Richmond BC Real Estates

購買或出售温哥華西區房地產?

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Thu, 22 Oct 2009 22:31:18 -0500

考慮購買西區房地產？

當搜索您的夢想家園，您要的充分了解房地產市場。為了幫助您完成這一過程，以下因素, 需要仔細考慮：

-您的要求,是否能夠滿足您的生活方式需要？
-您在未來3至5年需求？
-您的預算和家庭開支是多少？

這些問題解決後, 我們將與你配合, 找你的夢想房家。

賣西區房地產的思考？

我們可以為您提供最新房地產資料，市場趨勢 - 有利的賣方或買方，融資環境, 和其他競爭賣家的房地產。這些是非常重要的因素, 讓你的房產快速和最佳的價格出售。

我們將以最大銷售計劃, 和其他房地產經紀人和買家, 推建您的房家。在整個銷售過程中，我們將與您溝通，讓您知道您的房家營銷進展。

温哥華西區獨立屋

Vancouver Westside Detached Homes

Buying and Selling a home is a complex undertaking. Hiring a full service professional Realtor will help save you time and money.

Your REALTOR® is highly trained, bound by ethical business practices

You are protected legally and insured to be treated faily by your REALTOR®

You have access to exclusive Multiple Listing Service®

We will determine your needs and work with you buying or selling your home.
We will guide you every step of the say to make your real estate experience stress-free and a pleasant one.

Below you can research online Vancouver westside detached homes that are listed for sale on the MLS System:

Kitsilano Detached Homes

Point Grey Detached Homes

University VW Detached Homes

Arbutus Detached Homes

Dunbar Detached Homes

MacKenzie Heights Detached Homes

Quichena Detached Homes

South West Marine Detached Homes

Shaughnessey Detached Homes

Kerrisdale Detached Homes

South Granville Detached Homes

Southlands Detached Homes

Oakridge Detached Homes

Fairview Detached Homes

Cambie Detached Homes

South Cambie Detached Homes

Marpole Detached Homes

80万以下	80 - 100万	100 - 150万	150 - 200万
200 - 300万	300 - 400万	500万以上

Vancouver Home Search

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Tue, 25 Aug 2009 23:25:44 -0500

Vancouver Home Search

The internet has greatly expanded the search for homes by home buyers and sellers. You can find a list of Vancouver homes for sale via the MLS system in Greater Vancouver. Google Map Search enable geographical search by neighborhoods. By entering the municipality and your search criteria, and when the "search button" is pressed, you will see a list of homes for sale.

Thninking of buying a Vancouver home?

Good homes are selling fast, and by the time you find a suitable home, it may already have an accepted offer from another buyer. Working with a Buyer Agent helps greatly in finding the home your want to buy. You can benefit from the "first move advantage" of viewing the new listings and make your offer before other buyers.

Vancouver Home Search Online

You can use an online mls search site like RealEstateRichmond.com and Vancouver-Realestates.com to search for homes listed for sale on the MLS system. You may choose to find a Vancouver Realtor and work with your Realtor to look for the home that is right for you.

For neighborhood information, and recent activities in a Vancouver neighborhood, you will need to contact a local Vancouver Realtor for guidance. You will get the best results working with a Buyer Agent who has an intimate knowledge on new listings in the market.

Richmond Real Estate - It's Back To A Selelr's Market Now

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Tue, 16 Jun 2009 22:02:37 -0500

Richmond real estate is now back to a seller's market now

After 4 months of surge in sales and lack of new inventory in the market, sellers are now back in control and home prices are heading up again. The months of inventory below confirmed the market is experiencing strong buyer interest, and home prices are gaining ground.

The latest month of inventory or supply/demand as shown below confirmed strong buying pressure which will help boost home sellin prices. The housing market report for Richmond showing the list /sale ratios for detached homes, townhomes and condos can be viewed here.

Price Range	# Active Listings	# Av. sale (3 mth)	No. Months
400,000 - 500,000	9	3	3.00
500,001 - 600,000	74	25	2.96
600,001 - 700,000	143	48	2.98
700,001 - 800,00	91	30	3.03
800,001 - 900.000	50	17	2.94
900,001 - 1,00,000	42	14	3.00
1,000,001 - 1,500,000	135	45	3.00
1,500,001 - 2,000,000	43	14	3.07
2,000,001 - 3,500,000	14	5	2.80
Total Sales	601	201	2.99

Know what your are buying

Buyers are required to make a quick decision as there are other buyers likely to beat them to the homes they are interested to buy. Sellers are now not too flexible in their price negotiation as they know they market will catch up on the prices they want. As a buyer, you need to be ready and being pre-approved for a mortgage gives you an edge to buy with confidence.

The market has now turned in favour of the sellers. You either have to move your offer price up to meet seller's price, or hope for better luck with another home seller. Unfortunately, other home sellers may be equally firm on their selling prices.

If you are searching for homes for sale, you can use my website here to check out the homes listed for sale on the MLS system. You can contact me at 604-721-4817 to search for homes meeting your requirements. Or, email me.

Thinking of building your own home in Richmond?

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Mon, 18 May 2009 18:52:35 -0500

Building your own home in Richmond

Some home owners are keen to build their own dream homes. If building your own home appeals to you, you can get the help from one of the many new home builders in Richmond.

Not only you can save money building your home, you also get the features you want for your dream home.

Taking the first step

Work with a Richmond Realtor, who can help walk you through the process of finding a building lot and line-up a home builder for you. Meet with some Richmond builders who construct houses that are similar in size, quality, and features to the home you want. You will have a fair idea as to the cost to build your own home. It is important to know exactly what is included in the price - your builder can provide a list showing the materials that will be used.

Cost of building lot

In Richmond most building lots for new homes are from old homes that are bought for their lot values. These homes are torn down to make way for the contrauction of new homes. Your building lot cost may varies from $500,000 to $650,000 for a lot in a prime west Richmond neighborhood. In desirable neighborhoods like Granville, Riverdale and Broadmoor, the cost for building lot around 8,000 sq ft may range from $600,000 to $650,000. In Richmond Seafair area, lot prices may range from $500,000 to $550,000.

You can search for west Richmond building lots here.

Cost to counstruct

The construction cost may varies depending on the size of the home, the floor plan and features you want to have in the house.

The cost per square foot is derived fromteh construction estimate divided by the square footage of the new home you want to build. A typical 3,700 sq ft new home in Rchmond may cost $480,000 to $500,000.

The cost per square foot is often higher for a small home than a larger home. When building a larger home, the cost of expensive items like furnace and kitchen is spread over more square footage. Consequently, a larger home may have a lower square footage cost than a smaller home.

Build to suit

This approach involves using a Realtor to locate an older home that will be used as the building lot for the new home, and a home builder undertaking the construction of your new home. You can pick the floor-plan from existing blue-prints, and provide the features you like to have for your home. Financing for new home construction can be arranged with a local bank. Typically, 3 draws each around one-third of the construction cost is paid out as the home is being completed in stages.

For more information on building your own million dollar home in Richmond, you can contact me at 604-721-4817 for a discussion.

You can view some of the Richmond million dollar homes for sale by following this link.

Richmond real estate: spring housing activities

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sat, 16 May 2009 13:06:22 -0500

Richmond real estate: spring activities

Sales of detached, attached and apartments in Richmond continued to improve, from 199 and 337 in February and March to 429 in April 2009. With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

Declining supply

For the past 6 months, new listings for detached, attached and apartment properties declined in Greater Vancouver. Total listings for April 2009 was down 33.7 per cent compared to April 2008, when 7,010 new units were listed.

The total number of property listings on the Multiple Listing Service, while slightly down compared to last month, remains unchanged compared to the same period in 2008.

Market over-supply and poor economic conditions

The spring surge in market activities could be attributed to anemic sales during the winter months, and aggressive interest rates cuts by the Bank of Canada in recent weeks. The market is now left with homes that were passed over by home buyers. These homes may be over-priced or not as appealing to home buyers.

There are motivated buyers looking for good homes fairly priced showing up on the market. This may not happen as home sellers are holding off listing their homes at today's prices. The lack of good qualify listings coming onto the market will result in lower sales activities in the coming weeks.

The supply of homes is still high in relation to the demand. The next few quarters outlook for the Richmond housing market is likely to remain moderate, and home prices under pressure to decline more gradually due to market oversupply and deteriorating economic conditions.

Affordability is still a problem

Home buyers, including many first-time buyers were attracted to enter the market due to low interest rates, good supply of housing and a considerably lower cost mortgage compared to recent years. However, housing affordability is still a problem for many home buyers.

You can follow the monthly Greater Vancouver and Richmond housing market up-dates here. A list of Richmond homes for sale on the MLS system can be viewed here.

Richmond Detached Homes Sales Up-date

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sun, 10 May 2009 15:14:30 -0500

Current Sales Activities

Richmond's real estate market activities over the past 3 months registered a rebounce in sales. The table below summarized the past 3 months (February 01, 2008 to April 30, 2009) sales of Richmond detached homes. The active listing figures posted were the number of homes listed for sale as of first week of May, 2008.

It is generally accepted that an absorption rate (list/sale ratio) around 6 months inventory represents a neutral or balanced market.

Market improving

Currently, homes below $600,000 were in demand and this could be attributed to these homes being more affordable. Higher sales activities the past 3 months for homes in the $800,001 to $1,000,000 range helped to keep the listing and sale ratio in balance. However, homes over 1.5 million are taking a much longer time to sell.

The latest housing market report for Richmond can be viewed here.

Price Range	# Active Listings	# Av. sale (3 mth)	No. Months
400,000 - 500,000	11	14	0.78
500,001 - 600,000	83	30	2.77
600,001 - 700,000	139	22	6.32
700,001 - 800,00	84	14	6.00
800,001 - 900.000	57	7	8.14
900,001 - 1,00,000	50	8	6.25
1,000,001 - 1,500,000	117	14	8.36
1,500,001 - 2,000,000	30	3	13.00
2,000,001 - 3,500,000	8	1	8.00
Total Sales	588	113	5.20

In a buyer's market like today, right pricing is critical to attact buyers. A list of million dollar homes available for sale in Richmond can be viewed here.

If you like to have more information on the current real estate market in Richmond, South Vancouver of Burnaby, kindly contact me at 604-721-4817 or email me.

Richmond Real Estate - Home Prices Stabalizing?

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sun, 19 Apr 2009 21:43:47 -0500

More sales reported for Mrrch, 2009

There are some signs on the Richmond home prices stabalizing. Sales activities over the past few weeks definitely showed significant improvement as the REBGV's March sales data for Richmond picked up further with total sales improved 69% to 337 homes as compared to the previous month sale of 199 homes. On a year-over-year basis, this was a drop of 20% from the 427 homes sold the same month in 2008.

Home sellers and buyers are watching the market closely to see if the market will stabalize.

Will this be a pause before home prices continue going lower? The market remained fairly active with more deals being done these past few weeks.

More severe price decline for older homes

Overall, Richmond home prices dropped in the range of 12% to 15% from their peaks in late 2007. Seasonaly, each year's spring season from March to May is the most active months for real estate sale transactions. An analysis on the sales of older detached homes in Richmond showed that homes under $700,000 declined around 22% from their peaks.

The improvement in the past 2 months' sales helped to improve the supply / demand (list to sale) ratio greatly from 13 to around 9 months at the end of March, 2009. The market is now more balanced, and the slide in home prices may be stabilized for now. The low mortgage rates help to make homes more affordable now. However, many home buyers are finding it difficult to get financing from their banks. This could be due to more stringent under-writing by Canadian banks.

It is still a buyer's market

Whether home prices will hold at the present level, or subject to further price decline will depend on how the supply and demand of homes will play out over the next few months. Homes below $600,000 are in demand with just around 4.5 months supply of homes. The supply for homes above $600,000 is relatively high - at around 10 months supply, and million dollar homes take a much longer time to sell - 13 months supply. Weak sellers for these homes are likely to come under pressure to sell.

My take on the market

Selling pressure will continue to be experienced by home sellers. If more new listings come onto the market and the pace of home sales slow down in the coming months, home prices will continue to decline.

You can read the latest news on Greater Vancouver and Canadian housing reports here.

Use this link to view homes available for sale in Richmond.

Selling your Richmond home in 30 days or less?

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sat, 18 Apr 2009 23:41:22 -0500

Selling your home in 30 days or less in today's market needs careful planning and execution of your marketing plan. You have to understand the market and position your home as a "great deal" to home buyers.

Past sale information

The sales data for Richmond detached homes from Jan 01 to March 15, 2009 revealed some very interesting information. Out of 255 homes sold during this period, 64 homes or 25% of them were sold in 30 days or less!

These 64 homes were just 3% of the homes that were successfully sold.

If you want to sell your home in 30 days or less, you just have to follow the success stories of other home sellers.

Successful home selling system

All Richmond real estate success stories are centered on:

- Right pricing
- good preparation of your home
- superior execution of marketing plan

You can sell your home quickly... and at market price.

A decisive and aggressive pricing strategy will help to sell your home sooner. Find out how you can sell your home in 30 days or less

Return to Homepage.

Richmond Townhouses For Sale

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sun, 29 Mar 2009 13:40:16 -0500

Richmond townhouses for sale

Townhouses are more affordable than detached homes and offer larger living areas than condos to accommodate their families. Richmond townhouses range in built up areas from the smaller 1,200 to 2,000 square feet living. The selling prices for Richmond townhouses may be from $300,000 to $750,000, depending on the size, age and location.

A home owner who can afford to pay $500,000 to $650,000, will have little problem finding a larger and newer townhouse. You can view Richmond townhouses currently listed for sale here.

Most popular townhouse size and price range

Richmond townhouses that have 3 bedrooms with average living area between 1,450 to $1600 square feet are in great demand. Such units generally are priced between $390,000 to $450,000 for older units. Newer townhouses are now selling at higher price range between $500,000 to $650,000.

One of the most desirable Richmond neighborhoods known as Terra Nova has many townhomes between 6 to 15 years old listed for sale on the MLS.

You can view the historical and current price information for Terra Nova townhouses at 3711 Robson Court, 3880 Westminster Hwy, and 5988 Blanshard Drive.

Click here to view townhomes listed for sale in Terra Nova, Richmond.

Older Richmond townhouses

Some of the older Richmond townhouse complexes are in demand as these are two-level townhomes with more spacious open floor plans and play areas for young kids. These strata townhouse complexes also have more shrubs, trees and landscape yards. Some of the popular west Richmond townhouses are Timberwood Village, Mariners Village, Kingfisher Road, Tiffany Blvd, Minoru Blvd, Abercrombie Drive, etc.

If you are planning to buy or sell your townhouse in Richmond, you are welcome to contact me for a discussion, or email me.

Selling Your Richmond Home In Today's Market

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Thu, 25 Dec 2008 21:27:36 -0600

Successful sale of your Richmond home in today's market require right pricing and great execution of your marketing plan. In today's market, an average home takes up to 9 months to sell! Use a marketing system that can help you sell your home in 30 days or less.

Pricing to sell

Right pricing is the key to selling your Richmond home in a buyer's market. In a soft market where house prices are dropping 1 to 2% a month, you have a better chance of selling your home by pricing it at least 5% lower than market value. Find out why - the pricing game part 1 and part 2.

Current Sales Activities

The table below summarized the past 6 months (June 01, 2008 to to-date) sales of Richmond detached homes under various price categories. The active listing figures were number of homes listed for sale as of December 25, 2008.

It is generally accepted that an absorption rate (list/sale ratio) around 6 months inventory represents a neutral or balanced market. The absorption rates as shown below confirmed that the market prices for detached homes over $500,000 in Richmond are under pressure to decline further.

Price Range	# Active Listings	# Av. sale(6 mth)	No. Months
400,000 - 500,000	11	19	3.48
500,001 - 600,000	112	72	9.33
600,001 - 700,000	175	86	12.21
700,001 - 800,00	140	67	12.53
800,001 - 900.000	76	22	20.71
900,001 - 1,00,000	50	23	12.98
1,000,001 - 1,500,000	140	57	14.74
1,500,001 - 2,000,000	45	11	24.59
2,000,001 - 3,500,000	8	2	24.24
Total Sales	757	359	12.62

Currently, homes below $500,000 were in demand and this could be attributed to these homes being more affordable. Homes in the $800,001 to $900,000 range were found to take up to 21 months to sell. Similarly, sellers of million dollar homes over $1,500,000 could take up to 24 months to sell.

In a buyer's market like today, right pricing is critical to attact buyers. A list of million dollar homes available for sale in richmond can be viewed here.

If you like to have more information on the current real estate market in Richmond, South Vancouver of Burnaby, kindly contact me at 604-721-4817 or email me.

Warnings about risky mortgages ignored

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sun, 21 Dec 2008 17:29:32 -0600

The Globe And Mail published an article today "Federal officials told CMHC it could burden borrowers" that may have more far reaching consequences on home owners.

"Canada Mortgage and Housing Corp. officials ignored warnings from senior Finance Department and Bank of Canada officials during the past two years that its active business in high-risk mortgage insurance could overburden consumers.

According to sources familiar with the discussions, CMHC executives did not heed the warnings and continued to underwrite larger volumes of insurance policies for risky home loans with 40-year amortizations and minimal down payments.

The sources said the federal agency's executives disagreed about the potential risks and defended the creditworthiness of borrowers who were granted insurance for the riskier mortgage products".

Many critics cautioned the danger of the 40 years and 0% down payment mortgage that may hurt home owners in the event of home prices dropping significantly. These concerns are now a reality when home prices have dropped 12% to 15% in major Canadian city centers, especially places like Greater Vancouver, Victoria, Calgary and Edmonton.

Some home owners are in trouble

With home prices projecting to decline further over the next 12 months, home owners who bought with little equities will need to cover their losses if they sell their homes now. Those who could not keep up with their mortgage payments will lose their homes. When defaults start to show up, the losses suffered by Canadian banks will end up with CMHC and other mortgage insureres. CMHC will end up taking on huge mortgage default losses as over 70% of these 40 years mortgages were under-witten by CMHC the past 2 years.

Canada is now reported to be in recession with negative GDP growth. If the economy tank in Canada, many people will lose their jobs due to cut-backs and lay-offs. It is inevitable that foreclosures and bankruptcies will increase in the near future.

The loan loss for each default in the high-priced centers in Canada can easily exceed $100,000. A 20% drop in price on a $500,000 home will wipe off $100,000 value from a home. Together with interest cost, real estate/legal fees, etc, loan losses can piled up quickily.

Buying opportunities

There are many buying oppotunities for investors who have the financial resources. Home owners who could not hold on to their homes may be forced to sell at lower than market prices. Until more buyers return to the market, home prices will continue to decline. It's difficult to tell if the market will stabalize by the end of 2009 or 2010.

If you are looking for investment properties in Richmond, Vancouver or Burnaby, you can contact me at 604-721-4817 or email me.

Greater Vancouver Real Estate Market - November, 2008

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Tue, 16 Dec 2008 15:33:46 -0600

The Greater Vancouver real estate market is fast changing. Home owners and consumers are faced with many questions on how best they can deal with the market. In a report published in the Financial Times, ” Your home may be worth more than you thought: CREA” home owners, buyers and sellers are wondering what's the real market situation in their local market.

The Canadian Press on Dec 12, 2008 published "House prices slip 10 per cent across Canada in Nov" painted a more pessimistic view on the housing market for 2009.

Real estate is local - home owners have to deal with their local real estate markets. Presently, home prices are selling at 10% to 12% lower than comparable homes sold a year ago.

It’s Time To Get Ready

If you are buying, do your research and work with an experienced local realtor. Whether you should buy now, or wait a little longer depends on your circumstances. Home prices are now more attractive and affordable than a year ago.

You should buy when you find the right home, and you are comfortable with your financial commitment. No one knows when home prices will reach the bottom.

Most home buyers are hesitant to buy at current market value. When your offer price is too low, the seller may not want to sell his home to you. The final price of a home is made between you as a buyer and the seller. Only when both parties can agree on a price, a deal can be done.

You can keep an eye on the Richmond market by following my monthly update posted on my website RichmondBCRealEstates.com. It is time to look around and get ready.

If you are looking to buy or sell a home in Richmond, South Vancouver and Burnaby, you are welcomed to contact me at 604-721-4817 or email me.

So You Want To Write a Lowball!

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sun, 14 Dec 2008 16:44:17 -0600

The subject on "writing a low ball offer" in a buyer's market is aptly described in a blog post by Vancouver's Realtors Rob Chipman and Aaron Best.

"Lowball opportunities are now available, and their numbers will only increase in the coming months".

"Lowballs are a funny subject. They’re easy to talk about, but tough to pull off. In the first place they take a certain amount of nerve. In the second place, they’re a tougher offer to close than a non-lowball. There’s no reason why a buyer shouldn’t consider lowballing, however. Its not a tactic for everyone, and it involves lots of hard work and learning, but it can pay off handsomely".

You can read the full article below:

So You Want To Write a Lowball! (part 1), and the second part of the article:

So You Want To Write a Lowball! (part 2)

If you are a homebuyer, you may find some great buying opportunities in today's market. Whether you are buying a home in Richmond BC for your own occupation, or a second or third home for investment, you can view the latest Richmond market activities here.

If you have a specific real estate need, kindly contact me at 604-721-4817 or email me.

How The Real Estate Market Will Affect You In 2009?

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Wed, 10 Dec 2008 12:42:31 -0600

RE/MAX recently released report reported in The Vancouver Sun, "Threat of global recession to hinder home sales in major Canadian housing markets in 2008 and 2009" cited global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centres.

"The first quarter of 2009 will certainly be a continuation of the trend we're seeing now, with reduced transactions and average prices coming down in Vancouver and throughout British Columbia."

According to the report, some 440,000 homes are expected to change hands in Canada by year's end - a decrease of 15 percent from record levels reached in 2007.

Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada, said that "the nation's housing market performance next year will depend largely on how the country's economy fares at the local, provincial and national levels, but he remains hopeful for gains in 2009".

"The situation is not expected to be remedied until consumer confidence is restored," Polzler says. "We could see a bounce back as early as spring - if inventory levels remain stable, pent-up demand kicks into gear, and lower interest rates stimulate home-buying activity."

Should you buy now or wait a little longer? Home prices in Greater Vancouver are now down 12% to 15% from the peak towards the end of 2007. As home owners, real estate is local and there are challenges when you are buying or selling in today's market:

- as a seller, you want to know how much lower home values will go down.
- as a buyer, you wonder if you should wait for further price reductions.
- as a homeowner, you may be concerned how the present market impacts on your home equity.
- when trading-up or down, how do you manage 2 transactions in today's market.
- as an investors, you wonder whether it is a good time to buy, renovate, and re-sell for a profit.
- as a first-time buyer, you want to know if you can get financing in these uncertain times.

There is no easy answer to the above questions. You have to evaluate you options and find out what is the best action for you. If you like to discuss your needs, you are welcome to contact me at 604-721-4817 or email me with your questions.

Buy Now, Or wait A Little Longer?

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sun, 07 Dec 2008 23:18:27 -0600

Should you buy now or wait a little longer? Home prices in Greater Vancouver are now down 12% to 15% from the peak towards the end of 2007.

People are asking what is happeing to the housing market:

- Sellers want to know how much lower their home values will go down.
- Buyers want to know if they should wait for further price reductions.
- Homeowners want to understand the impact on their equity.
- Investors are asking whether it is a good time to buy, renovate, and re-sell for a profit.
- First-time buyers want to know if they can get financing in these uncertain times.

There are no easy answers to the above questions. Each person will have to assess their own individual situation. In a buyer's market like today, if you are trading-up buying and selling at the same time, you benefit with better choices.

Circumstances cause each of us to make decisions despite uncertainties related to global economies and politics. There are many great buying oppotunities and good selections of homes now. If you are comfortable with your finances, you now have a better chance of finding the home that's right for you.

If you like to find out where you can find the great deals, your are welcome to call me at 604-721-4817 or email me.

Making sense of today's housing market

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Fri, 05 Dec 2008 22:41:10 -0600

In today's Vancouver Sun, the current housing market situation in British Columbia was aptly addressed by the president of the Real Estate Board of Greater Vancouver, Dave Watt.

Click here to read the full article here.

Since May, residential home prices have declined 12.8 per cent, resulting in an 8.3-per-cent year-to-date price reduction for detached, attached and apartment properties across Greater Vancouver. Further erosion in home prices can be expected over the next 18 months.

The price correction may be viewed as a healthy market adjustment as the sharp run-up in home prices over the past 5 years had resulted in home prices reaching unrealistic levels. Lack of affordability and a change in home owners psychology finally surfaced in May. The market is now driven by many motivated home sellers wanting to sell their homes before home prices decline further.

When the selling panic subsides and home prices stabalize, more buyers will return. When homes are purchased based on market fundamentals and affordability, home prices may correct by 30% to 35% before more home buyers return to the market.

We will likely go through a few years of relatively flat and dull housing market.

For a home owner who is buying and selling at the same time, the current market does not matter much. Here are some wise observations by Mr. Dave Watt:

"Most of us sell a home and buy a home within the same market; while we may be selling at a lower price, we're also buying within that lower-priced market.

"Deciding to buy or sell a home should be a milestone moment based on your financial and personal circumstances, and the market conditions within your neighbourhood of choice. For those whose finances allow it, there are excellent opportunities in today's housing market. This is a good market for long-term investors."

"The Real Estate Board of Greater Vancouver has existed for nearly 90 years and witnessed numerous market cycles. Sales increase and decrease. Prices go up and down. Historically, the values at the peak of the next cycle inevitably surpass the ones before."

If you are looking for some great investment opportunities in Richmond or South Vancouver, you are welcome to contact me at 604-721-4817 or email me.

Richmond Seafair Older Detached Homes Market Update

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sun, 30 Nov 2008 23:58:01 -0600

Year	No. Homes Sold	Price Range	Average Price
2001	38	$199,000 - 300,000	$249,000
2002	41	$234,500 - 339,900	$287,000
2003	41	$280,000 - 396,000	$338,000
2004	31	$310,000 - 410,000	$360,000
2005	43	$363,000 - 480,000	$421,000
2006	34	$458,800 - 570,000	$514,000
2007	31	$446,000 - 618.000	$532,000
2008	28	$510,000 - 765,000	$637,000

The sales of older homes in Richmond Seafair follow the market trend for Richmond. Home prices in the area reached the peak around the end of 2008. The soft housing market in Richmond in early 2009 had resulted in home prices in the Richmond Seafair area declining significantly.

Click here for the latest Richmond housing market update.

The homes selected for the above study were based on homes that were over 25 years old and with lot sizes between 7,000 to $9,000 sq ft. During the period form 2001 to end Nov/2008, the monthly average sale for old homes in prime locations was around 36 a month.

Home Prices Declining Since May/2008

The drop in demand for these older homes since May, 2008 had resulted in significant price reductions by home sellers. Homes similar to those previously sold at $600,000 to $650,000 are priced much lower now.

There are some homes in the Seafair area being priced at the $500,000 range now. There were 2 recent sales in this area that were done at $450,000 to $488,000. The soft housing market is expected to continue into next year, and home prices are likely to continue the decline.

Rental Income & Cap Rates

Buyers interest is epected to improve when home prices become more attractive. An acceptable price range is when investors are able to buy revenue properties at 4.5% to 5% cp rates. Current gross yearly rental income for these homes is around $21,600.

Based on investors expectation of 4.5% to 5.0% cap rates, buyers will become more active when the selling prices for these homes are in the $432,000 to $480,000 range.

If you like to have more information on homes for sale around Richmond Seafair area, you can contact me at 604-721-4817 or email me.

Buying Your Ideal Home

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Mon, 24 Nov 2008 17:45:40 -0600

This could be the best time buying your ideal home. The current real market is adjusting to the uncertainty in the market place. The market has changed from the go go years to an unusually slow buyer's market. Seller expectations are now tempered, and more willing to look at your offer.

In the two previous downturns, one in the 1980s and the second one in 1994 to 2000 the market factors affecting sales were different. We now have low interest rates, and reasonably positive economy and low unemployment rate. Home prices are now 10% to 12% lower than those at the end of last year.

More Chocies

We have much more inventory on the market now than we have had in the past and sales have drop off a cliff. Now, may be a great time to invest in real estate because of the low interest rates, lower prices and a low vacancy rate.

For home sellers whose home prices had doubled in price over the past 7 years, the recent price adjustment of 10% to 12% is not such a big deal. If you are buying and selling in the same market, it doesn't matter if you sell at the absolute peak or purchase at the absolute bottom.

Home Ownership

The reasons for buying and selling houses continue, and home owners will continue to sell or buy depending on their circumstances. The market goes up and it goes down. It's up to each of us to take advantage of each swing.

The market now has a lot more choices for home buyers. You have a better chance of finding the home you like and at a price you can afford. If you are comfortable with your own finances and the home is the right one for you, then buy it. It is your home you live in and enjoy with your family. It does not matter if home prices go up or go down as over a time period you build equity through home ownership.

If you are looking for the latest Metro Vancouver housing market information or like to view homes for sale on the MLS system, visit my website at www.james-wong.net. Or, search for homes listed for sale using the Google MLS Listing Search below:

Trading Up In a Down Richmond Housing Market

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sat, 08 Nov 2008 14:24:44 -0600

The reasoning for trading up in a down Richmond housing market is best summed up by Sebastian Albrecht, a Vancouver Realtor at Royal LePage Westside.

The housing market in Richmond is similar to the markets in other Greater Vancouver Municipalities. Home prices had come down by 10% to 12% from the peak towards the end of 2007.

Trading Up

Obviously, you must have the need for trading up to a newer or larger home, a better neighborhood and you can afford to make the move.

If you are in a similar situation wondering whether you should trade up, the post helped to explain why you should do it:

"Not only is our young couple saving money, they are also more likely to find the home that they want in this market. There are lots of choices and you have the luxury of finding the right home for you in this market. That’s not a luxury you’d have in a seller’s market".

You can read Sebastian's full article here.

Richmond Housing Market

You can view the most recent sales and pricing activities in Richmond by following my on-line real estate postings on Richmond Housing Report.

If you like to have more information on buying or selling your home in Richmond, you can contact me at 604-721-4817 or send me an email.

CMHC Fall Report - 2008

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Fri, 31 Oct 2008 12:38:31 -0500

CMHC predicts shallow real estate correction

The correction in Greater Vancouver and British Columbia real estate markets should be shallow, according to Canada Mortgage and Housing Corp., provided the province maintains projections for weaker economic growth and doesn't go into a full recession.

CMHC released its fall market forecasts Thursday, which predict lower housing sales to the end of 2008 and on through 2009, with price declines to the end of 2009 in the range of seven per cent provincially and nine per cent in Metro Vancouver.

Read the full article here.

What I think:

Month-over-month housing price trend

Recent month's home selling prices had dropped significantly. The price decline for Greater Vancouver going forward on a year-over-year could be as much as 10% to 12%.

Most of the homes sold the past 3 months registered heavy price discounting from prices recorded in early 2008. Some home prices are now listed for sale at 2007 level. In general, the average price could have dropped 10% to 12% from the peak.

CMHC's projection for 9% drop in price for Metro Vancouver could be too optimistic as current market sentiment is pointing to a larger drop in home prices. The drop in price for 2009 is likely to be in the range of 12% to 15%.

Canada's Economy & Employment

The anticipated US recession will affect Canada's economy and employment. The slow down in construction activities and loss of manufacturing jobs in Canada will impact consumer confidence.

Speculative home purchases pushing up home prices the past 3 years will work in reverse. Speculators and home sellers will unload their investments, pushing home prices down in 2009.

Market value vs city assessment value

Many homes sold in the past 3 months were selling below the city assessment values. Average selling price as compared to the city assessment value dropped from around 13% the 2 previous quarters to 4% in the third quarter of 2008. Further price erosion will result in Metro Vancouver homes selling at or below city assessment values.

There are some good buying opportunities in today's market. You need to find the real good deals with the help of your local realtor.

Whether you are planning to trade-up, trade-down or buying your first home, you should discuss your needs with your realtor. You can get the latest real estate market information by following my monthly real estate market up-date.

You can email me if you have any questions on your real estate needs.

Presale Buyers May Be Liable For Damages

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Wed, 29 Oct 2008 22:20:06 -0500

Pre-sale buyers who are not able or willing to complete their contracts can be sued by the developers. Some of these buyers are leaving large deposits and walking away from sums as high as $40,000.

There is no accurate figure as what proportion of these pre-sale buyers are speculators. Some people in the industry estimate that as high as 70% of these pre-sale condo buyers could be speculators. With banks tightening on lending, some buyers are not able to get financing, while others simply no longer want to complete the deals.

"There's a lot people there to make a quick profit, and it backfired on them," said Mario Mainella, a vice-president at Bowra, whose firm is now contemplating legal action against some of those owners.

"The way most contacts are written, the developers can pursue a damages claim if the unit is sold for less than what it was sold for originally," Mr. Mainella said.

Read the full article here on "Cracks appearing in condo land".

Another recent report by Merrill Lynch & Co "Housing market ‘alarms' Merrill" quoted:

"Falling prices, overbuilding and too much unsold inventory in Canada are creating a trend similar to that in the United States a couple of years ago, Merrill economists David Wolf and Carolyn Kwan said in a research note.

Merrill made headlines recently with a report suggesting Canada's high household deficit level could make it vulnerable to a U.S.-style housing collapse".

Analysts agree that B.C.'s housing market is taking a beating, with sales slowing and inventory rising in the wake of global economic upheavals.

The extend of the price correction is opened to debate. Some are predicting a 30% or more price correction. The tight credit situation, cautious lending by the banks, over-extended borrowers, slumping stock market and over supply of housing units all will exacerbate the housing market.

If you are thinking of selling or buying, you need to know how best to deal with your situation. Not selling now could result in further erosion in the price you can get for your home. If you are buying, you need to know if you should wait a little longer or get ready and look out for a great deal coming your way.

For more insights on the current real estate market in Greater Vancouver, you an email me or call me at 604-721-4817 for a discussion.

Richmond Real Estate: Market Value Compared With City Assessment Value

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Tue, 28 Oct 2008 22:45:52 -0500

Richmond Real Estate Pricing Trend

The most common question asked by home buyers on the value of a home is the relationship between current market price and the city assessment value of a property.

The market value of a detached home is affected greatly by the location, home condition, and improvements done to the house. Homes that are more desirable will command higher selling prices. The city assessment value being an aggregrate valuation of similar homes in the neighborhood, will not reflect the dsirability of a home to a buyer.

What can the city assessment value tells us?

The city assessment value being a previous year's value is a lagging indicator. City assessment value tends to be lower than the market value in a rising market. During the boom years from 2005 to 2007, the selling prices for most homes were found to be 12% to 15% above the city assessment values. Conversely, when home prices drop for a few months, the market values for homes sold may be lower than the city assessment values.

The following table helps to track the housing market values in relation to the assessment values.

Selection Criteria for comparison

The homes selected for this comparison were based on older homes located in West Richmond. The homes were over 25 years old and with lot sizes between 7,000 to 9,000 sq ft. These homes were sensitive to demand from home builders, and they helped to set the pricing trend based on builders' activities.

When home builders' were competing for building lots, they pushed up the selling prices for these homes. Up until April 2008, home builders were still actively buying up these older homes. These homes were torn down to be replaced by million dollar homes. Home prices for resale older homes peaked in the first quater of 2008.

Quarter	No. Homes	Av. List Price	Av. Sold Price	Av. City Value	% Var. Sold vs List price	% Var. Sold vs City value
Oct-Dec/07	24	$689,100	$680,100	$638,400	-1%	+7%
Jan-Mar/08	27	652,800	683,900	600,800	+5%	+14%
Apr-Jun/08	14	691,100	687,700	609,400	-2%	+13%
Jul-Sep/08	7	672,100	633,400	607,200	-6%	+4%
*Oct-Dec/08	13	614,500	574,400	614,500	-7%	-7%

Sample Size Limitations

The small number of sales registered for Jul-Sep/2008 could have skewed the comparison between market value and city assessment value. The average selling price showed a drop of around 8% compared with the previous 3 qaurters.

Market Value Vs City Assessment Value

The average city assessment value for Oct-Dec/07 was skewed by more higher valued homes being sold during the period. The average home selling price for the the first and second quarter of 2008 were 14% to 13% higher than the city assessment value.

From March 2008 onwards, declining sales and widespread price reductions had resulted in the average selling price for these homes in the Jul-Sep/08 quarter averaging just 4% higher than the city assessment value. With housing trend continuing its decline, home prices are expected to slide lower. It is likely that many homes will be sold below city assessment values.

We will continue to monitor and report on the pricing trend each quarter.

Current real estate news for metro Vancouver and Fraser Valley can be viewed here.

* Updated on February 13/2009 - homes sold at 7% below city assessment value by the 4th quarter of 2008.

Richmond Housing Trend - Average Monthly Sale

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Sun, 19 Oct 2008 22:31:22 -0500

Richmond Housing Trend from total sales recorded since 1998 reached the highest number of homes sold in 2005. That year, the total number of homes sold were 4,335 units with a monthly average of 470 units. The 2-year moving average trend line indicated sales momentum was slowing down in 2006 and 2007. The trend line as shown on the chart below (up to September 2008) showed that 334 average monthly sale was 12% lower than the 380 trend line units.

The September home price decline as reported for Greater Vancouver was around 8%. Richmond will follow the general market, and a decline in the median price can be expected in the next few months. There are no positive news in the market and BC economy that will help to reverse this housing price decline.

Tracking The Sales

The July, August and September 2008 sales figures at 287, 178 and 234 units respectively were way off the mark, and fell to the 1998 to 2000 sales figures. Current market sentiment has changed dramatically from last year, and buyer confidence is lacking. More bad news are expected from the housing market. The media are expected to continue reporting the bad news, and the housing market will continue to adjust to current over-supply and dwindling demand from home buyers.

Prices Are Dropping

The housing market in Greater Vancouver is now in a buyer's market. Prices are trending down and there are many great buying opportunities for home buyers. Many sellers have reduced their asking prices to sell their homes. Those that are reluctant to reduce their selling prices and priced their homes according to today's market, will have a tough time selling their homes. Many areas are already reporting home prices coming down by as much as 10% to 15% compared to 2007 home prices.

Should You Buy Now?

You should position yourself to make a quick move if and when you can get a great deal. There are definitely many more buying opportunities now. Whether you should buy now or wait a little longer depends on your own comfort level. You should watch the market closely. Only when you are feeling comforatable with the market, you make your move to buy.

For more information on the market, you can contact me at 604-721-4817 or email me.

NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver

Richmond BC Real Estate: Dealing With A Buyer's Market

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Wed, 15 Oct 2008 22:35:04 -0500

Richmond BC Real Estate

Declining Market

Since April, 2008, home sales activities in Richmond dropped significantly. Home prices were trending down as there were more sellers than buyers in the market place.

Another housing market tracking and pricing charts presented by Brian Ripley showed that Edmonton's home prices peaked in May, 2007 and Calgary followed in June, 2007. Vancouver's top was recorded in June, 2008 and since then prices had been declining significantly for July, August and September.

The price correction will continue until demand picks up. This will happen when prices reach a level when home buyers are feeling comfortable to get back into the market.

Presently, Richmond inventory is still very high, with around 11 months supply of homes. Unless sales improve or the number of listings drop significantly, the list/sale ratio will take a while to reach a more balance market... around 6 months inventory.

Data from Real Estate Board of Greater Vancouver

Market Update

Greater Vancouver housing sales were down 43.2% in September from a year earlier, while the average sale price dropped 8% to $535,598 over the last year.

Greg Klump, chief economist with CREA said "As the Canadian market continues to cool, houses will stay on the market longer. Canadian sellers are not under financial duress to sell so many will just pull their homes off the market if they don't get their price and that will result in a continuing decline in listings.

Canadian homebuyers should not expect to see the kind of price correction that's underway in the U.S. where overly indebted homeowners are selling into a housing market where foreclosures and the number of newly constructed unoccupied homes are increasing."

Click here to read the article.

What you should do in a buyer’s market?

If you are a seller, you have to be realistic with your expectation and adapt to the market. You need to know the sales and inventory in the market place. Before you list your home on the market, find out how many months an average home takes to sell, and monitor the market activities closely.

If there are 2,500 properties on the market and 250 are selling, only 10% of the properties are selling for the month. Your home has to be at the top 10 % in the marketplace in order for your home is sold. When there are 10-month inventory in the market, your home priced priced similar to other homes will take 10 months to sell.

So, to sell your home in a buyer’s market, it has to be priced right and marketed well. A well-priced home get sold more quickly. Click here to find out how I can help you sell your home in 30 days or less.

If you are a home buyer, you need to know whether the home you are buying is a good buy. This could be a good buying opportunity as there are more choices, sellers are more motivated to sell and home prices are more attractive now.

For more information on the real estate market in Greater Vancouver, and Richmond Vancouver and Burnaby in particular, you can follow my blog postings here.

Mellinium Water, Vancouver's Olympic Village - 2010 Games in Crisis?

James Wong Richmond Realtor (Sutton West Coast Realty, BC) — Wed, 08 Oct 2008 20:42:32 -0500

Mellinium Water Vancouver's Olympic Village - Trouble Ahead?

As the credit crisis south of the border begins to creep north, concerns are mounting over the impact it may already be having on construction of the athletes' village for the 2010 Winter Games.

Last week, members of Vancouver's city council held an emergency, in-camera meeting to get an update on the project. Much of the discussion revolved around the city's obligation in the event the developer, Millennium Development Corp., can't meet demands from the bank because of massive cost overruns, according to sources briefed on the meeting.

Click here to read the full article.

Another article in the Vancouver Sun "2010 Games in Crisis" raised concerns that B.C. taxpayers could be on the hook for about $1.5 billion.

Just a week ago, Denis Du Bios on October 03, 2008 published in Energy Priorities a glowing report "Vancouver 2010 Olympic Village" as a model for urban sustainability.

This South East Fales Creek land - once a mishmash of shipyards, sawmills and municipal incinerators had many past controversies. NANCY MACDONALD at Maclean's Magazine published on November 19, 2007 "New Condo Will Double as Vancouver's 2010 Olympic Village" gave an account on the project when the condos were released for sale in October 2007.

For more information on Millennium Water Condos, kindly contact James Wong at 604-721-4817 or email me.