Location
You can change almost everything else. But, once bought, you cannot change the location of your home. You can live with almost any imperfection in a home if you love the neighborhood and your neighbors. When you go house hunting, consider its proximity to your work, the charm of the neighborhood and how it is situated on the lot.

Neighborhood
Where you live is as important as the house you live in. Even if you have a good idea where you want to live, don’t let that keep you from checking out other neighborhoods. Quality of schools, amount of traffic, crime in the area and proximity to amenities are important factors to consider when choosing a neighborhood.

Repairs and Home Inspection
Homeowners will always be happy to tell you about upgrades that have been made to the home, but you may want to pay attention to what isn’t mentioned. It is a good idea to get a home inspected before you buy. This can save you thousands of dollars in costly repairs in the future.

Developments in the Area
When you consider a neighborhood, be sure to research upcoming or future developments in the area. They may have a positive or negative impact on the value of your home. A proposed shopping center may increase the value but an airport may reduce it.

Zoning, Laws and Taxes
Look into the property’s and neighborhood’s zoning, as well as any potential easements, liens or other restriction. The seller should disclose these facts, but it’s better to be safe. And make sure you can afford the neighborhood’s tax requirements.

If you keep these specific elements of a home in mind, your house hunting will be more successful, and you’ll likely end up with the home of your dreams.

Keep Copies of Paperwork
It is essential to keep copies of all the paperwork related to closing and settlement. Keep proof of improvements, expenses, sale proceeds and prior purchases for tax purposes.

Utilities and Change of Address
Make sure your utilities are paid up to the closing date, and that the account is transferred to the new owners. You would also need to change your address with Canada Post. This can be done online.

Check in with your lawyer
Your lawyer would arrange for you to sign the transfer documents. Furthermore, the lawyer would ensure that the old mortgage has been properly discharged and any payments required have been made.

Check in with the mortgage broker
If you’re selling a house, you’re likely to buy one too. You need to go over the papers for existing mortgage before signing them. When discussing mortgage for your new home, find out what level you qualify for and pre-assess the monthly dollar amount you feel comfortable committing to.

Choose your next home carefully
Take your time purchasing your next home. You can defer tax on the sale profits for a year. Re-evaluate your finances. Scope out a variety of areas and housing options that meet your family’s needs.

RESIDENTIAL DETACHED

N.Delta

Surrey

W.Rock

Langley

Abbots

May ‘09

$480,119

$496,593

$688,918

$484,167

$443,978

Apr ‘09

$457,648

$471,716

$732,113

$489,156

$396,684

change

4.90%

5.30%

-5.90%

-1.0%

11.90%

May ‘08

$503,882

$547,556

$861,038

$537,608

$464,102

change

-4.70%

-9.30%

-20.0%

-9.90%

-4.30%

TOWNHOUSES

N.Delta

Surrey

W.Rock

Langley

Abbots

May ‘09

$352,842

$299,606

$393,577

$289,027

$252,553

Apr ‘09

$342,960

$300,596

$392,600

$303,226

$275,103

change

2.90%

-0.30%

-0.20%

-4.70%

-8.20%

May ‘08

$351,050

$328,264

$469,677

$331,623

$312,159

change

0.50%

-8.70%

-16.20%

-12.80%

-19.10%

APARTMENTS

N.Delta

Surrey

W.Rock

Langley

Abbots

May ‘09

$207,500

$207,974

$297,401

$206,364

$180,516

Apr ‘09

$200,000

$196,051

$272,404

$215,274

$178,729

change

3.80%

6.10%

9.20%

-4.10%

1.0%

May ‘08

$218,500

$219,423

$301,505

$227,859

$202,211

change

-5.0%

-5.20%

-1.40%

-9.40%

-10.70%

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.5 per cent to $506,201 from $484,211. However, home prices compared to May 2008 levels are down 10.9 per cent.

“The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 36 per cent to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. At 13,641, the total number of property listings on the Multiple Listing Service® (MLS®) declined 4.7 per cent compared to last month and 16 per cent compared to May 2008.

Sales of detached properties increased 16.5 per cent to 1,402 from the 1,203 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 11.8 per cent from May 2008 to $680,320.

Sales of apartment properties in May 2009 increased 17.2 per cent to 1,458, compared to 1,244 sales in May 2008. The benchmark price of an apartment property declined 10.2 per cent from May 2008 to $349,987.

Attached property sales in May 2009 are up 19.6 per cent to 664, compared with the 555 sales in May 2008. The benchmark price of an attached unit decreased 9 per cent between May 2008 and 2009 to $435,848.

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) posted its highest sales volume in a year in May, processing 1,501 sales, the fourth consecutive monthly increase this year.

Although that number is still six per cent less compared to the 1,599 sales processed in May of 2008, Board President Paul Penner says it’s a signifi cant improvement compared to where the market was a few months ago.

“We’re the closest we’ve been to a balanced market since early spring last year. Sales have increased, inventory has dropped and prices are stabilizing.”

Penner says the market remains competitive. “REALTORS® are seeing an increase in multiple-offer situations, but only on properties that are priced right and at the more affordable end of the market.

“With 10,000 active listings in the Fraser Valley, there is plenty of selection. REALTORS® continue to advise clients to be realistic with pricing, both on the listing and buying side.”

The Fraser Valley Board’s MLS® showed 10,047 active listings at the end of May, a decrease of 10 per cent compared to the 11,132 listings available in May of last year. It received 29 per cent fewer new listings in May, 2,797 compared to the 3,941 new listings it received during the same month last year.

Year-over-year decreases in residential benchmark prices continued to moderate in May. The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in May was $465,939, a decrease of 9.3 per cent compared to May 2008 when it was $513,798 and a 1.2 per cent increase compared to April 2009 when it was $460,229.

The HPI benchmark price of Fraser Valley townhouses decreased 11.2 per cent from $335,991 in May 2008 to $298,308 in May 2009 and a 1.1 per cent increase compared to April 2009 when it was $295,078. The benchmark price of apartments also decreased year-over-year by 9.6 per cent going from $256,887 in May of last year to $232,170 in May 2009 and a 0.8 per cent increase compared to April 2009 when it was $230,337.

“The benchmark price is the most consistent measurement of price change. In May, all three residential categories saw steady, small gains compared to April. This is a positive sign,” Penner says.

Not doing enough research
Not all mortgages are the same. And there are a number of state-sponsored buyer programs and incentives available. Do as much homework as possible comparing rates, points and styles of loan before actually applying for a mortgage.

Taking on too much mortgage
This is one of the costliest mistakes made by most buyers. Several borrowers allow too much leeway in their loan guidelines. Consider limiting your housing costs - mortgage payments, property taxes and homeowners insurance to around 25% of your gross income.

Choosing the wrong mortgage
Quite often buyers find themselves stuck with wrong mortgages, generally choosing mortgage on interest rates. The key to selecting the right mortgage is to find the loan that fits your personal budget and situation, rather than trying to have your budget and situation conform to the mortgage.

Calculating the wrong ratio
Your total mortgage payment (including principal, interest, taxes and all insurances) should not total more than around 28% of your monthly gross income. Your total debt load, including the mortgage payment and other debts (car loans, personal loans, credit card payments, etc) should be no more than 36% of your total monthly gross income. Many mortgage lenders approve household debt ratios in excess of 50% of income thereby increasing the debt load on the borrower.

Not getting pre-approved
Many first-time borrowers confuse being “pre-qualified” with being “pre-approved.” Pre-qualification is a quick credit check based on the information provided by the individual. A pre-approval, however, means a mortgage professional has checked the employment history, verified funds and studied an individual’s credit record. Getting pre-approved rather than pre-qualified saves a lot of headache. It will also give you more bargaining power when making an offer.

Not planning for closing costs
Closing costs are the expenses incurred when purchasing a home. These typically include attorneys’ fees, taxes, title insurance, prepaid homeowners insurance, points and other lenders’ fees. And can amount to between 2% and 7% of the selling price. Plan for closing costs by getting a good-faith estimate from your lender as early in the loan process as possible.

Not getting a lock-in rate in writing
Get a written statement detailing the interest rate, the length of the rate lock and additional details of the loan before proceeding with your purchase. It won’t help you at closing if the rate has changed and you have no written proof of the previous arrangement.

Better Financial control
Selling your home before buying a new one minimizes financial risks. You would have a better idea about the house you can afford. This will help keep you from over extending your mortgage abilities. Finding temporary housing is generally cheaper than two mortgages. Moreover, if you buy first in the current market, you may end up in a cash crunch.

Better Negotiation position
Selling first provides you the luxury of time. You are not compelled to take the first offer that comes along. And free to hold out for best price. By buying first, you can end up taking less then what you could just so you can move forward on the new place.

Better Selling Price
Buyers often try to seek out desperate sellers. Sellers who aren’t under pressure to sell often obtain a better selling price.

Cash leverage
Buying before selling can lead to delays and financing issues. A contingency clause may protect you from being stuck with two homes but does not make you an attractive buyer. Having cash from the sale gives you bargaining leverage. You may also be able to negotiate price reductions.

Being without a home is the biggest fear of selling before you’ve purchased a new one. But experts agree that the advantages out-weigh the disadvantages. Selling and buying a home at the same time is a daunting task. You may find your dream home more affordable than anticipated, but selling your current home is the current market condition may not be easy.

RESIDENTIAL DETACHED

N.Delta

Surrey

W.Rock

Langley

Abbots

Apr ‘09

$457,648

$471,716

$732,113

$489,156

$396,684

Mar ‘09

$463,488

$482,661

$745,069

$497,377

$401,367

change

-1.30%

-2.30%

-1.70%

-1.70%

-1.20%

Apr ‘08

$491,875

$534,825

$877,487

$541,508

$462,195

change

-7.0%

-11.80%

-16.60%

-9.70%

-14.20%

TOWNHOUSES

N.Delta

Surrey

W.Rock

Langley

Abbots

Apr ‘09

$342,960

$300,596

$392,600

$303,226

$275,103

Mar ‘09

$368,420

$291,641

$397,900

$293,715

$251,870

change

 -6.90%

3.10%

-1.30%

3.20%

9.20%

Apr ‘08

$295,000

$333,963

$463,276

$336,778

$286,144

change

16.30%

-10.0%

-15.30%

-10.0%

-3.90%

APARTMENTS

N.Delta

Surrey

W.Rock

Langley

Abbots

Apr ‘09

$200,000

$196,051

$272.404

$232,881

$178,729

Mar ‘09

$193,500

$209,716

$268,063

$219,348

$166,700

change

3.40%

-6.50%

1.60%

-1.90%

7.20%

Apr ‘08

$258,075

$218,441

$324,653

$232,881

$204,440

change

-22.50%

-10.20%

-16.10%

-7.60%

-12.60%

For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.

“We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.”

“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”

Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.

Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.

Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.

(Surrey, BC) – The Fraser Valley real estate market continued to show signs of rebalancing in April with the number of sales increasing for the third month in a row while the volume of available properties stayed constant. Benchmark prices for detached homes and condominiums also showed increases over the last three months.

There were 1,293 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in April, reflecting a 28 per cent decrease compared to the 1,787 sales in April of last year, however, a 29 per cent increase over March sales. At the same time, the Board received 44 per cent fewer new listings compared to one year ago, 2,477 in contrast to 4,458 in April 2008, helping to stabilize the number of active listings in the Fraser Valley at 9,855.

Paul Penner, President of the Board, says current conditions have created one of the best buying opportunities in years. “REALTORS® have successfully communicated to their sellers to be more realistic with their prices, which is why we’ve seen a 29 per cent increase in sales from March to April.”

Penner also attributes the increase to all-time historically low interest rates and still relatively high inventory for Fraser Valley, although it is dropping rapidly.

“In April, REALTORS® received 44 per cent fewer new listings compared to a year ago and 18 per cent less than we received in March. When supply and demand start to balance out, the effect is that prices begin to fi rm up and that’s exactly what we’re seeing.”

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to April 2008. However, it has increased by 1.8 percent over the last three months. The benchmark price was $460,229 in April 2009 compared to $513,403 last year.

The HPI benchmark price of Fraser Valley townhouses decreased 11.6 per cent from $333,982 in April 2008 to $295,078 in April 2009. That decrease, however, slowed to 0.1 per cent during the last three months. The benchmark price of apartments also decreased year-over-year by 11.4 per cent going from $260,037 in April of last year to $230,337 in April 2009. Similar to detached homes, the benchmark price for apartments has increased by 4.4 per cent over the last three months.