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REAL ESTATE

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It’s been an unusual year for us all and that includes those of us in Real Estate.

Starting in June house sales began to pick up and that continued through the summer. Currently, interest rates are low which is always helpful for those who qualify. Looking ahead there are just too many variables to predict what might happen, so stay tuned!

Mike Wilson – REMAX Treeland Realty

I have lived and worked in the Fraser Valley for over 40 years and I am active in the community, I bring several decades of real estate experience and strong marketing background to the FV housing scene. Whether you’re looking for help finding your perfect home at your perfect price, or you need professional support and friendly expertise to sell your home in an ever-changing market, I come to the table with a true passion for helping you make the best possible move.

For more information contact me at 604-533-3491.

For Sale: 206 – 13959 16 Avenue, Surrey – MLS# R2460050

WOW! This is great value for this condo!

The complex will give you peace of mind because of the many updates including a newer roof, siding, windows, and a full rain screen exterior.

The condo has been well maintained by the current owner and offers a great location, close to transit, plenty of shopping, and is close to White Rock Beach. Amenities include a common rooftop deck with ocean views, beautiful well-kept gardens, and exercise room, lounge, library, and more. 

South Surrey Condo for Sale

 

 

 

 

 

Inside, this bright 2 bedroom and 2 bath unit overlooks a private western green space that’s perfect for enjoying morning coffee from your balcony, and well removed from the street frontage. 

 

 

 

 

 

Other Features:

  • This is an age-restricted 55+ complex.
  • Washer and dryer,
  • One underground parking stall
  • Storage
For more information contact Mike Wilson, Remax Treeland, 604-533-3491

Back in May 2020 in the midst of COVID-19 CMHC gave a poor outlook on Real Estate in Canada saying that prices could drop as much as 18%. Then surprisingly there was an upturn in the market in June 2020 with an increase in listings and sales. What does it all mean? We turn to Real Estate expert Mike Wilson for some answers.

CMHC Article on FV Lifestyle – CLICK HERE

Please take good care,

Mike Wilson
Remax Treeland
Web – https://fvlifestyle.com/real-estate-home/
604-533-3491
mike@fvlifestyle.com

Photo erikhopkins.com

What’s happening in the Real Estate market?
By far, as a Realtor the question I get asked the most is, “what’s happening in the real estate market?” and then the next thing people want to know, especially during these uncertain times is, “what is going to happen in the real estate market next several months?”

The COVID-19 Factor
As you can imagine, it’s difficult to predict what is going to happen and opinions among real estate professionals vary right now almost week to week! A big reason is we just don’t know what’s going to happen with COVID-19. Is there going to be another wave? Are businesses going to be able to stay open and recover? What will the impact of the current protests, social unrest, and the November US election be? As you can see, there are a lot of unknowns right now.

CMHC predictions
In the midst of all this, the CMHC came out with quite a “dire prediction”* saying that housing prices will drop in BC. CMHC CEO Evan Siddall “told a parliamentary committee that Canadian house prices could drop by as much as 18%.”*

He also said that “20% of mortgage holders who are deferring payments could be in arrears at the end of September when the COVID-19 deferral period finishes if the economy doesn’t improve.”*

Adding insult to injury for those of us who live in Vancouver he mentioned that Vancouver along with Toronto and Alberta could be the hardest-hit places.

A bit of optimism
More optimistically there is still a demand for housing in Metro Vancouver and real estate is selling. There has been a healthy increase in listings and sales so far in June and we may be on pace to have more listings and sales than we did in June 2019. In June 2019 there were 913 listings and 397 sales and as of June 9, 2020, there are 863 listings and 380 sales. In all of May 2020, there were only 522 listings and 180 sales. This increase in June over May 2020 is probably due to pent up demand that occurred as a result of the shutdown, so it will be interesting to see what happens during the summer.

Travel restrictions
It’s going to be an unusual summer because of the continued restriction on travel. Immigration in Metro Vancouver is a driving factor in our housing market, but with the travel restrictions, immigration is reduced dramatically. If restrictions are lifted immigration can return, pushing the real estate market to pick up again.

On top of immigration and travel, people won’t be going away as much this summer which usually causes a bit of a seasonal lull in real estate sales. I’m curious to see what the impact will be on the housing market this summer with more people having to stay home rather than leave on vacation.

Mike’s current advice
My current advice is if you are a homeowner and you are needing or wanting to sell, this may be an opportune time to discuss your options with your real estate professional.

I want my clients to know, as challenging as it might be sometimes, that I am always open to discuss what is occurring in the housing market. If you have any questions about your property, please don’t hesitate to contact me.

Please take good care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

*Vancouver Sun https://vancouversun.com/news/local-news/cmhc-offers-dire-predictions-for-house-price-drops-in-b-c?utm_medium=Social&utm_source=Facebook#Echobox=1590622621
Photo: https://www.digitalmarketer.com/blog/marketing-predictions-2020/

To say the least, we live in uncertain times. That said, I still have clients who need to sell or buy a home right now. I also have clients ready to buy and sell when the impact of the pandemic and the need for social isolation is over. If you have decided to sell your home either now, or in the future, there are several things that will maximize your home’s appeal to potential buyers and get your house sold COVID pandemic, or not!

1. Paint The Walls in Neutral Tones
A new coat of paint will leave each room looking fresh. and choosing neutral tones appeals to a wide audience, creating a blank slate for potential buyers to picture the space as their new home.

Taking the time to touch up scuff marks on baseboards and door frames will also give your home an extra polish to make it feel more move-in ready.

2. De-Clutter, De-Clutter, De-Clutter.
If a house is overflowing with stuff, not only can it make an entire room look smaller, buyers may worry that there is not enough storage for their own belongings. Start with decluttering countertops, bookshelves and window sills, and then tackle the cupboards, drawers, and closets. No space is off-limits for the eyes of a curious buyer!

Use this rule of thumb: Make sure each storage space is never more than half full, and organize what is left to look uniform and tidy. Decluttering can be tedious, but it offers the added bonus of helping you get organized for packing for your own move.

3. Fix The Small Things
This small detail can make all the difference; do a walk-through of your home and fix any loose handles. Check the drawer-pulls on cabinetry and make sure your closet doors are tracking properly. Secure shelves and check that they’re level. Be sure that there aren’t lightbulbs missing and their switches are all working. Check that the window coverings are all hanging properly.

These are some of the simplest things you can do to ensure a positive impression of your home, and when missed, may make potential buyers consider what else may be broken in your home.

4. Consider Curb Appeal
No matter how inviting the interior of your home is, potential buyers have already formed an impression before walking through the door. Increase your curb appeal by tidying up garden beds and ensuring your lawn is in good shape, add some greenery with inexpensive shrubs and bright, cheery flowers. Fix any cracks in your front steps or walkway. Painting your door a different color and adding a few flower pots to your front porch will also go a long way.

5. Keep Your Home Show Ready
Now that you’ve painted, de-cluttered, cleaned every corner, and made sure everything is in tip-top shape, you never know when a buyer may schedule a last-minute tour. Don’t leave dishes in the sink, keep the bathroom sparkling, ensure the beds are made and keep the floors free of dust bunnies. It may be inconvenient but you never know which viewing will lead to a sale!

Need help? Here are few places I’d like to recommend…

Need hardware and paint? Home Hardware – White Rock
Need paint, furniture restoration, and decorating help? The Passionate Home – Langley
Need to do some gardening? Art Knapps – Surrey

Please take good care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

Photo: Livabl 

The COVID-19 Pandemic is presenting challenges for almost every industry including the real estate industry. That said, I have had the opportunity to show a few homes for clients during the shutdown. Open Houses are not happening, bur showings can continue.

Here are the steps I am taking to ensure buyers and sellers remain safe during home showings.

Expanded services for both real estate buyers and sellers…

For Sellers

  • I will be present for all showings (seller leaves)
  • Protective gloves for buyers while viewing your property
  • Limiting buyer’s to 2 people maximum while viewing your property (plus buyer’s realtor)
  • Minimum 24 hours notice before a showing
  • Buyers and buyer’s agent must complete a health form questionnaire prior to viewing your property (provided by me)
  • I will dispose of all protective gloves at the end of the showing
  • Messaging sellers when the showing is complete
  • Offer “Skype Style” showing upon request
  • Offer an online paperless option for contract
  • As I said above, I will not be offering Open House as a marketing tool as recommended by FVREB and CREA

For Buyers

  • Arrange showings where sellers are not present on the property (Social distancing)
  • Provide protective gloves and sanitizer for buyers/clients
  • Offer video walk-through “Skype” upon request
  • Offer an online paperless option for contract

Please take good care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

There’s no escaping news about COVID-19 is there?  People have very legitimate concerns as the virus spreads around the world. As a Realtor people are even asking me how I think the virus will affect Fraser Valley Real Estate and the consensus among my colleagues and other experts is for the time being COVID-19 shouldn’t have too dramatic of an impact on the local Real Estate market unless there is a real downturn in the economy.   

Coinciding with the spread of the virus is the news that interest rates have dropped and this is usually helpful to the Real Estate market because it makes it easier for people to get home loans. 

Also, as I mentioned in my Real Estate update last month, earlier in the year we were undergoing the impact of the stress test that was introduced in 2018 and I believe the impact of that is lessening helping sales to return to above-average levels in our region over the last couple of months. 

Real Estate is one of those sectors that can sometimes get a pass when other sectors take a hit because housing is an essential need and it’s more of a singular activity. As we see concerts and public events being canceled, that doesn’t necessarily impact an activity like buying or selling your home. 

All that said, we’ll see what happens regarding COVID-19 and its impact on the real estate in the Fraser Valley. This is quite an unusual circumstance as the virus moves to a worldwide pandemic level. One thing we can say about the Real Estate market is that it is often impacted by bad economic news, and as the media hype machine continues at a full-throttle pace creating fear and distress we’ll just have to see what happens. 

Wishing YOU all the best! 

Questions   

If you want to know more, I’m here to answer your real estate questions and help you with your real estate buying and selling needs. Please feel free to contact me. 

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

Sales have returned to above-average levels

If you are a homeowner watching the Real Estate market in the Fraser Valley, you may have noticed that 2019 finished strong after a comparatively lackluster year. Early in the year, we were still undergoing the impact of the stress test that was introduced in 2018, but with steady job growth and a stable economy, sales have returned to above-average levels in our region.

January 2020 was active

January was an active month in the local Real Estate market. I even had multiple offer situations. That said, this might be a good time for homeowners to consider selling because of increasing demand and a limited supply of houses for sale. Some homeowners in our region who were thinking about selling have been waiting for prices to rise a little and that time is now!

Lower Interest Rates

There are a few factors at work that are contributing to the potentially lower interest rates and that will impact the market too. The current pressure on “bond market yields” is an indicator that the banks will continue on a trend to lower interest rates. Long term rates will likely come down as the banks look to secure long term mortgage lending, as opposed to short term mortgage lending. (see below) Currently, international concerns regarding the Coronavirus are contributing to this downward trend too.

An interesting note regarding long term mortgages

In the past, long term mortgages have been considered to have very restrictive terms of repayment, so people shy away from them. Legitimate concerns about early payout penalties, large upward interest rate shifts, during the mortgage term have made these unpopular choices for buyers.

Changes to longer-term mortgages

Did you know that after five years in any mortgage term lenders can no longer charge the “interest rate differential penalty”? The maximum penalty is a three-month one-time penalty. This is a great new safeguard should you choose a long term rate. Also, you are still able to “portable” your mortgage to your next home in most cases.

Questions

If you want to know more, I can arrange for all your questions to be answered by a trusted mortgage professional.

Regards,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

Photo by Francesca Tosolini on Unsplash

Medallion AwardFraser Valley Real Estate Medallion Award Mike Wilson

I am honored to announce that I have qualified for the 2019/2020 Fraser Valley Real Estate Boards “medallion award.”

Experience

Based on my 32 years of real estate experience, I have an in-depth knowledge of the subtleties of purchasing and selling real estate in the Fraser Valley and I take professional and personal pride in keeping my clients up to date on marketing trends.

Welcome to the Club!

The Medallion Club is an annual acknowledgment from the Fraser Valley Real Estate Board that recognizes the top professionals. To achieve Medallion Club status, you must be in the top 10% of all members in terms of your combined listings, sales, and dollar volume for the year.

Thank you!

Thank you to all of my valued clients, customers, and referral partners, for your continued support. This award and the other ones that I have received are really secondary to doing business with you!

Please take good care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com