Drew & Patti Steeves Team

HomeLife Benchmark Titus Realty

Cell (604) 230-5700

Office (604) 575-5262

Email: drew@drewsteeves.com

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We are always hearing about how expensive it is to live in and around Vancouver. While the house prices in YVR make the news on a regular basis, there is a lot more to the story than simply the price of houses alone.

 

Consider things like the local economy, trade gateways, liveability, and infrastructure- all important to to take into account.  Even though house prices seem high compared to averages, it's important to think about why and what we get in return by living here.

 

Here's a great article from the BCREA newsletter The Bulletin that offers some insight into this hot topic. Click here & scroll to page 4. 

 

 

Find out what makes living in different YVR neighborhoods unique & contact us today. We'll be happy to show you areas that offer you what you're looking for and help you find the home that's right for you.

 

Image Source: BCREA The Bulletin

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When you go to sell or buy a home there are many terms you may not be familiar with. Understanding real estate vocabulary can help ensure you don't miss a thing. Here are the definintions of several common terms from realestateabc.com you may encounter throughout the process.

 

Adjustible- Rate Mortgage (ARM):

Mortgage in which interest rate changes periodically according to corresponding fluctuations in an index; all ARMs are tied to an index


Appraisal:

Written justification of the price paid for a property; primarily based on an analysis of similar sales in the area


Appraised Value:

Opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analyisis of the property


Assessed Value:

Valuation placed on property due to changes in market conditions, inflations, or other causes


Biweekly Mortgage:

Mortgage in which you make payments every two weeks, resulting in reducing the time it takes to pay off a mortgage compared to monhly payments


Broker:

In the mortgage industry, the term usually refers to a company or individual that does not lend the money for the loans themselves, but brokers the loans to larger lenders or investors


Closing Costs:

Non- recurring costs are any items paid just once as a result of buying a property or obtaining a loan; pre- paid items are items recur over time, such as property taxes

 

Contingency:

Condition that must be met before a contract is legally binding


Deed:

Legal document conveying title to a property


Depreciation:

Decline in the value of property


Down Payment:

Part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage 

 

To view more terms, click here.

 

Image Source: http://verbmall.blogspot.ca/2012/12/word-of-year-lists.html

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