REBGV Stats Package_July2010

Check out the June 2010 REBGV Stats Package Here!

I’d love to hear your thoughts!

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Hiring a First Time Home Buyer Specialist in Vancouver

In Episode 2 of the Vancouver First Time Home Buyers Guide we talked about how to figure out where to buy. Once you have decided on neighbourhood, it’s time to select a Realtor.

How Much Will it Cost Me to Hire a Buyers Agent?

Nothing!? Yes, 9 times out of 10, a Buyers Agent is paid a finders fee by the Sellers Agent if the Buyer that is working with the Buyers Agent purchases the Sellers Agents listed property!

Furthermore, the Buyers Agent you hire is REQUIRED to disclose to you the Buyer in writing the amount they are getting paid by the Sellers Agent. To learn more, check out this great video on Buyers Agent Remuneration Disclosure

Looking for a Vancouver Buyers Agent? We Can Help!

My team of First Time Home Buyer specialists are focused on all neighbourhoods in the City of Vancouver and are available to help you with  your search for your First Home in Vancouver. Call 604-763-3136 or Email me to set a time to discuss your needs.

Interview Time!

Meeting a Realtor in action is very good way to interview. Visit an Open House held by Realtors you’re interested in is a great low pressure way to meet them and see if you click. Ask lots of questions!

This is what you should be looking for in a Realtor:

• Demonstrable Local Knowledge, experience, and results (i.e. Sales of Listings in the area)
• Professional – Complete Honesty, Integrity, and Reliability.
• Good Attitude – Answers calls and emails promptly & politely, has a good relationship with other Realtors and other colleagues
• Good Reputation – If you Google them or ask people in the know and bad things are said about the person you’re thinking of hiring, think again.
• Motivated – They should be keen for your business and work hard for it.
• Up to date web based research tools for Real Estate
• Works full time as a Realtor in the area of interest

Looking for a Realtor outside the City of Vancouver?

If you don’t find a Realtor with the above process or you don’t have time to find one, feel free to give me a call at 604-763-3136 or EMAIL ME.

I have a great network of good Realtors across Greater Vancouver that can help you with your search.

Check out the next Video!

Vancouver First Time Home Buyers Advice Episode 4 – How to Search for Properties

I welcome your questions and thoughts in the form of a comment down below!

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This is the first post in a series of videos with tips for First Time Home Buyers in Vancouver’s property market.

So you’re thinking of taking the plunge and buying your first home in beautiful Vancouver!

How much can I spend? Get Pre-Approved!

If you have several hundred thousand dollars in your bank account, great!

If not, you should speak to your bank or a mortgage broker to find out how large of a mortgage you can get. The bank or broker will give you a mortgage pre-approval which is a rough estimation of what you can borrow. This mortgage pre-approval is based on the information you provide the bank or mortgage broker. Remember, the more accurate and detailed the information you provide, the more accurate the pre-approval amount!

Here’s a list of mortgage brokers who can help you with a mortgage pre-approval:

Chad Watts 7787736631 cwatts@mortgagegrp.com

Rino Revel 604) 816-1976 rinorev@telus.net

Karli Shih karlishih@gmail.com 604-992-9891

Jessi Johnson (604) 716-6474 jessi@jessijohnson.com

Want to learn more about mortgages and real estate financing? Check out the videos on Vancouver Real Estate and Mortgages!

Now that you know what you can spend, its time to figure what that money can buy. Be sure to Check out Episode 2 of the Vancouver First Time Home Buyers Guide – Where to Buy!

If you have any questions, feel free to contact me at any time!

Hi All,

I had a meeting this week with the sales team at The Rolston, a new pre-sale in Downtown Vancouver to built by Rize Alliance Developments. The building will be located at 1300 Granville Street and will have 23 levels with 186 suites in total. There will be two rooftop decks, one mid way up the building and one on the very top. Most of the suites will come with parking and a majority of the suites will be investor friendly small 1 bedrooms. There will be a restaurant/lounge on the main floor named “The Cave” after the famous club of the same name that was in the 50′s and 60′s. The upper suites should have some views.

Tentative PRICING  is rumoured to start at $650 per square foot, but this has not been confirmed so please do not rely on this estimate. Completion is scheduled to be for Summer or Fall of 2012.

LOOKING FOR PRESALE CONDOS IN VANCOUVER? Check out my posts on Uptown and Wall Centre False Creek for more information and pricing on these Vancouver Presale Condos.

Drop me a line if you have any questions.

Leaky Condos Are Everywhere in Vancouver.

Keep this in mind if you’re buying a condo in Vancouver. A condo that initially looks solid as a rock, may be a 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 (like me!). 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.

Check out this article from the CMHC about leaky condos

Questions on financing a Leaky Condo? Check out my video on How to Get a Mortgage on a Leaky Condo!

Want to AVOID BUYING A LEAKY CONDO? Check out my First Time Home Buyers Guide! Its a series of videos that explain the home buying process in Vancouver in detail, with great tips on how to avoid buying a leaky condo.

I’d love to hear your questions or thoughts in the form of a comment below!

Hi All,

I recently posted on the stimulus pacakges being enacted around the world and it generated alot of conversation, which is great and I thank all those who participated.

I shot a video justifying my position and I’d like to share with you. I’d also like to hear what people who oppose the stimulus packages think should be done to deal with the financial cirsis we find out ourselves in.

I look forward to your comments!

If you’re selling a property in Vancouver right now there is a very good chance you have received or will receive a lowball offer. This video explains how to avoid a low ball offer and what to do if you receive one.

What is a lowball offer?

Have a look at my previously posted video on lowball offers

Why are lowball offers so common right now?

Real Estate prices in Vancouver are falling at present. Buyers are worried they will buy a property that will be worth less tomorrow than what they paid for it today. Lowball offers are common right now because it allows Buyers to get the best possible value and potentially get ahead of predicted declines in price.

How a can a Seller avoid getting a lowball offer?

DON’T overprice your property! If you want a good offer, you have to have a good fair price price based on market reality! A property that is priced according to market value will have a far less chance of getting lowballed. A Seller who prices their property were the market is at (not where it was 3-6 months ago!) will have more than one interested buyer and will have the market power to get a lowballer to come up or to wait for other interested buyers.

What should a Seller do if they get a lowball offer?

Don’t angry, get even with a good counter offer! A Seller should always give a counter offer to a lowball offer. Why do I say this? Because you as the Seller never know if the buyer is bluffing. If they are bluffing they are not serious and they will go away. If the Buyer isn’t bluffing there is a very good chance after some negotiation that they Buyer will accept a price that works for the Seller.

I’d love to hear your thoughts!

Lowballing Vancouver Real Estate

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!

I put a deal together at 2502-1483 Homer Street. The asking price was $1.1 Million and we got it for $975K in October of 2009. The last sale of a comparable was for $1.096 Million in August. Lowballs work.

What is a Lowball?

A Lowball offer is one that is significantly less than the asking price of a property.

What to Avoid when Lowballing.

Offering what you will pay. Your Lowball offer should intitally be below the amount you actually want to pay. The Lowballing Buyer wants to create the impression in the Sellers mind that the Seller has a good deal because they have got the Buyer to raise their offer price.

Walking away from a sellers counter offer. A Lowball offer allows a Buyer to assess the Sellers motivation. Some Sellers may be desperate, but try to create the impression they are not by responding to a Lowball with a high counter offer. If the Buyer doesn’t respond to the Sellers counter thats teh end of it. You can’t get anywhere in a negotiation if you’re not negotiating. Persistence pays when Lowballing.

How to make a Lowball Offer work in Vancouver.

Give the Seller something. If you are going to come in low on price, make sure to add a sweetener like a quick completion date or a short subject removal date. The seller may look more seriously at your offer if you add these sweeteners.

Make a good case for the low price. If you’ve done your homework and you have some documentation to support your offer you may find the seller comes around. A seller may not have known about a recent transaction that has impacted the market, if you let them know, they may go for your offer.

How to deal with a Lowball Offer if you are a Seller.

Don’t over price your listing! Have a look at this video on overpriced a listings. Check out my post on How to Avoid a Lowball Offers for Sellers of Vancouver Real Estate

Looking for advice on buying a property in Vancouver? Check out my First Time Home Buyer Videos!

If you have any questions feel free to drop me a line!