The Pearce Team
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Our market has been very steady for the last two years with minimal change in price or number of sales. Traditionally the busiest market of the year is between now and the end of June. It then is a little quieter for July and August when everyone is enjoying summer and summer vacations. Things pick up again for September until late November as people try to get moved in by Christmas. 

We can advise you on what to do to get your property ready for sale, what is happening in the market and of course value of your property and all costs involved in moving from A to B.

Don't forget our referral program. If you have friends that are thinking of moving just ask permission to pass their phone number on to us and then give us a call. We will make sure they are well looked after send you a referral check when all is done.

Curious about what is on the market? Visit our website at  www.ThePearceTeam.com  . the information provided is current to the minute and no delay of 24 - 48 hours like www.realtor.caor www.realtylink.organd most public sites.  You receive more information such as room sizes, included items, price history, time on market, mapping with Google maps using street view & walk to features.  The "street view" feature will give you a feel for the neighborhood and a view of surrounding properties. The "walk to" feature, tells you how far you are from a variety of amenities. Set up and save your own searches to be automatically notified when new listings that meet your criteria are entered in the MLS system. 

Happy house hunting!

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Carbon monoxide (CO) poisoning is a serious threat that affects families each and every day.  Lower gas levels produce symptoms such as headaches, fatigue and nausea while higher levels can be fatal.

To help protect yourself from carbon monoxide poisoning, ensure exhaust gases are properly vented from the central home heating unit.  It’s also important to have your furnace, chimney and vents regularly inspected by a trained professional.

You should have at least one carbon monoxide detector installed on each floor.  Qualified professionals can advise you on different types of detectors but remember that a detector doesn't replace the need to maintain your furnace.

Most cities offer environmental services that measure indoor air quality.  Prevention is key to avoiding carbon monoxide poisoning as this silent killer is difficult to detect.
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The start of a new year inspires many people to set goals and resolutions.  While most of us enjoy the challenge, others are filled with the dread of potential failure.

Goals shouldn't be set in stone.  If you start to realize that your goals aren't achievable, don't get frustrated and give up.  Take a few moments instead to modify them.

Our lives are constantly changing so it’s important that our goals change as well.  Be flexible and remember that there's no law that says you can't set new resolutions throughout the year!

Good luck to you throughout 2012 -- I hope it's your best year ever!!  Please let me know if there's anything I can do to help contribute to your success.
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Merry Christmas and a prosperous New Year to all of our clients and their families! This year Don and Debi became proud grandparents again with the arrival of Josephine on November 16th so this will be her first Christmas. Michelle had a busy year in real estate and  with her daughter Megan competing in water polo. Nicole has also been busy with both real estate and her daughter Madison who is now almost two. Our two new team members Lotus and Emily share the Customer Care position , which allows Emily to attend college and Lotus to spend time with her family. So from our family to your family again,  Merry Christmas and a Happy New Year!!!
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Vancouver Real Estate board overall

 
Single family houses year to date sales totalled 13,444 with the average sale price of $1,170,993. This 16% increase in number of sales and a 18% increase in average price year to date over last year same time period. Townhouse year to date sales totalled 5219 with an average sale price of $566,042. This is a 5% increase in the number of sales and a 4% increase in average price year to date over the same time period last year. Condominiums year to date sales totalled 12,111 with the average sale price of $454,817. This 1% decrease in number of sales and a 5% increase in average price year to date over the same time period last year.
Total of all types year to date here has been 30,774 sales with an average sale price of $786,550. This is a 7% increase in number of sales and a 16% increase in average price over last year same time period.

 

The volume of sales overall remained steady with the very little change over October.

 

Local Maple Ridge

 

Single family houses year to date sales totalled 918 with the average sale price of $501,252. This a 2% drop in number of sales and no change in average price year to date compared to the same time period last year. Townhouse year to date sales totalled 390 with an average sale price $310,107. This is a 21% increase in the number of sales and no change in average price year to date compared to last year same time period. Condominiums year to date sales totalled 187 with the average sale price of $203,426. This 3% decrease in number of sales and a 8% decrease in price year to date over last year same time period .Total of all types year to date here has been 1495 sales with an average sale price of $414,135. This is a 6% increase in number of sales and a 1% decrease in average price over last year same time period .

 

** Note - Our housing market remains stable in regards to volume and prices and is basically unchanged for the last 12 -18 months. This is possibly due to uncertainty about the HST to GST/PST change and how it will affect sales of new homes. It could also be reflecting global financial uncertainty.

 
For more detail just call 604-466-4549 or emailpearceteam@telus.net .

 

Prime Rate remains stable at 3% with term variable rate mortgages at 2.75% - A $300,000 mortgage at 2.75% for 30 years is $1223 month. Fixed term mortgages are available below 3.5% with some places offering as low as $3.19% for a 5 year fixed.

 

*** Yes! 35 year mortgages are still available - call for details

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January is the month when you receive your "proposed tax assessment " for 2012 on any property you own. You have until January 31st 2012 to appeal this tax assessment, if you do not appeal then your next opportunity is one year later. Each year we help clients with comparable properties for their appeals and also attend the appeal hearings with them or on their behalf.  If you think your property is assessed to high when you receive your assesment notice then give us a call and we will see if we can save you some money. If you have aquaintenances that feel their properties are assessed too high then have them call us also. There is no charge for this service and we will be reminding you again in our January newsletter.

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The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November.  This represents a 5.9% decline compared to the 2,509 sales in November 2010 and a 1.9% increase compared to the 2,317 sales recorded in October 2011.
 
Looking back further, last month’s residential sales total is 5.8% below the ten-year average for sales in November.  “The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said.  “November activity helped put our market firmly in balanced territory.”
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November.  This represents a 26.3% decline compared to the 4,374 new listings reported in October 2011, but a 6.3% increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.
 
Looking back further, last month’s new listing total is 2.1% above the ten-year average for November.  The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2% to $622,087 in November 2011 from $580,080 in November 2010.  Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4%.
 
Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8% from the 1,050 detached sales recorded in November 2010 and a 21.3% decrease from the 1,164 units sold in November 2009.  The benchmark price for detached properties increased 11.4% from November 2010 to $890,204.
 
Sales of apartment properties reached 1,000 in November 2011, a 4.9% decrease compared to the 1,052 sales in November 2010 and a decrease of 28.4% compared to the 1,396 sales in November 2009.  The benchmark price of an apartment property increased 2.7% from November 2010 to $399,686.
 
Attached property sales in November 2011 totalled 444, a 9.1% increase compared to the 407 sales in November 2010 and a 15.1% decrease from the 523 attached properties sold in November 2009.  The benchmark price of an attached unit increased 4.5% between November 2010 and 2011 to $510,960.
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Selling your home can be emotional which is why you want to make sure your home sells quickly, easily and for top dollar.  Mistakes mean your home will sit on the market longer and eventually sell for less.  Ensure you get it right the first time by avoiding the following mistakes:
  1. Overpricing - Home sellers are often tempted to price their home way above market value but this tactic usually backfires.  The longer your home sits on the market, the more of a stigma it'll develop forcing you to repeatedly drop the price.

  2. Hanging Around - Owners should always leave before a showing so buyers can browse without distractions.  You want buyers to make themselves at home and spread out on your couch so they can envision themselves living there.

  3. Restricted Access - It’s easy for buyers to skip your home if it's not easily accessible.  It may also be impossible to get into the home if another agent has the key.  Your agent's goal is to show your home to as many people as possible so make sure you use a lockbox.

  4. A No Show - Staging your home is critical.  You may love the statement your pink bathroom makes but odds are it’ll sell faster and for more money with a neutral paint job.  While you're at it, get rid of excess clutter and take care of any outstanding repairs to portray a pride of ownership.

  5. Going It Alone - While some are able to sell their home privately, most quickly regret their decision.  Selling your home can be overwhelming, time consuming and costly.  A real estate agent’s job is to expose your home to the masses so that they’re in the best possible position to negotiate the highest price in the shortest amount of time.

Your home is most likely your biggest asset.  Don't put it at risk by repeating any of the common mistakes above.  Start by viewing the sale of your home as a business transaction and put aside your emotional ties to the home.  Avoid these mistakes and you'll be on your way to selling your home quickly, easily and for top dollar!

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Shopping online during the holidays is very convenient, especially for shoppers who are pressed for time.  Cybercriminals love this time of year as distracted shoppers are easy prey.  Here are a few scams to be aware of:
  1. Holiday eCards - Never open a holiday eCard if you're not sure who it's from.  Instead of a warm holiday greeting, it could be a cyber scammer whose gift comes in the form of viruses, spyware and Trojans.

  2. Free iPad Anyone? - If you’re still waiting for your free iPad, don't hold your breath.  When you fill out the survey to receive your “free gift”, all you’re doing is gifting the cybercrook with your personal details which they'll regift  to other scammers.

  3. Sounds Fishy - Smishing is the SMS version of Phishing where crooks hook you through texts to either call a number or visit a website where they then steal your personal information.  You're also tricked into downloading malware to your phone.

  4. The Hot Ticket - Desperate shoppers eager to score the hottest holiday gifts are easy prey to cybercrooks who set up legitimate looking websites that show the popular gift in stock.  You hand your credit card details over but receive nothing in return.

Be aware this holiday season that many people aren’t thinking about holiday cheer and goodwill to mankind.  Use common sense and visit only trusted, secure sites.  Also, keep your antivirus software up to date and don’t open anything from anyone you don't know.
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Flu season is in full swing.  It's hard to avoid the flu completely but you'll have a much better shot if you pay special attention to these often overlooked hot spots:
  • the children's toys
  • light switches and remote controls
  • office desk, keyboard and telephones
  • door knobs and handles on appliances
  • car steering wheel, seat belts and shifter

Washing your hands in soap and water for 20 seconds is the best way to fight germs but regularly sanitizing common germ infested hot spots is also key.  Don’t forget to keep the hand sanitizer on hand -- pardon the pun :)

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It is not uncommon for clients to be away at the time they are closing a real estate transaction. In this situation there are a few options to ensure the transaction closes on time, one of them being the use of a Power of Attorney.

Legislation relating to the use of Power of Attorney’s was passed effective September 1, 2011. The changes were mostly to the form of the Power of Attorney, and do not substantially change the use of a Power of Attorney for real estate. Below is a discussion on how to use a Power of Attorney to sell, refinance or purchase a property.

In all of these situations we are assuming there are no trust issues between the person giving the Power of Attorney (the "Adult") and the person who is allowed to sign pursuant to the Power of Attorney (the "Attorney"), and all parties are acting in a professional manner. Giving a Power of Attorney to an untrustworthy person will result in serious difficulties.

USING A POWER OF ATTORNEY TO SELL PROPERTY
So long as the Power of Attorney is property drafted, there are very few issues with using a Power of Attorney to sell property. The Power of Attorney should be limited in terms of how long the Power of Attorney is valid, and to what purpose it is to be used. A general example is:

"To sell real estate legally described as (legal description of property) and any interest therein, in such manner as my attorney may think fit, and execute and deliver all documents and other instruments required for such purpose as my attorney may think fit.

GENERAL INFORMATION ON POWER OF ATTORNEY’S
A Power of Attorney is a document which authorizes one person, an “Attorney”, to make decisions or perform tasks on behalf of another person, the “Adult”. A Power of Attorney can only authorize an Attorney to make legal and financial decisions on behalf of the Adult and not personal care or health care decisions.

Although the Power of Attorney Act was substantially revised effective September 1, 2011, Powers of Attorney executed before September 1, 2011 will continue to be valid. An enduring Power of Attorney has no expiration date, and is not commonly used for estate planning purposes. These are broad in nature, and will remain valid when the Adult becomes incapable of looking after her own affairs.

A Non-Enduring Power of Attorney is usually limited to a specific task such as to sell the Adult’s property while she is away, or may have an expiry date.

While a Power of Attorney is not self-expiring unless specified, s. 56 of the Land Title Act provides that a Power of Attorney is not valid for land title purposes 3 years after the date of execution unless it is an enduring Power of Attorney or the Power of Attorney expressly excludes the effect of s. 56.

An Adult cannot appoint an individual who is compensated for providing personal care and health care to the Adult or an employee of a facility providing personal care or health care services to the Adult (unless the individual is also the Adult’s child, parent or spouse). While these are the only legal restrictions, the Adult should obviously trust an individual’s honesty and judgment before appointing her as an Attorney.

So long as the Adult is capable, a Power of Attorney can be revoked at any time. There are also certain circumstances when the Power of Attorney terminates, such as upon the death of the Adult or court order.

An Attorney must act honestly and use reasonable care and diligence. The Attorney’s authority must be exercised in the best interests of the Adult. It should be noted that a Power of Attorney cannot be used to transfer land to the Attorney unless the Power of Attorney specifically permits.

USING A POWER OF ATTORNEY TO SELL PROPERTY
So long as the Power of Attorney is property drafted, there are very few issues with using a Power of Attorney to sell property. The Power of Attorney should be limited in terms of how long the Power of Attorney is valid, and to what purpose it is to be used. A general example is:

"To sell real estate legally described as (legal description of property) and any interest therein, in such manner as my attorney may think fit, and execute and deliver all documents and other instruments required for such purpose as my attorney may think fit. This Power of Attorney shall expire on (insert date)."

USING A POWER OF ATTORNEY TO PURCHASE OR REFINANCE PROPERTY
A Power of Attorney can be used to purchase or refinance real estate, but you must check with the lender to confirm their willingness or requirements about using a Power of Attorney. Each lender has different rules regarding the use of a Power of Attorney.
At the time of writing this page: 

 Scotiabank will allow a Power of Attorney but they require that the lawyer preparing the mortgage be the lawyer that prepares AND witnesses the Adult’s signature on the Power of Attorney. Our office recently completed a file where we prepared the Power of Attorney but the Adult was already in the UK so her signature was witnessed there. Scotiabank made an exception on this file to allow it to fund, but they advised that for future deals, the Adult either has to fly to B.C. to sign the Power of Attorney or Scotia will not do the deal. Obviously if the Adult has to fly to B.C. they could sign the documents on their own, and a Power of Attorney is not required.

RBC will allow a Power of Attorney to be used but RBC will insist on a title insurance policy, which has a minimum cost of $250.00.

TD will also allow a Power of Attorney except for equity takeouts, but have extensive requirements. They will require at least two days notice, information on the relationship between the Adult and Attorney, circumstances as to why a Power of Attorney is required, banking relationships, and knowledge of the Adult to the financing request. Even if all this information is provided and they approve of the Power of Attorney, title insurance will be required.

Rather than review all of the other lenders requirements, we suggest you (the client) contact the lender at the time of making the application. Lender requirements constantly change and even the above may change frequently.

If a transfer of the property to the Attorney is required as a part of the refinancing transaction, keep in mind that there must be specific wording in the Power of Attorney to permit this.

SUMMARY
Our goal is to remind you that a Power of Attorney can be used for out of town clients, but consideration should be given to the lender requirements for a refinance or purchase of property

--article provided by Spagnuolo and Company (Real estate lawyers)
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