JUST “SOLD”:  ASKING $928,800

Immaculate home in desirable Killarney area. Only 13 years young!

Lot: 33 X 122       Total bedrooms: 5       Total square footage: 2,425 approx..,

5768 Kerr feature sheet

www.henrylaihomes.com

More information to come….

www.henrylaihomes.com

To some extent, there’s truth in that. But it’s also a fact that the real estate market fluctuates. Many people mistakenly rely on national trends when evaluating the real estate market, however, this could at times be misleading. The key is to focus on and understand your local market.

Focusing on your local real estate market is the key to evaluating real estate deals. This however could be difficult to evaluate since there is often less information on particular areas versus the national situation. To understand your real estate market, here are a few factors to focus on.

Understand the market trend. Sometimes it’s a buyer’s market and sometimes it’s a seller’s market. And there are actually other times when the real estate market is in transition. A transitional real estate market poses certain issues for people who are buying and selling homes and you should be aware of them. This is especially true for anyone involved in real estate right now because the real estate market in many areas is either in transition or could be in transition shortly.

Supply and demand. Real estate is governed by the law of supply and demand. This rule is absolute and without exception. The appreciation of a market, the expectations of buyers and sellers, and the velocity of market sales are all dictated by the supply of, and the demand for, real estate for sale.

New construction is another area to consider when evaluating your market. In this case, we are focusing on supply and demand. The more homes available to buyers, the harder it will be for sellers to move properties. Most communities have some new construction, but the key is to determine if it is outpacing the demand.

Increased job growth and in-migration. Where there is strong growth, there are new workers. New workers need some place to live. A vast percentage of these people will be moving in from other areas and often are bringing money from a previous home. If job growth is strong, your real estate market should be stable and showing appreciation.

Real estate doppler effect. Real estate is governed by the law of cause and effect. Positive situations cause positive outcomes, and vice versa. For example, a vibrant economic growth leads to a vibrant real estate market and strong appreciation of homes, while loss of jobs and a languishing economy produce exactly the opposite effect.

The conditions that make a good market can change literally overnight. All it takes is the entrance of a major employer or a little word of mouth and buyers looking for a bargain and seeing others take a chance, and before you know it, a neighbourhood has turned around. Homes that sat unsold are selling for high prices. Young people are moving in, making improvements, and making the area cool to live in.

A secret to evaluating your local real estate market is to look at people around you. One sign of a hot real estate market is the number of people who suddenly become real estate investors. These tend to be people using the equity in their primary home to make secondary purchases. There is no statistical analysis for this factor. Just keep an ear out for friends or neighbours who are suddenly investing in multiple properties.

Understanding the real estate market requires various skills such as knowledge of land price, an insight for land in the future, the risk factors for a property, laws that apply for property, etc. Moreover, the real estate market has changed tremendously over the year. It takes much time and effort for an individual to understand it completely. The real estate market is an adventurous place to get in to, with the prices of property increasing as the time passes.

If you are thinking of buying or selling a property, consult with your local real estate agent. He or she is equipped with the right tools and knowledge to insure your investment is a successful one.

14years old; 33 X 122; 5 Bedrroms; 2,408 square feet

Quality built 14 yrs old house featuring 9 ft ceiling, granite countertops, granite fireplace & nicely finished hardwood floors. Very well maintained property in convenient location close to all amenities! Aluminum covered top sundeck & fully fenced backyard for privacy. This won’t last! Very well kept!

www.henrylaihomes.com

BC Home Sales to Rise in 2011 
BCREA Housing Forecast Update – Third Quarter 2010

Vancouver, BC – July 30, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the third quarter of 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 7 per cent from 85,028 units in 2009 to 79,500 units this year, before increasing 5 per cent to 83,400 units in 2011.
“The volatility in consumer demand characteristic of the past 24 months is expected to give way to more gradual improvement through 2011,” said Cameron Muir, BCREA Chief Economist. “Housing demand has fallen back to earth from its break-neck pace at the end of 2009 and is expected to more closely match overall economic performance over the next 18 months.”  
“A larger inventory of homes for sale has created the most favourable conditions for home buyers in more than a year,” added Muir. “However, the buyers’ market is expected to be short-lived as total active listings peaked in May and are beginning to wane, with more balanced conditions set to emerge in the fall.”
The average MLS® residential price is forecast to climb 6 per cent to $492,800 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $489,500.

The full BCREA Housing Forecast Update is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

www.henrylaihomes.com

Over the years, there have been many changes in style, technology, and function of windows. When deciding whether to repair or replace your existing windows, begin by considering their age and condition. As well, poorly designed, constructed and placed windows can cost money through heat or cooling loss.

If your home is more than 30 years old and still has the original windows, chances are your windows are not keeping you as warm or as cool as well-placed and installed newer models. But, there are measures you can take to increase the efficiency of your older windows:

• Tighten the seal around the windows with weather-stripping. There are many different types of weather-stripping available for use on wood, metal, aluminum and vinyl. One of the easiest to apply is caulking cord which comes in a roll. You simply press the cord into place to make a tight seal.
• Every window not made of insulated glass should have a storm window. If your home has storm windows, ensure they are in good condition and install them properly before the cold season begins. When those icy winter winds start blowing, both you and your pocketbook will notice if your windows offer good protection.
• If your home doesn’t have storm windows, or they are in poor condition, you can get as good or better protection using heavy-gauge clear plastic sheeting. Seal it tightly over your existing windows and you will have an inexpensive and effective alternative to storm windows.

Five signs that it’s time to replace your windows:

1. If a window develops ice or a frosty glaze inside a window pane, poor ventilation or insufficient insulation may be to blame.
2. If you feel a cold draft in the winter or a warm draft during the summer when sitting near your window, it is a clear sign of poor insulation. This problem can significantly increase your energy bill.
3. If you stand inside your house with a candle lit near a window’s edge and the flame flickers or goes out, your weather stripping may need to be replaced.
4. If your window no longer remains open on its own, requiring you to prop it open, it is no longer in good condition.
5. If your windows become fogged with condensation there may be a seal failure. Seal failures are usually fixed by replacing either the glazing or the entire window.

Replacing windows
Modern windows not only beautify the appearance of a home, they bring sunlight in during winter, while preventing the warmth created from escaping outdoors. Windows also insulate a home from heat during the summer and keep cooled air from escaping. Today windows combine science and technologies that increase energy efficiency and actually reduce heating and air conditioning costs.

Replacing existing windows with more energy efficient models doesn’t have to be done all at once. Begin by replacing the ones causing the most heat loss, such as the large picture windows in your living and dining rooms. Replacing windows in stages over a period of years costs less up front and still increases energy efficiency.

Common window types include: double-hung, casement, stationary, awning and horizontal sliding. They may be made of wood, aluminum or vinyl or a combination of these materials. Almost all feature insulated glass and easy-to-clean designs that provide tight seals and eliminate heat loss.

Whether you plan to install new windows yourself or have them installed professionally, be sure to visit a number of suppliers and study the various products and options on the market. You want to select windows that complement the appearance of your home, increase energy efficiency and give you the most value for your money.

Quality installed replacement windows will give your home protection from the outside elements and provide a great overall aesthetic look from the curb while meeting the energy related requirements required for rebates and tax credit programs.

Numerous people are likely going to spend a considerable amount of time browsing through your home while it is on the market. If you are living in the home while it is for sale, your personal things will be on show too and potential buyers might look through drawers and other items that are inside your home. Your privacy and security may become an issue when showing your home, so it is important to consider all your options before you welcome someone into your home.

For many individuals, it is very important for them to protect their privacy, while others are simply concerned that buyers will make assumptions about them and judge them instead of simply judging their home. However, the importance of protecting your privacy is all the same and that goes for anything personal from financial information, such as cheque books to bank statements and personal letters.

Protect your documents
Keep in mind that a potential buyer may open cabinets or drawers—this is not considered snooping. Buyers can innocently tug on a drawer to inspect its construction or depth and find important documents that you might not intend for anyone to see.

Don’t leave mail where anybody can find it
Many sellers make the mistake of leaving piles of opened mail neatly stacked on the kitchen counter or somewhere else in the home. By leaving your correspondence out on the table, a potential buyer can find out about your credit card debt, whether you have filed for bankruptcy and other private information that you probably don’t want the seller to be aware of. Not only is this an invasion of your privacy, it can also change the offers that you receive from buyers. If you have a stack of mail from a collection agency, the buyer will know you are desperate to make a sale and will likely propose far under the list price.

Remove personal effects from your walls
From diplomas and religious artifacts to wedding certificates and personal photos, don’t provide buyers with any personal information about yourself or your family. De-personalizing is also an important move to make when staging your home for sale anyway, so you can actually accomplish two things by removing the personal effects from your home.

Don’t leave your computer up and running during showings
Gaining personal information from your computer takes only minutes for a professional hacker or thief, so be proactive and turn your computer off before potential buyers arrive.

Before you put your home on the market, empty out drawers, stage closets and pack up anything personal including medications. Disassociate yourself with your home—remind yourself that it is a house—a product to be sold on an open market that is bound to see plenty of new faces throughout the term of the selling process.

Consider renting a locker at your local bank and store away your jewelry and other valuable items. It is better to be safe than sorry.

www.henrylaihomes.com

Housing Market Favours Buyers

www.henrylaihomes.com

rebgv_stats_package_june2010_pdf_(3)

www.henrylaihomes.com