Wednesday, April 8, 2009

Maria Mak - Burnaby Realtor - Message to First Time Home Buyers


The cost of borrowing to own a home is significantley lower than this time last year.

Our Sutton Mortgage Program offers rates as low as 3.39% for 5 years fixed terms while most banks are offering 4%.

With market adjustments we have experienced, plus housing prices have dropped roughly by 15% since March 2008. A single detached home which cost $500,000 last year will probably cost $420,000 now.

This 2 factors alone can ensure home buyers esp first time home buyers who want to own and live in their own homes an excellent opportunity to get into the market NOW. The buyers will get better value for their $$$dollars, since they are in it for long term, they know that their investment will appreciate with time.
As far as real estate is concerned, there always have up and down cycles, it just happens we are in the down cycle, but the market always swings upwards after a downturn. Savvy buyers will know that there won't be a drastic price drop from one month to the next and they will start buying when the market has not yet hit the bottom because when it bottoms out, they know that they will be competing with tons of buyers and speculators. Panic and confusion set in when people start to believe that if they don't buy now, they will miss the boat.

With only mininum 5% down, you will be on your merry way to owning your own home. Call me today at 604-839-6368 or visit my website at http://www.mariamak.com/, let's get started with the process and you will be smiling too!

Thursday, April 2, 2009

Maria Mak - Burnaby Real Estate Agent - Tips for the First Time Home Buyers





* Make a list of all the features you want in your new home such as locations of your 1st and 2nd choices,number of bedrooms, bathrooms, proximity to schools, shopping and workplace.

* Be sure you can afford your home. Your monthly housing costs should not be more than 32% of your gross monthly income and your entire monthly debt load (which includes other debts such as car loans and credit card payments) should not be more than 40% of your gross monthly income.

* Calculate your other monthly living expenses such as food, clothing, transportation, personals and childcare to ensure you can afford your mortgage payments.

* Call a REALTOR with your preferred area. They are trained professionals with knowledge about local conditions and the housing market in general. Through the Multiple Listings Service they have access to virtually every property listed for sale in the province. Your REALTOR can narrow down your search and provide you with information on properties for sale and those that have recently sold. This will allow you to make informed decisions about pricing. Licensed by the province and members of local real estate boards, REALTORS must adhere to high standards of ethical behavior.

* Obtain a pre-approved mortgage form the banks or lenders of your choice. This will help you determine the price range you should be looking in. With a pre-approved mortgage, your lender will guarantee the interest rate for up to 60 days.

*You may wish to have an independent appraisal done of a property before you offer a price. It can keep you from paying more than the market value.

* Ask your REALTOR for a copy of the Property Condition Disclosure Statement as one of the conditions when putting in an offer. This document is completed by the sellers and ensures the buyer gets complete information about the property they are about to purchase, and alerts buyers when they need to do more research on a property.

*If buying a new or existing condo, look beyond style and amenities and investigate whether the construction is of good quality. You can ask your REALTOR for a copy of the minutes and Annual General Meetings from Strata Management to determine what kind of problems the condominium has had in the past, and the foreseeable future expenses.

*It is always a good idea to have the home inspected from a professional home inspector. An inspector's written report should include how well-built the home is and whether any repairs are necessary and the estimated costs.

* Don't forget about other costs when you buy your own home such as legal fees (they will most likely be at least $800 for lawyer's fees), property taxes and the GST (if purchasing a new home).

For all your real estate services, please contact Maria Mak and my team at Sutton Centre Realty at 604-839-6368, you'll be smiling too!