Fraser Valley Real Estate News from Ed Wiebe July 2019   
  Real Estate News




Ed Wiebe
Designated Agent

HomeLife Benchmark Realty Corp.
#103 5830 176A Street
Surrey, B.C. V3S 4H5
604-880-8455
www.SurreyAgent.com


 
When arranging a mortgage, it’s important to thoroughly explore all of your options. This month’s article discusses some critical factors you should consider when shopping around for financing.

There are also some tips on how to take care of your hardwood floors as well as a few frozen DIY summer dog treats that Fido will love!

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general. It'd be great to hear from you!

Cheers, see you next Month!
Ed Wiebe

In this issue...
Fraser Valley Real Estate Market Update 
Both buyers and sellers taking a wait-and-see approach.

Last month’s property sales in the Fraser Valley were 29.3 per cent below the 10-year sales average for June and were the second lowest total for the month since the year 2000.

The number of new listings also decreased in June, coming in at 9.6 per cent below the 10-year average for the number of listings received during that month.

The Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service® (MLS®) in June, a 13.9 per cent decrease compared to sales in May 2019, and a 10.1 per cent decrease compared to the 1,452 sales in June of last year.

Darin Germyn, President of the Board, said of the market: “The Fraser Valley market is still adjusting to the federal government’s new mortgage requirements and to the provincial government’s speculation and vacancy taxes. We’re seeing historically low levels for home purchases in our region, and yet at the same time we’re seeing some prospective sellers holding back on listing their homes; waiting to see what the market will do.”

“This has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of typical homes have decreased on average 6 to 10 per cent over the past year and interest rates are still holding firm.”

There were 8,516 active listings available in the Fraser Valley at the end of June, an increase of 19.3 per cent compared to June of last year and an increase of 0.1 per cent compared to May 2019. The Board received 2,810 new listings in June, a 20.7 per cent decrease compared to May 2019’s intake of 3,542 new listings and a 10.5 per cent decrease compared to June of last year.

“There is tremendous variation in the market depending on the property type and location”, added Germyn. “It’s currently a buyers’ market for detached homes in South Surrey/White Rock; but is leaning towards a sellers’ market for townhomes in Langley, so if you’re considering taking advantage of the market slowdown, first, talk to your REALTOR®.”

The Mortgage Market Maze 
Buying a home is the biggest purchase you’ll ever make!

Arranging a mortgage is a huge financial decision, so it’s important to be organized and do plenty of research before you sign on the dotted line. Here are a few points to consider:

  1. Know Your Numbers - A budget will provide confidence and peace of mind, so examine your finances to determine exactly what you can afford.


  2. Lock it Down - Many banks are able to place a hold on interest rates to protect you in case they rise while you’re out house hunting.


  3. Consider This - Interest rates are important but there are other considerations such as the type of mortgage (fixed/variable or open/closed) as well as the loan's duration.

  4. Get With the Program - Homebuyer programs are a great way to get into the market but they often require a bit of proactive planning so seek professional advice early on.


  5. Seal of Approval - A mortgage pre-approval can prevent you from losing out on your dream home as you'll be in a much stronger negotiating position.


  6. Do the Math - Current homeowners can also take advantage of mortgage refinancing options as even a slight adjustment to your terms can amount to huge savings!

While it’s important to shop around for the best terms, you should also draw up a proper budget and understand the risks of the current and future market. It can sometimes be a little overwhelming so please get in touch if you ever have any questions.

Hard Times for Hardwood Floors 
Hardwood floors look beautiful, but they can take a real beating!

It can be a hard knock life for hardwood floors as general wear and tear slowly destroys their natural beauty. Here are a few common issues to be aware of:

  1. Smooth Move - Place felt pads underneath chairs and furniture to avoid scratches
.

  2. Mop to It - Mop up spills immediately as they can warp the wood and cause it to swell.


  3. Pet Peeves - Be sure to regularly trim your dog's nails as their long, sharp claws can cause serious damage.


  4. Sticks & Stones - Grit acts like sandpaper, so place rugs by the doors and vacuum thoroughly with a brush attachment before washing.

Prevention is key to maintaining the beauty of your hardwood floors. Many cleaners will actually ruin your finish so make sure you use the right solution and that you also keep your home at the ideal humidity level of around 55%.

Beat the Heat with Frozen Treats 
Treat your pup to a frozen treat during the dog days of summer!

Most dogs love treats, but on a hot summer day, a homemade frozen treat will also help them keep their cool. Here are a few simple, icy cold DIY treat ideas:

  1. Chicken Pupsicles - Freeze some chicken or beef broth in ice cube trays.


  2. Ice Dreams - Place a mixture of yogurt and blueberries in a muffin tray and freeze.


  3. King Kong - Blend some banana and peanut butter in a kong and throw it in the freezer.

Dogs can easily get overheated during the hot summer months so it’s important to keep them cool by not overexerting them and making sure they always have lots of water. A few frozen treats will be the icing on the cake!



PS Are you tired of scouring the paper and MLS sites looking for homes? Frustrated with playing telephone tag with agents only to hear the home's already sold? Please let me do the work for you! Just visit my website and check off the features you're looking for. Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home. This service is free and there's no obligation! Click here to get started. FOR LEGAL & ETHICAL REASONS: PLEASE NOTE THAT THIS SERVICE IS AVAILABLE ONLY TO BUYERS & SELLERS WHO ARE NOT ALREADY COMMITTED TO ANOTHER REALTOR. 

Not meant to solicit clients already under contract.