Vancouver, BC – November 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,507 units in October compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in October from September 2010. The average MLS® residential price climbed 6 per cent to $521,859 in October compared to the same month last year.
“BC home sales have posted moderate gains since the summer months,” said Cameron Muir, BCREA Chief Economist. “Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power.”
“Total active residential listings in the province have declined 18 per cent since June,” added Muir. “However, the housing market remains tilted in favour of homebuyers.”
Year-to-date, BC residential sales dollar volume declined 2 per cent $32.5 billion, compared to the same period last year. Residential unit sales declined 10 per cent to 64,735 year-to-date, while the average MLS® residential price climbed 9 per cent to $502,353 over the same period.
Copyright BC Real Estate Association. Reprinted with permission.
Showing posts with label 2008 expired listings nelson bc buyers how to sell. Show all posts
Showing posts with label 2008 expired listings nelson bc buyers how to sell. Show all posts
Tuesday, November 16, 2010
Thursday, February 4, 2010
Six Tips to Pay Down Your Mortgage Faster
With interest rates at an all-time low, many Canadians are taking advantage of the savings by refinancing their mortgages to invest in real estate or buy a recreational property, or simply moving up the property ladder.
Following are ways to take even further advantage of this excellent rate environment by paying down your mortgage
Tip #1
Prepay early in the mortgage
Make extra payments as early as you can after getting a mortgage because the loans are interest-heavy upfront and the faster you pay down your principal, the more interest savings you will accumulate over the long run. Within the first five to seven years of your mortgage is where the largest portions of interest payments are contained. This not only will save you thousands of dollars in interest payments, but it will also increase the speed at which you are accumulating equity in your property. Many mortgage products allow you to make up to 20% more in payments per year.
Tip #2
Make an annual lump sum payment
Whether you use your tax refund, receive an inheritance or get a Christmas bonus, you should apply as much as possible directly to your principal. Most lenders allow you to pay 20% in lump sum payments per year without penalty. Your mortgage professional or lender can help you determine exactly how much you can prepay and what maximum percentage of your principal you are allowed to pay without penalty each year.
Tip #3
If your payments go down, don’t lower the payment amount
If you are on a variable-rate mortgage and the rates go down your payment will also often go down. Instead of making the lower mortgage payments, however, it’s best to call your lender
and let them know that you would like to continue making payments for the original amount. Your mortgage professional or lender will let you know if there is a charge for making the extra payment. Even with the charge, in most cases, it is still worth it and will help you pay down your principal faster.
Tip #4
Round up your payments even if it’s just a little
If your monthly mortgage payment is $776.22 and you were to round up your payment an extra $23.78 a month to $800 – that’s less than a dollar a day – you would effectively reduce your mortgage amortization from 35 years to just over 32 years right away or from 25 years to just over 23 years.
TIP #5
Increase your payments with your pay increases
If your income increases, try not to keep your mortgage payments the same. Although the disposable income is a joy to spend on unnecessary luxuries in the short-term, the long-term benefits of being mortgage free faster and saving those interest payments will far outweigh the short-term joys. Pretend that your income did not increase and maintain the lifestyle that you are currently living.
Tip #6
Increase the frequency of your payments
You can also change the way you make your payments by opting for accelerated bi-weekly mortgage payments. Not to be confused with semi-monthly mortgage payments (24 payments per year), accelerated bi-weekly mortgage payments (26 payments per year) will not only pay your mortgage off quicker, but it’s guaranteed to save you a significant amount of money over the term of your mortgage. Basically, with accelerated bi-weekly mortgage payments, you’re making one additional monthly payment per year.
Following are ways to take even further advantage of this excellent rate environment by paying down your mortgage
Tip #1
Prepay early in the mortgage
Make extra payments as early as you can after getting a mortgage because the loans are interest-heavy upfront and the faster you pay down your principal, the more interest savings you will accumulate over the long run. Within the first five to seven years of your mortgage is where the largest portions of interest payments are contained. This not only will save you thousands of dollars in interest payments, but it will also increase the speed at which you are accumulating equity in your property. Many mortgage products allow you to make up to 20% more in payments per year.
Tip #2
Make an annual lump sum payment
Whether you use your tax refund, receive an inheritance or get a Christmas bonus, you should apply as much as possible directly to your principal. Most lenders allow you to pay 20% in lump sum payments per year without penalty. Your mortgage professional or lender can help you determine exactly how much you can prepay and what maximum percentage of your principal you are allowed to pay without penalty each year.
Tip #3
If your payments go down, don’t lower the payment amount
If you are on a variable-rate mortgage and the rates go down your payment will also often go down. Instead of making the lower mortgage payments, however, it’s best to call your lender
and let them know that you would like to continue making payments for the original amount. Your mortgage professional or lender will let you know if there is a charge for making the extra payment. Even with the charge, in most cases, it is still worth it and will help you pay down your principal faster.
Tip #4
Round up your payments even if it’s just a little
If your monthly mortgage payment is $776.22 and you were to round up your payment an extra $23.78 a month to $800 – that’s less than a dollar a day – you would effectively reduce your mortgage amortization from 35 years to just over 32 years right away or from 25 years to just over 23 years.
TIP #5
Increase your payments with your pay increases
If your income increases, try not to keep your mortgage payments the same. Although the disposable income is a joy to spend on unnecessary luxuries in the short-term, the long-term benefits of being mortgage free faster and saving those interest payments will far outweigh the short-term joys. Pretend that your income did not increase and maintain the lifestyle that you are currently living.
Tip #6
Increase the frequency of your payments
You can also change the way you make your payments by opting for accelerated bi-weekly mortgage payments. Not to be confused with semi-monthly mortgage payments (24 payments per year), accelerated bi-weekly mortgage payments (26 payments per year) will not only pay your mortgage off quicker, but it’s guaranteed to save you a significant amount of money over the term of your mortgage. Basically, with accelerated bi-weekly mortgage payments, you’re making one additional monthly payment per year.
GOLD MEDAL RECOVERY LIMITED BY ECONOMY, AFFORDABILITY
Residential units sales through the Multiple Listing Service® (MLS®)in BC are forecast to increase 6 per cent to 90,100 units in 2010, before edging back 3 per cent to 87,500 units in 2011. MLS® residential unit sales sprinted from an annualized
rate of 50,000 units during the first quarter of 2009 to 112,000 units during the fourth quarter. However,waning pent-up demand and eroding affordability is expected to moderate the pace of home sales going forward, particularly on the South
Coast.
While market performance in Victoria, Vancouver and the Fraser Valley markets were largely responsible for pulling the provincial aggregate significantly higher last year, MLS® residential sales are expected grow more rapidly outside these major markets in 2010, as the full impact of low mortgage rates, attractive home prices and improved consumer confidence are just now taking hold.
In 2011, BC residential sales will be constrained by higher home prices, especially on the South Coast, and rising mortgage interest rates. In addition, relatively sluggish economic and employment growth is not expected to propel household incomes high enough to offset the rising carrying cost of housing.
The average annual BC MLS® residential price is forecast to climb 5 per cent to $490,900 this year, and remain relatively unchanged in 2011, albeit up 1 per cent to
$494,800. Most of the increase will likely occur by the end of the first quarter this year. Home prices are expected to experience relatively less upward pressure as the year unfolds.
In Victoria, Vancouver and the Fraser Valley, moderating consumer demand (compared to Q4 2009) combined with a larger number of homes for sale is expected to level
market conditions from a sellers’ year. Housing markets in the rest of the province are expected to exhibit a relative balance between buyers and sellers through the next two years.
Housing forcats for Kooteany's
Unit Sales
2009 = 2,119
2010 forecast = 2,550 up 20%
2011 forecast = 2,600 up 2%
Average MLS Price
2009 = $274,118
2010 Forecast = $284,000 up 4%
2011 Forecast = $290,000 up 2%
“Copyright British Columbia Real Estate Association. Reprinted with permission.”
rate of 50,000 units during the first quarter of 2009 to 112,000 units during the fourth quarter. However,waning pent-up demand and eroding affordability is expected to moderate the pace of home sales going forward, particularly on the South
Coast.
While market performance in Victoria, Vancouver and the Fraser Valley markets were largely responsible for pulling the provincial aggregate significantly higher last year, MLS® residential sales are expected grow more rapidly outside these major markets in 2010, as the full impact of low mortgage rates, attractive home prices and improved consumer confidence are just now taking hold.
In 2011, BC residential sales will be constrained by higher home prices, especially on the South Coast, and rising mortgage interest rates. In addition, relatively sluggish economic and employment growth is not expected to propel household incomes high enough to offset the rising carrying cost of housing.
The average annual BC MLS® residential price is forecast to climb 5 per cent to $490,900 this year, and remain relatively unchanged in 2011, albeit up 1 per cent to
$494,800. Most of the increase will likely occur by the end of the first quarter this year. Home prices are expected to experience relatively less upward pressure as the year unfolds.
In Victoria, Vancouver and the Fraser Valley, moderating consumer demand (compared to Q4 2009) combined with a larger number of homes for sale is expected to level
market conditions from a sellers’ year. Housing markets in the rest of the province are expected to exhibit a relative balance between buyers and sellers through the next two years.
Housing forcats for Kooteany's
Unit Sales
2009 = 2,119
2010 forecast = 2,550 up 20%
2011 forecast = 2,600 up 2%
Average MLS Price
2009 = $274,118
2010 Forecast = $284,000 up 4%
2011 Forecast = $290,000 up 2%
“Copyright British Columbia Real Estate Association. Reprinted with permission.”
Sunday, November 2, 2008
Slow Market Sales Tactics
When a property is listed for sale with a Realtor a listing contract is signed. This contract has a start and end date. If the property is unsold by the end of the contract the listing is said to have expired.
So far in 2008, in an area which includes Nelson, Nelson rural, Kaslo and Salmo, there have been 240 expired listings compared with a total of 171 expired listings for all of 2007. Over the past 7 days alone there have been 64 listings expire.
Some of these expired contracts will be re-listed however some Sellers will decide to take their property off of the market permanently. Seller fatigue being the term used to describe how Sellers are feeling after being unsuccessful in selling their homes. Being a Seller myself I understand the emotional roller coaster that causes this fatigue.
No matter what the market conditions the best that you can hope to do as a Seller is sell for fair market value. To do this requires constantly reevaluating market conditions and revisiting price. The current economic uncertainty has certainly slowed the activity in the real estate market however properties do continue to sell.
Properties that are selling have successful achieved the following two things:
So far in 2008, in an area which includes Nelson, Nelson rural, Kaslo and Salmo, there have been 240 expired listings compared with a total of 171 expired listings for all of 2007. Over the past 7 days alone there have been 64 listings expire.
Some of these expired contracts will be re-listed however some Sellers will decide to take their property off of the market permanently. Seller fatigue being the term used to describe how Sellers are feeling after being unsuccessful in selling their homes. Being a Seller myself I understand the emotional roller coaster that causes this fatigue.
No matter what the market conditions the best that you can hope to do as a Seller is sell for fair market value. To do this requires constantly reevaluating market conditions and revisiting price. The current economic uncertainty has certainly slowed the activity in the real estate market however properties do continue to sell.
Properties that are selling have successful achieved the following two things:
- Priced it Right - For a property to sell right now it must be the most well priced home on the market. There can be no question as to the value. In short when it is viewed by prospective Buyers it should appear to be a deal.
- Be Prepared - Have all of the maintenance issues looked after, hire a home stager, have information regarding utilities available and be mentally prepared to negotiate.
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