Friday, February 27, 2009

Maria Mak - Buranby Realtor - To Buy or not to Buy now?



What goes up, must come down, vice versa; real estate is just like a roller coaster, up and down, down and up. Real estate, no matter how far it will descend, it will eventually rebound and climb back up again. Barring any intervention by Mother Nature, land will always be there. Land will not depreciate, and it's one of the best investments you can have in your financial portfolio.

Buy low and Sell high is always the golden rule for smart investors in real estate. Couple of years from now, when the financial crisis has ended and housing prices are up once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.

Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.

Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.That moment is certainly getting closer.

Housing prices have fallen drastically from their peak levels in many areas of the country.Meanwhile, first-time home buyers have the same advantage they have always had, which is that they do not have to sell their old place before buying a new one. That is an added advantage in areas where many available houses simply are not moving, because the people trying to sell them will not be bidding against you.If you’re hoping for a recovery in the housing market, you ought to be cheering on the first-time home buyers. When they purchase homes, their sellers are free to move on or move up, stimulating further sales.

But if you are a potential first-time buyer yourself, or lending or giving the down payment to one, you are probably as frightened as you are tempted by all the “For Sale” signs that have become “On Sale” signs. So let’s quickly review some of the still-grim pricing data in certain areas — and consider the reasoning offered up by first-time buyers who have forged ahead anyhow.

The fact is, in many parts of the country there are few if any attractive rentals for people looking to put down roots and enjoy the sort of amenities they may spot on cable television home improvement shows. Comparing a rental with a place that you may own seems almost pointless in these situations, especially for those who are now grown up enough to want to make their own decisions about décor without consulting the landlord.Still, for anyone feeling the urge to buy, a number of practical considerations have changed in the last year or two.

The basics are back, like spending no more than 28 percent of your pretax income on mortgage payments, taxes and insurance. Even if a lender does not hold you to this when you go in for preapproval, you should hold yourself to it.

For all your real estate services, please call Maria Mak and my team at Sutton Centre Realty at 604-839-6368 or visit my website at http://www.mariamak.com/, you’ll be smiling too!

Tuesday, February 24, 2009

Maria Mak - Burnaby Realtor -Rates - where they are going?



The Bank of Canada will be meeting again in March amidst expectations of further rate drops to stimulate our recession-burdened economy. The real question on everyone's mind is - will rates drop further, if so how much and if so, for how long? - ok so that's three questions.

The key to remember is that the Bank of Canada is governed by one of two things; Inflation or Stimulation. If they fear inflation, they will raise rates, but if they feel the need to stimulate the economy, they will lower rates. Clearly, we are still very much in a stimulus environment and as long as the Canadian economy continues to sputter along, we will remain in such. Translation: Expect Mark Carney and the Bank of Canada to follow suit by lowering rates again in March. The real question that remains unanswered is by how much? Personally, the street is asking for another half point decrease and, in fact, the markets have already priced that in. So we could very well see another half point drop which, if the banks follow suit and lower Prime accordingly, would make the Prime rate an amazingly low 2.5%.


The other question was for how long? Coupled with this would be the need to look at the trend in bond yields and how they will impact long-term rates. You don't need to worry about becoming an economist to figure it all out, but suffice to say there is room for a further drop in the long-term rates as well.

However, at one point over the next year or so, the economy will stabilize and start to swing upwards and when it does, the BOC will start to shift their focus away from stimulus and over to inflation. This will result in a rise in interest rates both long-term and short-term. And at one point, it may very well make sense to start looking at locking in your rates.

For all your creative financing, please contact Maria Mak at Sutton Centre Realty at 604-839-6368 , you will be smiling too!

Monday, February 23, 2009

Maria Mak - Sutton Centre Realty - Sutton Mortgage Program - Best Mortgage Rates available now!



Best mortgage rates available now!

Call Maria Mak at Sutton Centre Realty today at 604-839-6368 to see how you can take advantage of this low mortgage rates offer. You will save lots of $$$ money over the terms of your mortgage. Call Maria Mak and my mortgage team for all the creative financing, you'll be smiling too!




Maria Mak
Sutton Centre Realty

Mobile: 604-839-6368
Email: mmak@sutton.com

Sunday, February 15, 2009

Maria Mak - Burnaby Realtor - Home Inspectors to be licensed



British Columbia’s Home Inspectors To Be Licensed

The British Columbia Real Estate Association (BCREA) is pleased with the BC Government’s recent announcement to license home inspectors, effective March 31, 2009.

“As a REALTOR®, I know it’s important for my clients to have the best property information possible,” said BCREA President Scott Veitch. “An independent inspection is a great starting point for consumers to learn about property conditions.”

Since 1998, the Association has recommended the government license home inspectors. Now, BCREA looks forward to the development of meaningful standards to ensure consumers receive adequate protection.

“Solid information helps consumers have confidence in their home buying decisions,” added Veitch. “And confidence and protection are necessary for the excellent quality of life we enjoy in British Columbia.”

About BCREABCREA represents the 12 real estate boards in British Columbia and their REALTOR® members on all provincial issues, providing an extensive communications network, required licensing and continuing education courses, economic research and analysis, standard forms and government relations.

About Quality of Life Quality of Life is an approach BCREA adopted to demonstrate the commitment of the real estate profession to improve Quality of Life throughout the province. REALTORS® are active in their communities, and Quality of Life ensures BCREA reflects that work. The approach is summarized in five principles: ensuring economic vitality, providing housing opportunities, preserving the environment, protecting property owners and building better communities.

Did you learn specific details by having a building inspection? Or perhaps you didn’t and wished you had because of what you discovered after you moved in.

Friday, February 6, 2009

Maria Mak - Vancouve Real Estate Agents - Consider switching with low interest rates?






The one positive we've seen amongst all the economic headlines these days is the historically low interest rates. In fact they're so low that many homeowners are wondering if now would be a good time to switch out of their current mortgage.


Whenever you cancel a mortgage, you are faced with paying a penalty because you are essentially breaking a contract. Now that penalty can be either 3 months interest or an Interest Rate Differential - or IRD - as it's more commonly referred to. The IRD is calculated based on how much your current bank stands to lose - so it can often be quite sizable. Having said that, with rates being so low, we've seen many cases where the savings far outweigh the cost of the penalty, so it's certainly worth analyzing the difference - especially if you only have a few years left on your current mortgage.

For all your real estate services or if you have any questions regarding your mortgage financing, please contact Maria Mak at Sutton Centre Realty at 604-839-6368 , you'll be smiling too!

Tuesday, February 3, 2009

Maria Mak - Metro Vancouver Realtors - January Stats from the Real Estate Board



Maria Mak - Vancouver Realtors®- /Burnaby Real Estate Agent

Sutton Centre Realty
3010 Boundary Road
Burnaby BC V5M 4A1
(Office): 604-435-9477
(Cell): 604-839-6368


Below is a copy of the latest statistics release. To view the complete stats package for January, please click on the following link: January Stats. For more information on REBGV statistics, please visit http://www.realtorlink.ca/.

News Release FOR IMMEDIATE RELEASE: Home listings withdraw as sales volume slows VANCOUVER, B.C. – February 3, 2009 – The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.

New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008. Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.

“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said. “Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said.

Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008.

Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008.

Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.

The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit http://www.rebgv.org/.

I still think if you're ready to get into the market, this is the best time, lowest mortgage rates and lots of good bargains on the market. For all your real estate services, please contact Maria Mak and my team at Sutton Centre Realty at 604-839-6368 or visit my website at http://www.mariamak.com/ , you'll be smiling too!