Latest News
Our latest ramblings.
Enjoy! We definitely have important things to say!
Our latest ramblings.
Enjoy! We definitely have important things to say!
The majority of home sellers understand the simple basics that need to be done in order to prepare you home for a showing – vacuuming, cleaning, cutting the lawn, fluffing the pillows, etc. But, there are numerous hidden, uncommon staging tips that can make your home a more desirable option for potential buyers – making it just a bit more attractive.
The Kitchen (One of the most important rooms people consider when buying home)
Simple Tip:
Clean the stove, sink, and countertops to become absolutely spotless
Hidden, Uncommon Tips:
Grind a lemon to eliminate any lingering odours to give it a fresh, inviting, natural scent to the room
Arrange the contents of your refrigerator and pantry to face forward for a more organized, tidy, visual appeal
The Bathrooms
Simple Tip:
Scrub the tub!
Hidden, Uncommon Tips:
The toilet lids are closed
Hang matching towel sets on the racks for a uniform look
The Bedrooms
Simple Tip:
Beds are made, pillows are fluffed!
Hidden, Uncommon Tips:
Make sure nothing is lying around on the floor or misplaced
A shirt draped neatly over a chair or shoes lined up against the wall can appear messy to some potential buyers
The Play Place (if you have children, tidiness of the toy room is important)
Simple Tip:
Tidy up the toys on the floor and put them away into bins and boxes
Hidden, Uncommon Tip:
Set the toys up to be “staged” instead of throwing them into a corner or into a box. For example, you can set up a train to displayed how you find it at the store. If you have race track, set up the cars to be ready to race.
Extra Hidden, Uncommon Tips:
Did you know house plants look their biggest and brightest approximately four hours after you water them?
Turn all the lights on – open and brighten the house up – this includes the fireplace and even that one above the stove!
Don’t forget the tunes! Throw on some easy listening tunes for the background. Remember to keep the volume low as the potential buyers shouldn’t have difficulty talking above the music.
These hidden, uncommon stagings tips will only take just a few minutes to execute – but it’s worth it. Studies show that a well-prepped home for viewings will help sell your home faster and at a higher price.
Get up-to-date with the key stats listed in the newly released Fraser Valley Real Estate Board (FVREB) October Statistics Report. Below is an overview of from the report on the current housing market situation is the Fraser Valley region.
Consistent with 10-year Average
The benchmark prices reported for October:
Ron Todson, President of the Fraser Valley Real Estate Board, states in the press release, “We’ve had a great summer and good early fall, but it’s important to remind everyone of the context. The last four months of 2012 we’re amongst the slowest for our real estate market in the last 15 years. What we’re witnessing is a return to a balanced residential market indicated by prices remaining unchanged or down slightly compared to a year ago, stable inventory levels and the average length of time to sell a home is about two months.”
To view the full FVREB October Statistics Report, click here.
If you have any questions, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
For more blog posts on the real estate industry, click here.
October has flown by! End of the month calls for new stats. The Real Estate Board of Greater Vancouver (REBGV) October Statistics Report on the housing market has been released. Below gives you a quick overview along with some key points of the report.
Balanced Conditions continue this month
Sandra Wyant, President of REBGV said in the October Statistics Report, “We continue to see fairly typical activity when it comes to monthly home sale and listing totals. Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”
Check out the YouTube video of the October Statistics from REBGV.
To see the full, published report on the October Statistics click here.
If you have any questions regarding the above, please give us a call, 604-588-4466 or email us info@brokersmart.ca
For more blog posts on real estate related topics, click here .
When you’re ready to close that deal, it is important to know the costs associated when buying a home. Here are the 10 Closing Costs:
1. Land Transfer Tax
When a home changes hands, many provinces and a few municipalities charge a property transfer tax or title transfer fee. Rates are usually on a scale of 0.5% to 2% of the home’s value and can add thousands to your purchase price. First-time home buyers qualify for rebates or exemptions in some provinces.
2. Appraisal Fee
Your lender may ask you to have a home appraised to confirm its market value. Fees vary depending on a property’s value and complexity, but are typically around $400.
3. Legal Fees
A lawyer or notary will help protect your interests by reviewing your purchase agreement, searching the property title, and ensuring that all documents are completed properly. Basic legal fees start between $500 and $800, plus disbursements, with added services as needed.
4. Home Inspection
An inspection can help make you aware of issues related to a house’s structure and systems, such as plumbing and electrical, and recommended or necessary repairs. Fees range from about $350 to $450.
5.Home/Fire Insurance
Your lender will require proof that the property is insured in case of fire and other damage. Insurance costs vary, depending on the coverage needed, but budget for at least $500 a year.
6. Costs for Newly Constructed Homes
If you’re buying a brand-new home, be prepared to settle any items not quoted in the original price, including upgrades or paving and landscaping fees. New homes are also subject to 5% GST, although this is often included in your purchase price. A federal rebate reduces the GST or the federal part of the HST to about 3.5% for homes valued at $350,000 or less.
7. Prepaid Costs
If the seller has paid property taxes, water bills, or utilities in advance, you’ll need to reimburse these at closing. This can add hundreds to your upfront costs, but means these bills will be paid for your first months in your new home.
8. Tax on Mortgage Insurance
If you have less than a 20% down payment, your lender will require that you obtain mortgage default insurance. You can roll the cost into your mortgage payments, but the PST is due at closing. For example, if your mortgage insurance is $5,000 and the PST is 8%, you’ll pay $400.
9. Title Insurance
Title insurance can safeguard you against fraud and problems with your property title or survey. Fees range from $150 to $350.
10. Moving-In Costs
Before the big day, budget for all those last minute things: $100 or more to rent a van or a few hundred for professional movers, $50 to $60 for a locksmith to re-key your locks, and cleaning supplies.
If you have any questions regarding the above, please give us call to discuss.
604-588-4466 info@brokersmart.ca
For more blog posts on real estate or mortgage related topics, click here .
Last week, the Bank of Canada released their October Monetary Policy Report. Below are the key facts and findings regarding the future outlook of the Canadian economy.
The Monetary Policy Report forecasts the growth of the economy each year in order to reach full capacity around the end of 2015. The Canadian economy is expected to grow by 1.6% in 2013, 2.3% in 2014, and 2.6% in 2015.
Stephen S. Poloz, the Governor of the Bank of Canada, states in the Press Release three important domestic risks:
1. Given projection for global growth, exports therefore, could be even weaker than assumed. If competitive challenges were greater than anticipated, this is a risk that could be materialized and would result in an even larger loss of market share.
2. On the upside, as confidence returns, domestic momentum builds faster than expected. Business sentiment could improve rapidly if foreign demand becomes more stable and the domestic demand continues to grow at a moderate pace.
3. The unwinding of household imbalances, which are still elevated. Household spending remains strong but there is a slower growth of household credit and higher mortgage interest rates.
The Bank is expecting a more stable balance between foreign and domestic demand to be achieved over time. This will in turn result in more self-sustaining growth for the economy. In recent months, the inflation rate has remained low. This reflects the increase competition in the retail sector, the slow-moving economy, and other specific related sectors.
Overall, the Bank of Canada judges that the monetary policy currently in place remains appropriate. It has decided to maintain the target for the overnight rate at 1%.
Given the above, the next increase in prime is not expected until 2016, which is more great news for variable rate mortgage holders.
To view the full October Bank of Canada Monetary Policy Report, click here.
To view the Press Release of the announcement of the Bank of Canada Monetary Policy Report, click here.
If you have any questions regarding the above, please give us call to discuss.
604-588-4466 info@brokersmart.ca
For more blog posts on real estate or mortgage related topics, click here .
Up for a renewal? Here are 10 simple things to consider when it’s time to renew your mortgage.
1. Have you explored all your options?
Once you receive your mortgage renewal statement, there is nothing easier than simply signing on for another term. But while this may make sense in many cases, your family or financial situation may have changed over time. We can look for opportunities that could better meet your needs for right now, in your life.
2. Are you comfortable with your payments?
If you’ve been feeling financially strapped each month making your mortgage payments, this could be the time to reduce them to a more easily managed level. On the other hand, if you’re earning more, why not pay down your mortgage faster and save thousands of dollars in interest over time?
3. Do you need cash flow for other things?
Your priorities may have shifted since you first bought your home, and your cash flow needs can shift too. Things like paying for a child’s university education, planning a career change, or a major purchase such as a vacation property, may call for spending money on things other than your home. You may be able to refinance your mortgage to take this into account.
4. Can you handle fluctuating rates?
Some homeowners are nervous about any hikes in interest rates, while others are comfortable to go with the flow. Rates are tough to predict. It’s best to base your decision on your personal situation, not what you read in the news, and tailor your mortgage renewal around your needs. We can help you decide whether to opt for fixed or variable rates – and we don’t want you to lose any sleep over your decision!
5. Will you sell soon?
If you are likely to sell soon, consider a short-term mortgage or one that has flexible terms so you’re not penalized if you sell your house before the mortgage comes due.
6. Are you thinking about a major renovation?
You know that projects such as a new kitchen or an addition can make your home more valuable, but the cost of having the work done can tie up a lot of money. Before you renew, look at all your financing options, which may include getting an additional line of credit or keeping your monthly mortgage payments low so you have money on hand to finance the renos.
7. When do you want to be “mortgage-free”?
If you’re planning extended time away from work or perhaps an early retirement, it may make sense to pay down your mortgage sooner rather than later. While increasing your payments will raise your monthly costs now, you’ll ultimately save on interest in the long term and can prepare for that fabulous, mortgage-free lifestyle.
8. Could you use your home equity to fulfill other goals?
Refinancing a mortgage can be one way to free up cash you need for other things, which could even include buying another property. Mortgage renewal time is an ideal occasion to review all your options.
9. Have your insurance needs changed?
If your financial situation has changed since you first took out your mortgage, review whether you need the same level of insurance in place to cover mortgage obligations.
10. Are you getting the best rates and terms?
In a competitive mortgage environment, your good credit history can make refinancing work to your advantage. We analyze mortgage markets daily to ensure you don’t miss any money-saving opportunities.
If you have any questions regarding your mortgage renewal you can give us a call at 604-588-4466 or email us at info@brokersmart.ca
19978 72nd Ave. Unit 205
Langley, B.C. V2Y 1R7
P: 604-588-4466
F: 604-588-4483
info@brokersmart.ca