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Dear ,
The weather might be FREEZING but the real-estate market in Vancouver is still very HOT! And now with fixed rates on the way back up, and getting close to 4%, this will only stimulate more buyers to get down off that fence and purchase.
I can't begin to tell you how many pre-qualified clients we
are working with, that have been out-bid or out-priced by the current frenzy of detached home buyers. Most of these buyers are 2nd-timers moving up from a 1 or 2 bedroom condo to the "Vancouver Special" or 80 year-old bungalow. Yes, It's quite sad what 1M dollars now gets you in our beautiful city.
However, we have some good news for our prospective buyers. We sent one of our newest brokers, Michael Grudman, out to do a little research. We wanted to see what the differences in costs were between buying and financing 5 years ago, 3 years ago and TODAY!
Mike Grudman used historic and current MLS data from our trusted realtors and then went back into our archives to review the rates we were getting for clients during these times.
Take a look at the article below ... We believe you will be pleasantly surprised!
As always, if you have ANY questions about getting a mortgage, renewing or refinancing, we are here to assist you.
Sincerely,
Justin Blacklock and Mike Averbach
 PS. We have a great iPhone / BlackBerry App for you to use while house hunting. You'll be able to check our best mortgage rates, calculate your monthly payments and more. Check it out now!
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-Are You Sitting on the Fence?
For future or current homeowners who are "on the fence" about purchasing now or later, we have compiled a chart showing comparable prices and rates.
These comparisons are from:
- This November (2010)
- 3 years ago November (2007)
- 5 years ago November (2005)
We chose two different properties in the greater Vancouver area and matched them with the rates at that time:
- current rates at 3.50%
- 2007 - 5.35%
- 2005 - 4.39%
All prices are based on the full sale price and a 35-year amortization. It is interesting to note that since there was no 35-year mortgages in 2005 the mortgage payments would have been even higher!
MACKENZIE HEIGHTS PROPERTY:
A 33 x 120 lot in the Mackenzie Heights area sold in 2005 for $720,000. In 2007 the price was $1.1MM. The same property is currently selling for $1.3MM.
The numbers indicate that even though the price of the property has increased by 18.8%, the price of borrowing an extra $200,000 and calculating new rates dropped by 7.01%.
SOUTH GRANVILLE CONDO
A two-bedrooms, two-bathroom 940 sq ft condo in the South Granville area sold for $427,500 in 2005. In 2007 it sold for $549,900. It is currently listed for $619,000.
In this example, the price increase of the property was 12.57% while the price to borrow an extra $69,100 dropped by 11.43%. 
We recognize that some people are hesitant to purchase a property now and believe that the market will correct itself.
In conclusion when you consider the last 3 years and anticipate the next couple of years, NOW is the best time to purchase that home.
If you have any questions about the numbers above, or about taking advantage of the current market . . .
CALL NOW: 604-736-1855
** Credit to Simon Clayton of Macdonald Realty Kerrisdale for the MLS statistical comparisons.
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We Would LOVE to Hear from YOU
Last year we won the Canadian Mortgage Awards, Best Customer Service Award.
We are hoping to be nominated again this year ... and would love to hear from YOU!
We would really appreciate it, if you could take some time and add your TESTIMONIAL to our Blog.
We've created a Best Customer Service page to make it easy for you to add your comments. We would be thrilled if you would write about your experience with any of our brokers.
All you have to do is scroll down to the "LEAVE A REPLY" box, add your testimonial and click on "submit comment." (Your email address will NOT show up on the blog).
Thanks very much!!
Click here to add your Customer Service Testimonial
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Averbach Mortgages
604-736-1855
We save you time. We save you money. We get you the you the best mortgage terms at the best interest rates possible.
If you are:
- purchasing your first home
- refinancing
- renewing an existing mortgage
- investing in real estate
- consolidating your debts
- experiencing current or past credit issues
We have the solutions that work for you.
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Justin Blacklock and Mike Averbach
Averbach Mortgages |
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