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How Much Has Your Home Increased in Value?

How Much Has Your Home Increased in Value?

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor which determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range. As a realtor in surrey for 7 years, i can provide you free home evaluation, no obligation.

Is It Time To Upsize?

Is It Time To Upsize?

This is great news if you own a starter home and are looking to move up to a larger home. If you bought your starter home more than 3 years ago then the equity in your home has risen as prices have gone up in last 3 years. Even better is the fact that there is a large pool of buyers out there searching for starter home cause that`s all they can afford now. Which gives your home an advantage to sell quicker.

There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment.

It may seem hard to imagine that the first home you purchased  might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s ok to admit that your home no longer fits your needs!

 

If you have outgrown your starter home, contact a local realtor in surrey or real estate professional in your city who can explain the market conditions in your area and help you find your next home!

9 Things Every First Time Home Buyer Needs to Know

Buying a home is an exhilarating, exciting process even though there are many steps and factors to consider. Knowing what to expect, can make this journey easy. Here are some steps that can help you to prepare for home ownership. 


1. Cut unnecessary spending

Four-dollar lattes can quickly add up. Get serious about reducing expenses on carry-out food, restaurant meals, entertainment and new clothes. Make a realistic budget of how much you can afford to spend on costs that add up, such as eating out or shopping. When I bought my first home, I had to cut lot of extra spending to make my budget work out

2. Build a savings account

This is very important if you just started to think about buying your first home. Set up an automatic transfer to your savings account from each paycheck. You’ll need money for your down payment, and you may be responsible for closing costs on the loan. In addition to your mortgage payment, there will always be unexpected expenses and maintenance costs that come with owning a home. 

3. Review your credit report

Credit score is very important for loan approvals. If you have missed payments or maxed out credit cards, consider delaying the purchase of a home until you improve your credit score so you can qualify for a lower interest rate.

4. Buy within your financial comfort zone

Determine a price range that’s realistic for you by getting prequalified for a mortgage. By prequalifying  you will look at homes that are affordable and in your budget.

5. Make a list of priorities

Be honest with what is important to you. Is lack of public transportation a deal breaker? Do you want an older home to fix up or newer construction? Is the neighborhood walkable? Is the home energy-efficient?

6. Check out the neighborhood

Visit the neighborhood of your potential home at different times of the day to get a feel for what life is like there. Evaluate the condition of surrounding homes and access to your priorities, such as shopping, parks, schools or expressways.

7. Test-drive your commute

Try out your potential commute on more than one weekday. The longer your commute, the less likely you are to engage in community events, go for a workout or cook at home after work.

8. Know the pros

Who’s involved with home buying? Familiarize yourself with the key professionals involved in a real estate transaction.

  • Real estate agents are licensed to negotiate the sale and purchase of real estate. To find an agent who suits your needs. Be sure to find an agent familiar with the area where you want to live.
  • Home lending advisors will determine how much money you will be able to borrow and help you choose a mortgage option that best suits your financial situation.
  • An underwriter will assess whether you are eligible for the mortgage loan. The underwriter will approve or reject your loan application based on your credit history, employment history, assets, debts and other factors.
  • A real estate appraiser will examine the property you are purchasing and determine its fair market value.
  • A professional home inspector will make sure the home and its components and systems are in good condition. Make sure you have your home inspected before you sign on the dotted line.

9. Close on your new home

The closing occurs when all contractual conditions have been met and financing is in place. You will review and sign papers and ownership of the property will be transferred to you. Once the meeting is complete, it’s time to move into your new home.

If you think you are Ready to purchase your first home, what are you waiting for ????

Click Here to start searching your Dream Home Today.

Exploring Newton Neighborhood Of Surrey

I have been a resident of Newton Surrey for 14 years since I moved to Canada when i was 21 years old  and Realtor in Surrey for 7 years. Newton is named after settler E.J. Newton who settled in the area in 1886. Today, Newton is home to a variety of educational, recreational and cultural facilities, including the Bell Centre for Performing Arts and the Newton Cultural Centre which hosts lot of cultural shows and events. Newton is a culturally diverse community that plays host to one of the largest Vaisakhi Parades outside India with gathering of approximately close to 500,000+ people. Newton has Khalsa School, Sikh temple, mosque and churches for its diverse residents. 

Newton has everything to offer to its resident from parks to trails, recreational centre to seniors centre and Outdoor pools open all summer long. To name a few of those parks recreational centre and outdoor pools are Newton Recreation Centre, Newton Seniors Centre, Newton Arena Bear Creek Outdoor Pool and Unwin Outdoor Pool. 

Newton offers  trails around Surrey Lake, to the shoreline views and bird watching at Mud Bay Park and the athletic facilities at Newton Athletic Park for soccer, tennis, basketball courts and walking trail along the park. West Newton Community Park offers a regulation sized cricket Field for cricket lovers. Dog off-leash area at Panorama Park for dog lovers(A dog is the only thing on earth that loves you more than he loves himself). Newton is home for me and my family just like other residents of Newton and I love it.

What Makes a House a Home For You?

We frequently talk about why it makes sense to buy a home financially, but more often  the emotional reasons are the more powerful or compelling ones. When i bought my first home it was emotional reason for me and my wife. As we were expecting our second child and my parents just moved in with us.

No matter what shape or size your home is, the feeling of a home can mean different things to different people. Whether it’s a patio or recreational room, the emotional reasons are typically more important to us than the financial ones when we choose to buy our own home.

1. Owning your home offers stability to start and raise a family

From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.

This was the reason when i bought my first home and i`m glad we choose a great neighborhood.

2. There’s no place like home

Your own home is  a comfortable place that allows you to unwind after a long day! Enjoy the sun on patio with nice cold beer.

3. You have more space for you and your family

Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your kids and pets, you can take all this into consideration when buying your dream home!

My family all of the sudden was about to grew from three to six when i bought my first house.

4. You have control over renovations, updates, and style

Who’s to say what you can’t do all of these things in your own home? Its your home do what ever you feel like there is no one to stop you. Try the new paint color trending right now,  build a pool in backyard, install automation gadgets in the house. Need to update the bathroom or kitchen, go ahead no one can stop you.period

Whether you are a first-time home buyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.