Langley Real Estate & Langley Homes

According to the News Release: February 2, 2010 we have an “ACTIVE PRE-OLYMPIC HOUSING MARKET IN THE FRASER VALLEY”

The information below is directly from my FVREB statistics http://www.fvreb.bc.ca/

(Surrey, BC) – The Fraser Valley experienced a return to typical home sale levels plus an early surge in new listings in January, according to the latest figures from the Fraser Valley Real Estate Board.

Paul Penner, President of the Board said, “Compared to last January, the market has returned to balance. Consumers continue to take advantage of the affordability created by lower interest rates.”

There were 981 sales processed on FVREB’s Multiple Listing Service® (MLS®) in January, an increase of 152 per cent compared to the same month last year when 389 sales were processed. There was also a 46.8 per cent increase in new listings, 2,941 compared to 2,003 during January last year.

Penner added, “If I were house-hunting right now, I’d be pretty excited. There is more selection and potentially less competition over the next few weeks.

“Some buyers will put their house-hunting on hold during the Olympics creating an advantage for those who don’t want to wait.”

So, if YOU don’t want to wait… give me a call and lets get started!

Just so its not all business I’ll add in this fun link http://www.citycaucus.com/2010free 

Its a list of Olympic events around the lower mainland that are free or next to nothing! You can ”boo” me if you want, but I’m not personally all that into the Olympics. I’m certainly not against them; It just doesn’t thrill me. I do recognize, however, that it is a once in a lifetime opportunity that will be here and gone before you know it. So if you have more spirit about it than I do get out there and ENJOY!!!

That’s all folks!

Desiree McLean

Sutton Group West Coast Realty (Langley)

604-533-3939

With endless information available at your fingertips, I’m discovering that the problem isn’t finding an answer to your question—it’s choosing which answer is right for you. All you have to do these days is type ”how to cook a turkey dinner” into Google (yes, I’ve tried it) and you have instructions and recipes galore. Now comes the hard part. As you click and sift through the rubble, do you want basic from-a-box stuffing? Or perhaps a made-from-scratch green apple and sage stuffing? How long to cook the turkey? What method to use? What side-dishes to serve? And this is just food!

Now lets talk Real Estate: Your home; your most precious investment. With the Internet, TV, magazines and books, today’s average sellers and buyers are more knowledgeable than ever. Or so they think they are. (Sure they watch HGTV, they know how it works.) But do you really? Do you know the legal consequences you could face when you sign on the dotted line without really knowing all the facts and how the process works from A-Z? Realtors are there to protect you. To act as your personal representative and to facilitate the business transaction, with the most benefit and least risk to you, as smoothly as possible. At least that’s how I run my business! I admit, as in any other industry, some do ruin it for the rest of us by not living up to the standards of the profession.

So who do you trust to take your best interests to heart during what is almost always a stressful and emotional process? Do you hire the guy who regularly sends his flyers to your mailbox? Or someone whose picture you saw in the paper? What about that friendly agent at the open house on the weekend? And if you have been “burned” before this decision is all the more difficult. So how do you choose the right Realtor?

My opinion? Interview several Realtors. Listen to your instincts. Don’t just choose the agent who quoted you the best price for your house; they might not be able to get you that amount. Match someone to your personality style so you feel comfortable asking questions. Did they arrive on time? Dress appropriately? Were they organized? Did they sound knowledgeable? Did they have a marketing plan in place? Did they mention how often they’d be in contact to update you? Don’t let age or experience fool you either. A Realtor with 20 years behind him might not be any more suitable for you than the enthusiastic 20 something with 4 years under her belt.

My closing advice. Don’t let the dollar signs and fancy sales talk cloud your judgement. I know that’s hard to do, but you will be much happier with your decision to choose a Realtor you really trust and can talk to. As I said it can be a long, stressful, and emotional process and what your home ends up selling for is out of any agents control in the end anyways. The right Realtor for you has a balanced set of skills, is ethical, professional, and makes you feel comfortable from beginning to end.

Goodmorning everyone!

 I’m Desiree McLean, your newest HomeZilla blogger. I hope to bring you some great tips, advice and the latest in market trends in the Langley, BC area all year long. I am a licensed REALTOR and member of the Fraser Valley Real Estate Board. Having spent my whole life in the lower mainland I am not only familiar with Langley, where I have currently lived for the last 5 years, but am also knowledgeable about many neighbourhoods from Abbotsford to Coquitlam to Surrey and in everything between.

Prior to moving into Real Estate I graduated from Douglas College with a full diploma in “Marketing Management“. The skills I mastered demanded detailed business knowledge, extensive teamwork building, and a profound level of professionalism and commitment. I now enjoy putting the skills I learned into practice with each home that I list and sell.

I am a vivacious learner and expand my knowledge at every given opportunity, such as attending courses and seminars frequently to ensure I am always up to date with the latest information. Networking and building rapport with a variety of people and business professionals provides me with a team of experts I can go to for any situation that may arise.

Contributing to the community is a privilege. As I grow my business, I endeavor to continually give back to my community in various ways to show my gratitude and appreciation for all their support. In September 2009, I was proud to be recognized in an initiative through Sutton Realty called the “Sutton Spirit”. Click the link to read on…  http://www.suttonspirit.com/node/997 

There is only one thing I might love more than Real Estate. I am a huge animal lover. I share my passion for animals, dogs in particular, with the community in numerous ways. I take part annually in the BCSPCA Paws for a Cause walk, and have one of my dogs enrolled to become a therapy dog with St. John Ambulance so that we can spread cheer in hospitals and visit schools educating children about safety around dogs. I am also the official organizer and founder for a dog group called “Coffee and Canines”, that I run using www.meetup.com, where dogs and their owners can come together to socialize in the Langley area. I plan events for the group such as dog play dates, hikes and walks and even pool parties. 

 If you are interested in real estate in and around the Langley area and you have four-footed furry family members then I am your perfect match!

Check my blog on HomeZilla regularly for the latest news on the Langley Real Estate Market in 2010.

Follow me on TWITTER @propertyhunting  http://twitter.com/propertyhunting

Desiree McLean

Sutton Group West Coast Realty

19653 willowbrook dr.

Langley, BC

604-533-3939

Langley homeowners, like homeowners across the rest of B.C. can expect to receive their annual 2009 assessment notices in the mail in the upcoming days. Produced and mailed out every January to homeowners across B.C. by the provincial assessment authority, B.C. Assessment, this year’s notice will be unique.

In a normal year, your assessment notice would show you the assessed market value of your property as of July 1 of the preceding year (2008). However, 2008 was anything but normal for the real estate market in Metro Vancouver. And so, back in November 2008, the provincial government introduced Bill 45 which changed the 2009 roll production.

For 2009 only, property owners will see 2 values on their assessment notices, based on two different valuation dates. Property owners will see on their notices the assessed market value of their property as of July 1, 2007 AND July 1, 2008.

The lower of these two values were used to determine your 2009 assessment notice assessed value. However, any physical changes to properties and changes to permitted use (i.e. zoning) were reflected up to Oct. 31, 2008. For example, if someone constructed a new home on a vacant lot in 2008, the new home’s value would be reflected on the 2009 assessment notice and the lower of the 2007 or 2008 construction cost rates would apply to value the new house.

More information related to assessment notices can be retrieved at www.bcassessment.bc.ca

So what does all this mean for Langley homeowners?

For the vast majority of homeowners in Langley, this change to the assessment roll is a positive one. That is because the median price of a detached home in Langley as of July 1, 2008 (BC Assessment’s valuation date) was about 3-4% higher than on July 1, 2007. Indeed, their legislated valuation date for the current year was near the peak of market prices earlier this year. And as readers of this blog know, home prices in Langley began to decline in the second half of the year. What this would have meant is that most Langley homeowners would have seen their assessed values increase in 2009 compared to 2008, but not reflect current (lower) fall/winter market prices.

With the recent changes to the assessment roll production, property owners in Langley will now automatically receive the lower assessed value of either July 1, 2007 or July 1, 2008, reflecting the physical condition and permitted use of their property up to Oct. 31, 2008. In fact, about 94% of property owners in Langley will receive an identical or lower assessed value on their 2009 notice, compared to their 2008 notice. This is welcome relief in turbulent economic times as the Langley municipality applies their tax rates to the assessed values of properties, for property tax purposes.

2008 is quickly coming to a close and what a year for the Langley, BC real estate market it was. It was really a tale of two markets in 2008, almost literally divided down the middle of the year.

The first half of 2008 saw steady sales volume and even slightly increasing prices. Prices in Langley appeared to have peaked in May. But from June onwards, the market took a sharp fall in terms of sales activity. Soon after, gradually falling prices reflected the fact that the boom years for Metro Vancouver real estate were over. The second half of 2008 saw sharply lower sales volume and falling prices.

So what might this mean for Langley real estate in 2009?

In my humble opinion, I believe that Langley, like the rest of Metro Vancouver (and the province and nation for that matter), will see even lower sales volumes compared to 2008 and lower prices as well. How far prices fall is anyone’s guess, with some economists making predictions of a decline in the range of 8-20 %. Such a big range shows just how much uncertainty is out there heading into 2009.

In my view, a few things would have to improve for the real estate market to bottom or plateau in 2009: a restoration of consumer confidence, a short and mild recession and the improved flow of money/credit in the financial system.

As I’ve stated in earlier posts, right now the real estate market is clearly a buyer’s market in Langley and I expect this trend to strengthen in 2009. Look for great deals in new housing projects where many subvisions and projects are sitting on idle inventory. I will make mention of some specific projects or areas you may want to consider early in the new year.

The recent unusually cold arctic weather in Metro Vancouver has brought real estate activity in the Fraser Valley to a virtual standstill. To Dec. 22, only 354 sales have taken place in the valley. This is even lower than the very slow November 2008 that saw 442 sales to the same day of the month.

With the arctic air and heavy snowfall that we have received in the past few weeks, buyers appear to be hibernating this December. In fact, police and media are encouraging people to stay off the roads if at all possible. Indeed, inside/side streets are often treacherous to drive on which obviously does not bode well for prospective buyers who would try to navigate these icy streets. And with more snow in the forecast sales activity does not look like it will pick up until at January, at the earliest.

I would like to thank all the readers of this blog for your interest and wish you and your loved ones a very merry Christmas and happy holidays.

I am looking forward to bringing you more informative posts on real estate in Langley and the Fraser Valley.

A new housing project in the heart of Langley by the locally based developer VESTA is coming along nicely.

Located at about 208th street and 69th avenue, the project includes two distinct neighbourhoods:

1) Prelude – a neighbourhood of 2 bedroom manor homes and 3 bedroom rowhomes

2) Seasons - 3 and 4 bedroom single family detached homes with either attached or detached garages

The project offers 5 distinct home types to suit different generational needs with the idea that a suitable home be available for those at different stages in life. In terms of the neighbourhood, the developer offers the following description, as outlined in their marketing material:

“Enjoying a prime location next to an environmental reserve and greenway network, Milner Heights residents are steps from lush green space, including the community’s own pathways, stands of mature trees, and naturally landscaped pond. Minutes from this scenic and tranquil enclave is an impressive variety of amenities, including fantastic shopping, well-respected schools, and Langley’s outstanding recreational activities and outdoor destinations”.

I recently had a chance to visit the showhomes and was impressed with the quality of construction. Of course, that reflects the quality of the developer, which has been in business since 1989 and built over 1800 homes.

Given the quality homes and excellent location near the downtown core of Langley, this project is worth a look if you are in the market for a home.

For more information visit http://www.milnerheights.ca/index.php

The Fraser Valley Real Estate Board recently released the housing sales stats for the month of November. The trends that began to emerge earlier this fall intensified further with a sharp drop off in sales compared to November 2007 and price declines.

A summary of the stats for Langley for the month of November 2008 are outlined below:

Sales of detached homes: 32 vs. 89 in Nov. 2007, a decline of 64%

Sales of townhomes: 16 vs. 64 in Nov. 2007, a decline of 75%

Sales of apartments: 21 vs. 55 in Nov. 2007, a decline of 62%

Despite the sharp drop off in the # of sales, a surprising stat was that the median price of a detached home in Langley at $518,000 was actually 0.6% higher than a year earlier. However, with the slowdown in sales, there will likely be heavy downward pressure on these prices and I expect the December stats to reflect this.

The median townhome price of $301,000 was -7.4% lower than a year earlier.

The median price of an apartment at $210,000 was -3.2% lower than Nov. 2007.

For the rest of the Fraser Valley sales as a whole dropped -62% with prices for an average detached home off -6.8% since the market peak in prices in May 2008.

As was stated in previous posts, today’s market clearly favours the buyer. With the daily media reports of economic doom and gloom, consumer confidence is shaken. For investors and home buyers, this spells opportunity to make a great deal in today’s environment.

We will look at consumer confidence in a later post.

Although there are a fair number of vacant building lots for sale in Langley as a whole, that is not the case in prestigious Walnut Grove. When lots do come available in Walnut Grove, they are typically valued higher than other parts of town, where lots are quite compact.

However, a new hot vacant lot of standard size has come to market at a blow-out price! This lot is an assignment of sale from a vendor that definately appears MOTIVATED to say the least. Lots of this size typically have been selling just over $300,000 throughout 2008.

This lot is in the Shaughnessy Woods subdivision and is definately worth a look and call. I have yet to see a lot of this nature listed so low in 2008.

Here are the details:

MLS# F2832275

Lot #29 of 9405 208th Street

List Price: $235,000

Lot size: 67′ x 106′ (6,997 sq. ft.)

Listing Agent: Tyler Schacter of Re/Max 604.533.3491

List Date: Nov 19, 2008

MLS # F2821091

19986 52nd Ave Langley City

$355,000

(originally listed at $389,900—133 days on market as of today’s posting)

1,175 sq. ft. rancher with 3 bedrooms & 1 full bath

One of the lowest priced detached homes in Langley on a nice size 6,100 sq. ft. lot.

Realtors description: “Well-priced 3 bedroom rancher with NEW 30 YEAR ROOF and NEW HOT WATER TANK on private south-facing lot with mture trees backIng onto a green belt. Open design with entertainment sized livingroom. Updated kitchen with ample cupboards, built-in island with pull-out drawers, pot lighting and glass block window. Sunken dining area with mirrored winebar opens to outdoor area. Huge master bedroom with walk-in closet! 14 x 10 ft shed with electricity. In Langley OCP, medium density for future development potential. Centrally located very close to schools, park, bus and shopping.”

Listing Agent: Bob Bailey 604.533.3491