A Multiple Offer Situation is when more than buyer wants to present an offer on a property at the same time. The relationship between buyer and seller goes from a negotiation to an auction, with the highest bidder winning. The Buyers have to compete to get an accepted offer. (more…)
Its been said that a picture says a thousand words.
What do terrible Listing Photographs say about the value of your home?
Poor listing photography undervalues your property and will never convey how beautifully maintained and decorated your home is. Here in Vancouver, terrible (or non-existent) photography for listings is RAMPANT! Have a quick look on Realtor.ca and you can see how many listings have either bad or non-existent photos.
For the worst of the worst check out the blog Its a Lovely Listing for a good laugh.
Getting a professional photography is one of the best ways to get top dollar for your home. I have all my listings shot by the great folks at the Real Estate Channel and as you can see they do a great job.
So remember – If you want to get top dollar when you sell a property, get professional photography!
I’d love to hear your thoughts in the form of a comment below!
Keep this in mind if you’re buying a condo in Vancouver. A condo that initially looks solid as a rock, may be festering rotten mess inside the walls or in other places you can’t see.
4 ways to avoid buying a leaky condo
1) Use a qualified, experienced Realtor who specialises in the area you are buying in.
Using a qualified Realtor specialising in the area you’re buying who will know which buildings are or have been Leaky Condos. To make sure they know their stuff, Use this simple test.
Ask them which buildings (ask them about specific addresses or building names to be sure) in the area you’re interested in are leakers and which ones have or had problems. If they have lots of info on this topic and can name specific addresses and names of buildings that are problematic you’ll know they know their stuff. If they’re vague or don’t know anything, keep looking for a Realtor. Also Don’t hire your father-in-law’s uncle who’s a Realtor in the ‘Burbs and needs directions to get to showings.
Go with a Realtor who knows the product. It’ll save you time and money.
2) Read the Strata Documents and any and all Engineering Reports
Reading 2 years of Strata Council Minutes and most importantly any and all Engineering Reports and/or Envelope Assessments is the simplest way to know if you’re buying a leaky condo. Look for references to leaks, water ingress, repairs for water ingress, references to Engineering Reports or Envelope Assessments, or anything else that relates to repairing water damage.
3) Make your offer Subject to Inspection by a Qualified and Certified Home Inspector.
Having your Realtor make your offer Subject to Inspection and then hiring a Qualified and Certified Home Inspector is the CHEAPEST INSURANCE AGAINST BUYING A LEAKY CONDO. If ANYONE (your Realtor, the Sellers Realtor) says you don’t need a home inspection, a red flag should go up in your mind immediately. Have a look at my video on why you should always hire a home inspector
Have your Home Inspector read over the Strata Minutes and any Engineering Reports before the inspection and have the Inspector compare the documents to what they see. That’s a good way to ensure what’s in the documentation is accurate.
4) Ask Questions!
If you have questions or don’t understand the Strata Documents ask your Realtor and if you have questions or don’t understand the Engineering Report ask your Home Inspector. Never be afraid of asking questions and be wary of those who who refuse to answer your questions.
The “Working with a Realtor” brochure is one of the most misunderstood documents I work with.
Some people think that by signing this document they are committing to work FOREVER with the Realtor who got them to sign it. THIS IS NOT THE CASE!
The “Working with a Realtor” brochure is simply a signed confirmation the Realtor has explained the Agency Relationship to the client.
By signing this brochure, the client is NOT BOUND TO THE REALTOR. It is simply a signed disclosure that the client has had their rights in the Agency Relationship explained as well as the Realtors obligations and responsibilities to the client in this relationship. Nothing more.
The Agency Relationship is as follows:
1) Undivided loyalty. The Brokerage must protect the principal’s
negotiating position at all times, and disclose all known facts
which may affect or influence the principal’s decision.
2) To obey all lawful instructions of the principal.
3) An obligation to keep the confidences of the principal.
4) To exercise reasonable care and skill in performing all assigned
duties.
5) To account for all money and property placed in an Brokerage’s
hands while acting for the principal.
If you feel your Realtor is not following these rules bring it to their attention. If this doesn’t work, speak to their manager.
Pretty much everyday someone asks me when prices in the Vancouver real estate market will hit bottom and everyday I say I don’t know.
I say I don’t know, because I don’t have a crystal ball and can’t see the future and as I licensed Realtor I can be liable if people take a hit relying on my predictions.
There are people out there who are saying they KNOW when the prices will hit bottom and they can tell when prices are bottoming as they are hitting bottom. Don’t trust these people!
What happens if prices stabilise and a bottom is called and then prices fall again? Nobody can accurately predict a market bottom and don’t trust those who say they can.
The market bottom can only accurately ascertained with 100% certainty AFTER it has been hit.
In making your decisions about buying or selling real estate and timing your transactions, do your own research. Read widely and speak to a variety of people with different viewpoints. Don’t rely on those who have simple answers that are too easy.
If something is too good to be true, more than likely it isn’t true.
Please leave a comment, I’d love to hear your thoughts!
American buyers are back in the Vancouver Condo Market! A good exchange rate for US buyers and the fact that some individuals and companies Stateside are weather the storm well means our American freinds and neighbours are back.
Is this a sign that Stimulus is bringing confidence back?
On another note this Video is the first I have shot with my new Flip Mino HD Camera. I’d love to hear your thoughts and feedback on the camera and this video from a technical perspective.
I’d love to hear your thoughts! Please leave a comment below!
Stimulus packages coupled with ultra low interest rates are attempts by national governments and central banks to reflate economies around the world. If these efforts are successful (I think they will) I think inflation will be an issue in 2-3 years in Canada. I think elected politicians and to a lesser extent central bankers will find it very difficult to stop priming the pump once things improve.
Inflation will cause prices and rents in Vancouver to increase while fixed rate mortgages locked in before inflation hits will decline in real and nominal value at an accelerated rate. Equity will increase at an accelerated rate for those with fixed rate mortgages.
Variable rate mortgage holders would see their rates and possibly payments rise in line with Bank of Canada rate increases to combat inflation.
If inflation does re-appear it will be very interesting time in the Vancouver Real Estate Market.
It’s a buyer’s market for Vancouver real estate these days and Lowballing is a great way for buyers to get the best deal possible. For sellers a Lowball is an opportunity to get an accepted offer in a time when these are scarce.
Many buyers are afraid to Lowball for fear of insulting the sellers. With a Lowball offer it’s like anything else in life, if you don’t try, you’ll never know!
