Market Update: November Stats

The November Fraser Valley Real Estate Stats are in! This November saw a steady stream of listings and the price-points of homes remained stable from October. The market remains to be a SELLERS MARKET with a 45% Home Selling Ratio.

The stats for this month were:

  November 2017 Stats October 2017 Stats November 2017 Stats
Number of Listings 3410 3674 3692
Sale Price 675, 000 668, 000 586, 000
Total Sales 1523 1642 1111
Days on Market 16 16 26

 

The BC Real Estate Association was quoted as saying “The combination of weakening consumer demand and a surge in new home completions next year is expected to induce  more balanced market conditions, producing less upwards pressure on home prices.”

As stated above, a more balanced market is expected to occur in 2018-essentially having prices level off and inventory become more readily available. This is excellent news for buyers wanting to break into the market.

One final consideration for December and 2018: The new mortgage regulations. These new regulations will effect many by reducing their borrowing power up to 20%! They come into full effect as of January 1, making now an advisable time to buy or sell a home!

If you are interested in learning more about the stats for your specific area/location, please give me an email or call and we would be happy to send them your way.

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Guest Post: The Top 10 Latent Defects in Home Inspections

We are excited to have one of the sharpest Home Inspectors with us today! Say hello to Daniel Fedosenko of Mr. Home Inspector Ltd! Daniel has been in the industry for a number of years and has a wealth of knowledge when it comes to home inspections. From Vancouver to Hope and everywhere in between they are helping homeowners check off all the boxes when it comes to home inspections. So without further ado, take it away Danny!

I have worked with Alistair Young and his team for a number of years. At Mr. Home Inspector our goal is to:

  • Offer solutions to issues/challenges (not just reported problems)
  • Go above and beyond the call of duty, and
  • Provide exceptional customer service in the Lower Mainland (from Squamish to Hope).

Today, we wanted to cover the topic of Latent Defects.  Latent defects are those which would not be revealed by any inquiry which a purchaser is in a position to make before entering the contract. Here are the top 10 Latent Defects that you may miss if you don’t have a proper home inspection done!

  1. Bathing area moisture issues behind tile surrounds: water damage.
  2. Pest infestation in attic, crawlspace, and or living areas: damage and air qulity issues can arise.
  3. Plumbing issue: polybutylene pipes with plastic fittings 1978-1995 years installed. Water damage and insurance issues, extra costs
  4. Hidden water leaks: ceilings, walls, or floors: water damage and extra costs will occur.
  5. Grade levels around homes too high up onto the structure: structural rot and extra costs will occur.
  6. Electrical panel size 60 amps: causes insurance issues and extra costs to upgrade the panel size to minimum 100 amps.
  7. Poor ventilation in attic causes mildew/mold in areas: air quality issues and extra costs to treat area.
  8. Toilet tanks by Crane manufactured between 1980-1991 (tanks prone to crack): water damage
  9. Basement and crawspace water leakage issues: water damage and extra costs to address.
  10. Aluminum wiring 1960’s to 1970’s: expands and contracts and loosens and can cause a fire.

There you have it folks–these 10 defects can be avoided by having a home inspection done before you move into your new home. Get in touch with me and my team today, we promise to help you find any issues and find a solution!

 

BC HOME Partnership Program

This new program for first time homebuyers called the HOME Partnership Program may be able to help them! In a nutshell the program breaks down as follows:

  1. Offers qualifying home buyers loans of up to $37,500, interest and payment free, for five years.
  2. The province has started accepting applications, started on January 16, 2017.
  3. To qualify, buyers must:
    1. be buying their first home
    2. obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price
    3. have a combined gross household income not exceeding $150,000
    4. have saved a down payment amount at least equal to the loan amount
    5. be a Canadian citizen or permanent resident for at least five years
    6. have lived in BC for at least the full year preceding their application.
  4. The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.
  5. The Facts:
    1. The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price
    2. The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees)
    3. After five years, buyers can either repay their loan or enter into monthly payments at current interest rates
    4. Loans through the program are due after 25 years.
  6. The Application:
  7. Applicate/purchaser applies for loan
  8. Expected fees are $560.00
  9. Expected turnaround time is 5 days
  10. Housing Loan Approval is good for six months *** Pre Approval Certificate is required from a Bank before applying for the BC Housing Loan for Down Payment ***
  11. Applicants selects a home and writes offer.
  12. Lender approval and final contract to be sent to BC Housing minimum 14 days prior to closing date
  13. BC Housing will send instructions to lawyer/notary 4 days before closing date
  14. Please allow extra time if your client is applying for the program for subject removals.

For easy reference, please view the PDF Flow chartpower point, and scenario’s.

If you or someone you know has questions about this program, please contact me. I would be delighted to help!