Recently your home for sale on MLS® didn't sell, now what?

Did you know that almost all expired listings are due to either Realtor inexperience or incorrect pricing?  We have over 20 years of local Real Estate experience and listing fees to help dramatically lower your costs so you can price your home to sell.  


Why do Listings Expire?

1. The number one reason a listing doesn't sell is over pricing. Agents who willfully accept overpriced listings (or worse, “buys a listing” with a ridiculously unattainable pricing strategy) does no one any service, least of all you.

2. Hiring the wrong Realtor. You need a FULL TIME, experienced Realtor to be able to advise, negotiate and respond to changing market conditions.

3. Bad marketing. Did the Realtor you hired post 10 pictures on the MLS? Did they have more on their site? Does your Realtor actively market in the area where your property is located? Did your Realtor post your listing on Craigslist regularly?

4. Bad tenants/lack of access. Do you have a tenant who won't let you or your Realtor see the property?

5. Property is not Market Ready. In this market your property needs to be looking its best to get an offer. If your home is cluttered or messy most buyers (they can be finicky in this market!) will pass you by.

6. Low Commission. Realtors are motivated by financial incentives. If you are not offering a sufficient SELLING commission to buyers agents they may not prioritise your listing. This could lead to possible missed showings making it difficult to determine what is the cause of a poor response from the market.


How we can help!

Good clean homes priced right and given proper MLS® exposure will sell regardless of listing Broker commission.  Our listing fees start at $2,950 for homes up to $500,000 plus buyer’s agent fee and include: FULL MLS® exposure, FULL Realtor cooperation, MLS.ca® and multi picture tours. Switching to this Discount Realty business model in August 2005 (after 14 years with RE/MAX®) has allowed us to sell more homes then 95% of all FVREB Realtors in 2006, 2007, 2008, 2009, 2010, 2011 and 2012!  The results speak for themselves.  We also offer you 22+ years Real Estate experience in the Surrey/Langley areas, so you can be assured we will get the job done and look after your best interests - - at all times. 

Still skeptical? Heard otherwise? Call us today for the honest facts.  Add it up, the right price, commission rate and Realtor can make the difference.  Call or click here today for a free evaluation.

Wishing you very Happy New Year in 2013!

Wishing you very Happy New Year. All the best in 2013 from Team Fair and my family. I look forward to your continued support in the coming year.

All the best to you and your family

Kind Regards, Sincerely, Scott Williams Fair Realty 22+ years of local experience 2012 "Emerald Master" Medallion Club Member FVREB #1 Selling Discount Realtor in 2007, 2008, 2009, 2010, 2011 & 2012 Phone: 604.595.2896 Fax: 604.676.2800 Become a fan  Find me on Facebook Follow me on Twitter This communication is not intended to cause or induce breach of an existing Listing Brokerage Agreement or Buyer Agency Contract.

"Improved housing demand" on the horizon

After six months of stability during the first half of 2012, property sales in the Fraser Valley dropped by 40 per cent in two months. Why the sudden change? How long will the slowdown continue? For answers, we turned to BCREA Senior Economist Cameron Muir.

Q: For six months, our sales to actives listings ratio in the Fraser Valley ranged from 13 to 15 per cent. It dropped to 8 per cent last month. What happened?

A: Home sales in the Fraser Valley began to trend lower at the beginning of the year, with a more significant downturn taking place in August and September. While there is no proverbial smoking gun, there are a number of factors at play in the market:

• The fourth round of high-ratio credit tightening that began in 2008 was implemented in July. All of the credit loosening by the federal government in 2006 has now been pulled back. The big change in July was reducing maximum amortizations from 30 to 25 years. This was the equivalent to a 100 basis point increase in the interest rate for a first time buyer. All four rounds of credit tightening have been followed by a marked decline in BC MLS® residential sales within three months. Sales declined by 11 per cent three months following first round, 25 per cent following the second, 12 per cent following the third, and 19 per cent two months after the most recent round.
  
  
• An unusual spike in high-end detached home sales in 2011 was not repeated this year, impacting both sales levels and average price statistics.
  
  
• Little gains in equity and real estate markets have stalled growth in household wealth, limiting some of the positive spinoffs of the wealth effect such as second home purchases.
  
  
• A negative spillover from an anemic 0.8 per cent employment growth in BC last year may also be exacerbating the lull in consumer demand.

Q: How does it compare to the market downturn after the 2008 recession?

 

A: To date, seasonally adjusted home sales look remarkably like 2008. However, the financial crisis was just beginning to bubble to the surface in September 2008; homes sales are unlikely to fall to levels recorded October 2008 through January 2009.

Q: How long do you project this slowdown to continue?

A: It's impossible to ascertain exactly when a market turning point will occur. However, per capita home sales are currently underperforming the economic fundamentals. I expect unit sales to rebound back to 10-year average levels over the next few quarters. There are three main reasons we can anticipate improved housing demand:

• BC employment growth was 1.9 per cent through August this year, double the 0.8 per cent growth rate in 2011. More importantly, full-time employment has increased by 3.2 per cent, while part-time employment has fallen 2.5 per cent. This means many part-time jobs are being rolled into full-time work, a strong indicator of business profits and confidence. In Metro Vancouver, full-time employment has increased at a 3.5 – 4.0 per cent pace so far this year, the largest growth rate since the middle of the last decade.
  
  
• Mortgage interest rates remain at or near historic lows.
  
  
• The population base is expanding. The latest migration figures indicate 11,500 international migrants landed in BC on a net basis during the second quarter, most of whom will reside in Metro Vancouver.

Q: What are you projecting the effect will be on home prices? Why?

A: Home prices are likely to remain flat over the medium term, with some relatively small declines (2 to 5 per cent in the Benchmark) in some markets and product types. Buyers to balanced market conditions are likely to be commonplace over the next 18 months. However, I do not expect any substantial price declines in the absence of a macro-economic shock. Large price declines are typically the result of household financial disaster writ large. The typical culprit is a deep recession. I do not know of any reputable economist in Canada that expects a deep recession ahead.

Cameron Muir is BCREA's Senior Economist. His next forecast will be released at the end of October

Numbers down for Langley Township

 

Langley Township’s economic indicators are out for July and things aren’t looking pretty.

The number of building permits issued by the Township is down 12.5 per cent for January to June 2012, compared to the same time last year. For industrial buildings, it’s down 46.6 per cent from last year.

Housing starts aren’t any better, except for in the townhouse market where there has been a 48 per cent increase. It all seems to all be happening in the Willoughby area. This year, 51 per cent fewer apartments were built compared to last year, and 23 per cent fewer single family homes.

Real estate sales in Langley are steady, however. More single family homes and apartments were sold this year than last. With townhouses, 1.7 per cent fewer were sold this year, compared to last.

Prices remain steady, despite a cooling market across Metro Vancouver.

On another note, residents actually make less now than in years earlier.

According to the Township, the average Langley Township resident made $42,482 in 2009 based on income tax returns. That same resident made $43,019 in 2008. The average B.C. resident made 2.4 per cent less in 2009 than they did in 2008. Unemployment rates remain high at 6.5 per cent in Vancouver in June 2012. It peaked at 7.3 per cent last June.

 

STARTING MAY 1st NO GAS FROM ESSO / PETROCAN / SUNOCO! This was sent by a retired Coca Cola executive. It came from one of his engineer buddies who retired from Haliburton. If you are tired of the gas prices going up AND they will continue to rise this summer, take time to read this please.  Phillip Hollsworth offered this good idea. This makes MUCH MORE SENSE than the "don't buy gas on a certain day" campaign that was going around last April or May! It's worth your consideration. Join the resistance!!!! I hear we are going to hit close to $ 1.75 a litre by this summer and it might go higher!! Want gasoline prices to come down?  We need to take some intelligent, united action. The oil companies just laughed at that because they knew we wouldn't continue to "hurt" ourselves by refusing to buy gas ...  It was more of an inconvenience to us than it was a problem for them. BUT, whoever thought of this idea, has come up with a plan that can Really work. Please read on and join with us!  By now you're probably thinking gasoline priced at about $.99 is super cheap. Me too! It is currently $1.28 at SUNOCO and ESSO for regular unleaded in Hamilton and Ottawa and climbing every week. Now that the oil companies and the OPEC nations have conditioned us to think that the cost of a gallon of gas is CHEAP at $.87 to .99, we need to take aggressive action to teach them that BUYERS control the marketplace..not sellers.  With the price of gasoline going up more each day, we consumers need to take action.  The only way we are going to see the price of gas come down is if we hit someone in the pocketbook by not purchasing their gas! And, we can do that WITHOUT hurting ourselves.  How? Since we all rely on our cars, we can't just stop buying gas.  But we CAN have an impact on gas prices if we all act together to force a price war.  Here's the idea: For the rest of this year, DON'T purchase ANY gasoline from the two biggest companies (which now are one),SUNOCO(PETRO CANADA) and ESSO.  If they are not selling any gas, they will be inclined to reduce their prices. If they reduce their prices, the other companies will have to follow suit.  But to have an impact, we need to reach literally millions of SUNOCO(PETRO CANADA ) and ESSO gas buyers. It's really simple to do! Now, don't wimp out on me at this point...keep reading and I'll explain how simple it is to reach millions of people!!  I am sending this note to 30 people. If each of us send it to at least ten more (30 x 10 = 300) ... and those 300 send it to at least ten more (300 x 10 = 3,000)... and so on, by the time the message reaches the sixth group of people, we will have reached over THREE MILLION consumers . If those three million get excited and pass this on to ten friends each, then 30 million people will have been contacted!  If it goes one level further, you guessed it..... THREE HUNDRED MILLION PEOPLE!!!  Again, all you have to do is send this to 10 people. That's all!  How long would all that take? If each of us sends this e-mail out to ten more people within one day of receipt, all 300 MILLION people could conceivably be contacted within the next 8 days! Acting together we can make a difference.  If this makes sense to you, please pass this message on. I suggest that we not buy from SUNOCO(PETRO CANADA)/ESSO UNTIL THEY LOWER THEIR PRICES TO THE $.99 RANGE AND KEEP THEM DOWN. THIS CAN REALLY WORK. REMEMBER - STARTING MAY 1st NO GAS FROM ESSO / PETROCAN / SUNOCO! (why wait till then, get into the habit by starting now)

Mortgage Broker Napoleon Vallee of CBM sent me this article:


Getting the Best Mortgage Rate -  February 23, 2011

 

What’s the trick to a better mortgage rate?

That’s what folks at the Bank of Canada (BoC) wanted to know.

It led them to undertake an extensive study on mortgage discounting. A draft of that study was released this month and below are its conclusions.

All quotes that follow originate from the paper’s authors: Jason Allen, Robert Clark and Jean-François Houde.          According to their research, the Canadians who get the best mortgage rates are those who:

1. Bargain

• Research proves that bank profits “are significantly higher in haggle environments.” As a result, banks prefer not to put all of their cards on the table.
• This leads to “price discrimination” whereby banks give better deals to skilled negotiators and well-informed borrowers, and stick it to people who don’t watch out for themselves.

2. Have larger mortgages

• “…since few negotiate the renewal of their mortgage…(this) provides lenders with an incentive to attract consumers with larger loans who have large outstanding balances at the time of renewal.”

3. Use a broker

• The report states that brokers lower the “search costs” of getting multiple quotes. Multiple quotes (lower search costs) are strongly correlated with lower rates.
• “Over the full sample the average impact of a mortgage broker is to reduce rates by 17.5 basis points.”  That’s ~$1,670 of interest savings on a typical $200,000 mortgage over five years.
• Bank “mortgage specialists offer convenience to consumers, although they do not reduce search costs. This is because they work for one lender only.”

4. Do significant non-mortgage business with a lender.

• “Branch managers have an incentive to offer larger discounts to consumers…that are, or will be, more profitable to the bank.”

5. Have more equity

• Those who put the minimum down (e.g., 5%) “pay higher rates than other borrowers—about 12 basis points more” than those with LTVs below 85%.

6. Are new clients

• “…new clients receive larger discounts than existing clients, on the order of 10 basis points.”
• The authors state that research by Oxford professor, Paul Klemperer, suggests that “consumer switching costs” (i.e., the time, uncertainty and expense of changing lenders) provide banks with “market power” over existing customers.

  7. Use smaller lenders

• “We conclude that the larger a bank’s market share, the higher are the rates that it can charge to borrowers.”
• “…Borrowers who are new clients at one of the Big 8 banks receive less of a discount than borrowers who are new clients elsewhere.”

8. Are financially capable

• BoC: “…poorer borrowers may face greater levels of price discrimination when bargaining in person at the branch than they do when transacting through a broker.”

9. Have better credit

• “Financial institutions…offer better rates to high credit score consumers.”

There are, of course, other factors that impact one’s mortgage rate. Moreover, there are exceptions to the findings above. As one example, not all bank reps are uncompetitive. We know some excellent mortgage specialists that are highly competitive—meaning they’re within 10 basis points of the best industry rate most of the time. (Mind you, as this Bank of Canada report concludes, that is not typical.)

If you’d like to read more, here’s the full study: Discounting in Mortgage Markets. (The BoC has published it as research in progress to invite technical feedback before journal publication.)

---

Rob McLister, CMT

Posted at 12:25 AM in Bank of Canada, Mortgage Industry Reports, Mortgage Tips & Advice | Permalink

 

Recently your home for sale on MLS® didn't sell, now what?

Did you know that almost all expired listings are due to either Realtor inexperience or incorrect pricing?  We have over 20 years of local Real Estate experience and listing fees to help dramatically lower your costs so you can price your home to sell.  


Why do Listings Expire?

1. The number one reason a listing doesn't sell is over pricing. Agents who willfully accept overpriced listings (or worse, “buys a listing” with a ridiculously unattainable pricing strategy) does no one any service, least of all you.

2. Hiring the wrong Realtor. You need a FULL TIME, experienced Realtor to be able to advise, negotiate and respond to changing market conditions.

3. Bad marketing. Did the Realtor you hired post 10 pictures on the MLS? Did they have more on their site? Does your Realtor actively market in the area where your property is located? Did your Realtor post your listing on Craigslist regularly?

4. Bad tenants/lack of access. Do you have a tenant who won't let you or your Realtor see the property?

5. Property is not Market Ready. In this market your property needs to be looking its best to get an offer. If your home is cluttered or messy most buyers (they can be finicky in this market!) will pass you by.

6. Low Commission. Realtors are motivated by financial incentives. If you are not offering a sufficient SELLING commission to buyers agents they may not prioritise your listing. This could lead to possible missed showings making it difficult to determine what is the cause of a poor response from the market.


How we can help!

Good clean homes priced right and given proper MLS® exposure will sell regardless of listing Broker commission.  Our listing fees start at $2,950 for homes up to $600,000 plus buyer’s agent fee and include: FULL MLS® exposure, FULL Realtor cooperation, MLS.ca® and multi picture tours. Switching to this Discount Realty business model in August 2005 (after 14 years with RE/MAX®) has allowed us to sell more homes then 99% of all FVREB Realtors in 2006, 2007, 2008, and 2009!  The results speak for themselves.  We also offer you 20+ years Real Estate experience in the Surrey/Langley areas, so you can be assured we will get the job done and look after your best interests - - at all times. 

Still skeptical? Heard otherwise? Call us today for the honest facts.  Add it up, the right price, commission rate and Realtor can make the difference.  Call or click here today for a free evaluation.

INCREASE IN LISTINGS ADVANTAGEOUS FOR FRASER VALLEY BUYERS       

(Surrey, BC) – The Fraser Valley Real Estate Board reports an increase in listing activity and steady sales for the first month of 2011.

 

Deanna Horn, president of the Board says, “In addition to an influx of new inventory in January, our REALTORS® had more inquiries and increased traffic at open houses boding well for a solid spring market in the Fraser Valley.”

 

There were 834 sales processed on the Board’s Multiple Listing Service® (MLS®) in January, a decrease of 15 per cent compared to the 981 sales processed in January 2010 and a 7 per cent decrease compared to the 895 sales in December.

 

Although the Board received 11 per cent fewer new listings in January than it did during the same month last year, it saw the typical post-holiday surge in new properties coming on stream. The Board received 2,632 new listings last month, an increase of 138 per cent compared to the 1,104 listings received in December taking the number of active listings to 7,724 at the end of January, 4 per cent more than were available during January 2010.

 

Horn adds, “The market typically picks up at this time of year as also evidenced by the decrease in the average number of days to sell for single family homes and townhomes in January.

 

“In terms of prices, overall they’re holding steady, however we are seeing variability depending on the community and property type.”

 

The benchmark price for Fraser Valley detached homes in January was $505,618, down 0.1 per cent compared to December and 0.9 per cent higher compared to $500,931 in January 2010.    

 

The benchmark price of Fraser Valley townhouses in January was $317,414, a 1.4 per cent decrease compared to December and a 0.1 per cent decrease compared to January 2010 when it was $317,719. Year-over-year, the benchmark price of apartments decreased 2.6 per cent going from $243,470 in January 2010 to $237,171 last month and decreased 1.2 per cent compared to December 2010.

 

The average number of days to sell for detached homes in January was 62.2, down from 67.9 in December. Townhouses on average sold in 57.7 days last month, down almost nine days compared to December, however apartments took on average 14.6 days longer to sell, going from 65.6 in December to 80.2 days in January.

 

Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public web site www.REALTOR.ca. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,894 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

 

Full package:

 

http://www.fvreb.bc.ca/statistics/Package%20201101.pdf

 

 

 

 

 

 

 

 

 

 

 

 

 

Anybody need quick occupancy? We have 1 bedroom 482 sq.ft condo cls to Skytrain for only $159,898! http://goo.gl/YsEAn

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This is a 95% financing with a 5% Lender Cash-Back that can be used for the 5% downpayment.

Here is how it works:

Cash Back of 5 % of Purchase Price paid to the Lawyer on closing.

5% Cash Back to be used for Down Payment.

Requires a 650 Credit Score but averaging of Applicant Scores is allowed.

Closing Costs must come from own resources 90 day history of bank statements.

 

 Thats all there is to it! Sound interesting? Click here to get started.

 

 

 

For immediate release

BC Home Sales Trend Higher

Vancouver, BC – November 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,507 units in October compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in October from September 2010. The average MLS® residential price climbed 6 per cent to $521,859 in October compared to the same month last year.

"BC home sales have posted moderate gains since the summer months," said Cameron Muir, BCREA Chief Economist. "Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power."

"Total active residential listings in the province have declined 18 per cent since June," added Muir. "However, the housing market remains tilted in favour of homebuyers."

Year-to-date, BC residential sales dollar volume declined 2 per cent $32.5 billion, compared to the same period last year. Residential unit sales declined 10 per cent to 64,735 year-to-date, while the average MLS® residential price climbed 9 per cent to $502,353 over the same period.

For the complete news release, including detailed statistics, click here: BCREA News Release, sales trending higher.

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