Your Fraser Valley Real Estate Market Update
  
Fraser Valley listings and property sales started to bounce back as REALTORS® helped their clients adjust to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID-19.
Here is the summary of the market for May
Total Sales Processed - 805
Total New Listings - 2,207
Total Active Listings - 6,454
For the Fraser Valley region, the average number of days to sell an:
Apartment (Condos) -38 Days
Townhomes - 36 Days
Single Family Detached - 31 Days
Of the total transactions Fraser Valley Real Estate Board processed:
223 were Townhouses
191 were Apartments (Condos)
290 were Single Family Detached
HPI Benchmark Price Activity
Apartments/Condos
Benchmark Price - $433,700
Price decreased 1.0% compared to April
Price increased 1.0% compared to May 2019
Townhomes
Benchmark Price - $555,000
Price increased 0.4% compared to April
Price increased 1.8% compared to May 2019
Single Family Detached
Benchmark Price - $990,400
Price decreased 0.2% compared to April
Price increased 2.7% compared to May 2019
For the most updated market information on what is happening in your neighborhood, give me a call at 604 308 6404 or e mail at RealtorNischal@gmail.com.
The support of a real estate expert goes a long way when navigating a busy market in the Fraser Valley..
Reminder: As you know that I am in real estate investment and sales and my passion is to bring buyers/sellers together. Who have you talked to in past couple days that might be thinking about buying/selling in British Columbia or anywhere in Canada (I am blessed to be a part of a huge network that I meet/talk-to on regular basis which is the backbone of my business that my clients benefit.
Also, we offer a $500.00 referral fee to anyone that leads to successful completion of a sale.
5 Keys to Getting Your First Loan as a Commercial Real Estate Investor
Securing finances for our first deal was a major hurdle. The housing collapse of 2008 was fresh. The stock market was fluctuating. Many banks around the world were very tightened. They were not lending money in the commercial real estate sector, but fortunately, they were lending to multifamily, which is our expertise.
In our minds, we were low-risk, and we had secured paying jobs. We were doing our real estate investing part-time. Our business plan was strong and we had good credit. However, the bankers did not see it the way we saw it.
The lenders always ask, “What kind of experience do you have? What properties do you own?” and other questions. Lenders always want to look into or are interested in your record of accomplishment. We were able to convince the bank that we were starting up but we had looked into these properties we had formulated a plan of attack. That was how we got our first deal.
When applying for your first loan, convince the lenders that you are passionate and well prepared to invest in real estate. Also, show them that their money is secure with you.
Here are four steps that I recommend you follow in order to get financing.
1. Build Relationships with Loan Brokers
I recommend that you build strong relationships with some loan brokers. They are the people who can open up your horizons – to help you find out what is out there, what kind of loans are available in the area where you are purchasing commercial property.
2. Build Relationships with local Credit Unions
We started in the local community Credit Unions. We started seeing some officials there and we tried to show them our properties. These local Credit Unions are more inclined than big banks to give you a hearing. They are much more likely to listen and give you a loan.
3. Demonstrate You Have ‘Skin in the Game’
Be prepared to put your “skin in the game.” Lenders will want to know, “How much are you bringing into the deal?” Lenders are interested in how much you believe in your deal and are willing to invest some of your own money.
Lenders will be more confident in you and your business plan if they see you are willing to take on some of the risk. Present your deal to them with specifics.
4. Consider a Joint Venture Partner in the Deal who can Qualify for the Mortgage
You can bring a joint venture partner in the deal. Joint Venture partnerts typically receive cash flow and equity shares in the deal so that they can qualify to get that first loan with you. You need to seek a partner who may or may not have experience. However, he or she must have a good net worth and liquidity of cash.
Be confident! It is really needed to show your strengths in talking to mortgage brokers, bankers and others. Your presentation should be professional and thorough and learn what questions to ask.
Write down these answers so that you can be confident and clear. It will help you erase your own doubts about your inexperience. Look professional and follow up with lenders and mortgage brokers. Remember that the lenders consider everything before they lend to you. They are giving you so much money and you need to make sure this money is not wasted … that is their biggest worry.
5. Seller Financing
Another option for getting your first deal is seller financing. You should look at some commercial assets where the seller might be willing, even though they might not advertise. Ask the brokers and the sellers. This really helped us when nobody wanted to give us a loan. Lenders are looking for experience, so seller financing is a great way for you to get a first loan so you can start building a record of experience.
Be triumphant, even with just a few properties, because you are setting a trend. Strive to succeed in your first few deals and build a strong record of accomplishment. Your ability to borrow in the future will be based on how well you have succeeded in getting your first few properties under your belt.
Every lender is different, and every borrower faces different obstacles. Do not give up. Keep trying until you get the loan you need. Look into private money, which may be from family, friends and hard money lenders. There are pros and cons of all this.
Conquer your first deal! Start a good trend! And keep on going!
The Five Skills You Need to Excel in Life
The road to success is filled with challenges. I know because I am no stranger to problems. I have gone a long way, and I am proud and happy of all the things I have achieved. So, I am taking this chance to tell you that you can overcome these challenges when you’re equipped with the right skills.
It’s always important to be prepared for anything. Even though we can’t exactly predict what’s going to happen this week and the next, we can always survive if we have the right skills we need in life.
Whether you’re investing in real estate or building greater wealth, these skills are essential to making it big.
1. Forming valuable relationships
In life, we’re not alone in drafting our own stories. Today, it is easier for everybody to get connected using social media and other modern tools for instantaneous communication. Though these tools make it easier to connect with other people, they won’t help us add value to the relationships we foster. It takes more than just saying “Hi” or inviting someone over for a cup of coffee in order to create relationships that will last for the long-term.
2. Making the right decisions
Life is the sum of all the decisions you have made. If you want to attain success, you will have to make the right decisions. There will be complex problems that you will need to face in order to move forward. Still, in order to settle these problems, you will need to make the right choice. Analysis is important in this respect, so take the time to weigh your options and decide on the right action to take.
3. Researching new information
Every year, there are new developments you will need to consider. Flexibility is the key here since adapting to new technologies and trends is essential to your continued success in life. With that being said, open yourself up to new information and unlock insights on the things that matter. Don’t just read the news. Talk about it with friends and see if you can get information that you were unable to encounter before.
4. Negotiating for better deals
Negotiation is in the blood of every real estate investor, and it may as well be for everyone else. With that said, it’s important to practice your negotiation skills so you can acquire better deals later on. One thing’s for sure, you can’t always get what you want at a snap of a finger. You will have to fight for it at the negotiating table. Being assertive, in this sense, can help you attain the things you want in life.
5. Managing a dynamic team of people
Leadership is an essential element in life. Aside from improving yourself, you need to improve the lives of others as well. You can do this by simply improving the way you deal with people and the way you lead them towards meeting personal and collective goals.
With these five skills, what’s stopping you from reaching your dreams? Stay committed to your goals and never let your failures bring you down.
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