News Release: August 4, 2010
FRASER VALLEY HOME BUYERS TAKE HOLIDAY IN JULY
(Surrey, BC) – The Fraser Valley Real Estate Board (FVREB processed 1,101 sales on its Multiple Listing Service (MLS®) in July, a decrease of 47 per cent compared to the 2,089 sales during the same month last year and down 39 per cent compared to June.
“Last year, we experienced the busiest July in our history and this year it was the quietest in a decade,” says FVREB President, Deanna Horn. “Although the real estate market typically slows in the summer months, we didn’t anticipate this level of change.
“We attribute it to a combination of factors, the beautiful weather, interest rates edging up and reaction to the Harmonized Sales Tax in BC – although the HST does not apply to resale housing, not everyone knows that,” explains Horn.
“The plus side of this market is highly favourable conditions for buyers – potentially the best they will be this year due to the significant volume of listings currently, which is already showing signs of decreasing.”
In July, Fraser Valley’s MLS® received 25 per cent fewer new listings, 2,355, compared to the 3,153 new listings received in June. At month’s end, the total active inventory was 10,852, 14 per cent more than was available in July 2009, however 2 per cent fewer than in June.
For the first time since January 2009, benchmark prices for the three main residential property types: single family homes, townhomes and condos, decreased compared to the previous month. The benchmark price for Fraser Valley detached homes in July was $510,470, down 1.5 per cent compared to June and 6.9 per cent higher compared to $477,420 in July 2009.
The benchmark price of Fraser Valley townhouses in July was $325,856, a 0.7 per cent decrease compared to June and a 6.9 per cent increase compared to July 2009 when it was $304,940. The benchmark price of apartments decreased by 0.8 per cent from June and increased 4.4 per cent year-over-year going from $234,178 in July 2009 to $244,368 in July 2010.
Although it may not seem like the most enjoyable thing to do, performing a spring tune up will not only make your home last longer, but more enjoyable to live in. If you are lucky enough to live in a condo or townhouse, then most of the maintenance to the outside of your home will be looked after. Here are some general tips you might like to read.
Check the roof for any curled shingles, around vents, skylights and chimneys for any leaks.
Clean fireplace of ashes. Have the chimney inspected if this hasn’t been done in some time for any problems or potential problems.
Check attic for proper ventilation as well as any blockages in the vents, damaged soffits and wet spots in the insulation.
Clean and replace filters in your heating or air exchanger unit. You may also want to look at and clean the dryer vent, stove hood and room fans.
Inspect the siding and stucco. Look for cracks, holes, chipping that can leave the siding open to moisture and seal as required. Replace caulking if needed. Maybe it’s time to paint the house and give it a fresh look.
Clean gutters and drain pipes (of leaves etc) and ensure that they are directing water away from the house.
Seal doors and windows if required.
Prune trees and shrubs and check for proper drainage.
Check that all smoke detectors, carbon monoxide detectors and fire extinguishers are in good working order. Replace batteries as needed, or at least twice per year.
Check that your refrigerator door seals are airtight. If you have a coil back refrigerator, vacuum the coils, as it will run more efficiently with clean coils.
Do you have any leaky faucets in your kitchen and bathroom(s)? Replace washers as necessary.
It doesn’t take a ton of time to check these aspects of your home, but if you can fix them when it’s only a small problem, this will save you time and money before it becomes a home fix it emergency.
If you have any questions about how to improve the look of your home or other questions, just send us an email at info@holmesteam.ca.