WAITING COULD BE BAD
Buyers who choose to wait until "Prices" drop further are really taking a gamble. What is not really understood is how the "Interest Rate" impacts the real monthly cost of home ownership.
A 10% drop in price is totally wiped out with just a 1% increase in interest rates. With interest rates being as low as I have seen them, they really only have one direction to go... UP..
Let me give you some figures. Based on a 35 year Amortization
Home Price--$350,000 Interest Rate-- 4.39% Payment-- $1624 mo.
Home Price--$315,000 Interest Rate-- 5.39% Payment-- $1656 mo.
Now is the time to buy...
Check out current Mortgage Rates - Fill out an Application for Pre-Approval www.mortgageinBC.com
You want to get going? Look at some homes in the Lower Mainland? www.darrenrevell.com
If you have driven on 224th between Dewdney Trunk and Lougheed in Maple Ridge, you have seen some of the construction going on in this area. This project, among other things, is to beautify the area. The municipality is even constructing a new water feature to the West side of Memorial Peace Park, adjacent to 224th Street.
below is the schedule, posted by the Municipality, on the construction dates as planned.
Date Work to be Completed Duration February 16 Main testing and flushing 1 Week March 2 Final Tie-ins and paving 1 Week
January 26 Water Main installation on north bound lane Complete
February 11 Relocation of 4 trees on east side of 224 Street 1 Week
in front of Memorial Peace Park
February 16 Storm Sewer installation and tie-ins on So. bound Ln. 2 Weeks
February 16 Removal of trees on west side of 224 Street between
119 and McIntosh Streets 1 Week
This is the schedule that has been given to the Municipality by the Contrator and is subject to change due to weather. We should be enjoying the changes this Spring and Summer..
I think it is about time. I remember a few years back that there was a lot of media coverage about home inspectors in the Lower Mainland of BC that were not really doing the job that they needed to do while performing inspections. There was really no governing body. Many had passed this course or that course, but really, there was nothing to give the consumer to let them feel confident that the inspector that they chose would do the job that they needed. As a real estate professional, we get to know the inspectors that do good work and we were able, for the most part, to recommend three inspectors that we trusted ourselves. Some of which even carry Errors and Omissions insurance.
The British Columbia Real Estate Association (BCREA) has recommended that the inspectors be licensed since the late 90's and now it looks as though this has gone through.
After March 31 of this year, inspectors are going to need to be licensed in order to practice in BC. This, hopefully, will insure that the inspectors have a certain level of knowledge to help the consumer have confidence in the home they are purchasing. "Solid information helps consumers have confidence in their home buying decisions," said, Scott Veitch, President of the BCREA.
Looking forward to still working with the inspectors that we have come to trust in our area and hopefully add a few for the busy times to come.
Mortgage rates are the lowest that I have seen them. It is amazing what you can get a 5 year fixed rate at these days. We have one on a quick close, needs to fund by the end of the month, at 4.19%. There are a number of lenders right now offering 4.49% on a 5 year, and a few that have then at 4.39%. Of course these are based on if you qualify.
These rates are as of yesterday and may change without notice.
So, if you are looking to buy a home, now is actually a great time. As I put in a previous post
Prices are down in BC
Rates are down in BC
Incomes are UP in BC
Great time to buy - OR move up to the home you have always wanted.
Let me know where I can help you.
Thanks,
Darren Revell - Dominion Lending Centres Mountain View
Keller Williams Results Realty
604-719-3805
www.darrenrevell.com www.mortgageinBC.com
Thought I would post a few more statistics here regarding the market here in Greater Vancouver. These statistics come from CMHC and are quite interesting.
By Quarter - 4th Quarter of 2007 and 4th Quarter of 2008
DETACHED -
Number of sales - 2007 - 2904 2008 - 1170
Active Listings- 2007 - 4372 2008 - 7520
Sales to Active listings Ratio - 2007 - 22% 2008 - 5%
(above figure state that in 2007, one in 4.54 listings sold and in 2008 one in 20 listings sold)
Average Price - 2007 - $827,068 2008 - $804,565
-----------------------------------------------------------------------------------------------------------
ATTACHED -
Number of sales - 2007 - 1391 2008 - 525
Active Listings- 2007 - 1469 2008 - 2857
Sales to Active listings Ratio - 2007 - 31% 2008 - 6%
(above figure state that in 2007, one in 3.2 listings sold and in 2008 one in 16.6 listings sold)
Average Price - 2007 - $487,452 2008 - $463,240
-----------------------------------------------------------------------------------------------------------
APARTMENTS -
Number of sales - 2007 - 3548 2008 - 1474
Active Listings- 2007 - 3917 2008 - 6551
Sales to Active listings Ratio - 2007 - 30% 2008 - 7%
(above figure state that in 2007, one in 3.3 listings sold and in 2008 one in 14.3 listings sold)
Average Price - 2007 - $411,190 2008 - $367,260
-----------------------------------------------------------------------------------------------------------
Interest Rates - Posted Rates... 5 Yr term
Dec- 2007 - 7.54% Dec- 2008 - $6.75
(Rates now are even lower, in many cases 4.39% and some lower. Non - posted)
AND---- My Final Stat for the day......
Average Weekly earnings - from Vancouver Labour Market
December - 2007 - $761 December - 2008 - $815
What is all of this saying? Prices are lower, Interest rates are lower, Earnings are higher...
IT IS A GREAT TIME TO BUY!
Check out interest rates and Mortgage information at:
Check out housing information at:
or email me:
Based on boundaries of the REBGV, does not include Langley, North Delta, Surrey or White Rock.
Real Estate Agent in BC. Specializing in Maple Ridge, Tri-Cities, Pitt Meadows, Mission, and surrounding areas. Let me know where I can help you.
I am a Real Estate Agent with Keller Williams Elite Realty serving in the Lower Mainland of BC and specializing in Maple Ridge and surrounding areas. See my website at http://www.IsellBC.com.
Use this section to write about your specific areas of expertise. Do you specialize in first time buyers - listing high end homes - etc. Are there specific market area's that you specialize in? The more you write about your area's of expertise the more knowledgeable you'll sound to a potential buyer or seller.
After 22 years in the same home, the kids gone, my husband and I decided it was time to downsize and buy a new home. We had the extreme good fortune to be introduced to Darren Revell, which made the idea of selling and buying less stressful and difficult. Darren prides himself on his honesty and integrity and for good reason - he is one of the most honest men we have met. He helped us completely through the whole process, never left us guessing or wondering what was going to happen next. At one point he had to leave the city for a short duration, but called before leaving to let us know if we needed anything, one of his colleagues was available to us. His reasons for leaving the city were unexpected and due to a family emergency, but he still took the time to ensure we were looked after.
Darren is a great person, an honest individual, who will ensure that you are looked after and your needs are being met. He treats everyone like they are his only client and helps you find a home that you will be happy with - thanks to Darren, we are truly happy in our new home. Yvette and Robin Gascoigne
Selling and / or buying a home can be a very stressful time and finding the right estate agent to help you, that you are comfortable with and feel that you can trust can be an extremely difficult thing. Especially when you are new to a country as we were.
On meeting Darren, we were comfortable with him straight away. Here was an honest man, with professionalism and principles that we felt we could trust. A sincere estate agent, which is a rare thing! He took the time to explain things to us in a way that we could easily understand and kept us on the right track.
He kept in touch with us regularly and we never felt that we had to chase him to find out how things were going. By also giving us access to a webpage where he noted details on the various individuals that had been to see our home and their comments, it was a great way to feel that we were kept in the picture and informed.
He sourced new homes for us to potentially buy and spent the time going round them with us, to help us find the right one that we wanted, and we most certainly did! Darrens help in negotiating the purchase price was excellent and the deal was sweet!
We would not hesitate to recommend Darren to anyone looking for a real estate agent. We appreciate all of his support and time, and not only did we find a new home that we love, but have acquired a good friend in the process.
Helen & Douglas Dutch
In October, 2004 I purchased my first home through the assistance of Darren Revell. Darren was extremely helpful in the searching of the residence. His support, his endless effort, and his knowledge of the field are the reason why I have found my dream house.
I would highly recommend Darren to anyone that is in need of purchasing a home.
Carrie Hudson
Darren Revell has assisted with the sale of a home in the Meadow Highlands Housing Co-operative. The sale arose as the result of the passing of an elderly friend. Darren handled the sale in a professional and courteous manner. He was able to navigate through the sale from an estate without difficulty.
We are happy to recommend Darren to anyone who is looking for a professional in the area of real estate sales.
Please do not hesitate to contact me for more information.
Yours truly, Art Musson, C. M. A.
It is our pleasure to write this note of commendation regarding what a fine job Darren did in handling our property sale and new home purchase. He demonstrated himself to be a professional, honest realtor with a pleasant outlook who provided great attention to detail.
Darren first listened to what our needs were and thoroughly each and every stage of the process in order to make sure we were confident in our dealings. His negotiating skills were very effective and our house sold immediately at the price we had wanted. Darren dealt swiftly with the paper work, kept us informed each step of the way and was always available for our calls and questions.
While helping us locate a new home Darren provided us with listings immediately and set up many viewing appointments on a daily basis. His knowledge of the Maple Ridge/ Pitt Meadows area was exemplary and he gave us his undivided attention while looking for a new home. He always took last minute requests for viewing properties, called us back immediately and accommodated our schedule. He referred inspectors and financial professionals to us and made sure everything was completed in a timely manner.
We had a very smooth, speedy and positive experience with Darren in selling our old home and purchasing the new home that we love.
In fact, we sold our home and had an offer accepted on the home we purchased within 10 days. We would highly recommend him and know he would be just as committed and work as hard for other clients as he did for us.
Sincerely, Alan and Virginia Towers
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