INSIDE THE December 2008 ISSUE
of
Life Links
Home Prices - Are you Okay? - NEW!! - Personalized Market Snapshot
Buying Up - Home Prices From 1997 to Present - Home Value Roller Coaster
Click on the title above to go to that section of the newsletter. Newsletter Archive
Click here to return to the Main Page of the Maple Ridge Real Estate web site.
 |
Sub-Prime MortgagesIn spite of the distressing news flowing through the media these days two British comedians have a humorous take on the Sub-Prime Mortgage blow up. Interestingly, what they are saying is true. This video clip is one of the most accurate explanations of the how these mortgages were formed, managed and how they came apart. |
Are you okay?
You really need to walk in our shoes for a day to get the feel for today's real estate market. For the past few years it was common to get asked, "So, how's the real estate market doing." Today however, that question has been replaced with, "Are you okay?" About a month ago in the Province newspaper there was a prominent article detailing real estate stats in Greater Vancouver. Some of the key points were:
Ouch!! |
 |
This is a harsh reality of a Buyer's Market. The fact is, most agents who have signed up because they were lured by the big potential incomes are having a difficult time surviving in a market where hard work, determination and creativity will determine who eats and who doesn't. In the past few years it seemed that the only tool an agent needed to be successful was a hammer to pound in a "For Sale" sign in the front lawn of their brother-in-law's listing. Not so, today. Successful agents need an arsenal of tools and the also need to know how to use them. To have a successful outcome with the sale of a property in today's market a home must be staged for sale, it must be marketed to the max and it must be priced to be in the top 5% and represent the best value on the market. There is more competition and Seller's who are not serious about their sale are not having much success at all. I'm not a doom and gloom type of guy. Nor am I someone who pumps sunshine if it's not deserved. I'm a realist and the reality is that if you have owned a home within the past 5 years you have witnessed amazing increases in your home's value. Believe me, the Buyer's know this too! Homes values have surpassed the point of affordability for most Buyer's. When the average person can no longer afford to buy, they stop buying. Our market is experiencing a correction as it has many, many times in the past. Couple this with the questionable financial woes of our cousins to the south and home Buyer's have been taking a breather. Many Buyer's are waiting for the market to bottom out. How they will be able to tell when that exact moment would be is yet to be determined. Buyer's are not the first people to know this information. If they happen to time things just right they may get lucky and arrive on the the market on the exact day where the market has bottomed up and the upswing starts again. There are indicators which show that things are already changing. What I am referring to is a shrinking of number of homes for sale and fewer new property development permits being issued. As the inventory of homes which are for sales drops the shift to the upswing in home values usually follows. Consider this:
Don't get me wrong, I'm not suggesting that the market has switched to favour Sellers. In fact, we are still in the full-blown correction mode and now we are also in an officially recognized "RECESSION." In spit of this, some homes are still selling. These represent some great deals for home Buyer's as they avoid the overpriced listings and seeking out the best value for their money. My advice to any home Seller today is not to put your home on the market unless you are truly serious about selling it. The market favours the Buyer's today. This just means that there are some very good opportunities to buy a home.
Who are the winners in a Buyer's market?Obviously, first-time Buyer's can now have their day in the sun but, the real winners are people who own a home and use this market to trade up to their next property. While the value of your home has fallen, the price of higher-end homes has also dropped. The value of your home may be 15% lower than is was a few months ago when it would have sold for $450,000. If you sold it today you might be thinking that you would be taking a $67,500 loss on the sale. Don't forget that higher priced homes are also dropping in price too! A $600,000 trade-up home could be worth $510,00 today or $90,000 less than a few months ago. If you sold your home today and purchased the trade-up home the difference would be $127,500. If you waited for the value of your home to get back to $450,000 the value of the trade-up home could also have risen back to $600,000. The difference difference between the two homes would be $150,000. By trading-up in a Buyer's market you would have saved $22,500. It's quite possible that by trading-up today you would even get a better deal because you have even more bargaining power when shopping for higher-end homes in a Buyer's market. It is always better to trade-up in a Buyer's market. Vancouver Sun Article |
Return to the TOP of this page.
Return to the TOP of this page.
Slow home sales create window of opportunity
PRESS RELEASE from REBGV
VANCOUVER, B.C. – December 2, 2008 – November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.
In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.
Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.
“Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt. “For those whose personal finances allow them to get involved, there are opportunities in today's housing market that have not been seen in many years.
“The local real estate market is not immune to the current economic challenges globally; however, Canada's disciplined lending structure has kept the mortgage landscape steady in these uncertain times.”
New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.
Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.
Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.
Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.
To view the complete report in a PDF file format click here.
Check Past Issues to See Price Changes Over the Past Few Months.
Return to the TOP of this page.
Return to the TOP of this page.
Home Values Over the Years
A little while ago I was very fortunate to work with an 83 year old man who lived in Burnaby. He wanted to sell his home there and purchase one in the Maple Ridge area. We ended up selling his home for more than $530,000 and he bought his new home in Pitt Meadows. I remember being with him at his kitchen table when the final subjects were removed and his sale went "FIRM" on his Burnaby home. He was staring at the contract and to me, he looked like he may start to cry. I asked him what was wrong? He said, "That's a lot of money, Gordie." I asked him if he ever thought that his home would be worth a half of a million dollars and he said ... "No, I didn't." He then went on to tell me how he was able to buy the home in 1953 for $22,000. I was quite a story. He couldn't get a mortgage. He was scared to death because $22,000 was a huge amount of money at the time. He was worried about his job because of the Korean War. He decided to get this home and get to work to keep it.
|
Since 1953, this man has seen the end of the Korean War, the boom of the 50's, 60' and 70's, the Cuban Missile Crisis, the Cold War, men going to the moon, the recession of the 80's, the Rolling Stones, computers in every home, Russia invading Afghanistan, Turkey thinking of invading Greece, the collapse of the Berlin wall, the fall of communism, terrorist attacks on the World Trade Centre, UN troops in Afghanistan and fighting in Iran, sub-prime mortgage fiasco's, another recession or two and on and on and on. He has also been there to help raise three kids of his own, he has long since paid off his home, he has grand children and he has retired in a beautiful home in Maple Ridge. His $22,000 dollar home, which he was terrified when he bought it, had also lived through all of the turmoil in the world and increased to a value of over $530,000. Today, people are in a very similar situation. There is a lot going on that concerns us. The media helps to paint a horrifying canvas of world-wide destruction. We read about pain and suffering we see it on the news constantly and we hold our money just a little tighter and rightfully so! Please remember though, not too much has changed since 1953. Sadly, there will always be strife in the world. Until the news reports that the Sun has burned out or a that 700 mile wide meteor is going to hit the Gulf of Mexico on Thursday of next week, we will find a way to keep going. There will also be a home that is sold to a person like the man I've been talking about. It will be bought in uncertain times. People will live there and raise a family. They will retire and be blessed with grand children. They will sell the home 50 years later and they will look at the sales contract with tears in their eyes. They have never dreamed that their home would be sold for that much money. This will go on and on as it has done for decades. |
Our Purpose“Our purpose is to make you so outrageously happy that you'll easily refer at least two people to us before we sell your house. Because our business is referral based, if we don't serve you at a high level, our business dies. So, all of our focus is on serving you at an extremely high level.” |
Return to the TOP of this page.
| Are you interested in buying or selling property anywhere in Canada or the USA? | Give us a call at 604-467-0754 and I'll put you in touch with a licensed agent in the area. |
Return to the TOP of this page.
If you or someone you care about is thinking of purchasing or selling a home, call Gord Moman and Darren Revell. Let us show you how our 10 point marketing plan helps to sell your home You could receive free pizza for a year from Soprano's Pizza for a phone call. 604-467-0754 or 604-619-7805 |
Return to the TOP of this page.
Lost Generation |
| This video was created for the AARP video contest and placed second It is based on the Argentinean Political Advertisement "The Truth" by RECREAR. |
Return to the TOP of this page.
Return to the TOP of this page.
 |
Get Free Pizza for the Next 12 Months Bring us a Buyer and, upon completion, we will give you a prepaid gift certificate from Soprano’s Pizza in Maple Ridge. With this you can enjoy one large specialty pizza or pasta dish every month for the next 12 months. Soprano’s Pizza is widely recognized as being one of the very best pizzerias in town. They deliver hot, Hot HOT !!! ... right to your door. All you have to do is decide on your pizza and call Sopranos Pizza at 604-467-2929. We take care of the rest. * * Pizza orders will be assessed a 15% gratuity plus applicable taxes payable upon delivery. This offer is not available to other real estate agents. The Buyer’s Agent must be a member of The REAL Pros Group. Not valid with any other offer. |
 |
Return to the TOP of this page.
Send us a Buyer by January 31, 2009 and, on completion,
you will get Soprano's Pizza for a year. See details above.
|
Priced at $349,000 - Adult Oriented Community Gorgeous Telosky Village rancher with basement. 3 bedroom, 2 bath home with large rec room. Beautiful deck off sliding doors in the back surrounded by greenery. Very clean home. Neutral colours throughout. This is the one you need to see.
NEW LISTING Address: #9, 11502 Burnett Street. Maple Ridge, BC. |
||||||||
|---|---|---|---|---|---|---|---|---|---|
 |
Priced at $349,000 - Bright & Spacious Rancher Style Town home Bright and spacious rancher style town house (with basement) in gated community. Enjoy lots of natural light ideal for plant lovers. Relax on your Southern exposure balcony or entertain friends in your rec-room with your own pool table. Upgrades include laminate & cork flooring, ceramic tile and designer paint. There's plenty of storage space inside and even more in the high ceiling double wide garage. The master bedroom has a wall mounted gas fireplace, 5 piece ensuite with a walk in closet, There are two additional 4 piece bathrooms, built in vacuum with attachments, RI security system, pre-wired for music lovers, 2 fireplaces and even space for a wine room. Adult oriented complex close to WC Express, shopping & schools.
NEW LISTING Address: #22, 11502 Burnett Street. Maple Ridge, BC. |
||||||||
 |
Priced at $214,500 - Investors or First-time Buyer Rentals Allowed - Investors or first-time Buyer's - Ground level, two bedroom corner apartment with patio. Most pets are allowed too! Tenants require 24 hours notice for showings. Quick possession possible.
NEW LISTING Address: #109, 1948 Coquitlam Ave. Port Coquitlam, BC. |
||||||||
 |
Priced at $1,150,000 - Owner Pride is Shown in This Acreage Mostly cleared (approx. 80%) acreage with field drainage and lots of sun. Large fenced patio area with fish pond and man-made creek/waterfall. Enjoy your vegetable and herb gardens. Kids have their own play house. The triple garage is ideal for the back yard mechanic and come complete with 220V, pit, and hot water tank. There are lots of possibilities for new owners on the property with many upgrades through out. Newer roof, jetted tub, new carpets, paint, hot tub, air conditioning, barn, covered storage, paddocks, perimeter fencing, fenced patio area, large recreation room, fully wired for electrical generator and more.
NEW LISTING Address: 29278 Galahad Cres. Abbotsford, BC. |
||||||||
 |
Priced at $274,900 - First Time Buyer's - Recently Renovated Nicely renovated detached 2 bedroom home. Tile flooring in kitchen, new bathroom, stainless steel appliances. This one you can move right in. Great colours. One bedroom down and one bedroom loft. Great for first time Buyer. Fenced backyard,1.5 year old roof, large living room area. Front of lot is edged with cedars.
NEW LISTING Address: 29278 Galahad Cres. Abbotsford, BC. |
||||||||
 |
Priced at $199,900 - Recently Renovated ... Investor Alert! Great nicely renovated home on quiet street. This is a great home for family, first time home Buyer, or couple wanting to downsize. 1850sqft with 4 bedrooms. New siding, roof is only a couple years old. New electrical, new plumbing, new flooring, new paint, new bathroom fixtures... just waiting for you to call it home.
NEW LISTING Address: 416 Third Ave. Hope, BC. |
||||||||
 |
Priced at $399,900 - Renovated Rancher with Walk-out Basement! You will love the feel of this home. Very quiet area, backing onto greenbelt w/ peek-a-boo views of the mountains & your back yard running into the forest, down to the stream below. Great large deck, backyard patio w/ garden areas. 3 large bdrms, 3 bath, living room & recreation room. This is a clean house that you are sure to enjoy & relax in.
NEW LISTING Address: 22831 125A Ave. Maple Ridge, BC. |
||||||||
 |
Priced at $724,900 - Huge Landscaped Lot Stunning custom built executive home on 0.3 acre lot. This home boasts beautiful landscaping, crown moldings, separate shower off of mud rm, gorgeous large kitchen, 2 dens on main lvl, theatre room, soft water filtration system & much more. If you're looking for a quiet, executive home on a great lot, this one's for you.
NEW LISTING Address:
11239 261 Street. Maple Ridge, BC. |
||||||||
 |
Priced at $499,900 - Recently Renovated ... Great Buy! Great value! Beautifully renovated from top to bottom. 6 bedroom home on a .67 acre lot. Live closer to nature while being just out of the city. Unauthorized suite gives owners more options for use. Possibly the best deal in Maple Ridge.
NEW LISTING Address: 12857 248 St. Maple Ridge, BC. |
||||||||
 |
Priced at $299,900 - Fixer-upper close to schools Here it is. A great fixer-upper just a half a block from Garibaldi. This is an older home waiting for you to re-finish it as you like. Some of the reno's have been started, most of the windows have been replaced, roof only 4 years old. Excellent location, large 9216 sqft lot. Small tool shed/workshop in large back yard. A great opportunity to get into a home and build sweat equity.
NEW LISTING Address:
24819 121 Street. Maple Ridge, BC. |
||||||||
 |
Priced at $485,000 - In-ground Pool and Separate Sauna West central location very close to schools. Home has been renovated with numerous upgrades. Entertain in the rec room with your own wet bar. Enjoy great family fun with your own in-ground pool and separate sauna .
NEW LISTING Address:
12179 York Street. Maple Ridge, BC. |
||||||||
 |
Priced at $259,900 - Fixer-upper ... Investor or first-time Buyer Alert! This 5 bedroom home in the Hammond area sits on a 7,200 square foot lot and has a deck that is over 400 square feet in size. This is a double wide manufactured home on a full sized foundation giving you a basement entry home over 1900 square feet in size. This home is a fixer upper .
NEW LISTING Address: 20163 Lorne Ave. Maple Ridge, BC. |
||||||||
| All measurements are approximate. Must verify if important. The enclosed information while deemed to be correct, is not guaranteed. |
Return to the TOP of this page.
 |
 |
 |
 |
Return to the TOP of this page.
Are you thinking of selling in the next few months? Do you know what you home is worth?
Let Gord Moman and Darren Revell provide you with a free over the internet home valuation. Call us at 604-467-0811 or send us an email right now! Take your next step in real estate with Darren Revell and Gord Moman and the REAL Pros Group. |
Return to the TOP of this page.
Return to the Newsletter Table of Contents.
Go to the main page of this site.
Copyright REAL Pros Group 2006 - 2008 . This information is solely advisory and should not be substituted for adequate professional advice. The REAL Pros Group cannot be held responsible for actions you may take without proper professional advice. Any omission of credit to an author is purely unintentional and should not be construed as plagiarism or literary theft. This newsletter is for entertainment purposes only. This is not intended to cause a breach in an existing agency agreement. Gord Moman and Darren Revell are licensed REALTORS® with Keller Williams Results Realty. Each Keller Williams office is independently owned and operated. |
