2229 CRYSTAL Court

Location, Location!! Best value for a home! Come enjoy the perks of living in front of a park. Great neighbors, a quiet street & more parks close by. This 2 br + den home has alot of character and boasts a long list of great updates: a fully renovated master bedroom & ensuite which highlights a jetted tub with marble vanity. A completely updated kitchen with custom cabinets, new appliances, ice maker, dishwasher, fridge, gas stove (all appl under warranty). A new roof ('07), new furnace ('07). New carpets, doors, closets, windows & blinds, etc. Come see for yourself. Nothing to do but move in.

MLS# F2920181

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

34925 GLENN MOUNTAIN DR

Glenn Mountain/McMillan area home in highly sought after neighborhood. Updates throughout! This 4 bdrm + 3 baths, 2 storey, 4 level split home features new chocolate maple hardwood on main with custom railings. Newer kitchen countertops, carpets, paint, updated bathrooms and Lennox high efficiency furnace and more. Come home to vaulted ceilings throughout the main floor and walk into your pine kitchen and cozy up to your high efficiency wood burning stove... Just like living in a Whistler vacation. Atmosphere, Atmosphere, Atmosphere. Close to all levels of schools, parks, transportation, recreation and shopping. Just move in. Easy to show.


MLS# F2915929

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

# 310 33668 KING RD $159,900

Fabulous Alumus in College Park. Spacious 1 bdrm, 1 bath home with beautiful views of Mount Baker and the surrounding mountains from its wrap around patio. Laminate flooring, gas fireplace, skylight, big kitchen with pantry. Large walk-thru closet in the master bedroom. Bright, clean and well taken care of. Easy freeway access and walking distance to UFV, Abbotsford Entertainment and Sports Complex, shopping, fine dining and cineplex. Act quickly, this special unit will not last long with its easy showings! Quick possession available.


Click HERE to view MLS# F2902146

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

SOLD 2939 Clearbrook Rd $319.900

Solid 3 bedroom house in the Clearbrook area. RS3 zoning & a separate entrance. Front & rear lane access. Hold on to this property. Investors special.


MLS# F2816597

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Courtesy of Landmark Realty Corp.

SOLD 3905 Caves Ct $$587,500

Amazing 5 bedroom + den home situated in a cul-de-sac in 'sought after' Sandy Hill Estates. Open great room concept with a kitchen in the corner and a generously sized centre island for gathering guests to congregate plus a nook area. Master bedroom features 2 W/I closets & a 5pc ensuite with his and hers sinks,closet in den, RV parking & central A/C w/heat pump. An excellent neighborhood that allows you to walk to all levels of award winning schools & parks. Fully fenced backyard for your kids to play plus a storage shed for all of your tools. Two gorgeous gas f/p's 1 up & 1 down. Basement features a full bathroom off of the recroom. The nicely sized patio features amazing mountains & valley views plus a gas hookup for your BBQ


MLS# F2816597

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Courtesy of Landmark Realty Corp.

SOLD 35325 MCKINLEY DR

Excellent and bright Sandy Hill home. Large legal basement suite with 2 rooms. Many upgrades including money saving heat pump/AC, beautiful hardwood flooring, hardwood kick panels leading upstairs, fully landscaped and fenced backyard. Enjoy romantic evenings beside your stone fireplace. Entertain guests in your well appointed kitchen with stainless steel appliances. Sip glasses of fine wine on your large deck. Have a seat and take in the view from your front porch. Retreat into your private master suite and enjoy rest and relaxation. A fine place to call home. Call for a viewing now.

Click HERE for more pictures.

MLS# F2813660

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Courtesy of Landmark Realty Corp.

SOLD 35331 MCKINLEY DR

Immaculate 4 bedroom home in Sandy Hill. Enjoy entertaining with the large kitchen and spacious great room which leads to a nicely sized patio. Relax in your large rooms. The drywall in the basement is already installed. Nicely appointed with 9' ceilings, over sized stairs, beautiful Maple kitchen, river rock stone fireplace, convenient laundry on main and an added bonus of a dining room on the main floor! Minutes to all levels of award winning schools.

Click HERE for more pictures.

MLS# F2813591

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Courtesy of Landmark Realty Corp.

# 40 5700 JINKERSON RD

Completely remodeled, wide open floor plan in a 19+ gated community. This near new rancher offers an unobstructed view of the North Shore Mountains (watch for deer) out your back door and Mt Thom out your front door. Do not pass on this one with its vaulted ceilings, 2 gas fireplaces, master bedroom on the main and a nice big rec room and other bedroom and bathroom down in your walk out day light basement, great for visiting guests. There is also a huge crawl space for storage.

Click HERE for more pictures.


Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Courtesy of Landmark Realty Corp.

2656 LARKSPUR CT Abbotsford Real Estate Agent David Shieh

Abbotsford 's Prestigious Eagle Mountain! Your new home search stops here! Prestigious Eagle Mountain home built by Ellwood homes. Some of the luxurys that will accompany this 2 storey plus basement home of just over 4100 sq.ft. Finished includes 6 bedroom, 4 bathrooms, vaulted ceilings, 9 and 18 foot ceilings, theatre room, extensive use of moulding work, 2 gas fireplace, granite counters through out, hardwood floors, open floor plan and floor to ceiling rock fireplace. This is going to be a beautiful home with high end finishing.

Click HERE for all of the newest Eagle Mountain listings

Please contact me immediately for your private showing

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Courtesy of Royal Lepage

Abbotsford's Eagle Mountain - 2594 EAGLE MOUNTAIN DR

Abbotsford 's Prestigious Eagle Mountain! Two story with finished basement with amazing view of Mt. Baker. 4 bedrooms upstairs with 3 of the bedrooms with their own ensuites! Separate loft area for a library or computer area. Increase your investment portfolio with this amazing house!

Click HERE for all of the newest Eagle Mountain listings

Please contact me immediately for your private showing

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Landmark Realty Corp.

Eagle Mountain - 2623 Eagle Mnt Dr.

Abbotsford 's Prestigious Eagle Mountain luxury 5 bedroom, family home with breathtaking views and stunning features: open floor plan, butlers kitchen, 10-18' ceilings, raked window features, coffered ceilings, windows galore, master deck, ensuite, wardrobe, 3 baths up. Maple cabinets with Blumotion Tech, granite counters, apron sink, all rooms looking out to Baker and Valley, a GREAT room with 18' ceilings, gas fireplace and built-in shelving. Formal dining room features hutch area and large den/living room. Rope lighting. Every room has special features. Master with fireplace and covered deck. High effeciency heat pump/ac. Hardwood floors engineered cork/slate. Stamped concrete driveway and sundeck. 80 gallon hot water tank.

Click HERE for all of the newest Eagle Mountain listings

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Courtesy of Lighthouse Realty Ltd.

The Condo Buzz

The young are doing it. The old are doing it. Everyone's doing it! From Vancouver's beautiful coastline to Montreal's chic concrete-covered streets, condos are all the craze. While a portion of the population still view condominium units as small boxes stacked one above another, all types of people are moving into and buying condominiums. The fastest growing area of home development in Vancouver and Whistler is in condominium development. Across the country, thousands of miles away, Toronto currently absorbs close to 1000 new condo units per month. With statistics like these, the condo craze has definitely made itself at home in Canada.

Why are so many people opting to purchase condos instead of houses? Toronto condo owner Vanessa Rementilla has the answer. "For both young and old, condos offer the convenience of having everything in reach," Rementilla says. "As well, condos boast the ease of not having to maintain what you would if living in a house...worrying about cleaning the roof, shoveling the driveway, taking the garbage out."Rementilla is right, condominiums offer residents a lot of comfort for little maintenance. If purchasing a home, most would never be able to afford all the amenities that condos offer. Some of these amenities include pools, gym facilities, 24 hour security, and underground parking. "It's great, I don't have to remember which day the recycling has to go out, because the building does it for me," she exclaims.

Of course, buyers must remember that condos do have monthly maintenance fees for the services and general upkeep. For those who don't have the time or interest in doing certain chores themselves, the fee is worth it.

Young urban professionals tend to buy condos for other reasons too. Low interest rates encourage them to buy, as do first-time home buyer incentives. Being within an urban center is very important to younger home buyers — they want to be close to the city's bars, theaters, public transportation system, shopping areas, etc.

Older buyers also care about being close to all the conveniences that a city has to offer."People that are down-sizing, the empty-nesters, tend to have more time and money on their hands to enjoy the city they live in," Rementilla says. Very true. With their kids grown up and gone, older couples can take advantage of condo location to experience the city. In my loft building, almost half of the residents are retired. They love living in the hustle and bustle of the city, where they can walk to a museum, sit in a nearby park and go shopping.

Whether young or old, working or retired, single or married, condos are extremely popular in Canada — there are no signs of this trend fading. The condo craze is here to stay!
Source: HGTV.ca

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Mortgage?

A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.
What is an amortization schedule?

The month-by-month allocation of your monthly payment to the loan's interest and principal is called an amortization schedule. With most loans you pay off the interest on the loan before you pay off the principal (or the actual amount you borrowed). Your lender will provide an amortization schedule to show you how the percentage of your principal paid off increases with every payment, while the percentage of interest decreases.

Choosing the right mortgage.

Once you decide on the mortgage you want, do your homework. Different lenders offer different rates, points, and fees. Ask around and compare.

Understanding the benefits of different mortgage offerings can be a complex process.

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Negotiating A Sales Price

Before you negotiate a sales price, it's important to determine if you or the seller has the stronger position. Knowing this will help you plan your negotiation.

The seller may have the stronger position if:

* The local real estate market is strong and homes are selling quickly.
* They aren't in a rush to move.
* Similar houses have sold for close to or above their asking price.

The buyer may have the stronger position if:

* The local real estate market is weak.
* The seller needs to move quickly.
* The house has been on the market for a long time.

When negotiating, more information is better. Look at your notes from when you looked at the house. If there's anything in need of repair or replacement, you may include these costs in the negotiation. If you want certain appliances or fixtures to stay, be sure to include them in the negotiation. You may also want to make your offer contingent upon your obtaining financing or the house passing a professional home inspection, especially if it is an older home.

There are several steps to negotiating:

* Asking price.
This is the price the sellers have originally listed. Except in extremely strong real estate markets, most sellers don't expect to get an offer at or above the asking price.
* Initial purchase offer.
This is your first offer. It may include contingencies (such as a requirement that the home pass a professional inspection or that you receive adequate financing from your lender.)
* Acceptance of offer or counter-offer.
The seller can accept your offer or make a counter-offer of a new price or additional contingencies.

If you've made a home inspection part of the contingencies and something serious is found during the inspection, you may want to submit a new counter-offer and discuss the situation with your lender. The process may go back and forth several times before you and the seller reach an offer that is acceptable to you both. Remember that in some instances, your lender may not approve your mortgage if the home has serious deficiencies that could affect its value.

* Escalation clauses.
If you live in a market where homes are selling quickly and have multiple offers, your contract may need to be offered with something called an escalator clause, which allows the offer to increase by certain dollar increments if more than the offer is obtained and entertained by the seller.
Source: Freddie Mac

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
Post by David Shieh Abbotsford Real Estate Agent
••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Things to Consider Before Buying a Home

You are about to invest in your most valuable asset. Many home buying steps are standard yet there might be slight variations depending on the real estate laws and regulations where you live. Here are our top ten recommendations to make you more confident as you embark on your home buying journey.

1. YOUR CREDIT RATING
Getting your finances in order is probably the most important step you should take. Your credit reports are an ongoing look at how you manage your finances. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you.

2. UNDERSTANDING HOW MORTGAGE WORKS
Get familiar with the mortgage laws, structure and options. That way, you will be able to decide on the right loan and lender - crucial to your home buying success. It's up to you to determine which lender is best for your needs, and it's always a good idea to have at least a bit of background about the loan process before you talk to a lender.

3. GETTING A MORTGAGE PRE-APPROVAL
Do you know how much house you can afford? Probably not, unless you've talked with a lender. Pre-approval helps you in other ways. Consider this scenario. A home seller gets two similar offers. One is accompanied by a letter from the buyer's bank that states she is pre-approved for a mortgage in the amount of the offer. The other has no supporting documents. Which offer do you think the seller will consider first?

4. SORTING OUR YOUR NEEDS AND YOUR WANTS
Buying a home isn't as difficult as you might think, even if you're short on funds. But the process will go a lot smoother if you get familiar with your real estate market and narrow down your wants and needs before you start looking at houses.

5. PREPARING TO WORK WITH REAL ESTATE AGENTS
Real estate agents represent buyers, sellers, or both for they can work as neutral facilitators for either party. It's essential to understand agent duties and loyalties before you make that first phone call.

6. THE GREAT HOME SEARCH
The Internet is a great tool - you can spend endless hours searching public version of Multiple Listing Service websites. Besides, your agent too will give you multiple listing sheets to study. You can also pick up House For Sale magazines and read classified ads in your local newspapers. You might even plan afternoon drives to preview neighbourhoods. These are all excellent ways to see what's available out there.

7. PRE-OFFER INVESTIGATION
Deciding whether or not you want to buy a house involves a look at its structure and its features, but there are many other topics that are every bit as important to your purchase. Appoint a professional to conduct the home inspection. Study what kind of house is it - site built, modular or manufactured. Consider its market value and resale potential. Do others have a right to use the property? Can you live with the deed restrictions? Is the reported square footage accurate? Is the heating system efficient? And so on.

8. MAKING THE OFFER
There's no one set of instructions that can cover all the differences in real estate laws and customs that exist throughout, so the mechanics of making an offer and its specific contingencies depend greatly on your location. That's why you should sit with your agent, attorney or advisor to fine-tune your offer and take care of all the contractual considerations.

9. AVOIDING LAST MINUTE CHANGES
As your closing date nears, everyone involved in your real estate transaction should check its progress on a daily basis, because staying on top of things means you'll know immediately if there's a problem that must be dealt with. Here's a bit of information that focuses on a few common problems that home buyers must deal with before they close on a house.

10. BEFORE CLOSING
Most of your home buying concerns are behind you now and you're on your way to closing the event that transfers ownership of the property to you. You will encounter issues specific to your location and your transaction, issues that can best be explained and handled by your local real estate agent, your lender, your attorney, your closing agent, or others who are helping you complete the home buying transaction.

Never hesitate to ask questions. Ask as many questions as necessary to help you understand the entire home buying process. You are making a long term commitment and spending a major amount of money--you'll feel much better about the transaction if you stay informed and understand what's happening every step along the way.
Source: HGTV.ca

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
You are about to invest in your most valuable asset. Many home buying steps are standard yet there might be slight variations depending on the real estate laws and regulations where you live. Here are our top ten recommendations to make you more confident as you embark on your home buying journey.

1. YOUR CREDIT RATING
Getting your finances in order is probably the most important step you should take. Your credit reports are an ongoing look at how you manage your finances. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you.

2. UNDERSTANDING HOW MORTGAGE WORKS
Get familiar with the mortgage laws, structure and options. That way, you will be able to decide on the right loan and lender - crucial to your home buying success. It's up to you to determine which lender is best for your needs, and it's always a good idea to have at least a bit of background about the loan process before you talk to a lender.

3. GETTING A MORTGAGE PRE-APPROVAL
Do you know how much house you can afford? Probably not, unless you've talked with a lender. Pre-approval helps you in other ways. Consider this scenario. A home seller gets two similar offers. One is accompanied by a letter from the buyer's bank that states she is pre-approved for a mortgage in the amount of the offer. The other has no supporting documents. Which offer do you think the seller will consider first?

4. SORTING OUR YOUR NEEDS AND YOUR WANTS
Buying a home isn't as difficult as you might think, even if you're short on funds. But the process will go a lot smoother if you get familiar with your real estate market and narrow down your wants and needs before you start looking at houses.

5. PREPARING TO WORK WITH REAL ESTATE AGENTS
Real estate agents represent buyers, sellers, or both for they can work as neutral facilitators for either party. It's essential to understand agent duties and loyalties before you make that first phone call.

6. THE GREAT HOME SEARCH
The Internet is a great tool - you can spend endless hours searching public version of Multiple Listing Service websites. Besides, your agent too will give you multiple listing sheets to study. You can also pick up House For Sale magazines and read classified ads in your local newspapers. You might even plan afternoon drives to preview neighbourhoods. These are all excellent ways to see what's available out there.

7. PRE-OFFER INVESTIGATION
Deciding whether or not you want to buy a house involves a look at its structure and its features, but there are many other topics that are every bit as important to your purchase. Appoint a professional to conduct the home inspection. Study what kind of house is it - site built, modular or manufactured. Consider its market value and resale potential. Do others have a right to use the property? Can you live with the deed restrictions? Is the reported square footage accurate? Is the heating system efficient? And so on.

8. MAKING THE OFFER
There's no one set of instructions that can cover all the differences in real estate laws and customs that exist throughout, so the mechanics of making an offer and its specific contingencies depend greatly on your location. That's why you should sit with your agent, attorney or advisor to fine-tune your offer and take care of all the contractual considerations.

9. AVOIDING LAST MINUTE CHANGES
As your closing date nears, everyone involved in your real estate transaction should check its progress on a daily basis, because staying on top of things means you'll know immediately if there's a problem that must be dealt with. Here's a bit of information that focuses on a few common problems that home buyers must deal with before they close on a house.

10. BEFORE CLOSING
Most of your home buying concerns are behind you now and you're on your way to closing the event that transfers ownership of the property to you. You will encounter issues specific to your location and your transaction, issues that can best be explained and handled by your local real estate agent, your lender, your attorney, your closing agent, or others who are helping you complete the home buying transaction.

Never hesitate to ask questions. Ask as many questions as necessary to help you understand the entire home buying process. You are making a long term commitment and spending a major amount of money--you'll feel much better about the transaction if you stay informed and understand what's happening every step along the way.
Source: HGTV.ca

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

Mortgage Information

A few changes to report on the rate front…current rate sheet attached. Best 5 year fixed term is now sitting at 5.99% and our best 5 year Variable Rate mortgage is sitting at Prime minus .60%, which today is 5.65%. Bond yields in the market have been on a steady decline for over a week now which should mean some interest rate decreases in the near future

Posted by David Shieh- Abbotsford Real Estate Agent

How much home can you truly afford?

A general rule of thumb is to multiply your gross annual income by 2.2 to arrive at the home’s approximate price level. For instance, if a married couple gross a total of $80,000 annually, they can probably afford a home priced at $176,000 (rew.ca).
The second affordability rule is that your entire monthly debt load shouldn’t be more than 40 per cent of your gross monthly income. This includes housing costs and other debts such as car loans and credit card payments. Lenders add up these debts to determine what percentage they are of your gross monthly income. This figure is your Total Debt Service (TDS) ratio(rew.ca).
It helps to keep in mind that, in the long run, home owning has been traditionally a much better investment than renting. And when you finally sell, the capital gain on your Canadian private residence is tax free(rew.ca).
Posted by David Shieh- Abbotsford Real Estate Agent

Upgrade your kitchen without remodelling

If you are planning to sell your home, you can present your kitchen as an organized, clutter-free, versatile space that will make it easy for buyers to envision being productive and happy working in the heart of their new home.

Want to give your kitchen some pizzazz without blowing a fortune? Here are some easy, low-cost changes that can instantly upgrade your kitchen, without major remodeling.

1. Replace your kitchen faucet with an updated model.

2. Change the face of your cabinet. If you have solid wood cabinets, strip the colour or finish. Then apply a new stain with a couple of drops (or squeezes!) of yellow or green oil pigment (available at your local craft store) added. The colour will have more depth and more drama.

3. Replace or paint ugly laminate countertops. (Use Marine-grade paint.)

4. Add warmth during cold seasons with a gorgeous rug next to the sink counter.

5. Try adding beadboard as a backsplash for a traditional or country kitchen. Be sure to cover with a quality paint that can be scrubbed!

6. Want a Tuscan look? Mount terracotta or stone pavers as a backsplash. Apply matching or contrasting mortar to customize the look.

7. For an even more inexpensive look, use vinyl floor tiles in a stone or mosaic pattern as a backsplash. There are some wonderful vinyl tiles available today.

8. For a plantation look, replace your conventional doors with window shutters.

9. Add colour to plain white cabinets with art! Ask your children to paint flowers or scenes on white paper. Then mount the paintings in small painted frames and attach two or three (depending on the proportions of your cabinets) to the front of each door. (And you can change the paintings anytime you want!)

10. Invest in an attractive portable kitchen island to use as a prop for a kitchen with an open center and insufficient counter space.

Voila! A dramatic makeover in your kitchen takes just a few inexpensive touches!

Of course, if you have the budget, you can go all-out for improved efficiency, better storage, premium presentation and a great fresh look.

Two no-fail suggestions:

1. Replace outdated appliances with newer models to save both space and energy.

2. Refresh the kitchen with a neutral, two-toned colour scheme to make the space seem larger

Money spent updating your kitchen rewards you better than money spent on any other upgrades to your home. When it comes to kitchens, buyers continue to demand improvement in efficiency and style, and they love remodeled kitchens and new appliances.

Provided by HGTV.ca

Posted by David Shieh- Abbotsford Real Estate Agent

Location ,Location, Location

Where's the best place to live? It depends on what's important to you. Location is of paramount concern for most people when choosing a new home. That's why it's crucial to have accurate facts and specifics about new communities so you can make an informed decision. Fortunately, there are several valuable sources you can use to gather information about the places you're considering. The internet is an excellent starting place to research possible new homes.

Where you choose to live is a highly subjective decision, based on many individual variables. So, what important factors should you take into consideration before you decide to pack all your worldly belongings and head for your new home? Here are some important elements to consider as you begin your search.

Schooling
Having vital information about local schools in your new community is a primary concern among parents. Again, the Internet has a wealth of resources to find out detailed information about the various schools in the areas you are considering.

Crime-rate
Feeling safe and secure in your new home is a primary consideration when choosing where to live.

Health care access
Quick access to quality health care and corresponding coverage areas are top-of-mind concerns when deciding on a home. You'll want to know beforehand how close your new home is to the nearest hospital or urgent care facility, especially if a member of your family has an existing chronic medical condition. Web sites for your specific health insurance carrier provide a comprehensive, up-to-date source for this information.

Cost of living factors
You've been offered a 30 percent raise in your new job in a city 500 miles away. That's great news--or is it? Before you decide to upgrade your kitchen to get a better selling price and break out the packing boxes, it's a good idea to see just how far your increased salary will go in that new location. Fortunately, the internet is an excellent resource to instantly compare cost of living between cities.

Homeownership rates
High homeownership rates point to a population that has a vested interest in maintaining the living standards of an area.

College-educated residents
The number of college-educated residents is indicative that the residents value the importance of higher education. This translates into educated parents who are inclined to be active participants in promoting good local schooling.

The weather
Weather patterns are an important consideration, since they can profoundly affect your physical and mental health. Look up climate averages at popular weather websites.

Forewarned is forearmed
Deciding where to live requires in-depth, up-to-date information which can help you analyze a variety of quality of life issues. While different sources may produce different results, it's a good idea to check them all out and get a comprehensive overview of what's considered to be a 'Best place to live'. Make sure you use all of the resources you have at your disposal. Knowledge is power.
Source: HGTV.ca

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.

The Difference Between A “Real Estate Agent,” And A Dedicated Professional…

People say I’m very different from the “flock” of real estate agents out there. Instead of hounding strangers for business and pestering people with cold calls, I spend my time building relationships,making friends, and providing the absolute highest quality service available anywhere. That’s why most of my business comes from referrals and recommendations from elated clients and good friends like you. If you or anyone you know is thinking of buying or selling real estate, or who simply has questions about their home,and wants a dedicated, competent professional and friend, please
call me at 604-825-7007.

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Interesting Numbers

Here are some recent numbers you may find “interesting”.

The price of feeding your family has risen 2.3%.

The cost of operating a motor vehicle has risen 2.8%

Housing prices continue to climb to keep pace with rising Mortgage Rates

Mortgage interest costs rose 5.7%

Homeowner replacement costs rose 6.1%

The two provinces really feeling inflationary pressure are Alberta up 6.3% and Saskatchewan at 3.2 percent, both mainly due to rising costs in housing.

On a happier note, the cost of clothing and computers eased with computer pricing falling 17.3 percent with clothing for men lowering by 2.7% and women’s apparel by 2.1%.

Happy house hunting!

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Joel's Adventures

I know I have been blessed as a Realtor. I know that having clients is hard nowadays but I seem to have favor with many clients who buy & sell from me. There is nothing special about the way I sell. I just work hard & have fun. I would ask myself why? I guess the answer is simple. BE BLESSED & BE A BLESSING. My wife & I have always had a heart for missionaries & what they do. Simply, they would lay down their lives to help others in need. There is no fame or glory in what they do but they still do it.

Joel Reimer is one of the missionaries we bless. He is a friend from Abbotsford, graduated from MEI & has been in Asia for almost 8 years. He is currently in Cambodia, which is considered the "armpit" of Asia. What would possess a young man like him to go all the way across the world to help out a people who does not even speak his own language? Maybe he has a vision bigger than himself & what he can get for himself.

Here is a link to his blogsite: http://joelreimer.blogspot.com/

Catch his vision & help him out



David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Mortgage rates to edge up in 2007 and 2008

Mortgage rates are once again on the rise after dipping in the second half of 2006 and the first quarter of this year. According to BCREA’s June 2007 Mortgage Update, BCREA expects mortgage rates to edge up to 7.3 per cent in 2007 and to 7.5 per cent in 2008.

“While the resulting increase in mortgage carrying costs will constrain some potential buyers in the long run, sales may rise in the short run as new buyers take advantage of their pre-approved rates and avoid further rate hikes,” said Cameron Muir, BCREA Chief Economist.

Source: BCREA

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

The Role of a Realtor

Here is a partial transcript from a live radio interview Jim McCaughan, of Landmark Realty, performed on May 18 on Evolution 107.9 FM. The interview aired on the program Making Contact with host Kim Robertson. The focus of the interview: getting into the housing market.

Q: What’s the role of the real estate agent?

A: There are three things that a REALTOR® mainly provides and they are: advice, expertise in the market and probably most importantly, our negotiation skills. A REALTOR® is actually your business partner. Realizing that you’re making one of the largest financial transactions that most people will ever make, it’s our job to guide you through this.

Q: There are two types of real estate agents. We’ve got the buyer’s agent and then the seller’s agent. Give us an idea of what the role of each agent is.

A: A REALTOR®’s job is to promote and protect the interests of their client, whether it be the buyer or the seller. In fact, the relationship that we operate under is called agency and through that we are required to protect and promote the best interests of the client. If we represent the seller, we want to obtain the highest possible offer, with the current market conditions. And when we work for buyers, we’re attempting to get the buyer the best property that meets their needs.

Q: What are some of the advantages to actually using a real estate agent as opposed to if I’m selling my property, going it alone and doing a for-sale-by-owner?

A: The advantages of a REALTOR® are that if you’re the seller, trying to sell your home is not easy for a lot of people. The majority of people want to have the professional guidance and expertise of a REALTOR®. We help people set the right price, which is very important because if you over-price a property you probably won’t sell it, and if you under-price a property you probably will lose money.
Also, exposure to the world is very important. We have one of the most valuable marketing tools out there called mls.ca. It’s one of the most used websites of its kind in the world.

Q: If somebody is going to choose to try and tackle selling their home on their own, what are some of the things they should be cautious about?

A: Most people are not in a position to negotiate face to face like they can when they have someone who’s their advocate. The nice part about a real estate agent is that they can be the go-between, whereas when you’re dealing directly with somebody, whether it’s the buyer or the seller, it’s a bit hard to open their closets while they’re standing there showing you the property. It’s a little bit easier when you have a professional REALTOR® guiding you.

Q: Who would be writing the offer in this case, if you’re selling your home privately, do you go to a lawyer to write the offer… Or…?

A: I haven’t had any experience in that as a private seller. I would assume people try to write their own offers, but it’s critical to be able to write an offer that’s legal and binding. There needs to be some protections in there, most especially for the buyer, to allow them to do their due diligence and these are all the things that REALTORS® are trained to do. We’re highly skilled at being able to write a contract that is binding for both parties and gives both protections.

Q: What seems to be the buyer’s expectations of an agent?

A: We are expected to be able to understand the needs and the wants of a buyer. We look at: What does a buyer want? What can they afford to buy? And, what’s available? Also, we negotiate on behalf of our client the best price and the best terms available, but some of the most valuable work that REALTORS® do and I think this will be surprising to many buyers, is after the contract is negotiated and signed.

Things like helping to arrange for financing, for home inspections and if it’s a strata, which of course in the Lower Mainland there’s a lot of, we need to do a lot of due diligence with the leaky condo crisis we had a few years ago still having implications. We get 24 months of the minutes, the financials, the bylaws, the rules and regulations and one of our jobs is to help our buyers understand those. So, those are all some of the things that REALTORS® have value in providing to the public.

Source: Jim McCaughan-Landmark Realty Corp.

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

New Self-Insured Mortgage?

Some great news for strong borrowers…one of our lenders has just introduced a self-insured mortgage which can help your clients buy the home of their dreams—for less. With a Self-Insured Mortgage, a home buyer with a 5% down payment and a $250,000 mortgage can save $1,000 or more off the traditional one-time mortgage insurance payment required for high ratio mortgages. Rather than the traditional 2.75% premium ($6,875 on $250,000) that the borrower would be paying through CMHC/Genworth/AIG, the borrower will only be paying a 2.35% premium ($5,875 on $250,000) under this product. As stated this product is available to strong borrowers. i.e. excellent credit history.

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Osoyoos 2007

Osoyoos 2007

Osoyoos 2007! Need I say more? Fun, family and fellowship. Enjoy the pictures! Click HERE to link to a slideshow.

ps Full size printable files can be found at Landmark.


David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Rates are going up :(

Rates are up across the board.

The Bank of Canada meets tomorrow morning to discuss key interest rate policy and it should be a very interesting discussion to say the least. One thing is for certain, Prime Rate will not decrease tomorrow.


David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

First-Time Home Buying from A to Z Podcast

Check this out. A great way to learn about how to buy real estate for the first timer.

Welcome to the First-Time Home Buying from A to Z podcast, an advice-oriented series for Canadians looking to become home owners for the first time.

We’ve developed this podcast series in cooperation with Sandra Rinomato, real estate expert and host of a popular reality TV show for first time home buyers. Over the course of this series, we'll be providing advice, answering some questions and de-bunking the myths around buying a home, drawing on experts from a number of fields, including some BMO Bank of Montreal experts to get you on the right path toward buying your first home.

Click HERE

Source: BMO.com

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Knowing Your Local Home Market

Knowing the Real Estate market for both home buyers and home sellers is crucial. Knowing what is taking place within a market at the time you are buying or selling a home can have a huge impact on whether you pay too much for your home or sell for less than what you may have been able to get. The Real Estate market in any community is similar to the stock market or any other commodity-based market. It is cyclical and as a buyer or a seller you certainly want to know what part of the cycle you are in. This will not only help you make a decision on buying or selling, it will
also help you understand what price to offer, or at what price list your home. The best way to receive this information is from a Real Estate Professional that truly understands the market. Do not rely upon rumor or what you read in the newspaper or magazines. This information may not be accurate or could possibly not even be relevant to the particular market you are in. For example, home sales in Vancouver, BC could be outstanding; a true sellers market, and at the same time be very slow in Calgary, Alberta; a buyers market. Each market is uniquely cyclical and you need to have the correct information in order to make a wise decision.

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Landmark’s realtor awards & target night !!!

We enjoyed a delicious STEAK AND KING CRAB DINNER tonite at Landmark! (DARTS & PAINTBALL) THE TEAM WITH THE HIGHEST SCORE WINS A TEAM LUNCH !!! RED team won the contest! Congrats! Thank you to all who contributed to the fun evening.

Congratulations to all who won an award. Keep up the good work.

Enjoy the pictures. Please click HERE for the slide show. Remember to click the back button to go back to this webpage.

Check out Bob Johnston shooting a paintball gun. Click HERE to view the video clip.

Bob Johnston ripping it up

Note: Please email me if you you want me to email you large printable files


David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Check out CREA's new advertising campaign at howrealtorshelp.ca.

Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Not Following through to THE END

The deal has gone through and you are about
to take possession. You must still be vigilant,
for there are mistakes to be made even now:

* Possession Date - Make sure you and the
seller both know when you are to have vacant
possession - that is, when they and their stuff
is to be gone. If you think it's 12:01 a.m. and
the seller thinks it's noon, there can be
big problems.

* Insurance - Make sure you have arranged for
adequate home insurance and that it's timed to
come into effect so there is no gap between the
seller's insurance and yours.

* Final Check - Do a thorough walk-through before
you close and before you take possession to ensure
that all conditions are met. Are the light fixtures all
in place? Are all the appliances you agreed to buy
still there?

Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

The Emotional Buyer - Keep your emotions under control.

Here are five emotional mistakes first-time
home buyers often make:

*************
1. Love Hurts

*************

Falling in love with a home. As discussed at the
top of this article, the buyer has to reconcile
dreams with realities. It's often difficult to look
at the pros and cons of a home rationally if you
let yourself become too emotional about a
particular property. Beware of real estate agents
trying to play on your emotions to encourage
you to say yes. Never buy the first home you
see without looking at some others.

*************
2. Keep Control

*************

Losing control of the situation is frustrating and
can lead to imprudent decisions. Don't let
yourself be swayed or sidetracked by an assertive
agent or by undue advice from family or friends
(they don't have to live there, you do!). Personality
clashes with agents, mortgage brokers or others
with whom you are trying to work with can also be upsetting.

*************
3. Decisions, Decisions

*************

Not being able to make a decision. If you can't
decide about anything from budgets to what kind
of house you want then maybe you aren't ready
to commit to home ownership. If you're simply
worried that something better will come along after
you've made your offer, remember that there's
more than one home out there with your name on
it. Take the time you need to make a sound decision,
but don't be afraid to commit to a new home purchase.

*************
4. What are you getting into?

*************

Not realizing the responsibilities of home ownership.
It's great to own your own home, but it takes time
and commitment to maintain this large investment.
Make sure you are prepared.

*************
5. Is it the right time?

*************

Buying before you are ready. If you are suffering
cold feet over becoming a homeowner, sit down and
take stock of the situation. Examine your motives for
thinking you should take this giant step, looking at
what it will mean to your lifestyle and budget. Talk it
over with your financial counselor, your real estate
agent and your mortgage professional. Remember that
there are two million first-time buyers a year and most
of them felt the same trepidation as you. Most of them
are happily taking on their exciting new challenge.

Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Messing Up The Offer

It's not over once you've found the house you
want. Now you have to make an offer. Some
common mistakes at this stage include:

* Low-balling - New buyers often offer too little
or want too many concessions from the seller.
That can alienate the seller, with the result that
he simply rejects the offer without even a counter.

* Paying too much - Avoid bidding wars at all costs.
Sometimes the threat of another buyer is simply a
ploy to scare you into upping your offer. Even if there
is another buyer, don't play the game. Whoever
eventually "wins" will be the loser because the price
will be too high. In case there isn't another buyer, let
the seller know you'll be interested if the deal falls through.

* Being afraid to negotiate - Most of us hate to
haggle, but negotiation is the key to the best deal.
Know your bottom line and be prepared to walk away
if you can't meet it. Knowing as much as possible
about the seller's situation, including his time frame,
is an enormous help (a Buyer's Agent can be very
helpful here). Likewise, try to keep information about
your own financial situation to yourself; the seller will
be looking for information about you that they can use
to their advantage during negotiations.

* Being pressured into a quick deal - Don't let the
seller's side pressure you to a quick close. It could
be a sign that something's not right. If the property
has been on the market for a long time, there's
probably no rush. Remember, there's always another
place that's right for you.


Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Location - Location - Location!

Did I mention location? Location is the key.

The value of your home is affected by those
around you. The home may be perfect, but look
carefully at the neighborhood too. No home is
an island (usually) and the value is affected by
the homes that surround it.

Factors determining the best location include:

* Surrounding homes - the condition of other
homes, including buildings and grounds

* Size Matters - the relative size of your potential
home compared to the others. A small home
surrounded by large ones may have taxes
disproportionately high because of the neighborhood.

* Placement - the outer edge of an area is less
desirable than being in the middle, surrounded
by similar homes, except if the property borders
woods, a park or other open space such as a golf
course.

* Best Buy - the least expensive home in the best
area or in an area in transition is a best buy. You
can buy low now to sell high later.

Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

5 More Mortgage Tips

1. What goes up, must come down
Interest rates tend to move in cycles. After a prolonged increase, a slow drop usually occurs. Savvy shoppers should keep track of longer-term trends and wait to buy until rates decline.

3. Natural disaster
Early preparation reduces financial loss from tropical storm, tornadoes, floods, wildfires and other natural disasters. Insurance, home improvement loans to fortify against major damage, and safeguarded paperwork help sustain homeowners and business through disasters.

3. 40-year mortgages
The 40-year mortgage reduces monthly payments if you need more help purchasing a home. But it also has major drawbacks -- a radically higher interest bill over the life of the loan and a much longer time to build up equity. Also, these longer amortizations don’t come free. For example, on a purchase with 5% down payment, you can expect to pay an insurance premium of 3.35% on the mortgage amount to set your mortgage up with a 40 year amortization.

4. When you assume, you can save
Assuming an existing loan can slash your monthly loan payments and save thousands of dollars in interest if the interest rate on the assumable loan is lower than current rates.

5. Be honest
Tell your broker about any strange purchase conditions you meet or about any unusual circumstances in your situation when you apply for your loan. Sometimes what you put on the application doesn't tell the whole story. You may get pre-qualified based solely on a cursory credit check and review of your application data. This could prove to be insufficient for a final approval.

Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Top 5 Mortgage Tips

1. Steer clear of high-cost, high-fee loans
Avoid loans that roll a balloon payment, prepayment penalty, mortgage life insurance or other provisions into one loan. These loans often make the combined financial burden too much to bear for average borrowers.

2. Adjustable-rate mortgages
Adjustable-rate mortgages (ARMs) are favourable when rates are going down or your salary is going up. Otherwise, each rate adjustment can sting. ARM holders can reduce the impact of worst-case rate hikes by saving money during the initial low-payment period, buying down loan balances and budgeting.

3. Clean up your credit before shopping for a home
Cleaning up your credit report before you're in the mortgage process can result in better loan rates and terms. General guidelines for strengthening your report include: paying bills on time, limiting outstanding credit, closing out unused credit cards, resolving outstanding bills and correcting inaccurate information.

4. Watch out for inflated appraisals
When you're buying a home, a property appraisal should determine the mortgage's current market value. This is done by comparing the home against other similar homes that have sold recently. Make sure and do your homework to ensure the house you’re buying is worth the price you’re paying; otherwise you could end up with a home that’s worth less than you owe.

5. Don't apply for too many loans
Each time you apply, lenders request a copy of your credit report. Frequent inquiries can be a sign of “credit seeking behaviour” and can adversely affect your credit rating. Here at Greenwood, we pull your credit only once and use that one credit bureau with multiple lenders.
Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Ryan & Sophia's big move

Tonight my wife & I had the honor of helping one of our customers move into their first condo! Here are some pictures.



Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Sloppy Buyers - Have the house professionally inspected!

In your agreement with the sellers, one of the
conditions should be a favorable report from a
house inspector. To find a good inspector, ask
for recommendations, then make sure the
inspector is certified (the home-inspection industry
is not licensed or regulated). Ask how many
inspections they have performed and what kind of
report is provided to you (you might confirm how
long it will take to get the report). Also ask if you
can be present during the inspection. If they say
no, find someone else.

The inspector's job is to check the property and tell
you what defects need to be repaired or replaced.
Based on this report, you might want to walk away
from the property or negotiate with the seller for
repairs or an allowance for repairs. In most
jurisdictions, sellers are required to make complete
disclosure of defects in writing. Make sure you have
this disclosure and so does your inspector.

Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Have your own lawyer!

Your REALTOR's job is to find you a home, not give you legal advice. Keep in mind that your agent is usually paid only after you purchase a home and their fee often comes out of the proceeds; think about it.

Your lawyer's only job is to look out for your best interests. A written agreement to purchase a home binds you legally to its provisions. Before you sign anything, your lawyer can review the agreement and advise you of changes, clauses or contingencies that they feel are necessary. You are not obliged to use a lawyer recommended by either your agent or your lender.

Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Do-It-Yourself Buyers - Get your own real estate agent!

Most of us think of a real estate agent as
representing the seller, which they usually
do. But having your own agent to help you
buy a home can save you time and money.
A good buyer's agent can help you find the
right home quickly because they know the
area and have access to listings, agent open
houses and other information.

Your buyer's agent can advise you on market
conditions and appropriate prices, pre-inspect
homes for you so you don't waste time on
something completely unsuitable and recommend
the other professionals you need from home
inspectors to lawyers. The seller's agent has a legal
responsibility to act in their best interest, not
yours. You need a trained professional in your
corner, and that's a Buyer's Agent.

It is essential to communicate exactly what your
needs are to your Buyer's Agent, so you are both
looking for the same home. Choose your agent
with as much care as if you were selling a home
and if he wants you enter into a formal agreement,
make sure it includes a cancellation clause in
case you aren't satisfied with the service.



Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Why put any money down on a home?...Go 100% financing!

Why put any money down on a home?...Go 100% financing!

With the recent enhancements to 100% financing products which allow for fully discounted broker rates, it is a wonder if there is any benefit to making a down payment on a home if you don't have to. For example:

With 5% down payment - the insurance premium is 2.75%
With 0% down payment - the insurance premium is 3.10%

Taking that into consideration, let's see what difference it makes on a $300,000 purchase.

At 95% Financing:
Purchase Price: $300,000
Down Payment: 5% = $15,000
Insurance Premium: 2.75% = $7837.50

At 100% Financing:
Purchase Price: $300,000
Down Payment: 0% = $0
Insurance Premium: 3.10% = $9300

So, for a premium difference of only $1463 you don't have to make a down payment.

Furthermore, take that $15,000 and deposit it into an RSP. At an average 40% refund rate you would get approximately $6000 back.

Apply that refund back onto the mortgage and not only have you reduced your mortgage amount by $6000 but you also have a $15,000 RSP.

Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent

Buy if you love Canada

This editorial first appeared in the December 25, 2006, issue of Maclean’s magazine:

Buy if you love Canada

How much are Canadians worth? The short answer: a lot. Last week’s study by Statistics Canada, "The Wealth of Canadians," was so full of good tidings one scarcely knows where to start. The total value of Canadians’ assets is up 42 per cent since 1999, to a staggering $5.6 trillion. And the net worth of the median Canadian family now stands at $148,400.

Curiously, most reporting on this study fixated on the increase in household debt, which also rose substantially to $760 billion. This was widely seen as evidence that Canadians are finding themselves deeper in debt and worse for it. A closer look reveals not a dangerous predilection for careless spending, but rather an astute investment in both personal wealth and social stability.

According to StatsCan, three-quarters of total household debt is mortgages. Credit card debt is a mere 3.4 per cent. This great emphasis on mortgage debt has pushed the rate of home ownership in Canada from 59.6 per cent to 61.9 per cent over the past six years. It’s a statistic worth celebrating. But can we do even better?

The financial benefits of owning your own home are substantial. It represents the bulk of Canadian families’ personal assets as well as a kind of retirement savings program. But the country as a whole also gains from broad-based home ownership. In many ways, the homeowner is the modern version of Thomas Jefferson’s yeoman farmer, the bedrock of democracy and political participation. Owning a home means having a stake in the functioning of society. Homeowners tend to be regular voters, are more engaged in their local institutions, and contribute to their neighbourhoods in ways that renters do not. Rising home ownership rates reflect a general sense of optimism in Canada. Even higher levels of debt would thus be welcome, if it meant more Canadian families were getting their own bit of land.

It is an odd thing, then, that no politician or political party seems interested in championing the Canadian dream of home ownership. Low inflation and corporate competition have resulted in innovations such as zero-down mortgages and 35- or 40-year amortizations, making mortgages more affordable. But at the same time, a great many government policies seem specifically designed to drive home prices upward. Greenbelts, mandated density rules and other forms of restrictive planning conspire to frustrate home ownership by making houses more expensive, particularly in larger urban centres. "Sprawl" is the pejorative urban planners use when they wish to ignore the benefits of owning your own home.

The Australians, by contrast, embrace this dream. "We should encourage and nurture the aspirations to home ownership," said Peter Costello, the treasurer of Australia, this past summer in lamenting the various local planning barriers to growth in his country. Home ownership rates in Australia are nearly 70 per cent, among the highest in the world. Yet the federal government wants to push it even higher because the benefits are so obvious and wide-ranging. Is there anyone in Canada who will take up a similar crusade?


Posted by David Shieh- Abbotsford Real Estate Agent

Landmark's REALTOR open 2006

Ahhh winter is in the air & this is the season to give & be merry,

In the spirit of giving, Landmark Realty Corp.'s owners decided to have an open house to celebrate Christmas. Everyone who was there has an amazing time.

Enjoy the pictures & once again... if you want digital copies please give me a call at 604-825-7007 or email me at david@abbotsfordhousing.com


Click HERE to view the open house pictures.

Merry Christmas,


Dave & Claire

Landmark's Xmas Party Pics

Hello all,


Landmark Realty Corp, had their annual Christmas party this year at the Ramada Conference Centre in Abbotsford. Approximately 175 people showed up & everyone had a great time. Some had more fun than others but we won't name names.

Enjoy.

Please click this LINK to see all the pictures. If you need full size pics (to print) please call 604-825-7007 or email me at david@abbotsfordhousing.com & I'll send them to you.

Merry Christmas!

Dave & Claire

How Much Home Can You Afford?

A general rule of thumb is to multiply your gross annual income by 2.2 to arrive at the home’s approximate price level. For instance, if a married couple gross a total of $80,000 annually, they can probably afford a home priced at $176,000 (rew.ca).
The second affordability rule is that your entire monthly debt load shouldn’t be more than 40 per cent of your gross monthly income. This includes housing costs and other debts such as car loans and credit card payments. Lenders add up these debts to determine what percentage they are of your gross monthly income. This figure is your Total Debt Service (TDS) ratio(rew.ca).
It helps to keep in mind that, in the long run, home owning has been traditionally a much better investment than renting. And when you finally sell, the capital gain on your Canadian private residence is tax free(rew.ca).
Posted by David Shieh- Abbotsford Real Estate Agent

10 “DONT'S” for a Home Buyer

There are several things that should be avoided before purchasing a home. If you aren’t careful to avoid these common mistakes, it is possible that your closing will be delayed or even canceled. Your adherence to the following rules will put the keys to the house in your hands quickly.

First, don’t damage your debt to income ratio by making a major purchase before closing. If you decide you can’t live without that brand new BMW, you might have to wait on owning a home. The bank could easily determine that your sky high car payment would hinder your ability to pay your mortgage. Wait until after you get the house to do some spending. No one expects a brand new house full of furniture and a sports car in the driveway unless you are a famous sports figure or Donald Trump.

Secondly, don’t change jobs if you don’t have to. The lenders like to see consistency versus constant job hopping. If you are just miserable with your job, maybe you can switch to a different job within the same field. Or you can tough it out until you have the house and then start putting out resumes.

Also, you should never surrender your earnest money to a For Sale by Owner Seller. There isn’t anything stopping the sellers from spending the money before the transaction goes through. If the deal should fall through, the buyers would have to fight tooth and nail to get that deposit back. You should put the deposit into a trust account. You should be able to find an attorney willing to hold the deposit for you until the transaction is finalized. Your contract needs to state what will happen to the deposit in the event that the transaction falls through.

In addition, never let emotions guide you. Stay practical and realistic during the home buying process. Some sellers are willing to fix some of the problems with the home and others may not be as willing. Don’t let that refusal close the door on your dream home. Conversely, you shouldn’t let your loyalty to the home blind you to costly repairs down the road. You certainly don’t want to be in a money pit.

Furthermore, don’t forget to have the utilities activated. The utility companies might need a few days to switch the service. Don’t forget to cancel the service at the old residence. That seems simple enough, yet many people forget that step entirely.

Another costly mistake might be forgetting to secure hazard insurance. Talk to your insurance company right away because the lender will want to see proof of coverage for the new home at closing. Failing to line up the insurance will lead to delays in closing.

You should not get too personal with the seller. After all, this is a business transaction, so it should be treated professionally. If you get into too many personal discussions, you might say something that could be taken the wrong way by the seller. You might have been joking about the ugly green carpet in the guest bedroom, but the seller might have taken that as offensive. In the end, it could hurt the dynamics of the transaction. You should be friendly, but professional.

If the appraisal comes in too low, don’t freak out. There are several solutions to this dilemma. The seller might be willing to come down on the price of the home. The buyer can put more money down if they are committed to that home. The buyer and seller can negotiate the deal or the appraisal can be disputed.

Don’t forget to use your agent. It is the agent’s job to keep up with the daily details of the deal, including the lender, the seller, and the seller’s agent. It is also your agent’s responsibility to set up a final walkthrough prior to closing.

Lastly, don’t forget to take care of your end of the deal. You must be on the same page as the lender. Provide them with the paperwork they need and answer their questions in a timely manner. Failure to do so will keep you from opening the front door of your new home.

These are some of the most common mistakes home buyers make. Educating yourself about the process will ensure a smoother transaction and a definite housewarming party.

Posted by David Shieh- Abbotsford Real Estate Agent