Market Update: July 2018

Summer is officially in full swing! With the shift towards people being on vacation, the ‘summer slowdown’ and changes in routine the real estate market tends to drop off slightly too. This month’s stats have shown that with most markets across the Fraser Valley transitioning into a “Balanced Market”.

Inventory

*stats taken from the Fraser Valley SnapStats report

In addition to the above stats, a few other things to keep in mind include the year over year comparison.

Total listings were up from last with 5,490 homes on the market compared to 4,087 in 2017. However, the total sales were down with July 2018 coming in at 1,152 and July 2017 at 1,174. One interesting note (and good news for sellers) was the prices continue to be up from last year. The average home price was up 8% year over year, giving sellers a boost within the market.

If you have questions or would just like to get together and find out the stats for your area, please give me an email–it would be my pleasure to meet with you!

 

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4 Ways to Get Your Listing Noticed!

Curb Appeal. It is one of those terms you hear all the time in real estate.  Essentially, it’s a buyer’s first impression of the outside of your home.  Curb appeal is absolutely key to getting you a top dollar SOLD price.  Here are 4 simple ways to make your home stand out from the rest in its curb appeal!

  1. Fresh Coat of Paint 

Nothing compares to the fresh look and feel of new paint. Consider painting your front door, trim, shutters, etc. to liven up and freshen up the exterior of your home. A simple touch up job can do wonders to the overall look and feel.  Ask your realtor about colours that buyers love.

  1. Update Fixtures

It is powerful to update the fixtures in your home, but you can also upgrade and change the fixtures on the outside of your home to good effect. Updating house numbers, replacing outdated door-knobs, and changing your mailbox can often make you money.

  1. Add a Bit of Light

Buyers need to be able to see your home, especially in winter months! Highlight the entrance and create a warm and inviting atmosphere by adding some simple lights around the entrance of your home. This will help create the emotional response in the buyer that you want.

  1. Landscaping and Yard 

It can be easy in the winter months to let yard work and maintenance slide, but when you are preparing to list your home it’s so important.  Make sure your yard is well tended. Simple fixes like planting new greenery, adding fresh soil, and clearing away leaves and debris can instantly increase your home’s appeal to buyers.

Are you getting ready to list your home? Give us a call today and we will show you what we do so differently that is proven to get homes is SOLD for better prices…guaranteed.

Al Young

Cell: 604-720-5353

Top 1% of BC Realtors

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!

A Weekend of Open Houses

It’s pretty clear that the spring market is upon us as I’ve had nothing but Open Houses, that’s in multiples, the last few weekends! Being this busy is a great “problem” to have, and I am grateful for the continued patronage of so many amazing clients.

158-2844 273rd Aldergrove

The first Open House to tell you about is this perfect little family townhouse in Aldergrove. You’ll love this terrific 4 bedroom CORNER home in the fantastic CHELSEA COURT. Sunny SOUTH exposure with OVERSIZED wrap-around FULLY FENCED backyard opening up to a park-like GREEN SPACE. It is a smaller, quiet, well-maintained FAMILY complex close to shopping, recreation, parks, and transit, and is also across from Short Reed Community School, on 2th Avenue.

I have some video footage for you on this listing here:

The hours for this Open House are Saturday, April 2 and Sunday, April 3 from 1-4PM at #158-2844 273rd Street, Aldergrove.

The other Open House this weekend (why not come to both?!) is at 12581 20th Avenue in South Surrey.

21581 20th Avenue in Ocean Park

You’ll love this stunning Craftsman Character Rancher in a PREMIUM location in Ocean Park by Crescent Beach. They have put in over $50K in TERRIFIC upgrades & features…including gorgeous wide plank reclaimed & refinished fir hardwood floors, a vaulted ceiling in the living room, new windows & paint, new fireplace hearths, gas line to the outdoor BBQ, chef style GOURMET kitchen with great appliances and MUCH more! This backyard has a hot tub, shed and a NEW fence. Don’t miss this one! Come out and see us this weekend!

Here, again, are some video links for you:

For any additional information please don’t hesitate to call me at 604-533-3491.

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