FRASER VALLEY HOUSE HUNTERS LOOKING FOR GOOD BUYS; KEEPING PRICES RESILIENT (Surrey, BC) – The The Fraser Valley Real Estate Board (FVREB) processed 1,412 sales on its Multiple Listing Service® (MLS®) in March, a decrease of 22 per cent compared to March of last year, however only 13 per cent less than the 10-year average of 1,626 sales for same month. Scott Olson, president of FVREB, says, “It was quieter than usual for March, but still steady with an increase in demand for more affordable properties, in particular detached homes for less than $500,000 and townhomes. “Compared to last March, every community in Fraser Valley experienced a decrease in the sales of single family detached homes especially those priced at the higher-end; however Abbotsford, Langley and North Surrey all saw increases in the sale of townhomes.” Olson adds, “Last year, single family homes represented 63 per cent of our residential market. This March, it dropped to 56 per cent, so we’re seeing demand for more affordable options. This is in contrast to last year when we saw elevated sales of higher-end homes in areas such as North Delta, South Surrey and White Rock.” In March 2012 in Fraser Valley, the sale of detached homes with a value greater than half a million dollars decreased by 33 per cent compared to last year, explaining why average prices, which can be skewed by the dollar volume of high or low end sales*, are showing decreases year-over-year, while benchmark prices – homes with typical characteristics for the neighbourhood – are showing increases compared to 2011. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in March was $572,700, an increase of 6.8 per cent compared to $536,200 last year. The benchmark price of Fraser Valley townhouses increased by 1.5 per …
When is the best time to sell your home?
If you’ve been thinking about selling your home, you might be waiting until the “market is right”. After all, if the local market suddenly booms, your property will likely sell for a higher price. That may be true. However, there are other factors to consider in your decision to list.For example, will you be buying a new home as well? If so, then the higher selling price will probably be offset by the higher cost of the new property. In addition, there may be characteristics of your home that will help sell it quickly and for a good price – today – regardless of the market conditions. A good REALTOR® will help you make the right decision. Call today
How to decide if you should replace your windows
One of the most prominent features of any home is the windows. When they are well maintained they have a positive impact on the impression people (such as potential buyers) will have of your property. The opposite occurs, of course, when your windows look old and worn. So does that mean you should replace your windows? That depends on a number of factors. Window replacement can be an expensive renovation. Here are a few things to consider before making your decision. • Do your windows get frost or condensation build-up on the interior side? This could be a sign that the windows are not keeping out the cold as well as they should. • Do you see water infiltration or mildew on the interior sides of any of the window sills? This means that moisture is creeping in from the outside, and you need to get those windows repaired or replaced as soon as possible. • If your windows are double-paned – (two panes of glass) – check for any signs of moisture in between the glass panes. Moisture indicates that the thermal seal is broken and at a minimum, the glass will need to be replaced. • Take a look at your windows from the outside. Is the trim rotted or cracked anywhere? Are there dark spots or any signs of rotting on the wood frames? Repairs or replacement may be required. • Check the operation of your windows. Do they open and close easily? This is important because some windows, such as those in bedrooms, are often designed to be big enough to use as an exit in case of a fire. • Finally, are you happy with how your windows look? Do you feel that your property will look significantly better with new windows? Although they are expensive, replacing windows has a lot of advantages. Depending on the efficiency of your current windows, replacing them could cut your energy …
Questions to ask before hiring a property inspector
Hiring the right home inspector is important. After all, you want the inspection to leave no stone unturned when determining the condition of the house you are considering purchasing. Unfortunately, the professionalism and range of services vary widely in the home inspection industry. So it pays to ask the right questions before you choose. Here are a few suggestions: “What does your inspection cover?” A home inspector should be able to present you with a detailed list of what is covered in the inspection. Don’t settle for a vague verbal promise like, “We check everything top to bottom.” Get it in writing. In addition, you should get an assurance that the inspection complies with all Local and State or Provincial regulations. “What are your qualifications?” As with most professions, experience counts.You want to check how long the inspector has been in the business, and how many homes like yours he has inspected. Also ask about his credentials.What professional training programs has he completed? Does he belong to a recognized home inspection association? “Do you also offer to do home repairs or renovations?” If he does, it’s a conflict of interest.You want an inspector to give you an unbiased report as to the condition of the house, without any expectation of getting some contracting work on the side. “How long will the inspection take?” You’ll want to find out if the inspector takes his time and does a thorough job, or rushes things so he can get as many homes done in a day as possible. On average, a typical single family home should take two to three hours to inspect properly. “May I contact some references?” Ask for references from people in the neighborhood you are considering. Then, make sure you call them.
Boosting Curb Appeal – a little goes a long way
“Curb appeal”. You’ve probably heard that term used before. It refers to how valuable and enticing your house looks from the outside, typically from the perspective of a potential buyer “standing on the curb”. Many people focus on preparing the inside of their house for sale, and neglect preparing the outside.This is a mistake. Studies confirm that curb appeal has a huge influence over how quickly your house will sell, and for how much. How do you improve curb appeal? You don’t need to do a major landscaping renovation! In fact, small improvements often make the biggest difference… improvements you can easily do over a weekend. Here are some suggestions: Clean the outside of front windows. Make them sparkle! Remove grass,weeds and other unwanted growth between driveway and walkway stones. Prune shrubs and trim trees. Re-sod bare spots on the lawn. Edge the lawn. (A simple task that can have a dramatic visual impact.) Water the flowerbed. (Flowers look brighter and more healthy within one hour of watering.) Sweep the walkway and driveway. Rake the leaves. Remove signs such as “Beware of dog” and “No solicitations”. Check the welcome mat. If it’s worn or dirty, replace it. Also, consider buying some attractive potted flowers to put near the entranceway. They are worth the investment. As you can see, it doesn’t take much to boost the curb appeal of your house. Just a little work and a few added details will make a big difference. Need more ideas for increasing the “sales appeal” of your house? Call 604-764-1380 or use the contact form below.
Assessing a property’s long term potential
You see a home on the market that you like. Should you buy it? Before you make an offer, it’s a good idea to get a sense of the property’s long-term potential. After all, a property is not just a potential home, it’s also an important investment. Here are some things to look for when viewing homes on the market: Is the area’s average income increasing? The more affluent a neighborhood becomes, the higher the property values. Are employment opportunities growing nearby? If jobs are leaving the area, housing prices will likely decline. Are there any nearby housing or community developments that will enhance the quality of life in the area? If a park with a quiet walking trail, or a prestigious golf course, is being built nearby, the value of the neighborhood will increase. Is the crime rate on the rise or decline? This can have a significant impact on future property values. Are there public transit lines located nearby? Studies show that housing prices increase in areas where public transit is close and convenient. Is the property located in a neighborhood dominated by higher priced homes? Does the property have features that will always be valued by home buyers, such as a large kitchen or spacious backyard. Are there short-term negatives about the area that will eventually disappear, such as loud construction projects? Once those negatives are gone, house prices will often jump. Need help finding the right home for you? Call (604)764-1380 or use the contact form below and we’ll get started!
First Time Homebuyer (new home) BONUS!
Following the announcement of the B.C. First Time New Home Buyers Bonus there has been some confusion on how the bonus will be paid to qualified applicants. The initial reports about the First Time Buyers Bonus were misunderstood due what the Ministry of Finance call a “Poor choice of words” in the initial press release. It is not a Tax Credit! The First Time Home Buyer Bonus will be introduced in the legislature and is expected to obtain “Royal Ascent” sometime in May 2012. The application form is now ready, and can be downloaded directly from the BC Ministry of Finance – CLICK HERE TO GET IT!! Once approved the Ministry will mail out the cheques up to a maximum of $10,000. It is estimated that the process will take about 4-6 weeks from application. The tax credit is equal to 5% of the home price, subject to a maximum of $10,000 The tax credit is pro-rated based on your income and phases out for higher income families This credit only applies to new homes This credit only applies to first time buyers For further info visit: www.fin.gov.bc.ca or call; 1-877-387-3332 BC Finance Minister, Mr. Kevin Falcon, has announced the reinstatement of the BC PST, to take effect on April 1, 2013 (subject to approval by the BC Legislature). In simple terms, home buyers will continue to pay HST until April 1, 2013 and will be eligible for additional rebates. After April 1, 2013 only 5% GST will apply. For properties under construction at April 1, 2013, specific transitional rules will apply. Mr. Falcon also announced that the full PST Legislation will be introduced in the legislature this spring, including the transitional rules. Full information on the B.C. Home Buyers Bonus is below: 2012 First Time Home Buyers Fact Sheet Loading…