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You might naturally assume that it is most important to talk to a Real Estate Agent when you’re selling or buying a home. But there are many other circumstances in which it makes sense to give us a call. Here are a few examples.

 

1. When you’re at the “thinking about it” stage


If you’re just thinking about selling your home, and haven’t made a firm decision yet, you might feel uncomfortable calling a Real Estate Agent. Don’t be. In fact, we welcome your call. We can discuss what your current property will likely sell for on today’s market, and determine the type of home you qualify to buy. That way, you’ll have some clarity and be able to make a more informed decision.


2. If you’re nervous about the selling process


If you haven’t sold a home before, you might be concerned about what’s involved in the process. You might even worry that putting your home on the market is going to be a lot of work and create a lot of turbulence for you and your family.


Fortunately, selling your home doesn’t need to be scary. In fact, a big part of our job as Realtors is to make the process as smooth and trouble-free as possible.


So if you have concerns about selling your home, give us a call.


3. If you have questions


You likely have questions about the local real estate scene from time to time. You might have questions like: “How much did that home around the corner sell for?”; “Is now a good time to make a move, or should I wait until the market changes?”; and, “How much is my current home worth?”

 

When you have questions like those, you don’t need to dig for answers on your own. You can give us a call. As experts in the local market, we can give you the answers you need. 

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Imagine there’s a neighbourhood you’d love to live in someday, but, every time you drive through, you rarely, if ever, see a For Sale sign. It’s as if homes get gobbled up by buyers the moment they get listed.

 

It’s true, properties do tend to sell quickly in desirable, in-demand neighbourhoods. Does that mean you’re destined to either hope for a lucky break or miss out on ever living there?


Fortunately, no. There are practical things you can do to increase your chances of getting into that neighbourhood.

Your first step is to find out the kind of new home you can afford. You want to get your financial ducks in a row so when a listing does come up in the area, you’re able to respond quickly. Find out the average price range of homes in the neighbourhood. Then, if necessary, talk to your lender or mortgage broker.


The second step is to get your current property ready for sale. You don’t necessary need to list it now, but you want to be in a position to do so quickly, if necessary. You may need to clean up and declutter, get repairs done, and spruce up your home in other ways.


The third step is to talk to us.


You see, listings in popular neighbourhoods often move fast. By the time you see them advertised on the internet, they may be gone. We can closely monitor listings in that area for you, so the moment one comes up that meets your criteria, you can be alerted. This greatly increases your chances of getting that home.


So if there is a dream neighbourhood you’d love to get into, give us a call. 

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Imagine buying a product from a store, taking it home, and then discovering there’s a problem with it. Disappointing, yes, but not a catastrophe. You can simply take it back for repair or exchange.


But, what if it’s moving day, and you discover there’s a problem with your new home? Whoa. A house isn’t so easily returned!


What are the most common problems encountered on moving day?


  • A delay in getting the keys.


  • The seller not having completely moved out.


  • An item expected to be included with the property is missing. (For example, the window blinds.)


  • Something needs repair that was not disclosed by the seller, nor did it come up during inspection. (For example, the dishwasher not working.)


  • Damage to the property caused by the seller. (For example, a heavy item dropped during the move and cracking a floor tile.)   

 

Fortunately, these are rare events. In most cases, you can expect no serious issues when you move into your new home.

 

But, if something is wrong, you have options. So, call us immediately. In all likelihood, we will be able to quickly resolve the issue.

 

So don’t worry. Let the professionals handle it. You can just enjoy your new home! 

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SURREY, BC – The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.


The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 7 per cent compared to the 2,911 sales in May of last year, and a 21.4 per cent increase compared to the 2,230 sales in April 2017.

 

Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.

 

“The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types," said Gopal Sahota, Board President.”

 

In May the total active inventory for the Fraser Valley was 5,203 listings, a decrease of 9.5 per cent year-over-year, and an increase of 5.9 per cent compared to the available inventory in April 2017.

 

The Board received 3,712 new listings in May; a 1 per cent increase from last year’s 3,674 new listing for the month, and a 25.8 per cent increase compared to April 2017’s incoming listings.

 

"We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”

 

For the Fraser Valley region, the average number of days to sell a single family detached home in May 2017 was 23 days, compared to 16 days in May 2016.

 

HPI® Benchmark Price Activity


• Single Family Detached: At $915,800, the Benchmark price for a single family detached home in the Valley increased 3 per cent compared to April 2017, and increased 9.8 per cent compared to May 2016.

 

• Townhomes: At $458,900 the Benchmark price for a townhome in the Fraser Valley increased 2.9 per cent compared to April 2017, and increased 25.7 per cent compared to May 2016.

 

• Apartments: At $295,000, the Benchmark price for apartments/condos in the Fraser Valley increased 3.4 per cent compared to April 2017, and increased 31 per cent compared to May 2016.

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When you suffer damage to, (or the loss of), your home or its contents, you expect your insurance company to help you out. And, most do a good job of doing just that.

 

Still, it’s a good idea to review your policy with your insurance advisor and find out what’s covered and what isn’t. You don’t want to discover that your policy will not cover the cost of repairing the damage caused by a flood in your laundry room.


Pay particular attention to coverage in the case of water damage. Some insurance policies don’t cover floods and sewer backup unless an additional rider is purchased.


Also, check liability limits. Ask your advisor to recommend an appropriate level. Finally, make sure you know exactly how much your home is insured for. Are you covered for the full replacement cost? Are you comfortable with that coverage or the actual cash value?


Having the right insurance gives you peace-of-mind and is an important part of enjoying your home.


Keep in mind that experts advise you to review your insurance with your advisor. Ask lots of questions. Make sure you understand your coverage fully.


By the way, if you’re looking for an insurance advisor, we are well-connected in the local “home” industry. We may be able to give you a couple of names of good, reputable professionals. Give us a call. 

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Imagine finding the perfect home, only to discover there is serious interest from at least a dozen other buyers. It’s like scrambling for the last piece of cake at a buffet!

 

Fortunately, there are things you can do to help get the home you want, even in a highly competitive market. Here are just a few ideas:


  • Only view a few ideal properties at a time. If you see too many, and thus spread yourself too thin, you risk homes slipping through your fingers.


  • Be realistic about price. Focus on finding a great home that you can afford, rather than trying to find a bargain.


  • Consider homes that need some work. They get less interest than perfectly staged properties, yet can turn out to be a dream home.


  • Be prepared to make an offer with as few conditions as possible. An offer conditional on passing inspection is usually fine, but in a competitive situation, offers with other conditions will likely be turned down flat.


  • Make your decisions quickly. If there are likely to be other interested buyers, you want to get your offer in early.


  • Make the right offer. To win the deal, you want your offer to be as enticing as possible to the seller — especially when it comes to price.


Yes, it can be tough finding an ideal home in a hot market, but we can help. Give us a call and we’ll show you how. 

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Decorative moulding is one of the most eye-catching ways to upgrade a room. You’re probably accustomed to seeing standard baseboard moulding installed where your floor meets the wall. But, there are many other types.

 

For example:

  • Crown moulding for ceilings.

  • Panel moulding for a southern colonial look.

  • Chair rail moulding, which is very distinctive on walls.

  • Apron moulding for window sills.
  • Entablature moulding for above doorways.

 

Decorative moulding comes in a dizzying array of styles. Interior designers recommend taking home samples, just as you would take paint swatches, to test out ideas.

 

In addition to style choices, you also need to select the material you prefer. Moulding can be made of wood, plaster, laminate, composite, fiberboard, vinyl and other materials. There are pros and cons to each. Generally, the higher-priced options are more attractive and durable. (If you select wood, you typically have the additional option of “finished or unfinished”. If you choose unfinished, you of course, will be painting it yourself.)

 

Choosing the right moulding for the look you want is the toughest part of the job. Installation is a lot easier and most people with DIY experience have no problems.

 

So if you want to add some magic to your walls, consider decorative moulding. It can turn a room from standard to stunning. 

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SURREY, BC – Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point in ten years, trailing only last year’s extraordinary market levels.

The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent increase compared to the 1,396 sales in February 2017.

 

Of the 2,213 sales processed last month, 526 were townhouses and 638 were apartments, representing over half of the region’s total sales of all property types for the seventh straight month.

 

“Inventory levels aren’t where we’d like them to be, especially with demand picking up as we move deeper into the spring season," said Gopal Sahota, Board President. “However, that being said, it’s great to see more buyers turning to our bourgeoning apartment and townhome markets and taking some of the pressure off of detached homes.”

 

Last month the total active inventory for the Fraser Valley was 4,808 listings, the lowest level seen for a March in ten years. Active inventory increased by 3.5 per cent month-over-month, and decreased 12.3 per cent when compared to March 2016.

 

The Board received 3,072 new listings in March, a 41.5 per cent increase from February 2017, and a 24.3 per cent decrease compared to March 2016’s 4,057 new listings.

 

"We've never seen sales like this for our attached category homes. Whereas buyers may have had a more relaxed experience looking for a townhome a few years ago, things have certainly changed: competition is up, and listings are moving fast”, added Sahota.

 

“Talk to your REALTOR® to help you understand what’s happening in your community. The support of a local expert goes a long way when navigating a busy spring market here in the Valley.”

 

HPI® Benchmark Price Activity


• Single Family Detached: At $869,000, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to February 2017, and increased 17.3 per cent compared to March 2016.

 

• Townhomes: At $432,100 the Benchmark price for a townhome in the Fraser Valley increased 2.3 per cent compared to February 2017, and increased 25.5 per cent compared to March 2016.

 

• Apartments: At $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7 per cent compared to February 2017, and increased 27.5 per cent compared to March 2016.

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If you’re paying a lot of money for a new washing machine, wouldn’t it be nice to know how long you should expect it to last? There is, of course, no exact formula for figuring that out. Every brand and unit is different. There are however, some broad estimates.


According to an article in Consumer Reports, a washer and dryer will hum along just fine for about 10 years, with a likelihood of needing a repair during the last two to three. Leading brands offer a parts and labour guarantee for at least a year. So, if something goes wrong during that period, be sure to contact the manufacturer right away.


The National Association of Home Builders released a report a few years ago on the longevity of kitchen appliances.

They found that refrigerators can last up to 13 years under normal use. Dishwashers and ovens will start to show their age after nine years. The worst record is for trash compactors, with a life expectancy of only six years before repairs or replacement is required.


Microwave ovens last an average of nine years. However, the door seal should be checked often. Otherwise, the unit will quickly lose efficiency. (You’ll notice this when your food doesn’t heat up as quickly and evenly.)


All experts agree that the best way to keep home appliances functioning properly is to follow manufacturer’s instructions for use and maintenance. If you’ve lost your user’s manual, you can download a new one (which may contain important updates) from the manufacturer’s website. 

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When you’re preparing your home for sale, it’s not unusual to need to fix up a few things around the property. After all, you want your home to look its best to buyers, so that you get good offers, quickly.


What do you need to fix? Here are three categories that will help you create and prioritize your list.


1. Anything that squeaks or creaks.


Is there something in your home that makes a noise it shouldn’t be making? Perhaps it’s a rattling closet door or a creaking floor board? You may be so used to it you no longer notice the sound. But buyers will. Be sure to get those items fixed.


2. Anything that’s unsightly.


You don’t have to make your home look perfect. However, things that are unsightly will likely get buyers’ attention. You want them to focus on the terrific features of your property, not the scuff on the wall.


Take a walk through your property, including the yard. Pretend you’re the buyer. Do you notice anything that doesn’t look good? If so, tidy it up, fix it up or replace it.


3. Anything that’s broken.


If there’s anything that needs repair — an outside tap that’s not working, or a sliding door that regularly careens off its runner — call the contractor or fix it yourself.


Getting these items fixed will go a long way toward making your home appealing to buyers.


Want more tips on preparing your home for sale? Call today. 

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You don’t have to freeze in the winter or start reading by candlelight to reduce your electricity bill. There are many simple ways to use less power with little, if any, impact on your lifestyle.


A good place to start is with your electronics.


According to the David Suzuki Foundation, “Any gizmo that has a clock, digital timer, remote control or standby mode is sucking energy when it's not being used (it's called 'phantom electricity' — and it's scary how much of it there is).” So keep them unplugged as much as possible. Also, unplug charger cords for phone and computers when not in use. Even when not connected to the device, they still suck power.


Another easy change to make involves your lights. Switching to compact fluorescent (CFL) or LED light bulbs can save you a lot of energy. They’re 75% more efficient.


Finally, the old-fashioned method of insulating doors and windows can work wonders for lowering your electricity bill. In fact, some particularly drafty homes can lose up to 40% of their heat. Check for drafts regularly and repair or replace insulation as needed.


None of these ideas will impact your day-to-day living. Yet, they could potentially save you a bundle. 

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Record-setting year for Fraser Valley real estate

SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.

 

The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.

 

Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.

 

Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year's extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley. "Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year."

 

For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.

 

In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.

 

Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active. However, at year’s end, we see sales returning to more typical levels and low overall inventory.

 

“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”

 

HPI® Benchmark Price Activity


• Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.

 

• Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.

 

• Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015.

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According to the Centers for Disease Control and Prevention (CDC), 90% of exposures to poisons occur inside the home. Almost all are preventable, if you follow some simple guidelines.

 

  • Look for the poison label on products you buy. Visually, it’s a skull and cross bones, often (but not always) with the word POISON above it.


  • Don’t make assumptions. Sometimes a seemingly innocuous product, like a shampoo, can contain poison or other ingredients which are harmful if swallowed.


  • Avoid mixing different cleaning products together. When chemicals are combined, they change. Combining some cleaning products can even create toxic fumes.


  • Keep all medication, even the non-prescription kind, out of reach of children. Never leave medicine on the bathroom counter.


  • Never use pesticides inside the home unless the product is clearly labeled for indoor use. Then, use only as directed.


  • Never use a charcoal grill or barbeque indoors, no matter how well ventilated you think you’ve made it. Doing so can easily cause carbon monoxide poisoning.


    One final tip. Pay attention to the expiry date of products, especially cosmetics and cleaning liquids. As chemicals age, they change and can emit harmful fumes. 

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BC Housing Demand Remains Mixed in October


The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month last year.

 

"Housing demand remained mixed across the province in October," said Cameron Muir, BCREA Chief Economist. "Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis. In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains."

 

"The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver," added Muir. Home sales through the Real Estate Board of Greater Vancouver fell to 31.4 percent of BC transactions last month, compared to 42.6 per cent a year ago.

 

Year-to-date, BC residential sales dollar volume increased 27.4 per cent to $70.4 billion, when compared with the same period in 2015. Residential unit sales climbed by 15 per cent to 101,069 units, while the average MLS® residential price was up 10.8 per cent to $696,992.

 

If you would like statistics for your area, contact The Holmes Team for more information.

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When you’re about to sell your home, it may be disheartening to see so many other properties for sale in your neighbourhood. You may be thinking, “That’s a lot of competition! Will our property get noticed?”

 

Fortunately, there are many proven strategies for standing out in a sea of For Sale signs.


First of all, keep in mind that many home purchasers come from the REALTOR’S personal network of buyers who want to move into your area. So, choosing the right REALTOR® is crucial.


Second, remember that when there are other properties for sale on your street, curb appeal becomes even more important. There are many simple things you can do to make your property look great to those driving around looking at homes. Make sure your property looks as picture perfect as possible.


In a competitive market, it’s also more important than ever to highlight features of your home that are unique and enticing. If, for example, you have a large backyard deck and brand new hardwood flooring, make sure these are mentioned prominently on the feature sheet.


Finally, be as flexible as you can be when scheduling viewings and open houses. Don’t forget that other listed properties in your neighbourhood draw in buyers, who may notice your home. It’s not uncommon for a buyer to view a property and then scout the neighbourhood. So, you want buyers to be able to see your home on short notice and at a convenient time for them. If there are several other nearby properties for sale, it means things are hot from a real estate point of view. You want to roll out the red carpet to buyers.


Looking for help selling your home quickly and for the best price? Call today! 

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SURREY, BC – September housing sales in the Fraser Valley continued to slow throughout September, dropping below the ten-year sales average for the month for the first time this year.

 

The Fraser Valley Real Estate Board processed 1,305 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 24.4 per cent compared to the 1,727 sales in September of last year, and a 23 per cent decrease compared to the 1,694 sales in August 2016.

 

“What we’re experiencing is an environment where the summer sizzle has ceased, and demand is producing numbers in-line with what we’ve seen historically. It seems dramatic, as would anything else that wasn’t the incredible, continuous uptick we’ve seen for the last eighteen months,” said Charles Wiebe, Board President.

 

Despite receiving the lowest amount of new listings for the region in seven months, the total active inventory for the Fraser Valley was 6,422 listings in September, the highest level since October 2015’s 6,535 active listings. Active inventory increased by 5.2 per cent month-over-month, but still decreased 9.8 per cent when compared to September 2015.

 

The Board received 2,709 new listings in September, a 4.6 per cent decrease from August 2016, and a 9.2 per cent increase compared to September 2015’s 2,481 new listings.

 

“The level of available inventory is rising as we had hoped, and homes are taking a bit longer to sell than they have throughout the year. It’s encouraging, and gives buyers a bit more room to navigate the market more comfortably,” explained Wiebe. “At 20 per cent, our sales to active listings ratio has moved towards a more normalized state.”

 

For the Fraser Valley region, the average number of days to sell a single family detached home in September 2016 was 27 days, compared to 17 days in June 2016.

 

“When comparing with August, benchmark prices in September have remained flat, signalling a shift in market dynamics towards a balanced market. However, when stacked against last year at this time, prices are up significantly.”

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in September was $879,200, an increase of 37.5 per cent compared to September 2015 when it was $639,500.

 

The benchmark price of Fraser Valley townhomes in September was set at $419,500, an increase of 35.8 per cent compared to September 2015’s benchmark price of $308,900. Similarly, the benchmark price for an apartment in the Fraser Valley increased 26.5 per cent year-over-year, from $226,133 in September 2015 to $249,800 in September of this year.

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When considering which of two or more competing offers to accept for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket.

 

However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well.


For example, what conditions are in the offer? If Offer #1 is conditional upon the buyer selling his current property for a specific amount, then what if that doesn’t happen? You could end up with an offer that dies and be forced to list your home all over again.


In that circumstance, accepting the lower offer may be your best move.


The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider.


As you can see, assessing competing offers isn’t as easy as it looks. Fortunately, as your REALTOR®, we will guide you toward making the right decision. 

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Creating a Pantry, when You Don’t Have One!


A pantry is the ideal nook for storing extra food and other items ordinarily crammed into the kitchen. It’s also a nice design feature, as it harkens back to the days of country kitchens with spacious pantries.


You might be thinking, “That’s nice, but our home doesn’t have a pantry.”


That’s okay. These days, there are many ways to create a pantry in your home – even if it doesn’t have one! Here are just a few suggestions:


  • Add shelves to the laundry room. If you have the space, this is the ideal place to create a mini-pantry.

  • Purchase a portable pantry. There are many available on the market. Some are even disguised as cabinets you’d expect to see in living and dining rooms.

  • Purchase a movable pantry. These units are on wheels and can slide in and out of the kitchen with ease. Some are short enough to slide conveniently under a kitchen table.

  • Make use of an unused closet. These are rare in most homes, but if you have a closet that isn’t being used, it can easily be converted into a pantry.

    As you can see, there are plenty of options available. You don’t necessarily need to build an extra room! 

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Finding an Honest Home Improvement Contractor


You can’t call yourself a dentist unless you have specific hard-earned credentials. Just about anyone, however, can hang a shingle and call himself a home improvement contractor. That’s why choosing a reputable

one is so difficult. Here are some tips:

 

  • Find out if he or she is truly in business full-time. A part-time or occasional contractor may not have the experience necessary to do a great job.
  • Ask about licenses and other credentials. Some contractors have accreditations from professional and trade associations.
  • Review his or her project portfolio. A reputable contractor will have photos and other evidence of work completed for similar clients.
  • Check online for reviews. If there are more than five poor reviews within the past three years — that’s a red flag.
  • Ask for references. Then, call at least one.

Finally, the best contractors are those that get recommended by people you trust.


Looking for a contractor recommendation? Call today. 

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SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained strong in July – however, for the first time this year, monthly sales did not break a historical record for our region.

The Fraser Valley Real Estate Board processed 1,962 sales of all property types on its MLS® in July, a decrease of 10.2 per cent compared to the 2,184 sales in July 2015, and a 31.5 per cent drop compared to the 2,864 transactions processed in June 2016.

 

“A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up,” said Board President Charles Wiebe.

 

The Board received 3,226 new listings in July, an increase of 14.6 per cent compared to July of last year, and a 12.9 per cent decrease from June 2016. The total active inventory for July was 6,012, down 21.7 per cent from last year’s 7,681 active listings at this time.

 

“This is a good thing for our market, and buyers especially. Additional inventory will help drive us towards a more balanced environment for consumers and remove some of the upward pressure on prices we’ve been seeing.”

Across Fraser Valley, the average number of days to sell a single family detached home in July 2016 was 18 days, compared to 33 days in July 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in July was $881,400, an increase of 41.9 per cent compared to July 2015 when it was $621,100.

 

In July, the benchmark price of townhouses was $408,200, an increase of 33.9 per cent compared to $304,900 in July 2015. The benchmark price of apartments also increased year-over-year by 24.9 per cent, going from $192,700 in July 2015 to $240,600 in July 2016.

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