Neeraj is a dedicated & trustworthy real estate advisor operating in Metro Vancouver. He is a good listener and listens to his clients needs very carefully and provides friendly and professional real estate services. Please visit www.NeerajKumar.cato know more about him.
Anil Kumar is ‘your friendly mortgage expert’. Whether you are new to Canada, newly self employed or have a bruised credit. Looking for mortgage for your first home, renewal or refinance, you can rely on him for an expert solution. Please visit https://www.anilkumarmortgages.com to know more about him.
Determining property value is not limited to when you want to sell. With the ever-changing Vancouver real estate market, it is important to stay on top of what your property is worth. There are several factors that will affect and change property value.
Here are the top 4 things that will affect your property in the lower mainland:
1. Current Real estate Market
Current market trends in lower mainland are fluctuating faster than you can blink. Weather you have a condo or a detached home, the recent pandemic had adversely affected the pricing in 2020 and has shown a drastic upward trend in 2021. According to a real estate forecast article by Mortgage Sandbox, apartment and detached home pricing in lower mainland are increasing again1.
New home sales are driven up by the amount of new development happening in regions like Langley, South surrey, White rock, Fleetwood, Cloverdale and Maple ridge. An established popular area like Surrey has also seen a boom of new construction projects which has driven the pre-sales up than ever before.
Location is one of the top priorities when looking for a home. Property value will drive up if your home is near a SkyTrain station versus a residential suburb with very low connectivity. Property value is closely related to the amenities surrounding the land. The location parameter also went under scrutiny during 2020 when there was a shift from office work to work from home jobs.
A recent CIBC survey found that more than 20% of people currently working from home will be returning to the office. As well, we expect the vast majority of students to return to their schools full-time. This points to a possible bounce back to the migration to the outer suburbs, exurbs, and cottage country1.
3. Age and state of the property
How old is your home? The phrase, “old is gold” is indeed true in the current Vancouver real estate market. 2021 is your year if you are a seller. If you have a well- maintained property with added new renovations, the property value drives up versus a dilapidated home with workable fixtures. Staging is an important aspect in home selling, and it will drive your market value up.
4. Size/Area of the property
The square feet area of the property and type of property is an important factor in determining property value. In an older CBC article from 2019, single family home pricing were expected to drop in 2020.2 Contrary to this predictions, property sales and value jumped 20% in 2020 breaking some sales records on the way. 3
Talk to a realtor today and understand what your current property value and when would it be a good time to sell. Keeping a check on these trends is important so that you don’t sell yourself short. A home is an investment that needs to be fruitful even when you are done living in it.
Are you planning to buy a home in Vancouver area? Attend the free information session that I organize couple of times in an year & prepare yourselves and get the knowledge you need to understand the process of home buying in BC.
We will try to cover the following in these sessions:
A to Z of home buying process in British Columbia
How and when to prepare for your mortgage and financing
The most common mistakes made by first time home buyers
Basics of Financing/Mortgage
Answers to any questions you may have about the home-buying process in BC, Canada
Presenters of the session:
A Licensed REALTOR® & a Mortgage Broker will present this session.
Connect with Neeraj Kumar if you are wondering how is real estate market is doing in Vancouver. Neeraj can Provide Great Insights of Real Estate in your neighborhood. Call him today at 604-363-2370 or visit his real estate website http://www.nkumar.ca to find your dream home.
This should be first thing you should do. Talk to mortgage professional such as Mortgage Broker and check how much you can afford.
2. Prepare a Budget – Do not forget about the closing costs
There are some closing costs involved such as property transfer tax, lawyer’s fees, moving fee etc. The cost would vary and will depend on the purchase price.
3. Tax Credits
Talk to your accountant about tax credits. Fortunately, there are some tax credit available for first time-home buyers. Also talk to your accountant or Financial Advisor about the RRSP Home Buyer’s Plan.
If you have a Registered Retirement Savings Plan (RRSP) set-up, you can borrow money you have saved in this plan to probably use it for down payment.
4. Prioritize your preference
Based on your affordability, check what you would prefer condo, townhouse, or detached house.
5. Work with great real estate agent
Make sure you work with a trusted & reputable real estate agent. Finding the Right Home starts with choosing the Right Realtor. Once you know the price you can afford & your budget is in place, talk to your trusted Real Estate Advisor to check the prices of the properties in your preferred neighborhood. A Real Estate professional can set up an automatic search for you so that you get a notification as soon as a listing that meets your criteria gets listed.
The Contract of Purchase and Sale (CPS) form in BC is the document that outlines the terms of the offer from a buyer to a seller in a real estate transaction. Watch this video below and understand the process.
The British Columbia Real Estate Association (BCREA) has created this video which explains one of the key documents used in a real estate transaction.