent an 8 per cent decrease compared to the 1,982 sales during the same month last year.

Deanna Horn, president of the Board, says, “Historically, it’s not unusual for June sales to outperform May in the Fraser Valley. This has happened in nine of the last twenty years.

“However, a 23 per cent increase in one month is significant. We were busier than expected and it could be due to the combined effect of mortgage rates edging down, the Harmonized Sales Tax coming into effect July 1, as well as the tremendous selection of homes available in the Fraser Valley.

“Although we’re seeing a decrease in the number of new properties coming on stream, June buyers have only had this volume of homes to choose from two other times in our history, in 1995 and 2008.”

The total active inventory on Fraser Valley’s MLS® at month’s end was 11,110, 19 per cent more than was available in June 2009. The Board’s MLS® received 9 per cent fewer new listings in June compared to May, good news according to Horn.

“Listings typically do decrease in the summer, which will continue to stabilize the market.

“Over the last few months, we’ve seen residential benchmark prices leveling. Year-over-year, price increases may still appear dramatic depending on the property type and location because at this time last year, we hadn’t yet begun our recovery phase.

“In a stabilizing market, consumers know to rely on the expertise of a REALTOR® because prices are highly local and competitive.”

In June, the benchmark price for Fraser Valley detached homes was $518,355, a 9.9 per cent increase compared to $471,788 in June 2009.

The benchmark price of Fraser Valley townhouses in June was $328,080, a 9 per cent increase compared to $301,103 in June 2009. The benchmark price of apartments increased by 6.6 per cent year-over-year going from $231,014 in June 2009 to $246,351 in June 2010.