Deborah LeBlanc

The Fall Market is an Excellent Time to Buy!

There is no shoratge of news about the real estate market lately! As we have been saying for a couple of months now - we are in a buyers market with the listing raio sitting at 9%. This ratio has been declining in our market since March when it was 19%.

This means there are more listings and less sales. The buyers have more choices and are taking their time to find the "perfect" home. What it means to sellers is that you have to be competitively priced in order to produce an offer. Buyers are looking at many more homes before they make their choice. The buyers are educated on what the competition is and what a godo listing price is as they have shopped around.

Mortgage rates are extremely low which makes it a great time to buy as well as sell and move up to a more expensive home! Time and time again strategists are saying that mortgage rates should remain relatively unchanged for a couple more years.

Whether you are thinking of buying or selling this month we are promoting Linda Feinstein from Fine Redesign as our Business Partner. Linda has worked with several of our clients staging their homes in order to be "Show Room Ready". Linda will also come and give you decorating ideas on your new or existing home if you desire a change!

Stats: Real Estate Board of Greater Vancouver / August 2012 - Over August 2011

• Total number of residential properties lisitngs on the MLS increased by 13%

• "Home sales this summer have been lower than we've seen for most of the past 10 years, yet we continue to see relative stability when it comes to price." Eugen Klein, REBGV president.

• Benchmark Price Detached - Increased by .02% to $942,100

• Benchmark Price Attached - Decreased by 1.9% to $462,300

• Benchmark Price Condo - Decreased by .09% to $370,100

Item of Value: This month we are passing along the estimated expectancy of various surfaces, appliances and systems in your home. If is information that you can certainly use when planning ahead for the eventual replacement of these items. There is also a list of simple home maintenance tips that could help extend their useful life and save you money! Download your copy HERE!

Whether you are buying or selling this month we are promoting Linda Feinstein from Fine ReDesign as our business partner. Linda has worked with several of our clients staging their home in order to be "Show Room Ready." Linda will also come and give you decorating ideas on your new or existing home if you desire a change!

Find out more information here, or visit www.fineredesign.ca 

We are passing along the estimated life expectancy of various surfaces, appliances and systems in your home. It is information that you can certainly use when planning ahead for the eventual replacement of these items. There is alos a list of simple home maintenance tips that could help extend their useful life and save you money.

It's a good idea for homeowners to expect some natural deterioration and budget appropirately for repairs and improvemens that are likely to become necessary given the age and condition of their home. For buywers who are considering a purchase, a property inspector can provide specific information in regards to the age of a home's most vital systems and its overall construction quality.

Download your copy HERE!

Our gift to you this month is to help you save on the cost of Energy:

• 50% of Canadian household have made at least 1 home improvement intended to reduce energy consumption.
• Check out the 6 Top Energy Saving Home Improvements.
• Do your own score to see if your home is an energy hog!

We hope you are all having a fabulous summer - the weather has been wonderful. It's always like this isn't it?

Business has been very steady for us despite all the reports from the media covering the federal governments tightening of mortgage regulations. Although our economy is robust there is some concern about the impact of international markets. We have built our business on giving you, your friends and family personalized attention and service and in return you have been so generous with your repeat and referrals business. Whether you are thinking of buying or selling there are always positives or negatives no matter how you look at it. Buying and seling in the same marekt is always ideal.

Stats for the month of July 2012 from the Vancouver Real Estate Board look like this:

• Prices remained relatively stable.
• The number of sales in July were the lowest in the region since 2000.
• Active listings increased 18.8% from this time last year.
• Sales to Active Ratio is 11.6% - these conditions favour buyers.
• Buyers - have more selection to choose from and more time to make a decision.
• Sellers - it is important to price properties competitively.
• Detached - Benchmark price increased 1.4% from July 2011 to $950,200/decreased 1.2% compared to last month.
• Attached - Benchmark price decreased .5% compared to July 2011 & 2012 to $468,700/relatively unchanged since last month.
• Apartments - Benchmark price remains unchnaged compared to July 2011 at $374,300/declined .5% compared to last month.

Our gift to you this month is to help you save on the cost of Energy:

• 50% of Canadian household have made at least 1 home improvement intended to reduce energy consumption.
• Check out the 6 Top Energy Saving Home Improvements.
• Do your own score to see if your home is an energy hog!

Please feel comfortable to call with any real estate questions - that is what we live for! If you are in need of a professional to spruce up your home we have a network of professionals that we would be happy to refer to you.

Oh & by the way....if you know of someone who would appreciate the level of service we provide, please give us a call with their name and number. We will be happy to follow up & take great care of them. Don't forget our appreciation of $500.00 for each successful referral!

We hope you enjoy this months article on "Boosting Your Home's Curb Appeal!" Even if you don't plan to sell your home anytime soon, keeping its exterior & landscaping in top shape may boost its value and keep major repairs at bay.

Download your copy HERE!

We hope this finds you enjoying the beautiful weather we have been having for the past week! Let's hope it continues for the remainder of the summer and well into the fall - we all deserve it!

Here is a look at the changes to the mortgage lending rules as of July 09, 2012:

• Reduced maximum amortization of a residential mortgage under CMHC program from 30 to 25 years - that can be equivilant to almost 1% rate hike on payments.

• Refinances reduced from 85% of the homes value to 80%.

• Elimination of mortgage insurance for homes valued over 1 million (therefore need min 20% down).

• Debt servicing ratios set at 39% GDS (gross debt servicing) and 44% TDS (total debt servicing).

There has been a lot of talk on how these mortgage changes are going to affect the market. Probably the biggest change will be the reduced amortization time which will mean that purchasers will not be able to buy at as a high price as they previously could have with the amortization spread over a longer period. The other issue is the GDS ratio being reduced will also affect the amount that a purchaser is able to afford. Last but not least will be the reduction to 80% loan to value for anyone wanting to refinance and access current equity in their home. This will limiit availability to use your houses equity at todays low interest rates to pay down credit.

That being said prices held strong in June, with increases for detached (3.3%) and condo (0.3%) sectors of the market and a decrease of 0.1% in attached properties. The MLSLink Housing Price Index (HPI) composite benchmark for all residential properties in Greater Vancouver over the last 12 months has increased 1.7%.

Sales-to-Active listings ratio sits at 13%. This is the lower end of a balanced market. The ratio has been declining in our market since March when it was 19%. If this dips lower we could start to see more of a buyers market. This will continue the trend of less competition for buyers and more selection to choose from compared to earlier this year.

We hope you enjoy this months article on "Boosting Your Home's Curb Appeal!" Even if you don't plan to sell your home anytime soon, keeping its exterior & landscaping in top shape may boost its value and keep major repairs at bay.

Oh and by the way....if you know of someone who would appreciate the level of service we provide, please give us a call with their name and number. We will be happy to follow up and take great care of them. Don't forget our appreciation of $500.00 for each successful referral.

Join us Saturday July 14th from 9:00am - 1:00pm at 2164 Elgin Avenue in Port Coquitlam for our Community Shred Event!

Free Complimentary Shredding! Protect your identity by shredding sensitive documents. Donations to support Tri-City Transitions are welcome, coffee and muffins ordered while you wait for your shredding to be complete.

For more information download a copy of the PDF here.