In February, sales of all property types in the Fraser Valley increased by 21% year over year with demand for two property types in particular - single family detached homes and townhomes - outpacing supply.

Last month the Fraser Valley Real Estate Board processed 1,337 sales on the Multiple Listing Service (MLS) compared to 1,102 sales in February of last year. New listings in February totaled 2,160 which added up to 7,864 active listings up from January’s 7,307.

“It was our busiest February since 2007” says newly-elected board president Jorda Maisey. “In my community of Langley the average number of days to sell a detached house is now less than one month and it’s a challenge finding the right product for some of our buyers, however every area is different. To understand the market for your home and your neighbourhood, talk to your Realtor.”

Our best seller in the Fraser Valley remains the single family detached home, followed by townhomes, in part because almost half of our buyers are families with children, but also because these products are so much more affordable in the Fraser Valley. With a typical townhome costing less than $300,000 and the interest rates so low, many first-time buyers are finding they can get more for their money here.”

The MLS HPI benchmark price of a Fraser Valley single family detached home in February was $581,400, and increase of 4.2% compared to February 2014.

Across Fraser Valley, the average number of days to sell a singe family detached home in February was 41 days, ten days faster than last year. Townhouses are selling slightly faster and apartments are on par with February 2014.

In the month of February the Will Rempel Team was highest in sales for Re/Max Treeland Realty and in the Top 5 Realtors in the entire Fraser Valley, once again earning Medallion Club membership. Homes have been selling in under 7 days, for near or above asking price. With a very busy start to March, this pace is expected to continue

Selling your home is a complex process that can be stressful and time-consuming.  The Will Rempel Team has the knowledge, skills, and connections to help you through the process every step of the way.  Consider the following benefits of working with us:

Professional Experience:

With knowledge and training in marketing strategy, negotiation tactics, and the workings of the current real estate market, Will and his team will be able to guide you through the steps of the home-selling process and be able to explain exactly what to expect.  He will make you aware of your rights and responsibilities, work with you to strategize the best moves according to your own goals, discuss financing options, and point you in the direction of other specialized professionals who will aid you in different stages of the process.

Best Price:

The Will Rempel Team have their fingers on the pulse of the current real estate market, and will know what comparable properties in Langley, Surrey, Aldergrove and Abbotsford are selling for.  We have the resources and knowledge to establish the best asking price and to attract the highest selling price.  With access to our company’s professional marketing resources and connections, we will ensure potential buyers are immediately made aware of your home and market the property to sell as quickly as possible and for the most money.

“Showcasing” Experience:

Will and his team know the importance of a property’s first impression.  We will have experienced first-hand, for example, the impact a property’s “drive-up appeal” has on the rest of a potential Buyer’s experience of your home.  We will be able to offer you tips and information on how to get your home in the best selling shape possible, in order to sell your property quickly and for top dollar.

Access to Qualified Buyers:

Wesave time and effort by dealing only with qualified buyers.  We have access to a pool of pre-screened and pre-qualified buyers who are serious about buying a home in your neighbourhood.  The Will Rempel Team has worked hard to develop this base of qualified buyers which will become an invaluable resource for you.

Negotiation Skills:

Realtors serve many functions, but perhaps the most important is their role as primary negotiator on your behalf.  Will realizes your goal is to sell your home as quickly as possible, and for the most money possible, and will work closely with you during the negotiation process to facilitate this goal.  Realtors bring to the process the knowledge and skills to draw up legally binding contracts, to assist in negotiating offers and counter-offers, and to offer counsel and perspective as you work toward your selling goals.

 Fraser’s Valley’s real estate market returned to normal activity levels in 2014 with sales of single
family detached homes leading the way.

Ray Werger, President of the Board, says “It was a busy year for both buyers and sellers. In 2014, both sales and
new listings were stronger in Fraser Valley compared to 2013 – most notably for detached homes and townhomes – with the result that we’ve returned to normal market activity for our region on par with our 10‐year average.”

The Board’s Multiple Listing Service® (MLS®) processed 15,840 sales in 2014, compared to 13,663 the previous
year, an increase of 16 per cent. It also received 4 per cent more new listings during the same time period – 30,642 in 2014 compared to 29,338 in 2013. Over the year, the number of active listings for buyers to choose from
dropped by 23 per cent going from 7,541 properties in December 2013 to 6,380 in December 2014.

According to Werger, sales during the month of December followed the same trend as every month in 2014 with
sales surpassing the same month compared to 2013. “It was the third busiest December we’ve experienced in the last decade with sales almost keeping pace with the number of new listings.

“As a result, we’ve seen our inventory deplete, which is normal for this time of year however, our selection hasn’t
been this low for almost eight years. We hope to see the usual influx of new listings during the first quarter of 2015
because we’re currently seeing a shortage of affordably priced single family detached homes in certain areas. ”
In December, sales increased by 21 per cent, going from 890 in 2013 to 1,075 last month. New listings increased by 13 per cent in December compared to 2013 going from 1,013 to 1,147.

Home prices in December continued along the same trends as seen for most of 2014, with prices of single family
detached homes continuing to rise; townhouse prices remaining steady, and apartment prices decreasing slightly.

The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in December was $573,100 an
increase of 4.3 per cent compared to December 2013, when it was $549,500.

The MLS® HPI benchmark price of townhouses in December was $293,500 on par with $293,300 in December
2013. The benchmark price of apartments decreased year‐over‐year by 0.8 per cent, going from $192,600 in
December 2013 to $191,100 in December 2014.

 May’s property sales in the Fraser Valley reached the highest they’ve been in seven years with the Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®), an increase of 18 per cent compared to May 2013 and 11 per cent more than in April. 

Previous record-setting Mays were in the mid-2000s during the market peak, with last month’s sales coming in just below the 10-year average.

Ray Werger, President of the Board, says, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.”

Werger adds that the market for apartments has not picked up to the same degree. “We’ve seen an improvement in condo sales in specific areas, however in many communities the market continues to favour buyers due to inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.

“Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in the most sought-after communities and most of that increase has taken place in the last six months.”

The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month.  

In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to $298,000 in May 2013. The benchmark price of an apartment decreased by 2.6 per cent year-over-year; going from $203,400 in May of last year to $198,100 in May 2014. 

In May, the Board received 3,218 new listings, an increase of 2 per cent compared to April and 1 per cent more than were received during the same month last year. The new inventory took the number of active listings in Fraser Valley to 9,870, a decrease of 7 per cent compared to the volume available in May 2013.

Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest.”

The Fraser Valley Real Estate Board is an association of 2,795 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.  The FVREB marked its 90-year anniversary in 2011.

Full package:

http://www.fvreb.bc.ca/statistics/Package%20201405.pdf

Will Rempel Team is on Facebook! Be sure to Like us at https://www.facebook.com/willrempelteam.  Facebook and Facebook Ads are just a couple of ways we market your property for maximum exposire and maximum dollar value. Over 95% of homebuyers look online when searching for a home - we make sure they find your property!

By Teresa Cowart on March 11th, 2014

Being a first-time home buyer is an exciting time as you prepare for your future in a beautiful new home! It’s easy to get wrapped up in the fun of house hunting, that you forget to think about some important things. From hidden costs, to realtor quality, here are 10 common mistakes first-time home buyers make and ways to overcome them!

1. No Budget
Personal budgets are always important and even more so when house hunting. You need to know how much of your income you can use towards a mortgage before you can even begin the search. Take some time to write out all the bills you currently pay and your income. There are many examples of household budgets online that you can use.  Here is a nice downloadable template of a household budget that Microsoft created. This is also a good time to analyze your spending habits and how to keep them on track once you own a home.

2. Forgetting to Get Pre-approved
Walking into the housing market without knowing how much you are approved for can make the process very difficult. A mortgage pre-approval is when your bank takes your financial and credit information and creates a very good estimate as to what amount they will loan you. Being pre-approved for an amount makes a buyer look much more attractive to the seller and is seen as less of a risk. Getting pre-approved requires a pull of your credit and your financials for a small fee. The bank will give you pre-approval letter to submit during a bid on a home. Note: Pre-approval letters do expire, so stay aware of the date.

3. Underestimating Closing Costs
Things like notary fees, appraisal fees, escrow fees and credit report fees, are just a few of the costs every buyer should plan on paying when closing on a home. Plan on budgeting in 2-5% of your home price in closing costs.

4. Bypassing the Home Inspection
Purchasing a home without getting a good home inspection is a big gamble to make. Many hidden problems can only be found if a professional inspector takes a close look at the home. Things like previous fires, black mold, poor electrical work and plumbing are just a handful of important things a home inspector can find. A home inspection process involves setting up a time for the home inspection and paying a fee. The inspector will tour the home and give you a detailed report of all the issues found in the home. The fee for a home inspection is money well spent rather than spending thousands of dollars on unforeseen issues.

5. Stuck in the Present
When house-hunting, sometimes buyers only view things from their buying perspective. Resale value is very important and should be taken into consideration when choosing a home. Ideally you will have the house for a good amount of time or perhaps forever. Circumstances in life sometimes call for a home move. It is  important to purchase a home that is attractive to other buyers in the event you have to sell. Look at each house from a general buyer’s mindset, not just your own. Your realtor will be a good resource for determining resell value and the potential that a house has for a future sell.

6. Budgeting Only the Mortgage Payment
Many first-time home buyers spend so much time focused on budgeting the mortgage payment that they forget the costs associated with running the house. Things like utilities, home owners insurance, trash removal, regular maintenance, and unexpected issues are all things that can easily be overlooked. Quicken suggests setting aside 10% of your budget for utilities.

7. Instantaneous Gratification
After purchasing their first-home, many buyers want their new home “perfect” right away. Investing heavy amounts to design your house exactly how you want it in a short period of time can be hard on your finances. We live in a society where instant gratification is the norm, but with housing projects, the more paced you are the better. Spread your home projects out over time. Half of the fun of fixing up a house can be the process!

8. Acting as a Realtor
Cutting out realtor costs can seems like an attractive choice to many. A realtor isn’t just a person to show houses and grab a paycheck, he or she is an important resource of information. Market trends, location features and access to home databases are all important and useful information that realtors are able to give you. Another good reason to use a professional realtor is that they take the emotion and bias out of real estate transactions. They can help you sort out decisions and even guide you on effective bidding. Finding a good realtor can be as simple as asking around to friends and families. Good experience and knowledge is a must for any realtor you choose.

9. First Offer is a Winner
The first offer by a first-time home buyer can be the most exciting, however it can also be the most frustrating. Many home bids don’t work out. They may be rejected or countered. If a house has multiple offers then the stress is multiplied. It is very important for buyers to understand the negotiation process and the competitive landscape, which why having the best realtor is key. Finding the right house and the right offer takes time. Stay positive if a bid is rejected, there are many other houses to see!

10. Getting Too Attached
First-time home buyers tend to get caught up in their emotions and become very attached to one particular house. They focus so much of their energy on one home that they brush aside other good options. Real estate transactions are complex and setting your heart on one house can lead to disappointment. If you are lucky enough to find a house you really love, just keep in mind that if things don’t go as planned, there will always be other options. You may find that one of the other options may be better than the first!