Check out the new property I just listed at 2209 BROOKMOUNT DR in Port Moody. This home is perfect for a young family. 90k in upgrades. Excellent neighborhood, great home with mortgage helper, flat lot, fenced yard. This is the BEST VALUEin Port Moody today.
Looking for a family home that is move in ready? This 4 bed, 3 bath Port Moody home has seen over 90k in upgrades including, Gourmet kitchen, New bathrooms, New Roof, Freshly painted interior and exterior, New exposed aggregateflat driveway,hot water tank and more.The main floor features a Custom kitchen with new cabinetry, tile, backsplash and countertops. Hardwood floors throughout with 3 good size bedrooms and nicely renovated bathrooms. Large deck is perfect for BBQ and entertaining. Downstairs you have a self contained 1 bedroom suite for mortgage helper or keep it as a big play area for the kids. Large laundry and Storage.Fenced flat backyard. Excellent neighborhood with great schools. Open House Sat/Sun 2-4pm
Watching all this rain come down has me thinking about the many Condo buildings in Vancouver and how equipped they are to handle our annual rainfall. We have all heard the term "leaky condo" and I wanted to share with you tips on avoiding these problem buildings.
• Ask your Realtor if the building is 100% rain screened it was built before than 1999. Almost daily, we encounter buildings that are not 100% rain screened. Home Buyer beware.
• Receiving last 2 years of Strata documents is just bare minimum to acquire from your Realtor.
-Read the Property Disclosure Statement.
- Make sure you hire a quality inspector such as Mike Zeggara at www.zegarrahomeinspections.com.
Have the inspector walk the perimeter and look for signs of either water ingress or building design flaws.
An example would be: exposed balconies, proper roof overhang, face seal stucco envelopes,proper flashing and more.
• Has there been a recent Building Envelope Assessment.
• Ask if there is a rental restriction. How many owner occupied vs. rented units are in the complex.
• Are there any major improvements/repairs for the complex in the short term (1-5 year time horizon)
- The Home Owner Protection act handled claims
Thank you Mike Zegarra for tips on avoiding leaky condos.
Welcome to Real Estate Market Information for Home Buyers in Greater Vancouver & BC
High costs drive B.C. first-time homebuyers to seek home with rental unit
The cost of buying and owning a home in British Columbia is so high that about half of first-time-homebuyers are looking for a property with a rental unit to cut costs, according to a new survey.
The strong interest is likely a reaction to the average price for a home in Vancouver, which is up 25.7% year-over-year to reach $831,555.
Some 56% of residents in the province are looking for a home with a rental unit, according to the 2011 TD Canada Trust First Time Homebuyers Report.
"Taking in a tenant can be an effective way to supplement your income and pay off your mortgage faster," said Barry Rathburn, manager of residential mortgages for TD Canada Trust.
A vast majority, about 85% of first homebuyers in the survey, think a rental unit will generate $500 to $1,000 a month, and 67% said the extra income will go towards paying their mortgage.
The report showed B.C. first-time homebuyers have also been saving longer - 57% have been saving for three years or more, compared to 47% nationally. A greater number of B.C. first-time homebuyers need a mortgage for their purchase as well - 93% versus 87% nationally.
Rathburn suggested those first-time homebuyers considering a home with a rental unit choose a mortgage with flexible options.
"These products allow you to pay more towards your mortgage when you can afford to and give you the peace of mind of knowing that if something changed financially (for instance, your tenant moved out during the same month that your furnace broke down), you could miss payments with no penalty," he said.
Well, the market has sure changed in recent months. Just 2 months ago, there was little inventory on the market and good homes were sold overnight. Today, I drove through my neighborhood and saw 17 for sale signs. What a difference in such a short time. Have the Buyer's started an early summer vacation or are there so many listings that the Buyers can't put a dent into it? What will home owner's and their realtors do to distinguish themselves from the pack? I know what to do with my listings and it is working very well.
Sales in Coquitlam/Port Moody/Port Coquitlam have been steady during this period and will continue to see strength as families take this opportunity to move to larger homes. Expect to see large number of Condo listings as a result of these upgrades.
Investors, time to negotiate hard with these motivated sellers. For more insight into the market you can reach me anytime at firstname.lastname@example.org.
People spend more time shopping for a TV than for a real estate agent. This, sadly, can cost them thousands of dollars, and often does.
When house prices are surging and a modest home can cost $600,000, excitement can lead to indifference about what agents charge. But that’s a mistake under any circumstance. Homeowners who understand how the realty business works, which this little primer will attempt to explain, will be far better off.
1. Don’t hire a friend
The easiest mistake is hiring an agent simply because you know him or her – it’s a friend, a second cousin or just an acquaintance. You might not even want to hire that person, but it’s awkward to say no, or to haggle.
A friend of mine who wanted to sell his house hired his childhood pal because he pressed him for the listing. The agent sold the house in two days, which my friend at first thought was great work. When he discovered it sold fast because it was very underpriced, he had second thoughts. He paid $22,000 for this “service.”
Takeaway tip: Make your agent earn your business whether you know him or not.
2. A quick sale benefits the agent
You have to understand the agent’s incentives, and how they differ from yours. Agents understandably want to sell as many homes as quickly as possible. The selling price, which is your main concern, is not so important to them.
When I sold my house a few years ago I hired the agent who’d sold the home across the street in a bidding war, figuring he must be talented. Was I wrong. My house also triggered a bidding war, which was very exciting. One at a time, three agents brought their clients into the house to table an offer while the others waited in their cars. The bids rose quickly and we blew past the asking price. One bidder dropped out, and one of the remaining two came in to make his fourth bid of the evening. My genius agent – “let me do all the talking” he said before the auction started – accepted it. Stunned, I asked him for a word in the kitchen, and told him we should get a counterbid.
“It’s a good offer,” he said. “Let’s not be greedy.”
Fortunately I insisted, because the other bidder offered $10,000 more.
Why would my agent not try to get one last bid? Remember thatFreakonomics YouTube video from 2010? As Steven Levitt and Stephen Dubner pointed out, that extra $10,000 added only $300 in commission on a 6-per-cent commission, which he would get half of. He’d already made thousands: What was an extra $150, especially when it was Saturday night and he was eager to get home? It might have been almost $10,000 in my pocket, but it was nothing to him.
Takeaway tip: Don’t get rushed in the bidding war. Push back if you think you’ve got a shot.
3. Myth: You get what you pay for
Most people think commission rates are high but accept them anyway. There are full-service discount realtors who charge less and offer the same service. Why hasn’t this caught on faster?
Some homeowners are convinced by the industry that “you get what you pay for.” That’s what traditional agents always say. But it’s clearly not true. Are agents working twice as hard today as they were 10 or 15 years ago? Obviously not, yet commissions have doubled in that time along with home prices. Rates very by province but assuming a 5-per-cent commission, the cost of selling an average-priced house in Toronto is $25,000 today compared, with half that a decade or so ago.
We have seen this particular designation coming for a long time. Vancouver has been voted 2012 best city in the world and is always close with Zurich, Switzerland and Sydney, Australia for top sport. We live in paradise and we pay for it. Yes BC does stand for Bring Cash afterall.
There are sustainable reasons for the price increases year over year. We have very strong immigation numbers moving to the Lower Mainland and they need homes to live in. Simple Supply and Demand Economics. Secondly, we have had, at times, huge speculation in our market and that is sure to drive prices higher. Interest rates have made it affordable while realtors, banks, appraisers and yes Buyers have driven prices higher. There are a lot of factors that have played a part in making our city the most expensive in North America.
If you would like to know more about the most expensive city in North America, you can email me at craig @2percent realty.ca or visit me at www.craigfraser.com.
Just wanted to talk about the slow and steady stream of pessimistic views about our real Estate market here in Vancouver and across BC. I guess no one has a crystal ball but our local news sources love to jump on a story. Indeed, the January 2012 stats indicate that there is movement towards a Buyer's market. Here's hoping and I'll tell you why.
Prices gone Sky high $$$
We have been experiencing tremendous price growth for a decade wirth very few intervals of relief for Buyers. We as a community need the diversity of people required to sustain a balanced view of where we live. This is important when developing a sense of belonging which to many is more important than granite counters or a view of the Inlet.
There is no stopping the long term rise in housing prices. We are the most desirable city in the world to live in and we are cheap by comparison to other similar cities onthe pacific Rim. Sydney,Taipei,Hong Kong,Los Angeles all make us look like a deal so understand that the future is bright for Vancouver. However,
We need to let a litel hot air out of the balloon. There has been so much speculation made about what our market will or won't do that it has people anxious about the future of their worth. If world economies slow and interest rates rise then we may be in for some pain. That being said our banking has been responsible andwe as Canadians have been responsible. Continue to keep that debt down everyone.
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There is a possibility of a market that slows down considerably in coming months. Are you considering selling? Why wait? Call Craig at 2% Realty today. Keep your $$$. There may not be a lot left to squeeze out of this currrent bull run on housing.
Keep your Money!
I know your equity is dear to you. You have worked hard to get it and we all know that every dollar counts in our economy today. Get premium Real Estate services with my custom "Direct marketing home system". Hope to hear from you .
It is Super Bowl Sunday and for many of us it is a chance to spend a Sunday afternoon drinking beer and eating some tasty food. Forget the fact that there is a football game being played and millions spent on advertising and halftime shows( looking forward to seeing Madonna). I can't help but reflect on the many similarities of theSuperbowl and of home selling. Lets take a closer look.
Home Sellers like you and I love our home. We take great pride in all the many satisfactions that come from our home. Family,Comfort.Security,Investment, Memories,Love and Happiness to name a few. We don't take the decision to sell our homes lightly. I council home sellers and can attest to the pride that home owners feel. Much like the superbowl, we build up to the big day when we list our homes. Then we enter the 1st quarter with gusto, open house,marketing, initial showings and prospects. If ther is a lot if interest we stay on top of our marketing endeavours and double down on home cleaning,yard work etc . Much like a close game in the Superbowl we stay with it and interest is high.
The problem arises when activity slows down and our interest and attention to detail start to wain. It is at this time that we need to refocus our efforts and push through. Unfortunately, many home owners are pressured in to a price reduction in order to sell(sometimes it is necessary) but what we should do is get back into the trenches and market and work harder to get back into the game. Focus on detail and get that exposure. Think creatively and with a plan and you can get back in it. Yogi Berra said it best."it aint over till it's over". Focus on the end prize and realize that the gain is worth the pain.
Winning in any capacity of life is never easy but with a plan and the will to succeed, you will give yourself the chance to be the hereo of your own game when it matters most-when it's all on the line. Good luck to you in all your selling endeavours. May the best marketers and hardest workers win.
Enjoy the game
I just listed a fabulous 3 bdr 3 bath 1/2 duplex in award winning Heritage Woods in Port Moody, BC.
Amazing views of Gulf Islands and Mt. Baker. Call Craig for more information or visit www.craigfraser.com.