5 Best Home Upgrades for a Resale

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Preparing your home for sale? Always wanted to upgrade? Well, now is the time! Upgrades for a resale can increase the value, help sell your home faster, attract more and new buyers, and most importantly earn most, if not all, of your investment back! Below are 5 Best Home Upgrades for a Resale from Style at Home.

1. Kitchen

Forget fully gutting and renovating! Simpler changes such as granite counter tops, new back splash, stainless steel appliances, hardwood floors can increase the value of your home and attract more buyers. Plus! The kitchen is a known and famous room for earning back most, if not all, your investment.

2. Hardwood Floors

This type of flooring is very popular among home buyers, especially on the main floor. If your floors are refinished but getting worn, consider sanding and resealing to give them a fresh shine.

3. Master Ensuite

This room is definitely worth updating if your ensuite is in need of a new look. Consider upgrades such as double sinks, high-end tiles, a rain shower head,  and heated floors to give it a luxurious feel.

4.  A Finished Basement 

Number 3 on a buyers’ wish list (after kitchen and bathroom)! A brand new, trendy basement can be a stand-out element of your home in the eyes of the buyer.

5. Landscaping

Well-maintained gardens with colourful flowers, planters, and even some hardscaping can give a fresh, attractive look.

 

For more of Style at Home’s Best Home Upgrades for a Resale, click here.

Source: Style at Home

If you have any questions regarding how to upgrade your home for a resale, please give us a call at 604-588-4466 or email us at info@brokersmart.ca

FVREB February Statistics

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The Fraser Valley housing market ready for spring! The Fraser Valley Real Estate Board (FVREB) says improvements in the market have been showing earlier than anticipated. The FVREB February Statistics has been released and the key details of the Fraser Valley market are below.

Key Stats: 

  • Total Sales: 1,102, an increase of 43% compared to January 2014
  • Active Listings: 8,210, an increase of 11% compared to January 2014
  • New Listings: 2,666, an increase of 3% compared to February 2013

 

Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market for February through to mid-summer. It’s too early to predict whether this year will be similar.”

“Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increase in activity are specific to property type and location, so be sure to ask your REALTOR® how your home and neighbourhood compare,” Werger adds.

Benchmark Prices

  • Detached Homes: $558,100, an increase of 3.2% compared to February 2013
  • Townhouses: $298,900, an increase of 0.7% compared to February 2013
  • Apartments: $193,200, a decrease of 4.6% compared to February 2013

Werger also states, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par of elevated compared to last year.”

*All statistics are from the Multiple Listing Service® (MLS®)

To view the entire FVREB February Statistics Report, click here.

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca

REBGV February Statistics

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The February Statistics Report has been released by the Real Estate Board of Greater Vancouver (REBGV). The housing market of Greater Vancouver continues to perform steadiness as it follows historical averages.

Key Stats:

  • Total Sales (Residential Properties): 2,530, an increase from 40.8% from February 2013 and mirroring the 10-year sale average for the month of February, 2,547 (17 sales apart the two digits)
  • Sales-to-Active Ratio: 18.9%, an increase of 4.9% from last month
  • New Listings: 4,700, a decrease of 2.8% from February 2013 and a decrease of 12.1% from January

Benchmark Prices:

  • Residential Properties: $609,100, an increase of 6.3% from February 2013
  • Detached Properties: $932,900, an increase of 3.5% from February 2013
  • Apartment Properties: $373,300 an increase of 3.6% from February 2013

Sandra Wyant, REBGV president said, “Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market. We typically see home buyers become more active in and around the spring months.”

“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions.”

*All statistics are from the Multiple Listing Service® (MLS®)

To view the entire REBGV February Statistics report, click here.

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca

CMHC Increases Mortgage Premiums

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News Update in the Mortgage Market:

CMHC (Canada Mortgage and Housing Corporation) increases mortgage insurance premiums to 15%, effective May 1, 2014. The premiums are for homeowners and 1-4 unit rental properties.

The rise will only apply to those mortgages unwritten after May 1, 2014 and will apply to all homeowner business from that day, forward.

It is not be expected to have a major effect on the housing market.

During the media conference call, Peter De Barros, CMHC’s executive director of communications said, “In 2013 the average CMHC insured loan at 95 per cent loan to value ratio was $248,000; using these figures a higher premium will result in an increase of approximately $5 to the monthly mortgage payment for the average Canadian homebuyer. This is based on a five-year term using current mortgage rates and 25 year amortization.”

CMHC mortgage insurance premiums are reviewed each year and is planned to make premium announcements in Q1 of every year going forward.

To see the full article from Mortgage Broker News, click here.

If you have any questions regarding the CMHC mortgage premium increase, please give us a call at 604-588-4466 or email us at info@brokersmart.ca