Credit reports part 1: What is in My Credit Report?

Your personal credit report is compiled by Canadian credit bureaus from various sources. The report shows information generally going back six to seven years, including personal information such as your name, address, date of birth and Social Insurance Number. It also includes historical data such as current and previous addresses, current and previous employers, and public records like bankruptcies, liens or judgments. Most importantly, your credit report contains your credit card, mortgage and loan payment information.
This information is used by lenders to see if you have missed payments, carry high balances, or are in other ways overextending yourself financially. Payment history is the most important factor in your credit rating — so try to pay your bills on time, even if it is just the minimum balance due each month.
Lenders evaluate your credit risk based on information in your credit report. It is a good idea to review your credit report periodically and check for inaccuracies that may have an impact on your credit standing.

Discerning Property Value

How is the market value of my property determined?The market sets the price. Your Realtor will help you set a realistic price to match market conditions.
Your REALTOR® can give you a comparative market analysis based on similar homes in your area. It will show current listings, recent sales, and expired listings (a good thing to check because these houses are usually either overpriced or poorly marketed).
A competitive price can be based on:
Location
Size
Style
Condition
Community amenities
Financing options
Market conditions (Is it a buyer's or a seller's market?)

Remember: The market determines price. Avoid the urge to price your home based on considerations that do not affect its market value. For example, the following do not affect the market value for your property:
How much you need to purchase your next home
How much you paid
How much you spent on improvements
The value of a similar home in a different community
The cost to build the same home today
Your personal attachment to your home (Yes, it's your house and you're proud of it, but this makes no difference to potential buyers.)

MORE SNOW ON THE WAY!!!

It’s that time again...............
Salt Time........
Rates $ 180.00 + Salt

Contacts.
Terry Sihota
Cell. 604.779.2493
Email. Tsihota@hotmail.com

Chris Kozak
Cell. 604.968.1727
Email. Criscocontruction ltd@hotmail.com

Reliability before Liability

Holiday safety- decorations!

Although decorating for the holidays can be lots of fun, studies show that trees and candles start thousands of fires. Many trips to emergency room are also made due to falls, cuts and shocks related to lights, decorations and trees. Here are some tips that'll help keep things safe:

Candles - Although candles are great at adding ambiance, they're a major fire hazard. If you have candles burning, ensure you keep them away from curtains and other items that could catch fire and never leave them unattended or within reach of children.

Tree Trimmings - Choose decorations that are flame-retardant and avoid breakable items and those that appear edible. Make sure the wires on your lights aren’t frayed and replace defective bulbs. Never overload electrical outlets and despite how festive it may look, unplug lights when you're not around.

Christmas Trees - Keep your tree well watered and place it away from heat sources such as radiators, your TV, the fireplace or heating ducts. Anchor your tree securely so children aren’t able to pull it down on top of themselves.

Being safe is being smart. Introduce a new holiday family tradition this year by discussing potential fire hazards and what to do in case of an emergency. Remember to also test out your carbon monoxide and fire detectors and while you're at it, install some fresh batteries!!!

Did you know?

Canadians are emerging from the recession confident that the value of their homes is rising and optimistic about their local housing markets. The Canadian mortgage market is rebounding and will surpass the $1 trillion mark in 2010, reports the Canadian Association of Accredited Mortgage Professionals (CAAMP) in the fifth edition of the Annual State of the Residential Mortgage Market.Canadians are positive about house prices, and attitudes about whether this is a good time to buy a home have never been higher in the three years that CAAMP has surveyed on that question. The overwhelming majority of those surveyed (40%) expect house prices to go up, which is more than double the opinion of those surveyed in spring 2009 (18%).In past surveys, negative house price sentiments were most evident in British Columbia, Alberta and Ontario, provinces that in retrospect were hardest hit by the economic downturn. On a 10-point scale (where 1 is very negative and 10 is very positive), attitudes in these provinces have sharply rebounded to 6.44 from 4.77 in fall 2008, 6.24 from 5.00, and 6.30 from 5.11, respectively, and are now in line with the 6.25 national average.As interest rates remain low, it is not surprising that Canadians continue to be satisfied with their mortgages. Of those who renewed in the last year, 73% received lower rates than their original mortgage term.

BUSIER THAN NORMAL NOVEMBER FOR FRASER VALLEY REAL ESTATE MARKET

News Release: December 2,2009 (Surrey, BC) - The Fraser Valley Real Estate Board (FVREB) processed 1,522 sales on its Multiple Listing Service (MLS®) in November, an increase of 200 per cent compared to the 507 sales during the same month last year and only 10.7 per cent less than in October.“Interest rates continue to be a strong motivator resulting in unseasonably high real estate sales for this time of year,” said Paul Penner, President of the Board. “We typically see both sales and listing activity slow in November as people start to get ready for the holidays and we did experience that on the listing side, but not in sales. This was the second busiest November Fraser Valley REALTORS® have seen in ten years.
”The number of active Fraser Valley listings in November decreased 5.4 per cent from October, dropping to 8,334 listings. This represents a 29.4 per cent decrease from last year. The MLS® saw 2,093 new listings come on stream in November, 26 per cent fewer than were received in October, however, 12 per cent more than were received in November last year. The benchmark price of a detached home in October was $497,697, an increase of 6.5 per cent compared to November 2008, when it was $467,497.
The benchmark price of townhouses increased 2.3 per cent from $308,647 in November 2008 to $315,890 last month. The benchmark price of apartments also increased year-over-year by 1.9 per cent, going from $231,498 in November of last year to $235,842 in November 2009. “Although prices are edging up, buyers seeking value and lifestyle continue to find both in the Fraser Valley,” said Penner. “In November, 70 per cent of all homes and 46 per cent of single detached homes sold for under $500,000, indicative of a diverse housing stock across our six communities.
”Penner says the average days on market in the Fraser Valley remains competitive: 56 days on average for single detached homes; 46 days on average for townhomes; and, 58 days on average for apartments.

source: fvreb