June 2014 - Strongest June in four years for Fraser Valley real estate market

Strongest June in four years for Fraser Valley real estate market

Source: Fraser Valley Real Estate Board

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,668 sales in June, an increase of 26 per cent compared to the 1,327 sales in June of last year and 2 per cent higher than sales in May. In terms of historical comparison, last month’s sales finished 7 per cent below the 10-year average for June with the previous best June occurring in 2010.

Ray Werger, President of the Board, says, “Recent news reports indicate that consumer optimism about real estate is at its highest level in a number of years and we’re experiencing that at the ground level.

“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in most of our communities. Our number one buyer is families with children and they’re taking advantage of ultra-low interest rates combined with more affordable, stable prices in the Fraser Valley.”

In June, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ residential home – detached, townhouse and apartment combined – was 1.3 per cent higher than June of last year. For the single family detached home, the HPI benchmark price in June was $568,600, an increase of 3 per cent compared to June 2013 when it was $552,200. This is a record high benchmark price for detached homes since the MLS® HPI began in January 2005.

The HPI benchmark price of Fraser Valley townhouses decreased by 0.3 per cent; going from $298,700 in June 2013 to $297,800 in June 2014. The benchmark price of apartments was $197,000 last month, a decrease of 2.7 per cent compared to $202,500 in June of last year.

Werger adds, “We’re essentially seeing two markets right now, so it’s important to get advice dependent on what you’re listing or buying. Competitively priced, mid-range single family homes are being snapped up quickly, on average in a little over a month, whereas condos and higher-end, executive homes in our region are taking as long as three months on average to sell. Talk to your REALTOR® to find out where you fit.”

The Board’s MLS® received 13 per cent more new listings in June, 2,974 compared to the 2,625 new listings received during June of last year. The month finished with 9,853 active listings, a decrease of 6 per cent compared to the 10,515 active listings available during June of last year.

5 Mistakes First-Time Home Buyers Make

DAILY REAL ESTATE NEWS | MONDAY, JULY 21, 2014

First-timers can be eager to jump into home ownership. But real estate experts say they see them committing the same mistakes, time and time again. Here are some of the most common ones, as identified by experts in a recent CNBC article:

1. They’re unprepared to compete against all-cash offers. Buyers need to be ready to make a quick decision if they’re housing market is heating up. Buying a home is “really like finding a job – it’s going to take a lot of time to prepare,” says Cara Pierce, a certified housing counselor with ClearPoint Credit Counseling Solutions. “That way, when the deal comes along, you’re ready to pounce on it.” Housing experts say buyers should have already saved as much as possible for a downpayment, repaired any credit report blemishes, and gotten preapproved for a loan as they start their house hunt to put them in a better position to compete.

Improve Your Relationships with First-Timers

3 Ways a First-Time Home Buyer Can Drive You Nuts!

Pushing Through the Hurdles

The Plight of First-Time Buyers

2. They place a car ahead of the home. Lenders are going to scrutinize applicants’ debt-to-income ratio when assessing how well they can afford a mortgage payment. Consumers’ debt has gone on average from $40,000 in 2010 to $51,000 today, according to David Norris, president and COO of loanDepot, a non-bank mortgage lender. "It would be much easier to own a home if you can show a history of saving and not have gotten yourself into too much debt," Norris told CNBC.

3. They place too much emphasis on online loan information. Online sites can be good for finding out general information about loan products and estimated costs, but experts recommend visiting with mortgage lenders face-to-face to help demystify some of the process and to take into account your specific situation. Go to different places and talk to loan officers to get a feel for what the differences are between similar types of loans," says Pierce. "Sometimes a company won't charge an origination fee, but then the interest rate is higher … and in some cases you can put many of the upfront costs—closing costs, title insurance—into the loan, which makes your balance larger."

4. They bank too much on online home values. Some real estate websites are giving buyers a false sense of home values, the CNBC article notes. "If a buyer believes that the actual value of the property is $1.1 million [as listed online] when it's really $1.3 million, it's a real disservice to the client,” says John Barrentine, co-founder and CEO of RED Real Estate Group. “You really should [spend time] with someone that understands the market, someone who's there day in and day out." Home buyers can get the best feel of the market by working with a real estate agent and driving around neighborhoods and get a sense of things about homes that may be less valuable or even more valuable than perceived online.

5. They forgo the home inspection. About 10 percent of homes recently purchased weren’t inspected by a home inspector, according to Bill Loden, president of the American Society of Home Inspectors. Some buyers were trying to cut down on the costs of hiring an inspector to investigate a home – which usually averages about $450 — but defects uncovered later could potentially result in the loss of thousands of dollars. "It takes a trained eye to be able to see the problems that can exist in a home," Loden said. "The inspection can also give the first-time buyer a bit of a schooling on the house and how to maintain it." Buyers should also be prepared to ask questions about conditions that are common to specific areas, such as radon in Midwest; sewers in California; and active clay soils in Dallas that can lead to foundation issues, the CNBC article notes. The home may require additional inspection from a specialist to rule out potential problems.

Source: “8 Biggest Mistakes First-Time Homebuyers Make,” CNBC (July 17, 2014)

5 Tips for the Ultimate Backyard

DAILY REAL ESTATE NEWS | FRIDAY, MAY 30, 2014

These days, the backyard has become an extension of a home’s living space. Staging a home’s backyard is a great way to set your listing apart and help buyers imagine the possibilities.

From the traditional grill and picnic table to lavishly landscaped patios and decks with lounge areas, buyers’ love affair with the backyard continues to hold true. Here are five ideas from PLANET, a professional landscape network and trade association for the landscape industry, for helping your sellers transform their yard into the ultimate retreat or entertaining space this summer.

1. Add an Outdoor Kitchen. Outdoor kitchens have been growing in popularity for years and are often the center of family life in the summer. They can be as extensive as a complete kitchen made of stone, brick, or concrete pavers with a stove, stone or brick oven, counters, and even a sink or refrigerator, or they can be as compact as a patio with a grill and table. There are a wide variety of options for every space, purpose, and price range. 

2. Add Outdoor Lighting. Outdoor lighting highlights a home’s landscape, special trees, as well as walkways and porches, providing both curb appeal and safety. “Nightscaping” makes gathering spaces usable and enjoyable for entertaining after dark. Landscape professionals can design lighting to complement or highlight important areas of the yard, or there are a variety of basic do-it-yourself options, such as adding a set of solar walkway lights.

3. Add a Fire Feature. A portable fire pit or chiminea, or building a stone fireplace into the deck or patio extends the time people can spend in their backyards, making a cozy entertaining space on summer nights or well into the fall and winter.

4. Add a Water Feature. Water features, ranging from small fountains to ponds, streams, or water walls, create a sense of peace and calm, helping people connect with nature, and may attract wildlife.

5. Create a Wildflower or Herb Garden. Wildflowers or herbs make great container gardens or ground cover. They are beautiful and smell great. Many home chefs grow their own herbs and many landscape companies now create edible gardens for clients. These gardens are also a benefit for the environment and for wildlife, providing food and safe cover for small animals.

Source: "Tips From the Pros: Ultimate Backyard," PLANET

15 BEST TIPS FOR SELLING YOUR HOME

1. Great photos mean EVERYTHING.
This is one thing you cannot skimp on. We live in a world where people start their new home shopping journey online and want to preview the home before actually driving out to see it. And people are extremely visual. They want to see the layout, the colors, the finely appointed features, the yard… everything. If you give them dark and gloomy photos, it makes the house seem dark and gloomy. Hire a professional photographer if needed and make sure they use a wide angle lens to capture as much of the space as possible in each shot. 

2. Signs drive traffic.
No matter how much your market your home online or in newspapers, nothing drives traffic like a good old fashioned sign. Potential buyers often will move within 5 miles of their current home and can notice your For Sale signs while driving their kids to school, or on their way to the grocery store or the bank. And don’t just put one sign in front of your home and call it a day. Put a sign at the front of your subdivision and at a few spots along the main road or back roads on the way to your neighborhood. Check your local guidelines, but oftentimes they’ll let it slide on the weekends, just like garage sale signs. 

3. Cheap laundry baskets are your new best friend.
I cannot tell you what a lifesaver this was for us while we were trying to sell our home. Yes, sometimes you will get those last minute calls asking if someone can show your home in 30 minutes. It’s too hectic to try and pick up the chaos when you still have to get shoes on your kids, pack up the pet, and get out the door as fast as possible. To help pick up the mess like random toys, shoes, and paperwork, just throw everything into a cheap plastic laundry basket and shove it in your car before you leave. You can then organize and sort when you arrive back home.

4. Use a real estate agent.
I know when you think about that real estate commission it’s often a hard pill to swallow, but trust me… it’s worth every penny to hire a professional. Most real estate agents will have professional photographers take photos of your home (refer back to #1!) for their marketing, which includes a brochure or flyer. Also, they can list your home on multiple websites that you could not access on your own including the multiple listing service (MLS). It’s a fact that people who use a good agent sell their homes faster and for more money. And a study by the National Association of Realtors shows that people who use an agent sell their homes for 16% more than people who don’t. 

5. Declutter your home.
Other sites that claim to have the best tips when selling your home will often suggest removing all family photos from your home. I completely disagree with this. A house should feel and look like a home. A place that is lived in—not a museum (unless you’re selling a museum-like mansion, then go ahead… remove that massive oil painting of the family above the fireplace). But limit the amount of photos and knick-knacks. DECLUTTER. Clean off the mess from your countertops and end tables. Think less is more, but make sure you still have it styled. And clean out the basement and garage while you’re at it. 

6. Brighten your space.
Make a house seem a bit more cheerful with additional lighting. Add some floor lamps or table lamps to dark corners. Also, turn on all of the lights in your home before a showing. Upgrade your light bulbs to a higher watt as well to make the entire home seem brighter. Also, think about getting the whiter light bulbs instead of the ones that cast the yellow haze. 

7. A coat of paint can change everything.
I know you’ve heard a million times before about painting a couple rooms in your home before putting your house on the market. Make sure you go neutral. But also think about painting other things in your home. Do your cabinets need a facelift? A coat of paint can change that and completely transform your kitchen. Also think about painting old furniture for a quick and cheap makeover, or even painting your patio furniture to upgrade your outdoor space. Paint is one of the cheapest upgrades you can make. Embrace it! 

8. Concentrate on the kitchen.
A kitchen is often the most important room in the house. It’s where company seems to gather when you are entertaining. Work on making the kitchen a little more up to date with some minor projects… upgrade an appliance or two, get new countertops, paint the cabinets. This can make or break the home, so make sure you focus on this area first. Before we put our house on the market we painted our cabinets and the accent wall, decluttered, and got a new lighting fixture. Made a HUGE difference! 

9. Online marketing.
As mentioned in #4, a real estate agent can help you get on multiple websites through their listings such as Trulia, Realtor.com, or Zillow. Also consider the other online outlets they might introduce you to: Facebook, Twitter, YouTube, email blasts. If you would try to market an Open House next Sunday through just a sign in your yard, it would have much less of an effect than if your real estate agent blasted it to all of their contacts and across social media.

10. Curb appeal.
It’s the first thing people see when they drive up to view your home. Make sure your place looks inviting: wash the windows, paint the front door, plant some flowers and mow the lawn. A first impression is everything. Don’t turn them off before they even get through the front door. 

11. Clean the carpets.
We argued back and forth when putting our old home on the market on whether or not we should replace the carpet. We had lived in that home for 7 years and the almost-white carpets were looking a little grim, mostly due to our toddler. But instead of replacing the carpets, we decided to get them professionally cleaned instead. And it was AMAZING how they turned out! Brighter and fluffier, plus all of the extra dander gone that our vacuum couldn’t pick up. When people toured our home, they always asked if the carpets were new and were surprised when we told them no. Another note, make sure all flooring is clean and ready for showings… vacuum, mop and clean any grout tiles. 

12. Do pre-inspection repairs. 
When we were selling our last home we had two big cracks in the basement wall. We called in the professionals to get it fixed with carbon fiber mesh, one of the absolute best concrete repair solutions and it’s 10 times stronger than steel. While it’s not the prettiest fix in the world and cost us $600, the solution came with a lifetime warranty and the work was signed off by an engineer. Without this paperwork and the repaired basement walls, it would have been tough to sell the home with the two large cracks. And luckily, the buyers had a real estate agent who was very well versed in basement repairs and home warranties to agree that our repairs were properly done pre-inspection. It definitely saved us a headache from trying to work out the repairs in the contract or after the home inspection. 

13. Organize key spaces.
Just a friendly reminder that people will be opening all of your doors and even some drawers to check out space and storage. Keep them organized! Clean out your linen closets and add some organizational storage like bins and boxes to disguise some of the mess. Also think about reorganizing some kitchen cabinets and packing away some of the unneeded entertaining pieces or extra sets of dishes. Make sure your kids’ toys are organized and out of the way as well. 

14. Store your off season clothes.
Speaking of closets, make your closets look bigger by storing off-season clothes in the attic or basement. Also, if you’re a big shoe hoarder but don’t have the space, hide some pairs as well. 

15. Get a clue about your competition.
Another benefit of having a real estate agent is getting a read on the competition in your area. Your agent can find out other prices, types of houses, condition of other homes in your area, and what your house is actually worth in comparison. Don’t be afraid to ask for this knowledge and make them do the research for you. It’s best to be prepared when potential buyers try to negotiate price with you and you can actually prove to them why your house is worth the price you’re asking for. 

 So there you go…
the 15 best tips I can give you when trying to sell your home.

May 22 - July 19, 2014 - #Garden Smart Workshops at the #Langley Demonstration Garden

T.O.L. Garden Smart Workshops at the Langley Demonstration Garden

Reap the benefit of your own backyard. Get “garden smart” by attending any of the workshops listed below.

All workshops are free of charge. They take place at the Langley Demonstration Garden (Derek Doubleday Arboretum in the 21200 block of Fraser Highway in Langley).  RSVP is required. See contact information below to register.   

Backyard Composting   

Thursday, May 22; 7:00-8:00pm

Saturday, June 28; 11am-12pm                      

Make black gold in your backyard! In a landfill, it can take up to 20 years for a banana peel to decompose. In a backyard composter, it can take as little as a few weeks. In this workshop, learn what type of composting is a good fit for your needs, and how to quickly turn yard trimmings, fruit and vegetable scraps into rich organic fertilizer. This workshop is great for beginners as well as experienced compost users who want to troubleshoot their compost systems. RSVP at least one week in advance.  

Training Fruit Trees to Produce More

Monday, May 26; 7:00-9:00pm

This workshop will discuss cover how fruit trees grow and how to direct new growth to produce bigger crops in future years. Discussion will include training of espalier and similar tree forms, fruit thinning of apples and pears, and the use of mesh bags as non-chemical barriers to prevent Codling Moth and Apple Maggot infestations of the fruit. RSVP at least one week in advance.  

How to Make Living Willow Fences and Structures

Saturday, June 14; 11:00am-1:00pm

This workshop will cover the harvest and planting of willow cuttings to produce a variety of living structures. Several living fence designs and weaving techniques will be demonstrated. RSVP at least one week in advance.  

Can It! Food Preservation

Thursday, July 3; 5:00-7:30pm

Aldergrove Kinsmen Community Centre

Learn how to safely preserve the summer harvest. This hands-on workshop guides you through the steps of canning seasonal produce. Bring your own apron, paring knife and cutting board. RSVP at least one week in advance.  

Growing Gardeners                       

Friday, July 11; 10:00am-11:30am

Having trouble getting your child to eat their vegetables? Get them involved! Once they experience growing their own they will love eating lettuce, carrots and more. Be prepared to roll up your sleeves during this hands-on workshop. Ideal for children ages 2 to 7 years old. Please RSVP at least one week in advance.  

Summer Pruning of Apple and Pear Trees

Monday, July 14; 7:00-9:00pm

This workshop will cover the use of summer pruning to control growth and produce bigger crops on your apple and pear trees. Gardeners with young or large old trees with excessive shoot growth will learn how to reduce vegetative shoot growth and develop more fruit buds. Also learn how to use summer pruning to train these fruit trees into various shapes. RSVP at least one week in advance.  

All-Season Vegetable Gardening              

Saturday, July 19; 10:00am-11:30am

Harvest fresh vegetables from your garden year-round. Learn what vegetables to plant in the summer and fall to make them ready for harvest in the winter and spring. Plus find out how to extend the growing season for many fall crops. RSVP at least one week in advance.

To register for any of the workshops, contact the Langley Environmental Partners Society at the phone number or email address below.       

More Information

Langley Environmental Partners Society
604.546.0344
garden@leps.bc.ca       

May 14, 2014 - Mike and Patty's Real Estate Blog Launch