Chilliwack Market Continues To Grow

Jim Schroeder, local realtor and a valued part of the Harmony Mortgage Group Network of local professionals creates and shares his monthly market analysis with us.  Valuable and insightful information from one of Chilliwack’s top realtors, Jim has given us permission to  share it with you as well. 

“All segments of the Chilliwack market continues to move along very well. Elections tend to slow real estate markets in the past – but not this one. When one looks back historically (see the attached) the Chilliwack market has grown incredibly.”

“Today’s Chilliwack population is just under 100,000. When one adds the shopping area its well over 100,000. One of the very good signs for the future is that Chilliwack, I understand,  is one of only three school districts in BC that consistently grows. Today is good and the future is even gooder.”


This is great information and we are privileged to have Jim share this with us and our clients.  Thank you Jim for putting this together and sharing it with us.  - Harmony Mortgage Group. Chilliwack.

Coming Out On Top In A Multiple Offer Situation

Whether you are a first time buyer, looking at buying a bigger house or downsizing, if you are looking at buying an investment property it is important to be prepared. This spring a sellers’ market is in full swing, which is more noticeable in certain areas of the Lower Mainland. With historically low interest rates, buyers are making the jump into homeownership, because for many, their mortgage payments will be less than what they are paying in rent. It is certainly a great time to get into the market. However, in a sellers’ market, buyers find themselves in competition with other buyers to purchase a home.
Buying a home can be exciting but having to compete for a home can add a bit more stress. In this case, a property’s asking price and what the property will sell for is quite different, and in most cases the selling price will be well above and beyond the listed price.
When a homebuyer goes into a multiple offer situation, they are less in control. As a buyer, you need to prepare yourself in doing work upfront and with the understanding that you might not get the property in the end.
During multiple offer situations, the seller is not obligated to negotiate or accept any of the offers. The seller has the liberty to choose the best offer to negotiate and they will accept the offer that best reflects their needs. While price is important, that will not be the only factor they consider. They will also look at things such as subject conditions, completion and possession dates.
Here are some things you can consider which may help you feel more in control of the situation when going into multiple offer situations:

• Get pre-qualified by a Mortgage Expert – One of the most important aspects of buying a home is knowing how much you qualify for. You will know what you are comfortable paying on a monthly basis but also what is the highest amount you can offer. While you might have been qualified, the lender still has to approve the property you are buying.

• Prepare and have all your documentation ready – It is important that you provide your Mortgage Expert with all the documentation the lender is going to require upfront. Especially since time will be of essence, you don’t want the added stress of getting documentation when you are in the middle of negotiations and during the subject condition period.

• Having the right real estate agent – It is critical that you have an agent that has your best interest in mind. As a buyer, it is not your job to seal the deal, it’s your agent’s responsibility to know what your limit is and respect that. Don’t let your agent try to upsell you on the price and encourage you to go above your budget. It’s their job to research comparable properties in the area and advise you, but you are the one that makes the final decision. After all, it’s your money.

• Set your boundaries – Once you set your budget, stick to it. Determine exactly how much you can go over if you end up in multiple offers. Don’t get sucked in by emotion and peer pressure because in the end, it can cost you a lot more money.

• Consider doing a home inspection ahead of time – The buyer could consider your offer more readily if it doesn’t include a “subject to inspection” clause.

• Be flexible – Winning a multiple offer situation might be as easy as agreeing to the seller’s conditions such as closing dates, buying the property “as is” or even tightening the subject removal dates. This is important if the seller has already bought another property and is anxious to move on. Agreeing to make the transaction as easy as possible could mean winning over a more generous offer. Buying a property “as is” and limiting the subject conditions (such as requesting that a missing knob or floor tile be replaced) might work in your favour too. If your agent is aware of any information about the seller’s situation and if you can be flexible in any way, take advantage of this opportunity that might help you get your offer accepted.

• Write it down – Perhaps you might want to write a quick letter to the seller explaining who you are and why you want to buy their home so much. Buying and selling a home is an emotional time for everyone, especially if the seller has lived in that home for a long time and raised their family there. Sometimes, it’s not about the highest offer but it can certainly also be about an emotional connection. Even though your offer might be lower than the others, some sellers might feel a strong connection to your story and decide that it’s not about the money but about someone who will really appreciate a great home!

• Know when it is time to walk away – Multiple offer situations can be stressful and sometimes listing agents strategically set the price of the home below market value to start a multiple offer situation. Make sure you stand firm.

Buying your home is about a great investment and you have to be smart about it. In the end, it’s about being comfortable on what you are paying a month and happy with the decisions you make. After all, it’s about finding a home that will be a great place to start building equity and creating memories.
Authors: Alisa and Jorge Aragon
Dominion Lending Centres – Accredited Mortgage Professional

HOT HOT HOT!

In a summer that will go down in the history books for being Hot Hot Hot in terms of 30+ degree weather with little to no rain,  it will also go down as the summer that saw a HOT Housing market after several years of sluggish sales.

                               Image credit: JENNA HAUCK/ PROGRESS FILE


Add to the already busy market, The Bank of Canada just dropped the interest rates again by another .25 of a point.  So if Canadians didn’t have enough incentive prior to now,  this interest rate reduction just may be the catalyst for those that should be considering an early term re-mortgage negotiation along with a huge buying incentive for those that have been considering a new home, investment or renovation.

As all of these consumer applications flood the finance market, the queue of mortgage requests are hitting wait times as high as 3+ weeks.  Closing dates are being pushed back and it is not uncommon in this market to hear of extension requests  due to wait times on finance approvals.

So how do you avoid this?  One way is to get ahead of the queue by applying online at Harmony Mortgage Group even before your initial appointment.  So we can process your applications and submit it to one of our many,  many lenders.  This way when you do make your way into our offices all of the paper work is already in the works and we are miles ahead of the other potential buyers as they seek traditional lending and land themselves in a long wait list for processing.

Working with a variety of private and traditional lenders we also have the ability to focus your application to specific lenders that will meet your specific lending requirements.  With a multitude of Mortgage Lenders working on applications instead of a branch account manager over worked and bogged down with requests we can get your financing secured faster.

Harmony Mortgage Group - We know mortgages better than the banks.

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Fast & Furious Real Estate Market in Chilliwack

Many of us, realtors, mortgage brokers, home owners, investors and potential buyers are watching our fast and furious Real Estate Market here in Chilliwack.  This hot market has many pondering their next move as the market continues at its current fast pace with no real end in sight.

Being intricately tied to the real estate market as mortgage brokers we have a unique perspective as we work with our clients and their mortgage needs.

We are seeing a market that has moved quickly through current inventory and sellers that are getting multiple offers on their property.  We have also had buyers that are now looking to  increase their budget as the inventory dries up and prices begin to rise as buyers and investors alike look to get into the market sooner than later.

There has been a steady increase in single family homes sales from last year and a doubling of acreages sold compared to last year.  Townhouse are holding steady but the entry level homes are seeing the biggest demand and price increase.

Homes that were listed early in the spring and sold have already increased in value and the new home owners are building equity very fast.  A 300K home that sold in February will now be worth closer to 330K. An increase of 10% in just 4 months.

We are now seeing acreages moving at a much quicker rate and in some cases acreages that have been listed for 18 months or more have suddenly been sold and new acreage listings are selling at a much quicker rate.

So what should you do if you are looking to get in on this hot market?  Firstly make sure you have your Pre - Approval done.  It is as easy as applying on line through Harmony Mortgage Group.  It gets the ball rolling long before you even come in for your first meeting and we can get your application in to very very busy lenders that are working on a first come first serve basis.  With so many applications pending we have seen a multitude of extensions given due to the back log of pending applications.

Once you are approved you can shop for that home or investment property with confidence and be ready to make an offer quickly.   Many realtors prefer to work with buyers that are pre-approved in such a hot market as that perfect house can slip through a buyers fingers if the buyer isn’t pre- approved and a seller doesn’t want to agree to an extension on the subject to financing clause.  Sellers are savvy and understand that waiting for a potential buyer to get their finances in order could cost them money in the long run.  So having your application submitted and your pre-approval in hand is key  while shopping our hot Chilliwack market.


Meet The Harmony Mortgage Group Team

Tammy O’Callaghan

Phone: 604-845-0559

tammy@HarmonyMortgage.ca

Carie Pool

Phone: 604-703-8748

carie@HarmonyMortgage.ca

Tania Vermeer

Phone: 604-819-3097

Tania@HarmonyMortgageGroup.ca

How To Buy A Home In A Hot Market

Buying a home can be an exciting and stressful time.  Buying in a hot market like our current spring market can be even more of a challenge as houses hit the market and sell fast. 

So what should you do to make sure you don’t lose that perfect house?  To start,  find yourself a great realtor that understands how important it is to be first in to see a house when it hits the market.  A full time professional realtor that understands the community you are looking in and what your needs are.

But even before that, you should make sure you have your pre-approval in place.  In a fast paced market you want to be confident when you present an offer that you can afford the home you have chosen. If a bidding war ensues you want to know what your limitations are  and really understand financially that you can afford the home.  Nothing is more disappointing than outbidding other potential buyers just to find out that you are unable to get approval on your financing. 

One of the ways you can look at homes with confidence is to use our “Apply Now” on line application.  It is quick and easy and gets the ball rolling even before your initial visit with Harmony Mortgage Group.  It places you in the queue as financial institutions are also incredibly busy in a market like this and are dealing with applicants as the paper work arrives.  So by Applying On Line, you get a head start and jump to the front of the line while others are waiting  to get appointment times with their lenders.   Just another way Harmony Mortgage Group takes care of their clients.

Once your financing has been approved, you and  your realtor can view homes with confidence knowing exactly what you can afford and ultimately find the perfect home for you.

At Harmony Mortgage Group we offer a complimentary cleaning service through our sister company Harmony Home Services to any client that has a mortgage fund through us.  Ask our brokers for the details.  Some restrictions do apply.

Meet Our Team

Tammy O’Callaghan

Phone: 604-845-0559

tammyomortgages@shaw.ca

Carie Pool

Phone: 604-703-8748

carie@HarmonyMortgage.ca

Tania Vermeer

Phone: 604-819-3097

Tania@HarmonyMortgageGroup.ca

Thinking about buying a Foreclosure?

Foreclosures can often represent a great investment in real estate and are a good way to gain equity fast if the market is stable or on an upward swing.  Although Foreclosures can be  a great deal they are not for everyone.  The process is different from that of a more traditional MLS listing as there are rules and laws that surround foreclosure sales that must be met.

If you are not up for the stress of making an offer and then having a court date set where other potential bidders are able to steal the deal from you then buying a foreclosure is not for you.  If you need a bit more certainly in your real estate transaction then a more traditional purchase is probably best.  But if you are able to handle the uncertainty and don’t have hard and fast dates that need to be adhered to then a Foreclosure could not only save you a great deal of money in the long run, but also be a great investment short term.

As mortgage brokers we at Harmony Mortgage Group understand the Foreclosure Mortgage requirements and because we know that a foreclosure may go for a bit higher at auction, suggest that your qualifying mortgage be a bit higher than your bank accepted offer so that you have the ability to up your offer if need be during the court auction.

Why do we do this?  Often purchasers will make a lower offer to the bank (or lender) in hopes that the court auction will be unsuccessful in finding a higher bidder and then the lender is forced to take the accepted offer.  But if another party - or perhaps several parties are also interested in the property then the bidding process starts and the highest bidder will prevail.

Why present an offer at all then?  All bidders must be pre-qualified prior to bidding.  So the lender must have an accepted offer from each individual who is interested in the property.  Court dates are costly and if un-qualified buyers were to out bid others and then not be able to come up with the financing, the deal would fall through and the lender would be out even more money on their already foreclosed on property.

Harmony Mortgage Group has facilitated financing for many clients that have chosen this non-traditional mortgage transaction successfully.  We understand the financial aspect of qualifying for a mortgage of this type of property and can guide you through the process.  We work with highly qualified people that specialize in this type of real estate purchase, like Kelly Johnston at Sutton Show Place Realty right here in Chilliwack.  With a team of professionals on your side it is much easier to be the successful bidder once you have decided on a foreclosure property.





Harmony Mortgage Group is home to Chilliwack's Top Mortgage Brokers. 

A Little Gratitude…..

December is a definitely a month of reflection and for us at Harmony Mortgage Group a month of gratitude.  Each December we take the time to look at the year past and are always inspired by all that we have accomplished and achieved but also by the amazing relationships we have built and all that we have received from our group of colleges, networks and friends.

This is year is no exception.  We have built on existing relationships and solidified new ones.  Harmony Mortgage Group has worked hard to build great relationships in Chilliwack and we want everyone we work with to know how much we appreciate them and all of their hardwork and trust in us.

Once again this December we, along with Ken Oldale from A Buyers Choice, co-hosted our annual Christmas Client Appreciation luncheon at Preston’s Lounge.   We have been doing this for sometime now and it has become a highlight for us each year as the number of invites grow and our Professional Family in Chilliwack expands each year.  This year all that were invited helped us raise over $500 for the Chilliwack Food Bank, not to shabby!

This year we have been so fortunate to have our office grow with the addition of two new Harmony Mortgage Group Brokers.  Tania Vermeer and Roop Virk are now a part of our team and we are very excited to work along side them and watch their careers grow in this industry.  Two great additions to our office.

As we grow our business here in Chilliwack it is not lost on us that we couldn’t be as successful as we have been without the support of our peers, family and colleges.  We don’t take any of the trust others have put in us for granted.  It is important to us to be able to express our gratitude to those that have supported us and to support them in return.

So as the year comes to an end we would like to say thank you to all of you that look to us as an integral part of your community, to those that have chosen to work with us and those of you that we have had the privilege to work with.  Thank you Chilliwack for making us your Top Mortgage Group in Chilliwack.  We are proud of being a part of this community and can not wait to see what 2015  brings.

 

Harmony Mortgage Group
Carie Pool
Tammy O’Callaghan