Are you treating yourself to a new sweater or coat this fall? Consider donating your gently used one(s) to a worthy cause.
The 15th Annual Realtors Care blanket drive is coming up from November 30th to December 7th. All donations received in a community are given to charities within that community to distribute to low-income families and individuals, and to the homeless.
As you can imagine, with the economy having suffered so much, there are more working poor than ever who could use a helping hand. Your donation of warm, waterproof winter clothing, warm, dry socks, scarves and gloves will go a long way to help those in need.
Put a smile on the face of a struggling member of your community, and let them know that people do care. Donations will gladly be accepted at most Real estate offices during the week of November 30 - December 7th. Lists of drop off locations will be posted around your community starting in early November. Have a happy, healthy fall!
Tuesday, October 13, 2009
Thursday, September 3, 2009
Tips to Keep in Mind Between Your Mortgage Approval and Funding Dates
In light of the new market realities and tightening of credit underwriting standards by both lenders and mortgage default insurers as of late, keep in mind that now – more than ever – it’s important to be careful what you do between the time your mortgage is approved and when it funds.
A few mortgage lenders and insurers have been doing something lately that they have not done in a long time – pulling new credit bureaus prior to funding, especially if there is a long period between the time of your approval and when the mortgage actually funds.
Following are eight tips to keep in mind between your mortgage approval and funding dates:
1. Don’t buy a new car or trade-up to a more expensive lease.
2. Don’t quit your job or change jobs. Even if it’s a better-paying job, you still are likely to be on a probationary period. If in doubt, give me a call and I can let you know if this may jeopardize your approval.
3. Don’t change industries, decide to become self-employed or accept a contract position even if it’s within the same industry. Delay the start of your new job, self-employment or contract status until after the funding date of your mortgage.
4. Don’t transfer large sums of money between bank accounts. Lenders get especially skittish about this one because it looks like you’re borrowing money. Be ready to document cash transactions or money movements.
5. Don’t forget to pay your bills, even ones that you’re disputing. This can be a real deal-breaker. If the lender pulls your credit bureau prior to closing and sees a collection or a delinquent account, the best you can hope for is that they make you pay off the account before they will fund. You don’t want to have to scramble to pay off a debt at the last minute!
6. Don’t open new credit cards. Again, just wait until after your funding date.
7. Don’t accept a cash gift without properly documenting it – even if this is from proceeds of a wedding. If you have a bunch of cash to deposit before your funding date, give me a call before you deposit it.
8. Don’t buy furniture on the “Do not pay for XX years plan” until after funding. Even though you don’t have to pay now, it will still be reported on your credit bureau, and will become an issue – especially if your approval was tight to begin with.
While you may not risk losing your mortgage approval because you have broken one of these rules, it’s always best to talk to me before doing any of the above just to make sure
A few mortgage lenders and insurers have been doing something lately that they have not done in a long time – pulling new credit bureaus prior to funding, especially if there is a long period between the time of your approval and when the mortgage actually funds.
Following are eight tips to keep in mind between your mortgage approval and funding dates:
1. Don’t buy a new car or trade-up to a more expensive lease.
2. Don’t quit your job or change jobs. Even if it’s a better-paying job, you still are likely to be on a probationary period. If in doubt, give me a call and I can let you know if this may jeopardize your approval.
3. Don’t change industries, decide to become self-employed or accept a contract position even if it’s within the same industry. Delay the start of your new job, self-employment or contract status until after the funding date of your mortgage.
4. Don’t transfer large sums of money between bank accounts. Lenders get especially skittish about this one because it looks like you’re borrowing money. Be ready to document cash transactions or money movements.
5. Don’t forget to pay your bills, even ones that you’re disputing. This can be a real deal-breaker. If the lender pulls your credit bureau prior to closing and sees a collection or a delinquent account, the best you can hope for is that they make you pay off the account before they will fund. You don’t want to have to scramble to pay off a debt at the last minute!
6. Don’t open new credit cards. Again, just wait until after your funding date.
7. Don’t accept a cash gift without properly documenting it – even if this is from proceeds of a wedding. If you have a bunch of cash to deposit before your funding date, give me a call before you deposit it.
8. Don’t buy furniture on the “Do not pay for XX years plan” until after funding. Even though you don’t have to pay now, it will still be reported on your credit bureau, and will become an issue – especially if your approval was tight to begin with.
While you may not risk losing your mortgage approval because you have broken one of these rules, it’s always best to talk to me before doing any of the above just to make sure
Tuesday, August 4, 2009
The Right Specialist Gets the Job Done Right
Would you hire an electrician to do your plumbing? How about using a veterinarian to perform your own open heart surgery? Or maybe you should just do it all yourself to save money? Not a good idea. Realtors know Real Estate. And you need a Mission Realtor to market your Mission area home, to ensure you maximize your proceeds of sale.
In the Fraser Valley and Greater Vancouver area there are very distinct market trends from one area to the next. As you can see in the graph above, there are times when the average price in Mission is increasing, even as the average price in Abbotsford is decreasing, even though they are just across the bridge from each other.
Just as the recession has affected the Ontario economy more than the BC economy, market changes in one area of the Fraser Valley can be quite different than in other areas.
A Mission area specialist is in hundreds of Mission homes each month, researches values on Mission homes each day, and has experience listing and selling homes just like yours, in your area, your neighbourhood, or even on your very street.
Don't take a chance and hire the wrong person for the job. Hire your Mission area specialist, Cyndi Polovina to make sure that your home sale is a successful one!
Thursday, April 9, 2009
Our Shifting Market: Help is Needed
In a shifting market, such as we are in now, it is more important than ever that people who are considering the purchase or sale of real estate are represented by a skilled, knowledgeable Realtor who will represent their best interests.
Realtors are not merely salespeople for houses. More is needed than a knowledge of your home's value, and an ad in the paper, in order to sell your home. Many people do not realize that Realtors are trained professionals and are members of professional organizations with strict codes of ethics and guidelines on professional standards that must be maintained. There are also continuing education requirements and regular legal updates that are important to maintaining the best possible service to our clients. That is something in which I take pride. Personally, I am a member of the Fraser Valley Real Estate Board, the BCREA, and CREA. I take my obligations and agent duties to heart, and I represent my clients as I would wish to be represented if I were in their shoes.
In a market such as we are in now, which is rapidly changing, it is more important than ever to have someone looking out for your best interests. A skilled Realtor will ensure that you are protected on many levels.
One is of course to ensure that you are getting good value on your sale or purchase. Correct pricing is critical for sellers so that money is not left on the table, and it is vital to ensure that the home is priced considering market trends. That balance is very delicate, and a skilled professional can best advise you. A Realtor can also advise you of minor repairs or improvements that should be completed before listing your home. Often these minor items will pay for themselves (and then some!) Some Realtors, such as myself, may also be able to help you to stage your home to both get you the best value and sell more quickly than homes which are not staged.
As a buyer, the most important thing in a declining market is to choose a home with lasting value for you and your family. A good Realtor has knowledge of what features in homes hold value, and can also give skilled, objective advice to help you make a choice that will ensure the lasting value of your investment.
It is always the right time for certain people to buy or sell real estate. The question is whether or not now is the right time for YOU. A Realtor can help you to weigh all your options and give an objective view on the current market and on your home's value.
Furthermore, Realtors protect their clients on paper, by way of the contract, so that details such as included items and deposit monies are accounted for. If there is to be a long time before completion, or the contract is subject to the sale of the buyers' home, in a shifting market, more than ever, the Realtor must ensure their clients' interests are protected.
I would be honoured to take on the duty of representing you in your purchase or sale of real estate. Please contact me at your convenience.
Realtors are not merely salespeople for houses. More is needed than a knowledge of your home's value, and an ad in the paper, in order to sell your home. Many people do not realize that Realtors are trained professionals and are members of professional organizations with strict codes of ethics and guidelines on professional standards that must be maintained. There are also continuing education requirements and regular legal updates that are important to maintaining the best possible service to our clients. That is something in which I take pride. Personally, I am a member of the Fraser Valley Real Estate Board, the BCREA, and CREA. I take my obligations and agent duties to heart, and I represent my clients as I would wish to be represented if I were in their shoes.
In a market such as we are in now, which is rapidly changing, it is more important than ever to have someone looking out for your best interests. A skilled Realtor will ensure that you are protected on many levels.
One is of course to ensure that you are getting good value on your sale or purchase. Correct pricing is critical for sellers so that money is not left on the table, and it is vital to ensure that the home is priced considering market trends. That balance is very delicate, and a skilled professional can best advise you. A Realtor can also advise you of minor repairs or improvements that should be completed before listing your home. Often these minor items will pay for themselves (and then some!) Some Realtors, such as myself, may also be able to help you to stage your home to both get you the best value and sell more quickly than homes which are not staged.
As a buyer, the most important thing in a declining market is to choose a home with lasting value for you and your family. A good Realtor has knowledge of what features in homes hold value, and can also give skilled, objective advice to help you make a choice that will ensure the lasting value of your investment.
It is always the right time for certain people to buy or sell real estate. The question is whether or not now is the right time for YOU. A Realtor can help you to weigh all your options and give an objective view on the current market and on your home's value.
Furthermore, Realtors protect their clients on paper, by way of the contract, so that details such as included items and deposit monies are accounted for. If there is to be a long time before completion, or the contract is subject to the sale of the buyers' home, in a shifting market, more than ever, the Realtor must ensure their clients' interests are protected.
I would be honoured to take on the duty of representing you in your purchase or sale of real estate. Please contact me at your convenience.
Thursday, April 2, 2009
Fantastic Time to Buy (or Trade Up)
Qualified first-time buyers should be very pleased with themselves for not having given into the hype of the past few years and not having jumped into the market at that time. The steeply rising prices that we were experiencing, with no apparent end in sight, had many people "chomping at the bit", so to speak, to buy a home.
Ironically, with prices having come down significantly over the past year, and interest rates amazingly low, increasing affordability by leaps and bounds, there seems to be no urgency for the remaining first-time buyers to buy. But truly, now IS a great time to buy.
There seems to be a prevailing opinion among buyers that prices will continue to fall for some time. That may or may not be true. The problem with this thinking is that there is always a lag period between when the market actually starts to correct, and when it is obvious (to everyone) that the recovery has begun. (See graph). By the time that it is obvious to everyone, you will not only have lost some of your "price erosion savings", but you will lose your negotiating power.
If you are investing in real estate for the long-term (i.e. this is to be your family home for a few years to come), trying to time the bottom of the market is more or less irrelevant. If, for example, you continue to rent a few more months, while waiting for the market to drop a
bit further, a couple of different things could happen. The market could stay the same, in which case you have thrown more rent money towards your landlord's mortgage instead of your own. The market could begin to rise, in which case you now scramble to buy (along with the others in your situation), and now find yourself in a much less powerful negotiating position. Or, in the ideal situation, the market drops another percent or even two. O.K., assuming a 2% drop, the $400,000 home is now $392,000.00. But you have spent money on rent during that time instead of paying down your mortgage for those few additional months, and what about paying yourself first? What about the stress of being "in limbo" for that much longer, not starting your new life in your new home? When you look at the affordability of that $8,000.00, with interest rates as low as they are now, you are talking about a little more than a dollar a day. For only a dollar a day more on your mortgage, you are going to put off making a move that will change your life for the better? You are going to put up with your cramped rental situation instead of moving to your dream home FOR A BUCK A DAY!??? Or, for those trading up their home, (which is lacking some bells and whistles), for their dream home, how much money are you really saving by waiting? Any savings on the home you are buying is also being sucked out of your equity in your current home as the market falls.
The bottom line is this: If you find a home that meets all or most of your criteria, that is in your price range, and it feels like a home in which you would be happy, BUY IT! Don't put it off waiting for the market to do what there are no guarantees it will do. Your dream home may not wait for you. Selection is very high now, in this buyer's market. You have a better chance of finding a suitable home now than you will once the market starts its correction. Start living now! You and I have no idea when the prices are going to start climbing back up again. There are already signs of life in the Fraser Valley Real estate market. The statistics I just viewed from the FVREB are as follows:
March 31, 2009: listings 3028, sales 1008
February 27, 2009: listings 2369, sales 682
March 31, 2008: listings 3278, sales 1317
So, as you can see, the sales activity from February to March has increased significantly, and is not far behind the 2008 numbers. The listings are actually down from March 2008 over 2009, so that creates pressure on prices as inventory levels drop (supply and demand).
This is one of the most affordable times to buy that we have seen in many years. Don't miss the boat!
I can help you to make your dreams come true. Call me to help you make the most important decision of your life an INFORMED decision.
Ironically, with prices having come down significantly over the past year, and interest rates amazingly low, increasing affordability by leaps and bounds, there seems to be no urgency for the remaining first-time buyers to buy. But truly, now IS a great time to buy.
There seems to be a prevailing opinion among buyers that prices will continue to fall for some time. That may or may not be true. The problem with this thinking is that there is always a lag period between when the market actually starts to correct, and when it is obvious (to everyone) that the recovery has begun. (See graph). By the time that it is obvious to everyone, you will not only have lost some of your "price erosion savings", but you will lose your negotiating power.
If you are investing in real estate for the long-term (i.e. this is to be your family home for a few years to come), trying to time the bottom of the market is more or less irrelevant. If, for example, you continue to rent a few more months, while waiting for the market to drop a
bit further, a couple of different things could happen. The market could stay the same, in which case you have thrown more rent money towards your landlord's mortgage instead of your own. The market could begin to rise, in which case you now scramble to buy (along with the others in your situation), and now find yourself in a much less powerful negotiating position. Or, in the ideal situation, the market drops another percent or even two. O.K., assuming a 2% drop, the $400,000 home is now $392,000.00. But you have spent money on rent during that time instead of paying down your mortgage for those few additional months, and what about paying yourself first? What about the stress of being "in limbo" for that much longer, not starting your new life in your new home? When you look at the affordability of that $8,000.00, with interest rates as low as they are now, you are talking about a little more than a dollar a day. For only a dollar a day more on your mortgage, you are going to put off making a move that will change your life for the better? You are going to put up with your cramped rental situation instead of moving to your dream home FOR A BUCK A DAY!??? Or, for those trading up their home, (which is lacking some bells and whistles), for their dream home, how much money are you really saving by waiting? Any savings on the home you are buying is also being sucked out of your equity in your current home as the market falls.The bottom line is this: If you find a home that meets all or most of your criteria, that is in your price range, and it feels like a home in which you would be happy, BUY IT! Don't put it off waiting for the market to do what there are no guarantees it will do. Your dream home may not wait for you. Selection is very high now, in this buyer's market. You have a better chance of finding a suitable home now than you will once the market starts its correction. Start living now! You and I have no idea when the prices are going to start climbing back up again. There are already signs of life in the Fraser Valley Real estate market. The statistics I just viewed from the FVREB are as follows:
March 31, 2009: listings 3028, sales 1008
February 27, 2009: listings 2369, sales 682
March 31, 2008: listings 3278, sales 1317
So, as you can see, the sales activity from February to March has increased significantly, and is not far behind the 2008 numbers. The listings are actually down from March 2008 over 2009, so that creates pressure on prices as inventory levels drop (supply and demand).
This is one of the most affordable times to buy that we have seen in many years. Don't miss the boat!
I can help you to make your dreams come true. Call me to help you make the most important decision of your life an INFORMED decision.
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