Move up Buyers return to Fraser Valley

'MOVE UP' BUYERS RETURN TO FRASER VALLEY REAL ESTATE IN AUGUST
September 2, 2009
(Surrey, BC) - The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.
There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales – outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.
“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”
“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”
Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive. “
Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”
The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent.
The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.
The number of active Fraser Valley listings in August decreased 5 per cent from July, dropping to 8,987 listings. This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.

Back to School saving tips

It’s that time of year again – back-to-school time is almost upon us, although it seems like the summer just began. The back-to-school shopping season is a lucrative one for retailers, but it can be a cash-strapped one for parents and grandparents.
Following are some tips to help you save money during the back-to-school shopping season.

1)Make a List- Evaluate your child’s wardrobe and determine what still fits and what needs to be replaced. Figure out how many pairs of pants, shirts, socks, underwear and shoes your child needs to comfortably make it through a week. Check the school supply list from the teacher and weed through last year’s leftover school supplies for anything that can be salvaged. Heavy duty items such as clipboards and backpacks can usually be used for more than one year, while items like pencil crayons usually need to be replaced each year. Make a master list of all the items you will need to purchase before the start of the school year.
2)Build a Budget -If you figure out the maximum amount you will need to spend per child – and stick to your budget – you will not be surprised by the amount of money you have to shell out to get your kids ready for the school year. Based on the master list you created above, realistically budget for all required items.
3)Check Sales Fliers -Department store back-to-school sales fliers are a great resource to help with your checklist and budget . And each store often offers a few items at extremely low prices. These loss leaders are designed to draw customers into the store in the hopes that they’ll complete all of their back-to-school shopping in one stop. Savvy shoppers can take advantage of the sales at each store and get the best possible prices on a variety of items.
4)Start Early -Waiting until the last minute to complete your back-to-school shopping may result in a few great sale purchases but, overall, more money will be spent trying to get all the items at once. Prices on popular back-to-school supplies will often go up at the last minute, making those sales prices a wash. Starting early ensures that you’ll be able to find all of the items your children need while, at the same time, getting the best prices.
5)Wait an Extra Month or Two-If you miss out on early back-to-school shopping, waiting until after the school year has begun is also a smart decision. School supplies generally need to be brought to school on the first day, but all the clothing does not need to be purchased ahead of time. Ensuring that your child has one special, new outfit for the first day of school is often enough. Wait until the next month to make additional purchases to ease the initial financial burden. Most children start school at the end of the summer when the weather is still warm enough for summer clothes. Since long pants and long-sleeved shirts will often not be practical right away, these purchases can be delayed.The back-to-school shopping season does not have to deplete a parent’s or grandparent’s bank account. Reusing existing items, smart shopping and timely shopping can ease the burden and make the back-to-school time a financial breeze if you plan ahead.

courtesy of Joanne Vickery- Dominion lending center http://joannevickery.com/