Real Estate Guide - Real Estate Resource Guide - Spring/Summer 2015

HOME BUYERS SPRING / SUMMER

GUIDE 2015

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SPRING / SUMMER HOME BUYERS GUIDE

Fraser Valley property sales

remain strong

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

The Fraser Valley Real Estate Board (FVREB) processed 1,337 sales on the Multiple Listing Service compared to 1,102 sales in February of last year. New listings in February totaled 2,610 which added up to 7,864 active listings, up from January’s 7,307 but a decrease of 4 per cent compared to February 2014’s 8,210 active listings.

A measurement the real estate industry relies on to gauge the health of the housing market is the ratio between sales and active listings. For the Lower Mainland, the balanced range is between 12 and 20 per cent; which means when it’s less than 12 it favours buyers and greater than 20 it favours sellers. The ratio in February for single family detached homes was 26 per cent; townhomes 22 per cent and apartments 12 per cent.

Maisey adds, “Our best seller in the Fraser Valley remains the single family detached home, followed by townhomes in part because almost half our buyers are “It was our busiest February since 2007,” families with children, but also because says FVREB president Jorda Maisey. “In my these products are so much more affordcommunity of Langley, the average num- able in the Fraser Valley. With a typical ber of days to sell a detached home is now townhome costing less than $300,000 and less than one month and it’s a challenge interest rates so low, many first-time buyfinding the right product for some of our ers are finding they can get more for their buyers, however every area is different. To money here.” understand the market for your home in The MLS Home Price Index benchyour neighbourhood, talk to your realtor.” mark price of a Fraser Valley single fam-

ily detached home in February was $581,400, an increase of 4.2 per cent compared to February 2014 when it was $558,100.

In February, the benchmark price of townhouses was $297,200, a decrease of 0.6 per cent compared to $298,900 in February 2014. The benchmark price of apartments also decreased year-over-year by 1.8 per cent, going from $193,200 in February 2014 to $189,700 in February 2015.

Across Fraser Valley, the average number of days to sell a single family detached home in February was 41 days, ten days faster than last year. Townhouses on average took 55 days to sell; one day faster than last February, while Fraser Valley apartments sold on average in 70 days, on par with February 2014.

The FVREB is an association of 2,751 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

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THE ABBOTSFORD NEWS / MISSION RECORD

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Finding the For most people, their homes are their most valuable assets.

When you buy or sell property, it is important you work with someone you can trust to get the job done.

A realtor is a trained professional who can help you through a property transaction and educate you throughout the process.

There are thousands of realtors to choose from in the Fraser Valley region. While they all would likely welcome you as a client, each realtor has a different personality and background.

Some may have many years of experience and specialize in detached homes and commercial properties, while others may like to work with the latest technology and focus on condos and townhomes.

Always meet with a realtor and interview several before selecting the one with whom you would like to work. Learn how they do business and which areas they specialize in.

Discuss your expectations. Pick someone that best suits your needs.

All realtors are licensed under the Provincial Real Estate Services Act. Search the Real

right realtor

Estate Council of BC website (recbc. ca) to make sure they are a member in good standing. Any disciplinary action against a member is also posted on this site.

Here are some more tips on how to find a realtor:

• Ask friends and family for referrals.

Maybe there is someone they have worked with and can recommend.

• Check out the websites of individual realtors. Find out how many listings they have and see if any of them catch your eye.

• Visit a local real estate office. Tell them

what you’re looking for and they can find a realtor to match you with.

• Ask the realtors you meet with for references. Talk to their past clients about their experience.

• Discuss numbers. If you’re selling your

home, how much commission does the realtor want and how long are you obligated to work with them?

• Take your time to find the right realtor you can work with.

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Secrets to a successful move Busy moving season is right around the corner. Summer is the busiest time of year for professional movers, but these tips will make your transition much smoother.

Moving companies usually need plenty of notice (often at least six weeks). Call them early if you’re planning to use one.

Plan ahead. If you want to make changes to your new home (like paint a wall, or put in new flooring), do it before you move in. That way, your furniture and belongings are not in the way.

Don’t bring things you don’t need or want. Look through your house for rarely used items and discard anything that’s beyond repair. Have a yard sale to get rid of the rest and take unsold merchandise to the charity of your choice.

Make notes about your new house (room/door measure-

ments and locations of electric/ cable/phone outlets) so you’ll have a good idea about where your belongings will go. Measure appliances to make sure they fit the space available and that you’re able to get all your furniture through the doorways of your new house.

ing boxes and packing material can be expensive. Instead, ask grocery stores, electronics stores and office supply stores for their discarded boxes. Also, invest in a tape gun and start saving up newspapers (ask your friends for theirs too) so you’ll have plenty of packing material if you don’t want to buy bubble wrap.

If the previous homeowners are taking their curtains and blinds, you’ll want to measure windows in places you want privacy immediately (like bedrooms and bathrooms) and buy curtains or blinds before you arrive.

If you’re using a mover, be sure to pack any small, nonbreakable, valuable items (such as jewelry) separately so you can take it with you in your own car. Large valuable items, such as artwork or electronics, should be clearly noted on the mover’s inventory form in case of damage during transit and make sure you buy insurance to cover any damage that may occur.

Fill out a change of address form at the post office and start arranging now for phone and utility hookups. Phone companies usually need a few days (or even a week or more) to get you connected. Arrange for the type of internet connection you want and order extra phone jacks or cable outlets if you need them.

Gather packing material. Buy-

Label your boxes. Write down what’s in each box and which room it should be moved to. This will help when you unpack in your new home.

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Things to consider when buying a Heritage homes are full of character, but they are not the ideal house for everyone to own.

The Fraser Valley Real Estate Board advises homebuyers to do their homework and consult with a realtor to discuss whether owning a heritage home is right for them.

8

SPRING / SUMMER HOME BUYERS GUIDE

The FVREB also offers the following points for you to consider if you are thinking about purchasing an historic home:

The context As a heritage home, your potential new residence holds unique qualities that establish it as a part of your community’s history. As the

heritage home

owner, you inherit the responsibility of preserving those qualities and, unlike owners of new homes, you may be restricted in how you choose to alter or upgrade its design.

Grants Depending on where you live in the Fraser Valley, your municipal-

ity may offer grants in the support of maintaining heritage buildings or properties.

Sustainability One of the appeals of purchasing and living in a heritage home is that it’s more eco-friendly than building new. Restoring an established home requires less energy

and materials, and produces less waste than constructing a new home from scratch.

new home can be livable and safe.

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When purchasing a heritage home, it’s important to be both prepared and informed about your potential new residence before closing the deal. Your realtor can refer you to inspection agencies that will ensure the home is safe and in livable condition.

Another characteristic that separates heritage homes from regular homes is how they’re insured.

Heritage homes are risky for insurance companies to take on due to their nature as aged buildings that include many quality unknowns.

Often, this will mean insuring your heritage home will be more expensive.

Old homes, old traits

Up to code

By their nature, heritage homes are, to put it bluntly, old. And along with the beautiful aspects of age come the unfortunate realities. In the case of this style of home, those realities include issues relating to heating and electrical, drainage, waterproofing, and more. Make sure you consult the appropriate specialists who can ensure that your potential

The BC Building Code is a regulation that sets minimum provisions respecting the safety of buildings with a reference to public health, fire protection and structural sufficiency. Your realtor will be able to obtain a copy of the BC Building Code and elaborate on the alternate methods for complying with the performance level intended by the regulation.

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BC and Canadian Real Estate to know

websites

Purchasing a home will likely be the most important buying decision you’ll ever have to make so it is important to do your own research, understand your rights and find professionals that you are most comfortable working with.

Consumers today have access to scores of information that can help them find a property, a realtor and connect all the dots in between.

If you’re deciding whether to buy or sell a home, it’s critical that you understand and properly assess your personal and financial circumstances against current housing opportunities.

The realtors of Canada and other real estate professionals have provided a wealth of information online

www.realtor.ca Formerly mls.ca, this is the most comprehensive and popular real estate listing website in the country.

In 2008, the Canadian Real Estate Association rebranded and re-designed mls.ca to become realtor.ca. This change brought upgraded search functions and capabilities, which provide a streamlined experience for people using the site.

If you’re looking for a property in BC, you can search by area or MLS® number. If you’re looking for a realtor, you can search the province by name,

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company or area of specialty.

www.abbotsfordrealestatereview.com Stay apprised of current real estate listings, open houses and recently sold properties by referring to the online version of the Real Estate Review, as published every Friday in The Abbotsford News and Mission Record.

View the current and past issues listed by publication date, and all advertised websites are hyperlinked to allow browsers to click through and find out more about the realtors’ listings.

For listings in the Chilliwack area, look at www.chilliwackrealestatereview.com.

www.rebgv.org A wide-ranging, one-stop website for real estate information. The Real Estate Board of Greater Vancouver’s website offers visitors a 360-degree look at local real estate, providing detailed MLS® statistics, monthly podcasts, consumer guidance and other information and links related to local real estate.

On the site, you can track home prices in your area, search for a realtor, read about government initiatives that impact local real estate, and learn about the various cost-savings programs available for homebuyers and sellers.

The site also features a wealth of consumer information related to buying and selling a home, from checklists and FAQ’s to market data and community profiles. One of the most important measures

of home value in real estate is the MLS®Link Housing Price Index (HPI), and this website contains the latest HPI data as well as a comprehensive breakdown of home values across the region.

www.fvreb.bc.ca The Fraser Valley Real Estate Board serves the communities of Mission, Abbotsford, Langley, North Delta, Surrey and White Rock.

On this site, you can find information on about realtors and how they can help you sell your home or search for a new one. There are also property listings, maps of the communities, and information about relocating to the Fraser Valley.

www.recbc.ca A site for consumer protection and industry regulation.

The Real Estate Council of British Columbia is the body responsible for licensing and regulating REALTORS® in BC. Their website contains consumer protection information, as well as information on how to become a realtor.

One of the most important features of this site is the Complaints and Discipline section, which allows consumers to file complaints against realtors and inform themselves about recent disciplinary decisions.

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How technology is changing the experience

home-buying

The future of buying and selling a home has arrived with the use of 3D technology and virtual reality. Imagine the ability to use a phone or tablet to preview real estate before construction is even complete, or walk through a new home without leaving the comfort of your own?

Traditionally, the process of selling apartment suites has relied on a sales centre to provide display units, scale models and information to potential buyers. Over the years there has been little deviation from this brick and mortar mentality, until now.

“While display homes are great for some, there’s another larger audience of millennials who are ready to embrace a new way of shopping for homes,” says marketing director of Macdonald Realty Platinum Project Marketing, Kiran Rai. “3D technology is enhancing the experience of buying a home by giving them a stronger visual of what their home would like after construction.”

14

SPRING / SUMMER HOME BUYERS GUIDE

A new 35-storey highrise in Surrey – Evolve by WestStone Group – is using the revolutionary technology to give homebuyers the chance to go “inside” the building before construction is even complete. “In-Real Dimension” uses computer-generated imagery and interactive 3D rendering to make it possible. Visitors can hold 3D floor plans in their hands, manipulate the image, and walk around inside virtual models of the highrise and suites using an app on an Apple or Android device.

“Our marketing materials, including our ads and brochure all have scannable markers for the app, which is free for download on the AppStore and Google Play,” she says. “They can use the app anywhere, which extends the shopping experience from our sales centre to their own home.”

All the augmented reality, 3D, and app technology was designed and made possible by ThinAir Technologies in Abbotsford.

“The real estate market hasn’t been very inno-

vative over the last 20 years,” says Jayson Noftle, director of operations at ThinAir Technologies.

“When we saw the augmented reality technology, we saw the potential to give homebuyers an opportunity to preview a home, condo or townhouse long before they could actually get in there. This is the first mobile presentation centre of its kind in North America.”

With the downloadable technology, people anywhere can view the intricacies of the property and building for sale. A day after the launch of Evolve, the program was being downloaded all over the world.

“For instance, 25 people in China downloaded it and 12 in Russia – basically, people who would have never experienced the launch otherwise,” he says. “It allows us to get information farther out there and it also allows the marketing staff to learn about user habits by analyzing data, like how much time someone spent looking at one unit over another or if majority clicked on the

option for walnut cabinets over the maple cabinets. We can now understand when people are downloading, at what location, and how long they are using the technology for.”

Noftle calls this the “competitive edge” that the real estate market has been looking for, by allowing companies to tweak their marketing strategies based on buyer preference.

Clicking through photos or visiting a sales centre was once the most common way to gauge a space. Now holograms and 3D technology have changed that flat experience by offering a virtual tour that gives homebuyers a better sense of depth and design. The future of buying a home is literally in your hands.

For more information on ThinAir Technologies, visit thinairinc.com

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‘Evolve’ by WestStone Group using 3D technology to sell high-rise apartment suites in Surrey.

The App was created by ThinAir Technologies in Abbotsford and allows buyers to hold, manipulate and walk inside a virtual layout of the building.

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affordable

Knowing whatâ&#x20AC;&#x2122;s and to you

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Many people would like to start building equity in their own home, but concerns about cost hold them back. Media reports of housing prices can give a misleading impression about the cost of home-ownership. The media typically reports median or average prices without explaining what those terms really mean.

The Fraser Valley Real Estate Board was the first real estate board in Canada to offer a housing price index (HPI) which tracks the price of a typical, or benchmark property. HPI statistics can often provide a new depth of interpretation to average and median statistics. Ask a Fraser Valley realtor for details.

A median price is the price at which half the homes sold for more while half sold for less. That means that there are just as many homes that sold at a price lower than the median than those that sold at prices higher than the median price. Therefore, many properties are sold at much lower - or much higher - prices than the median price.

Low mortgage rates combined with affordability and selection have made Fraser Valley communities increasingly popular for buyers.

A realtor with experience in the community in which youâ&#x20AC;&#x2122;re interested in buying can provide a knowledgeable market analysis and show you what is available within your budget.

An average price is the total value of homes sold during a particular period, divided by the number of units sold. Average prices are typically reported for the sales activity in a given area and only provide a snapshot of past activity. Average prices of properties sold in the past give a very limited indication of what housing inventory is priced at today.

To view Fraser Valley properties for sale on the Multiple Listing Service, point your Internet web browser to www.realtor.ca and contact a Fraser Valley realtor.

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17

First Are you thinking of selling your home?

If you’re one of the many homeowners who choose this time of year to move — whether you’re trading up or down, or simply relocating — you’re probably starting to prepare your home for the sale.

impressions are lasting ones Before you become overwhelmed by the task, it’s a good idea to sit down and look at your home objectively. An attractive, wellkept home generally has a better chance of selling a little faster.

If you haven’t made substantial improvement or changes over the years, it’s not a good idea to take on major renovation projects simply to sell your home. This can be an expensive and lengthy proce-

dure and there are no guarantees that you’ll be able to recover all of your costs.

Instead, try to determine what types of minor cosmetic improvements can be made, like general cleaning, painting, floor refinishing, and so on. These projects generally don’t require a lot of capital and your home can be greatly improved by them. Consult with your realtor to see what

types of improvements make the most sense.

Start with the outside An inviting exterior ensures that potential buyers will inspect the interior, so it’s important to keep your lawn and hedges trimmed and edged, the flower beds cultivated, and your yard free and clear of clutter. If you have any loose siding or pavement, it’s

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a good idea to get these items repaired.

Missing shingles should also be replaced and loose shutters or awnings secured. You may also want to consider painting the exterior of your home to spruce it up a little. And if you have aluminum or vinyl siding or trim that’s quite dirty, wash it yourself or hire someone to power wash it.

If you have a garage, make sure the door is clean, attractive and in good working order. Also make sure the inside of your garage

doesn’t look too cluttered or unorganized. Keep patios, walkways and decks free of debris and clutter.

The inside story You can do a lot on the inside of your home as well without spending a great deal of money. Two primary areas to keep in mind are the kitchen and bathroom. Make sure they’re clutter-free, bright and spotless. This applies to kitchen appliances as well, especially if you’re including them with the sale of the home. Scrub sinks,

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toilets, bathtubs and kitchen appliances until they shine. If the carpeting in your home looks dirty or dingy, you may want to rent a steam cleaner, or hire a professional carpet cleaner. As well, keep in mind that rooms that are too cluttered will give the impression that they’re much smaller than their true size. Try to create a feeling of spaciousness when conducting your spruce-up. Pack away bulky or unused furniture and make the best use of your space. Now is the time to fix the cracked light-switch plates, bro-

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Homebuyers: The how and why of

home insurance

Few people consider the gravity of losing their belongings in a disaster until it has already happened, which is why it’s important to ask yourself “could you afford to lose it all?”

While no one intends for accidents to happen, they can and do.

Basic homeowners policies cover structural damage to a house caused by incidents such as fire and extreme weather conditions, or loss or damage of personal property due to theft, vandalism, and various other circumstances. Policies also cover lia-

bility up to certain limits, which protect the homeowner from being sued if someone is injured on their property. Expensive jewelry, art, instruments or clothing might require additional coverage.

As a homeowner there are a lot of questions to consider when it comes to insurance: Is it necessary? How important is it? What’s the right type of insurance?

Owning a home is a huge financial commitment and it’s important to understand how home insurance can help protect such a large asset.

“Buying a home is the single largest investment you will make in your lifetime,” says Parm Oberoi, manager

at Charlesworth Insurance. “The most common misconception when it comes to home insurance is that everything will be covered. It is not.”

Oberoi explains there are limits and conditions that affect policies, all of which can be discussed with an agent to help ensure there is no issue in the event of a loss.

“Another misconception is that house insurance is expensive,” she says.

“Considering all the coverage that is afforded by an insurance policy, it actually is very economical.”

Personal lines manager at Saxbee Insurance, Amarjit Brar, mirrors those sentiments, adding that an insurance broker can refer an insurance com-

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pany with a good claims history or a company more specific to an individual’s needs, such as a home-based business, daycare, etc.

“Information is vital,” she says “Highend counters or flooring? A pool?

The more information you can give to your insurance broker the better the policy can be tailored to the individual’s needs.”

Awareness is key when it comes to home insurance, and a certified insurance broker will be able to simplify the process and explain any exclusions and alternative insurance options.

Insurance broker, Teresa Dyck at Lyle Insurance says there are ways a per-

son can also help with the process of purchasing insurance.

“Come prepared with all the information that is needed when buying home insurance; details about the home (building age, square footage, type of flooring, updates to electrical, plumbing, roof, heat, hot water tank).

If it’s a new purchase we need closing date of purchase and move-in dates, previous insurance information, name of mortgage lender, just to name a few,” she says.

“It’s important not to choose a policy based on price alone, because the coverage provided by different insurance carriers can vary in areas such as how much jewelry coverage is automatically covered, earthquake

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deductible, and some have specific coverage that not all companies offer.”

can be incurred in clean-up, restoration, storage and living elsewhere, if you can‘t live in your home, while the repair takes place.”

Dyke says there are many misconceptions and questions when it comes to home insurance, so the simple answer is to speak with a qualified insurance broker who knows what to look for, what questions to ask and what the differences are between the policies available.

Saving a little money now could mean losing a lot more if something unexpected were to happen.

“Insurance is there to cover those losses that we just can’t afford to cover by ourselves, to put us back to where we were just before that fire, pipe break or break and enter happened,” she says. “Insurance not only replaces lost and damaged items, it helps with the additional costs that

If you’ve never considered home insurance, consider instead the shock of starting over without coverage, and ask if it’s worth the risk.

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21

Choosing a Lease vs. Mortgage

Leases

Usually leases are used more in commercial transactions than in residential ones, but you may be a landlord or a tenant who prefers to use a lease for a specified time period for any number of reasons, including stability of tenure.

A commercial lease is very involved and should be drawn up by a specialist in the commercial field and reviewed by a lawyer for each party. A residential lease is less complex and normally involves more than a standard rental agreement with an outline of the rules and regulations of the building

or complex, or expectations of the owner and tenant above and beyond what the Residential Tenancy Act sets out. If you have any doubts about how to draw a lease or how to interpret specific clauses, consult a lawyer or a realtor.

ing the number of payments or making lump sum payments, the assumability of the mortgage if the property is sold, and the portability of the mortgage if the seller wishes to use it on another property.

Mortgages

If you are a seller who is carrying financing for a buyer of your property, make sure that your lawyer reviews the documents before you sign them. If you are a buyer who is asking a seller to carry financing, make sure your own lawyer reviews the documents as well. Many serious issues may arise where the parties are unfamiliar with the law concerning mortgage financing.

Mortgages come in a wide variety of formats, depending on the lending institution. The buyer should check that the document matches the commitment letter they have signed outlining the terms, including the interest rate, the term, the amortization period, the prepayment privilege (“penalty”), the options (if any) for increas-

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