News From Jamie Moi:

Tuesday, May 7, 2013

Serenade

The sun is shining, the birds are singing and the everyone is in a much better mood after a little Vitamin D this weekend. Although this is the season of home buyers, I want to quickly address a limited time offer that a few of the lenders have. They are offering Free Refinances! Basically, you can refinance up to 75% of the value of your home and the lenders will pay the legal cost. If you have been thinking about a summer renovation project or want to consolidate some debt, this is a great program. Contact me for details. The best new development is Langley is nearly sold out and if you buy a suite, you have a 1 in 30 chance of winning a new car! Check out my Featured Property below and don't forget to get pre-approved to secure the lowest rates on the block. Call me today to get started!

For more info: http://jamiemoimortgageteam.blogspot.ca/2013/05/serenade.html

Jamie Moi, AMP

Mortgage Broker

Dominion Lending Centres - West Coast Mortgages Inc

Top Broker of 2012 for DLC West Coast Mortgages Inc

Ph: 604-534-6504

Fax: 604-534-6592

www.jamiemoi.com

http://www.facebook.com/JamieMoiMortgageTeam

I popped in to see the Red Maple Park Development.  It has a lot of features I think Buyers will appreciate.  Here is a summary of what they have to offer from their website.

Overview

This collection of two and three bedroom Langley townhomes ranging to over 1,500 square-feet features warm Arts-and-Crafts-style architecture. Contemporary interior design boasts open-plan layouts, gourmet kitchens with quartz countertops, warm laminate flooring, and sleek stainless steel appliances.

Residents of Red Maple Park can come together in the true centre of the community at The Maples Club; an impressive 8,400-square-foot resort-style amenity building. This spectacular clubhouse features an outdoor terrace with a pool & whirlpool, kitchen, fitness studio, theatre room, indoor playground, great room with fireplace and much more. Also, nestled just beside the clubhouse is The Maples Park - an expansive outdoor park and playground with a collection of exciting play structures for children!

For more info: http://www.polyhomes.com/community/red-maple-park

Sales on Fraser Valley’s Multiple Listing Service® (MLS®) in February experienced a typical ‘early spring’ surge, increasing by 48 per cent in one month going from 617 sales in January to 913 last month. However year-over-year, they reflect a decrease of 28 per cent compared to the 1,269 sales processed in February 2012. Since last September, home sales have idled at levels last seen in the early 2000s.

Based on February’s increase in activity, Ron Todson, President of the Board, is guardedly optimistic, “We’re seeing signals that the stand-off between buyers and sellers over the last six months is coming to an end.

“Business has picked up in the last month with increased traffic at open houses, sellers quicker to accept offers and homes selling on average two weeks faster than they did in January.”

Todson adds that tightening inventory has also had an effect, “When buyers see that their selection is diminishing they’re more motivated to act.” The Board posted 2,582 new listings last month, a decrease of 9 per cent compared to the 2,846 posted during February last year pushing the total number of active listings down by 1.6 per cent compared to 2012.

“As your REALTOR® will explain, each market is different. Right now, the market for detached homes is balanced in North Delta and Langley. The condo market is brisk in Abbotsford and Central Surrey and townhome sales are steady in North and Central Surrey as well as Cloverdale.

“One commonality amongst these areas and property types is greater affordability. What’s not doing well generally anywhere in the Fraser Valley is sales of higher-end homes unless they are priced competitively.”

In February, the benchmark price of single family detached homes in the Fraser Valley was $540,900, an increase of 0.7 per cent compared to $537,200 during the same month last year. For townhouses, the benchmark price was $296,700, a decrease of 1.3 per cent compared to $300,500 in February 2012 and the benchmark price of apartments was $202,500, an increase of 1.5 per cent compared to $199,500 in February 2012.

In February, it took on average 49 days to sell a detached home compared to 64 days in January. Townhomes took 60 days on average to sell compared to 72 days the month before and apartments spent an average of 66 days on the market in February compared to 83 days in January.

http://www.fvreb.bc.ca/blog/index.php/2013/03/04/positive-signs-fraser-valley-housing-market-is-starting-to-move

A total of 617 sales were processed through the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in January, a decrease of 23 per cent compared to 799 sales during the same month last year. January 2013 ranks as the second slowest for that month in the last thirteen years, second only to January 2009 during the global recession.

Scott Olson, president of the board, says there is a distinction between what REALTORS® saw four years ago compared to today. “People want to buy. We’re already seeing early signs of a typical spring market with more foot traffic at open houses and an increase in calls.

“Buyers have been holding off in hopes that prices will drop more, however it’s become clear that sellers are only willing to go so far. Prices for typical homes in the Fraser Valley have decreased by only two to three per cent in the last six months and in January we’re starting to see a reversal of that – in half of our communities prices have crept back up.”

Olson suspects the market stalemate may be coming to an end. “The number one reason people buy a home is a lifestyle decision – you need a bigger home, a smaller one, closer to work or school – so when the right home comes along you can only wait so long.

“With interest rates as low as they are, our local economy as strong as it is and prices so tenacious I think we’ll see the effects of this pent-up demand and a return to more balance in the market.”

In the last six months, prices for all three residential property types combined have decreased by 2.5 per cent while year over year they’re on par, showing an increase of 0.7 per cent. Of the three property types, prices of single family detached homes have been the most resilient, increasing 1.5 per cent in the last year going from $532,700 in January 2012 to $540,500 last month.

For townhouses, the benchmark price in January was $293,700, a decrease of 2.0 per cent compared to $299,800 during the same month last year. The benchmark price of apartments in Fraser Valley in January was $200,400, an increase of 1.2 per cent compared to $198,000 in January 2012.

REALTORS® added 2,643 new listings in January, 4 per cent fewer than the same month last year. This decreased the number of properties available in the Fraser Valley to 8,031, a decrease of 3.5 percent compared to January 2012. By historical comparison, January 2013 ranks as the third highest in terms of active listings in the last decade.

http://www.fvreb.bc.ca/blog/index.php/2013/02/04/home-sales-slow-to-near-historic-levels-in-fraser-valley-as-buyers-watch-and-wait-from-the-sidelines

January, 03 2013 10:34:57 am, by FVREB

Fraser Valley’s real estate market in 2012 will be remembered as the year buyers and sellers took a breather reflecting quieter sales, an average number of new listings and prices overall remaining flat. 

The president of Fraser Valley’s Real Estate Board, Scott Olson, says, “The last half of 2012 was like a Mexican stand-off. Buyers kept hoping for greater price drops while sellers who didn’t have to sell just took their home off the market rather than lower their price. 

“With the economy so stable, we’re not in a situation where people have to sell their home, so they’re not.  It’s a very different market than in 2008 when listings were at an all-time high and sales were at historical lows.”

The Board’s Multiple Listing Service® processed 13,878 sales in 2012 compared to 15,529 the previous year, a decrease of 11 per cent, while the number of new listings remained about the same – 31,009 in 2012 compared to 31,592 in 2011. Over the year, the number of active listings for buyers to choose from dropped by 3 per cent going from 7,399 properties in December 2011 to 7,187 in December 2012.

Although 2012 ranks the second slowest year for sales in Fraser Valley since 2003, the volume of new listings finished in the middle of the pack.  Scott Olson, says, “Inventory levels are down, which is a sign of a healthy market where insufficient demand leads to reduced supply. This is also keeping prices in most areas either flat or down only slightly.”

In December, the benchmark price of a detached home in the Fraser Valley was $539,000, an increase of 1.2 per cent compared to $532,700 in December 2011 and a decrease of 1.0 per cent compared to November.

For townhouses, the benchmark price in December was $296,400, a decrease of 2.2 per cent compared to the same month last year when it was $303,000 and down 0.8 per cent compared to November. The benchmark price of apartments in December was $200,100, an increase of 1.6 per cent compared to December 2011 when it was $196,900 and a decrease of 1.3 per cent compared to November.

Average prices year over year show detached homes down 3 per cent – $576,709 in 2012 compared to $594,402 in 2011. The average price of townhomes increased by 3.7 per cent, going from $316,259 in 2011 to $327,935 in 2012 and the average price of apartments decreased by 0.2 per cent going from $218,235 in 2011 to $217,843 in 2012.

Source: http://www.fvreb.bc.ca/blog/index.php/2013/01/03/fraser-valley-real-estate-sales-at-lower-levels-in-2012

December, 04 2012 10:41:13 am, by FVREB

Property sales through the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®)  decreased by 19 per cent in November compared to the same month last year, moving from 1,120 to 905. Sales also decreased 14 per cent month-over-month compared to October 2012.

Scott Olson, president of the Board says, “Buyers can’t borrow as much as what they could prior to the mortgage rule changes, so we’re seeing our pool of prospective buyers shrink and we’re seeing a change in the price range they’re looking for. 

“For three months in a row, we’ve seen a decrease in sales of detached homes $700,000 and up and greater demand for those $400,000 to half a million. Tighter credit conditions are having an impact on the market.”

In addition to the drop in sales in November, the number of new listings posted on the MLS® decreased by 11 per cent compared to last year and by 32 per cent compared to October. Olson observes, “This was a significant drop with last month ranking alongside November 2003 as the slowest for new listings in the last decade.  

“It means that sellers are adjusting to conditions that favour buyers; great selection, houses are on the market longer and prices are lowering. If sellers don’t have to sell, they’re taking their home off the market.”

In the last six months, prices for all three residential property types combined have decreased by 1.4 per cent while year over year they’ve increased by 1.3 per cent.  For single family detached homes, the benchmark price increased by 2 per cent in one year, going from $533,800 in November 2011 to $544,700 last month. 

For townhouses, the benchmark price in November was $298,900, a decrease of 1.5 per cent compared to $303,600 during the same month last year. The benchmark price of apartments in Fraser Valley in November was $202,800, an increase of 2.6 per cent compared to $197,700 in November 2011.

The Board received 1,723 new listings in November compared to 1,926 during the same month last year, taking the number of active listings to 9,478, on par with November 2011.

For a detached home in the Fraser Valley, the average number of days to sell in November was 59, up five days from the same month last year. For townhomes, it was 70 days and apartments 74 compared to 52 and 72 in November 2011.

Source:  http://www.fvreb.bc.ca/blog/index.php/2012/12/04/home-sales-decrease-in-the-fraser-valley-those-buying-looking-for-affordability

I popped into the Woodrow Lane Development.  It is clear why they only have 4 homes left for sale. 

Here is a brief overview from their website:

“These West Coast style 3 bedroom + loft master on the main townhomes are located in Walnut Grove, Langley nestled amongst beautiful heritage redwood trees, providing you the opportunity to live in a peaceful location where urban amenities are only a short distance away.

Woodrow Lane interiors feature gourmet kitchens with real wood cabinetry, stainless steel appliances and engineered hardwood flooring, large living and dining areas that provide comfort and are ideal for entertaining. Large bedrooms are complimented by spa inspired bathrooms, complete with tile flooring, soaker tubs and seamless glass showers. The generous fully covered outdoor decks or patios are perfect for BBQs and outdoor living.”

For more info visit:  http://woodrowlane.com/

Region’s largest, longest-running charitable blanket and warm clothing collection begins Nov. 26

November, 05 2012 09:08:18 am, by FVREB

It’s that time of year again – time to ‘winter’ clean your closets for items to keep someone warm and dry. The 18th annual REALTORS® Care Blanket Drive will run from November 26 to December 3 across the Lower Mainland. This annual eight-day event collects enough gently used blankets, sleeping bags, warm clothing and jackets; in addition to new socks and underwear to help protect about 20,000 vulnerable people in our region from the cold, wet winter.

"The REALTORS® Care Blanket Drive is a perfect example of the whole being greater than the sum of its parts,” says long-time volunteer Tammy Evans with RE/MAX Treeland in Langley.

“When you have hundreds of people donating even just a few quality items it doesn’t take long to add up.  After 18 years, our supporters know what we’re looking for and appreciate how important their donations are to the thousands of people they’re helping. For someone living on the street a sleeping bag and warm winter coat can literally be a lifesaver.”

Of the 35 charities in the region that benefit from the REALTORS® Care Blanket Drive, NightShift Street Ministries in North Surrey is amongst those that receive a significant volume. Since 2004, it has received enough donations to help provide emergency warm clothing during the winter to the 100 clients it serves on average every night. MaryAnne Connor is NightShift’s founder and president.

“Your support helps us tremendously. We hand out the blankets, coats, gloves and new underwear and socks directly to our street family members from our mobile clothing truck. Extra clothing items that aren’t warm enough are distributed through our Sisters Thrift Boutique. Everything is accepted and greatly appreciated.”   

Special REALTORS® Care Blanket Drive donation bags are available at any of the 100 plus participating real estate offices spread between Whistler and Hope or feel free to use your own. Local REALTORS® pick up your donations, separate clothing from blankets and deliver them to the charities.

To see a list of drop-off locations, charitable recipients and items most needed, go to:

www.blanketdrive.ca

www.facebook.com/blanketdrive

www.twitter.com/FVREB or www.twitter.com/REBGV (#RCBD)

Donations stay within the communities in which they are donated, or if the volumes are too large, go to charities in greatest need in neighbouring communities. Since 1995, the Blanket Drive has supported at least 185,000 people.

Source:

http://www.fvreb.bc.ca/blog/index.php/2012/11/05/it-only-takes-one-sweater-or-blanket-to-make-a-difference-region-s-largest-longest-running-charitable-blanket-and-warm-clothing-collection-begins-nov-26

November, 02 2012 11:04:32 am, by FVREB

The Fraser Valley Real Estate Board (FVREB) processed 1,053 sales on its Multiple Listing Service® (MLS®) in October, a decrease of 8 per cent compared to the 1,139 sales during October last year however a 23 per cent increase compared to September.

Scott Olson is the president of the board.  “This is a marked improvement over September. Our sales increased at the same time as our inventory dropped improving our supply-demand conditions.

“Although we remain in a buyer’s market, it moves us in the direction we want to go, which is closer to balance.”

The number of new listings posted on the MLS® in October was on par with the same month last year and a decrease of 1 per cent compared to September with the result that the volume of active listings in Fraser Valley at the end of October remained unchanged compared to 2011 and 3 per cent fewer than in September.

Benchmark prices for residential property types are showing month-over-month decreases however, depending on the property type, still show positive gains year-over-year. 

The benchmark price of a detached home in the Fraser Valley in October was $546,900, an increase of 2.5 per cent compared to October 2011, when it was $533,800; and a 0.5 per cent decrease compared to September when it was $549,500.

The benchmark price of townhouses decreased 2.2 per cent going from $303,900 in October 2011 to $297,100 last month. The benchmark price of apartments increased year-over-year by 2.9 per cent, going from $198,100 in October of last year to $203,900 in October 2012. 

“Over the last three months we’ve seen the impact of lower sales and higher selection on prices of typical homes in our region. In most communities and for most property types, prices have slowly decreased in small increments month-over-month.

“This has had resulted in buyers having more time to make a decision and sellers working diligently with their REALTOR® to understand the market and set their prices accordingly. What’s happened in October is good news for both. Greater stability is always positive.”

Economists at the British Columbia Real Estate Association have predicted sales in the Fraser Valley will rebound by 6 per cent in 2013 compared to 2012 while prices will remain flat.

Source: http://www.fvreb.bc.ca/blog/index.php/2012/11/02/positive-signs-for-fraser-valley-housing-market

Now Selling Phase 3!

I re-visited Sun at 72 over the weekend to view the new Phase.   They've added some incentives to the packages:

• Powder Room and Undermount Sink Upgrades included (a $4,000 value)*

• $5,000 pricing incentives on 2 Bedroom Homes*

• $10,000 pricing incentives on 3 Bedroom Homes*

Call me and let's go view!  :)