Langley BC Real Estate | Condominums And Town Homes

For immediate release

VANCOUVER, B.C. – November 2, 2011 – With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.

For Immediate Release: Nov. 2, 2011

SURREY, BC – Below average home sales combined with a regular influx of new listings continue to give buyers the upper hand in communities south of the Fraser River, including Mission. However, according to the president of the Fraser Valley Real Estate Board, Sukh Sidhu, “There is action when the property is competitively priced.

“It is not a quiet market. Priced‐right properties are selling thanks to the continuation of low interest rates.” Sidhu adds, “What’s happening is that there is a large amount of inventory available in the Fraser Valley, in particular with condos and townhomes, and that’s what’s holding prices in check.”

The Fraser Valley Real Estate Board processed 1,139 sales in October on its Multiple Listing Service® (MLS®), an increase of 12 per cent compared to the 1,014 sales during the same month last year and a decrease of 2 per cent compared to 1,165 sales in September.

In terms of listings, the board posted 2,511 new properties in October, an increase of 18 per cent compared to October of last year and a decrease of 5 per cent compared to September. The number of active listings in the Fraser Valley dipped in October, going from 10,096 in September to 10,005.

Sidhu says, “The good news for sellers is that although inventory is high, it’s not near record highs and sales remain steady. This is why the overall benchmark price for residential properties has remained unchanged for six months.”

The benchmark price (the price of homes with characteristics typical to that area) of a single family detached home in the Fraser Valley in October was $530,335, an increase of 4.9 per cent compared to $505,759 in October 2010 and on par with the price in September.

For townhouses, the benchmark price in October was $325,482, an increase of 2 per cent compared to the same month last year when it was $319,058 and down 0.6 per cent compared to September. The benchmark price of apartments in October was $243,725, an increase of 1.3 per cent compared to October 2010 and on par with the price in September.

The average number of days to sell a Fraser Valley home varies depending on the property type. Sidhu says the average of 45 days to sell a single family detached home has been constant for three months. In October, townhomes took on average 55 days to sell and apartments 75 days.

If you are ready to buy a home in Langley BC, then congratulations! Owning real estate can be a very satisfying feeling, and lucrative investment. Making the right decisions when you start can save you a lot of money and time before it’s over.

According to real estate professional Andrew Szalontai, before you begin the process the best thing to do is talk to a Langley BC mortgage professional. They are skilled in the latest guidelines and can tell you how much house to look for based on your current situation. You don’t want to start looking until you know exactly how much home your budget will allow. This is not an area that you want to take lightly so make sure that you research who you go with carefully.

The best scenario is to talk to your friends or family and see if they can refer someone in Langley BC. If not, you need to do some homework to decide who to go with. The more established the company, the better. Local is always better, if possible, since guidelines change from state to state.

When you talk to a Langley BC mortgage specialist, make sure how much money will be required to close the loan. You don’t want to get into a contract if you will not be able to close, since there may be legal consequences involved that could cost you money. Also, get a clear indication of what your payments will be. Just because someone says you qualify for a certain amount doesn’t mean you have to spend that much in payments. If you are not comfortable with your quoted payment then ask to lower your price. Being cautious now may eliminate a financial strain later.

Now that you have your price range, you should look into hiring a Langley BC real estate professional. Like the mortgage officer, they are trained to look out for your best interests. As your buyer’s agent, they are paid from the seller’s proceeds so, in essence, they are working for you for free. Take advantage of this and use their expertise. They will negotiate for you and work to get you the best deal possible.

For more information on buying a home in Langley BC, check out Langley BC Real Estate to get the latest info and market data. You can also call Andrew Szalontai at 778.862.5542 anytime.

As a real estate agent who has experience in Langley BC, I have assisted many individuals in buying and selling homes. In this article, I will show some top practical tips that I have discovered to help anyone sell any house in the Langley BC market. When you finish reading this article, you will know exactly how to manage a quick, stress free sale of your house.

Staging your home will lead to more success than not staging it.

Even if you have not staged a home before, you will find that it does not require any previous experience; you will be able to do it with a minimum amount of effort.

One-Fixing things. Before showing the house, any repairs needed to the house, floor, appliances and fixtures should be taken care of.

Two-Organize your things. Store anything that seems out of place.

Third-Get your house as clean as it can be. Beautify the front of your home, steam clean the carpets, shine the windows daily.

Price is key. If your asking price is too low, you won’t realize enough profit from the sale. One of the biggest pitfalls that a seller may encounter is pricing their home to high. Many believe that they can take a lower offer if they start out first with a high price. Overpricing can greatly limit marketability. The most important factor in selling your house is that you have the correct price.

If you want a smoother and easier experience with selling your home then make certain that you are working with an experienced real estate agent. Moreover, the commission you pay will be more than covered by the 16% saving that you will achieve on an average as compared to selling to FSBO.

It is very difficult to select the right real estate agent. It is in your best interest to locate an agent who is well-versed in the Langley BC area. You will want to find an agent that is trustworthy. You’ll want to seek out an agent with the ability to market as well as sell.

On the chance you have yet to find an agent in Langley BC, give me a call first for a free consultation, what can it hurt, and who knows I may just be what you need. Call me anytime at 778.862.5542 or you can visit my website at Langley BC Real Estate.

For immediate release

VANCOUVER, B.C. – October 4, 2011 – Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years.

“There’s more competition amongst home sellers in today’s market, providing more options for prospective buyers,” Rosario Setticasi, REBGV president said.”Buyers now have more properties to choose from and more time to make decisions compared to the spring season.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in August 2011.

The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 per cent in September compared to August 2011 and rose 4.4 per cent compared to this time last year.

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5 per cent.

Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.

Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569.

Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and 2011 to $516,697.

For Immediate Release: Oct. 4, 2011

SURREY, BC – Property sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in September were the third lowest for that month in the last decade, while new listings for September ranked the second highest.

Sukh Sidhu is FVREB’s president. “This is the third month in a row based on the 10‐year average where we’ve seen lower sales combined with a higher influx of new listings.”

The Fraser Valley Real Estate Board processed 1,165 sales in September, an increase of 12 per cent compared to the 1,044 sales during the same month last year and a decrease of 13 per cent compared to 1,341 sales in August.

The board posted 2,651 new properties on its MLS® in September, an increase of 10 per cent compared to September of last year and on par with the listings it received in August. The number of active listings in the Fraser Valley remained at 10,096 in September, at an annual high for the last three months.

Sidhu adds, “This trend is stabilizing home prices in the Fraser Valley resulting in the price of a typical detached home in September being only slightly higher than it was in May.

“Although average prices year‐over‐year are still showing strong increases or decreases for some communities, make sure to ask your local REALTOR® for the benchmark price as well. It’s the predicted sale price of a typical home in your neighbourhood and unlike the average price, isn’t sensitive to sales of high‐end or low‐end homes. It’s one of our most reliable pricing tools.”

The benchmark price of a single family detached home in the Fraser Valley in September was $530,321, an increase of 4.5 per cent compared to $507,429 in September 2010 and 0.3 per cent higher than the price in August.

For townhouses, the benchmark price in September was $327,546, an increase of 1.8 per cent compared to the same month last year and unchanged with the price in August. The benchmark price of apartments in September was $243,420, an increase of 1.6 per cent compared to September 2010 and down 0.9 per cent compared to August.

Over the last several years the idea of investing in the Langley, White Rock and Surrey BC real estate market has garnered a lot of interest from buyers all over the country. Although recently we’ve had some hiccups in the real estate market and economy, now more than ever buyers are seeing the huge opportunity available to them to create wealth through real estate investing.

The unfortunate occurrence of foreclosures all over the country has led to an enormous opportunity for individuals who are prepared to purchase property for investment. Buyers who had the funds and credit score necessary to purchase property have seen that they can get astounding deals. Not only can you purchase foreclosures, but you should also be looking at pre-foreclosures as another fantastic way of getting a good deal. In addition, short sales are a popular choice among Langley, White Rock and Surrey BC real estate investors these days.

In some areas of the country, banks are letting houses go for $.30-$.50 on the dollar in some cases. These are not always homes that are in poor repair. In fact, people are finding that they can get fantastic prices on homes that are move-in condition. Of course, there are things that you must consider before purchasing a Langley, White Rock and Surrey BC foreclosure home or a short sale.

The main important factor to think about is whether or not the title is clear. Although title searches are typically done before closing, and you do want to make sure that you invest in owner’s title insurance. This will protect you if the title is ever challenged later because there was a problem in the chain of title such as forgery or something not being recorded.

Another tip to remember is that you should always get a full home inspection on any house you buy, but especially a foreclosure. This is because the bank does not know the background of the home and therefore is unable to give you history on any repairs or problems that ever happened there.

For more information about real estate in Langley, White Rock and Surrey BC, please visit me at Langley, White Rock and Surrey BC Real Estate or call me directly at 778.862.5542.

Most people these days have at least heard the term “home staging”. This is where you set up your home in such a way that maximizes the space and gives people a good feeling about the layout. It’s important when selling your Langley, White Rock and Surrey BC home to put your best foot forward, and home staging is the way to accomplish this. However, if you don’t have the money to hire a professional BC home stager to assess your home, and then take some of these tips into consideration.

• Clutter: The very first thing you should do is go around your home and get rid of any clutter. This includes taking all the things off of your refrigerator and countertops. By having a lot of things stuck to refrigerator or on your counter, it takes away from the space and makes everything seem smaller. Remember that you’re going for a streamlined look and cleanliness makes everything look larger.

• Stand in the road: Take a look at your house from the perspective of potential buyers. Look your curb appeal and decide what needs to be trimmed, painted or even removed from your front yard to make the home look more inviting.

• Clean: This might seem like the simplest of all tasks, but you need to work on cleaning your Langley, White Rock and Surrey BC house like it’s brand-new. When people walk in, they need to feel like they’re getting a new house and not moving into someone else’s mess. No one wants to move in to a house and live with someone else’s dirt and dust.

• Turn on the lights: Open your window shades and turn on all your lights when showing your home because more light means more space. People get the feeling of a bigger space when there’s more light.

For more information on getting your Langley, White Rock and Surrey BC home ready to sell, visit my website at Langley, White Rock and Surrey BC Real Estate or call me directly at 778.862.5542 for free tips on staging your home the right way to get it sold quickly.