Unusual end-of-year demand for Fraser Valley real estate
SURREY, BC – A combination of unseasonably high demand and declining supply reinforced Fraser Valley’s real estate market in November. The Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® (MLS®) in November, an 11.7 per cent decrease compared to sales in October 2019, and a 36.7 per cent increase compared to the 1,028 sales in November of last year. Darin Germyn, President of the Board, says, “Some listings are seeing a lot of activity depending on location and property type. REALTORS® are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for the time of year.
“For our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”
There were 6,733 active listings available in the Fraser Valley at the end of November, a decrease of 8.5 per cent compared to November of last year and a decrease of 9 per cent compared to October 2019. The Board received 1,877 new listings in November, a 21.2 per cent decrease compared to October 2019’s intake of 2,383 new listings and a 9.6 per cent decrease compared to November of last year. Germyn adds, “Buyers are seeing the effect that tighter supply has on prices. In early summer, the combined residential benchmark price was down 6 per cent compared to the same period last year; in November it was down by 3 per cent.” MLS® HPI Benchmark Price Activity Single Family Detached: At $952,200, the Benchmark price for a single-family detached home in the Fraser Valley remained unchanged compared to October 2019 and decreased 2.5 per cent compared to November 2018. Townhomes: At $514,700 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to October 2019 and decreased 3.4 per cent compared to November 2018. Apartments: At $404,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to October 2019 and decreased 4.3 per cent compared to November 2018. For the Fraser Valley region, the average number of days to sell an apartment in November was 40, and 38 for townhomes. Single family detached homes remained on the market for an average of 48 days before selling. Find the November Statistics Package here.
Townhouse for sale
TOWNHOUSES FOR SALE IN SURREY
Join this fast-growing city by finding the perfect townhouse for sale in Surrey! Using the intuitive search tools on this page, easily browse beautiful Surrey townhomes for sale. By purchasing a townhouse for sale in Surrey, you can look forward to the amazing amenities, shopping options, and recreational activities that Surrey offers. Surrey townhomes for sale are also a great option for families, with numerous educational facilities in the area for students to attend. Ready to find your perfect townhouse for sale in Surrey?
You can use the map search tool below to view all of the current listings for Surrey townhomes for sale. By using the filtering options at the top of the map, you can filter your search by neighbourhood, price, home features, and more. Whatever your real estate needs are, Gurinder Dhaliwal provides complete real estate solutions to best suit your individual goals.
If you need help with your Surrey real estate search, Gurinder Dhaliwal deep knowledge of townhomes for sale in Surrey, BC, can help you find your perfect home. You might also be interested in:
Fraser Valley market stats.
These stats will give you an overview to help you to figure out your property price.
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Busiest time of year in the real estate industry
1. Hire a Real Estate Professional to Be Your Tour Guide, and Choose Carefully!
It has never been more important to hire a real estate agent than in today’s market. It is crucial that you hire someone who is experienced in many types of transactions. You deserve to have a professional representing your best interests throughout the entire buying process. A buyer’s agent will help you with your home search, required contractual paperwork, negotiations, inspections, and any other concerns that may come up. Remember, it will cost you nothing to hire a buyer’s agent; the seller of your new home will pay their commission, so you have nothing to lose.
2. Understand Your Financial Profile and Get Pre-Approved For a Home Mortgage
If you’re looking to buy a house you’ve probably prepared a budget in order to determine how much you are comfortable spending on a new place. And while that is a good place to start, the reality is that the world of home financing has changed dramatically in recent years. Obtaining a home mortgage is harder today than it has been a very long time, which means you may not be qualified to borrow as much money as you think.
3. Prioritize Your Needs and Wants
Families with children want to live near good school systems and they tend to want bigger yards and outdoor play areas. People who are devoted to their careers will pay more attention to the ease of their commute. Single people tend to seek out places that offer a certain level of entertainment and proximity to other unmarried residents. Likewise, retirees are concerned about the vicinity of local hospitals and perhaps, recreational activities like golf. As a home buyer you should have a solid understanding of your own needs. Make a checklist and prioritize the items on that list; what do you need vs. what do you want?
B.C. to lift foreign buyers tax for people with work permit
B.C. to lift foreign buyers tax for people with work permit
B.C.’s premier has announced the province is lifting the 15 per cent foreign buyers tax for anyone living in Metro Vancouver with a work permit.
The move is an effort to encourage people to come to the province. Those who live, work and pay B.C. taxes will now be exempt from the additional property transfer tax.
Hire the Right Agent
Hire the Right Agent, For the Right Reasons: 8 Questions to Ask
Finding a real estate agent who is right for you requires doing a little homework, and asking the right questions. Choosing an agent is a decision that could ultimately cost or save you thousands of dollars. Keep in mind the individual you choose will be handling almost every maneuver in the biggest financial investment of your life. Experience, interests, and expertise vary from agent to agent, so you should be asking very specific questions in order to align your own needs with the abilities of an appropriate representative. Use the following list of questions as a guide to finding the agent that is right for you:
1. How long have you been involved in residential real estate in this area?
If the agent hasn’t been connected to the residential real estate market for several years, s/he will be out of touch with the cyclical nature of the current market.
Your agent must be familiar with trends of the local market and have an eye for the ways in which it will change. This knowledge could mean the difference of thousands of dollars in the long-run.
2. What is your marketing strategy for my home?
A realtor should be able to lay out for you, in detail, a marketing plan to sell your home. Examine this plan carefully. How much money does the realtor allot to advertising? What type of media does s/he use? S/he should be able to demonstrate the effectiveness of one form of media over another, explaining why his/her particular marketing strategy will sell your home faster and for top dollar. The realtor should employ current, innovative marketing techniques that indicate creativity and a willingness to market outside of the box. Stay away from realtors who rely on traditional, dated forms of advertising. They simply won’t work in the current real estate market.
3. How do you support a buyer throughout the process?
A realtor should be able to indicate how s/he will support you through each step of the home-buying or selling process, offering you a unique system to suit your needs and goals. Also, ask if a specialist will be available at each level of the sale. Your realtor should always be on hand to answer questions, but the specific resources of an expert can be invaluable during different stages of the process.
4. What other properties has your company sold in my area?
The realtor should be able to provide you with a complete, detailed listing of their own sales in your area, as well as other comparable sales. You should get a clear idea of what you might be able to expect both from the realtor and from the current market.
5. What is your experience with financing options? How would you suggest I approach my own financing plan?
Each buyer requires a different financing strategy. A realtor should be able to suggest a plan catered specifically to your financial background and needs. Don’t just depend on your lender for information and guidance on financing a new home. Let your agent lead the way.Gurinder Dhaliwal
6. On average, how close is the selling price of your listings to their asking price, and how long do they take to sell?
You can contact the Real Estate Board to obtain information on the selling record of an agent. The Board also has statistics on a broader scale, so you can see whether an agent’s selling performance is higher or lower than the board average, and whether s/he tends to sell faster or slower than the board average. Placing the realtor’s performance on a scale will help you get an idea of how much you might expect your home to sell for, and how long it might take to sell.
7. What is your philosophy/method of negotiation and how will you apply it when selling my home?
Your realtor should be able to articulate effective and informed negotiation tactics that demonstrate a commitment to securing the best price for you.
8. Do you have a reference list of clients I could contact?
Do some homework! Choose a few names on the list and call them. The stories of others who have gone through the home-selling process can be a valuable source of information.
Most Important Things to Repair Before Selling a House
Most Important Things to Repair Before Selling a House Gurinder Dhaliwal
Most Important Things to Repair Before Selling a House It is easy to miss a lot of the wear and tear that happens to your house over the years. But when you start thinking about selling, the state of your home becomes much clearer. You know that there are things that need to be fixed and cleaned up. However, you only have so much money and time to make repairs. So, what should you fix?
Keep in mind, articles like this one are meant to provide general advice on what works for most people. Ideally, you will have a real estate agent you can talk to who will look at your particular home and give you targeted advice – which will get you the best results for your circumstances. But even if you are working with a Realtor, this information can give you a starting point on what to discuss with your agent about possible home repairs.
Taking care of the most important things to repair before selling a house will put more money in your pocket! This is one of the primary reasons real estate agent recommend taking care of certain things before you list your home.
Repairs Worth Making Before You Sell
Paint is one of the cheapest, easiest ways to update the look of your home before you list it. And you don’t need to be a professional painter to make this work for you, either. Watch a few videos online, pick your colors and go to town!
Lighter and neutral colors are preferred when selling because they tend to appeal to most people. You never know who will walk through the door to view the house, so it makes sense to keep the styling primary. You don’t have to paint every room, necessarily, just those that obviously need it. Rooms with dark paint, chipped or dirty paint are the ones that will benefit most.
The exterior is the first thing buyers will see, so you want it to look good. Replace missing fence boards, add sod if the yard is looking the worse for wear, and clean up any junk that may have accumulated in the yard or on the outside of any storage sheds. Make sure the grass is mowed and that weeds are taken care of before someone comes to view the home. You can also plant some flowers in the beds to add color and make the place feel homier. Here are some low-cost exterior home improvements worth doing.
Moss growth on the roof, missing shingles, and problems with the siding are all things that buyers will notice. Try to get all these things patched up now so you don’t have to answer questions about it later.
Kitchens Are Essential to Home Sales Everyone wants a large, spacious kitchen with all new appliances – where they can cook and entertain (even if they never do either). Now your kitchen may not satisfy these desires without significant upgrades, which may not make sense financially. Do not do a complete kitchen renovation unless your agent tells you that he or she believes you can make your money back on the sale.
However, you can make some minor repairs that will make your kitchen appear more inviting, even if it isn’t a “dream kitchen”. If the painting, lighting, and countertops all scream the 1970s, you can change all of these without too large of an investment. You can paint as necessary, install new fixtures and replace the countertops to something more appealing (granite and marble are not a requirement for an updated look). The price of solid surface materials, however, has come down in recent years so it might be worth getting an estimate for installing granite counter tops, especially when the kitchen counter space is not huge.
As far as appliances go, buyers are going to expect these to work. If the oven, dishwasher or range are out of operation – or in awful shape – replacing them might be necessary to appeal to buyers.
A clean bathroom – one where everything works as it should – is a necessity. If you have a problem with a running toilet or a leaky faucet, make repairs as necessary. You can cause the toilet look much better just by replacing the seat. Cleaning up the grout or replacing it is always a good idea, as it can become dirty over the years. Any missing tiles should also be replaced.
If the bathroom has old wallpaper or dingy surfaces, a new paint job is recommended. The brighter and cleaner you can make the room, the better. The bathrooms and kitchen are the most important areas in a home. These are areas where buyers will put their focus. They are also the most expensive areas in a home to upgrade. This makes it vital for you to repair any issues before putting your home up for sale.
Lighting can make even the smallest home seem open and inviting. You want to maximize the perception of space, so you will want to take advantage of the many lighting options now available. You can learn more about lighting different spaces online and find a variety of affordable lighting options that will be far superior to the current overhead or stand lights in your house. Take some time to analyze your current space and see if you can find some ways to improve the lighting. If you have “dated” light fixtures this is another area that for a little bit of money invested can translate into a quicker sale.
Don’t forget natural lighting, either. Ditch the heavy drapes for light colored curtains that let the in the sun.
Go to your home and make sure everything works as it should – from the small things like doorknobs and locks to bigger stuff like your garage door. Everything doesn’t have to be new for a home to be desirable to buyers, but all the functional aspects of the home must be in good working order to fetch the best price. A few broken components are all it takes to start driving the price down, so get them fixed.
7. Pre-Sale Inspection
One crucial way to avoid the problems that can swiftly end a home sale is to have a pre-sale home inspection. A pre-sale home inspection can help you identify issues and fix them before you try to sell your home. Unless you are a professional contractor, a real estate agent or a home inspector, you are probably going to miss a few things as you go looking for problems with the home. And even if you are a professional, a home inspection will still be required before a lending company will loan a buyer money to purchase your home. If you don’t find the problems now, you will be forced to deal with them later before you can finalize the sale.
Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!
The Best Asking Price for your Home
The Best Asking Price for your Home Gurinder Dhaliwal realtor
Setting a realistic price for your home that reflects current market values will help sell your home quickly and for top dollar. When you price your home properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers—which may net you even more in the long run.
Your property has the best chance of selling within its first seven weeks on the market. And, studies indicate that the longer a property stays on the market, the less it will ultimately sell for. A property priced 10 % more than its market value is significantly less likely to sell within this window than a property priced close to its actual market value. About three-quarters of homes on the market today are 5-10 % overpriced. Sellers will usually over-price their homes by this margin if, either, they firmly believe the home is worth more than what the market indicates, or if they want to leave room for negotiation. Either way, if you choose to over-price your home by this amount, you run the risk of increasing the amount of time your home spends on the market, and decreasing the amount of money you’ll ultimately receive.
At the other end of the selling spectrum are houses that are priced below a fair market value. Under-pricing often occurs when the owner is interested in a quick sell. You can bargain on these homes attracting multiple offers and ultimately selling quickly at—or above—the asking price.
The knowledge and skills of an experienced Realtor will be invaluable when determining an appropriate asking price. It is the job of your Realtor to know the current market and market trends inside and out, to be closely connected to the real estate market at large, and to be aware of other properties currently for sale in your particular area. Based on this range of connections and knowledge, your Realtor should counsel you on how to price your home properly in order to attract the highest price possible, in the shortest period of time.
Before approaching this process, you should first do some homework yourself. You’ll need to know the workings of the current market before you even begin to think about setting an asking price. The market will always influence a property’s value, regardless of the state of a home, or its desirability. Here are the types of market conditions and how they may affect you:
1. Seller’s Market:
A Seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply—that is, when the number of Buyers exceeds the number of homes on the market. As a result, these homes usually sell very quickly, and there are often multiple offers. Many homes will sell above the asking price.
2. Buyer’s Market:
A Buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of Buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period. Buyers will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, Sellers will be more likely to come back with a counter-offer.
3. Balanced Market:
In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers. When a market is balanced there aren’t any concrete rules guiding whether a Buyer should make an offer at the higher end of his/her range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. Buyers will have a decent number of homes to choose from, so Sellers may encounter some competition for offers on their home, or none at all.
Remember, a Realtor is trained to provide clients with this information about the market, helping you make the most informed decision possible. The right Realtor will guide you through the ups and downs of the market and keep you up-to-date with the types of changes you might expect.
Evaluate your house in the other main areas that affect market value:
The proximity of your home to amenities, such as schools, parks, public transportation, and stores will affect its status on the market. Also, the quality of neighbourhood planning, and future plans for development and zoning will influence a home’s current market value, as well as the ways in which this value might change.
The age, size, layout, style, and quality of construction of your house will all affect the property’s market value, as well as the size, shape, seclusion and landscaping of the yard.
3. Condition of the Home:
This includes the general condition of your home’s main systems, such as the furnace, central air, electrical system, etc., as well as the appearance and condition of the fixtures, the floor plan of the house, and its first appearances.
Ask your Realtor to prepare you a general market analysis of your neighbourhood, so you can determine a range of value for your property. A market analysis will provide you with a market overview and give you a glimpse at what other similar properties have been selling for in the area.
5. Market Conditions/ Economy: The market value of your home is additionally affected by the number of homes currently on the market, the number of people looking to buy property, current mortgage rates, and the condition of the national and local economy.
Showtime: Tips for Showing your Home
Tips for Showing your Home
After putting in a huge amount of time and effort to get your home looking good and ready to sell, your hard work is finally going to pay off: your home is on the market— you’re ready to begin showing. Your house should always be at-the-ready for a tour, as agents may bring clients by with very little notice. If they catch you unprepared and you aren’t able to show the house on the spot, you could be losing out on a sale. Concentrate on the following areas to ensure your home is ready to show:
Homebuyers may feel like intruders if you are present while they view your house, and this will affect their overall impression. Consider taking the opportunity to visit the local coffee shop, go shopping, or take the kids to the park. If you can’t leave while the house is being shown, try to be as unassuming as possible. Do not move from room to room. Don’t offer information, but make yourself available to answer any questions the agent or buyers might have.
When you know an agent is bringing someone by, make sure all of the drapes and window shades are open to let in as much daylight as possible, or—if the showing is taking place at night—to create a look of comfort and warmth when viewed from the outside. Open all the doors between rooms to create an open, inviting feel. Turn on all lamps and overhead lights, even during the day. Keeping lights on during the day softens the harsh shadows sunlight can create in a room, and illuminates dim corners. During nighttime showings, make sure all outdoor lights are on, as well as pool lights.
Scan the floor for debris—newspapers and magazines tend to accumulate without our noticing. Make sure all the counters are clutter-free. Empty the kitchen garbage before every showing, particularly if the garbage can doesn’t have a lid. Keep everything freshly dusted and vacuumed. Beds should be made and bathrooms cleaned (toilet lid down). Every room should sparkle.
4. Scents and Sounds
Avoid using scented sprays before showing your home. Some people simply won’t enjoy the smell, and others may be allergic. If you want to make a room smell pleasant, consider a potpourri pot or a naturally-sourced aroma.
If you or your family is home while the agent is giving a tour, try to stay as quiet as possible. Turn off the television and the blaring radio. Put on some soothing background music at a low volume.
If you have pets, make sure your listing agent includes this in your listing on the Multiple Listing Service. This way, no one will be surprised by a furry welcome if the agent shows the house while you’re not there. If you know someone is coming to tour the house, ideally you should take the pets with you, or arrange to have a friend or family member take them. If this isn’t possible, keep dogs in the backyard, preferably in a penned area. Try to keep indoor cats in one room while people are touring the house, and put a sign
8 Mistakes to Avoid When Buying a Home
8 Mistakes to Avoid When Buying a Home
You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?
It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups are inevitable. But be careful: learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes.
1. Searching for houses without getting pre-approved by a lender:
Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford. Preapproval, however, means you become a cash buyer, making negotiations with the seller much easier.
2. Allowing “first impressions” to overly influence your decision:
The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a home as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work. Likewise, don’t jump at a home simply because the walls are painted your favourite colour! Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions.
3. Failing to have the home inspected before you buy:
Buying a home is a major financial decision that is often made after having spent very little time on the property itself. A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. Your Realtor can suggest reputable home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.
4. Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:
Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction
between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs. These problems may even lead to a void contract. So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer. With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations.
5. Making an offer based on the asking price, not the market value:
Ask your Realtor for a current Comparative Market Analysis. This will provide you with the information necessary to gauge the market value of a home, and will help you avoid over-paying. What have other similar homes sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the home you’re looking at under-priced, overpriced, or fair value? The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.
6. Failing to familiarize yourself with the neighbourhood before buying:
Check out the neighbourhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing.
7. Not looking for home insurance until you are about to move:
If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you. Make sure you give yourself enough time to shop around in order to get the best deal.
8. Not recognizing different styles and strategies of negotiation:
Many buyers think that the way to negotiate their way to a fair price is by offering low. However, in reality this strategy may actually result in the seller becoming more inflexible, polarizing negotiations. Employ the knowledge and skills of an experienced realtor. S/he will know what strategies of negotiation will prove most effective for your particular situation.
Benefits of Using a Realtor to Sell your Home
Benefits of Using a Realtor to Sell your Home
Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way. Consider the following benefits of working with a Realtor:
With knowledge and training in marketing strategy, negotiation tactics, and the workings of the current real estate market, a Realtor will be able to guide you through the steps of the home-selling process and be able to explain exactly what to expect. S/he will make you aware of your rights and responsibilities, work with you to strategize the best moves according to your own goals, discuss financing options, and point you in the direction of other specialized professionals who will aid you in different stages of the process.
Realtors have their fingers on the pulse of the current real estate market, and will know what comparable properties in your area are selling for. They have the resources and knowledge to establish the best asking price and to attract the highest selling price. With access to their company’s professional marketing resources and connections, they will ensure potential buyers are immediately made aware of your home and market the property to sell as quickly as possible and for the most money.
Your Realtor will know the importance of a property’s first impression. S/he will have experienced first-hand, for example, the impact a property’s “drive-up appeal” has on the rest of a potential Buyer’s experience of your home. Your Realtor will be able to offer you tips and information on how to get your home in the best selling shape possible, in order to sell your property quickly and for top dollar.
Access to Qualified Buyers:
Realtors save time and effort by dealing only with qualified buyers. They have access to a pool of pre-screened and pre-qualified buyers who are serious about buying a home in your neighbourhood. Realtors work hard to develop this base of qualified buyers which will become an invaluable resource for you.
Having a open house on listing is very important to make a fast and profitable sale.
Doing it right or wrong will make a bigger effect, rather than doing it in the wrong way. You need to do some prepration before the open house so it will generate more visitors. More visitor means more buyers/offers.
Many realtors are in a hurry and show up on the same date and just put up signs and start. However, street signs are not enough.
Below are some important steps for an open house as a professional realtor.
1 upload on MLS listing
2 social media
3 bulk emails
4 web site
5 office website
6 sms masages
7 street sign
The professional realtor will visit the house a couple of days before and let the seller know which things are in need of care and how the seller will prepare the house to show the buyers.
As an active and hardworking realtor I can help you sell your property faster and for more money.
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Here are some updated lists for open houses by cities
Selling Your Home? Make Sure Your Agent is Marketing it Properly
Selling Your Home? Make Sure Your Agent is Marketing it Properly
There are thousands REALTORS® working , so when it comes to selling your home, you have a lot of agents to choose from. As with any profession, not all agents provide the same level of service, so when you are choosing one to sell your property, you need one that does their job right.
In most cases, listing agents only get paid once they actually sell your property, so any marketing-related expenses come out of their pocket beforehand. Unfortunately, some agents cut corners by trying to do things themselves, in a bid to save money.
It doesn’t matter whether you are selling in a strong seller’s market, a balanced market, or a buyer’s market—poor marketing hurts your chances of attracting potential buyers and getting the right price for your listing.
When you engage a realtor to list and sell your property, you have the right to expect that they market your property professionally and effectively. Here’s what you should expect from your realtor at a minimum.
Picture is Worth a Thousand Words
I’d be surprised if anyone who looks at property listings hasn’t seen several properties for sale with terrible photos. Dark, grainy shots from someone’s old flip phone. Shots of just a sink, or just a bed in a corner. Sideways photos that the person making the listing didn’t bother to rotate. Or… no photos at all.
Our current MLS system allows 20 photos to be uploaded, so there is no excuse for a couple of terrible shots, or none at all.
This should go without saying: your listing agent should hire a professional to take the photos of your property. The pros have the right equipment and lighting. They know how to showcase each room and feature properly so that potential buyers can get a good feel for the property and the size of the rooms – not a shadowy close-up of your old dresser.
Whether you are selling a one-bedroom condo or a five-bedroom house, your agent should have your home professionally measured to create a floorplan.
Even before potential buyers have visited a property, a clear floorplan included with a listing can give them an idea of the flow of the space, and may convince them that it’s worth a look. And after they’ve looked at multiple properties, the floorplan gives them something to refer back to. Anyone who has spent a weekend looking at half a dozen or more places will definitely appreciate having a document on hand to remind them which apartment had the corner balcony.
Some properties could also warrant 3D floorplans or even videos to help showcase them effectively. Just remember that videos are not appropriate for every space. Small condos could actually be hurt by showcasing just how small the space is if the camera can’t do more than turn in a circle.
A Professionally Written Description
Professional photographs of your property should be accompanied by a descriptive and informative write-up with no spelling errors.
A great listing description highlights the most appealing features of your property and the neighbourhood, and gives pertinent information that buyers need before deciding if they want to view the property. If there will be a sneak peak and/or open houses, dates and times should be clear and correct.
Agent’s Knowledge of Your Home and Neighbourhood
It’s reasonable for you to expect your agent to be able to answer all questions potential buyers may have about the neighbourhood.
Which school catchment is the home in? How far away is the nearest transit station or grocery store? Are there amenities such as parks and a community centre nearby? If the realtor can’t answer these questions, it doesn’t instill a lot of confidence in the buyer.
Your agent should also be familiar with the property itself. the strata bylaws, financials, minutes and history of maintenance items in the building. How old is the roof? Has the building been replumbed? How is the condition of the parkade membrane? And so on.
For strata properties, the agent should order and read all documents prior to hosting open houses. Potential buyers ask a lot of questions at open houses. If your agent can’t answer them, they’re not showcasing your property as effectively as they could be.
You pay your real estate agent a fee to sell your home, and marketing it effectively is their job. It’s reasonable for you to expect them to do it right.
Freehold vs. Leasehold
Freehold vs. Leasehold
At common law, in British Columbia, land tenures can be generally divided into two large catagories, fee simple land and leasehold lands.
Fee simple lands (also called freehold lands) are lands where the owner owns all the
property rights associated with thoses lands, except the rights which are reserved for the Crown (for example oil and gas rights). The restrictions on use on freehold land are imposed by the Province and the local municipality.
Leasehold lands are lands where the rights of the owner are limited by the another party, usually a landlord. Long term leases (49 – 99 ys) are commonly found in the Province of British Columbia when land is sold on Native Reserves as the inalienability of native lands, under the Canada Constitution, prohibits Native Reserve being “sold” to anyone except to the Crown. Additional restrictions on the use of leasehold land are found in a LEASE or HEADLEASE document which creates contractual obligations between the Landlord and Tenant.
When a non-resident of Canada is the Seller of real property special considerations apply to ensure that the government of Canada is paid all applicable taxes on sale.
s.116 Income Tax Act – provides that the BUYER must withhold between 25-50% [depending on the nature of the property] of the Purchase Price from the Seller until the Seller provides the Buyer with evidence that they have obtained a s.116 clearance certificate from the Canada Revenue Agency.
Currently these certificates are taking up to 8 months to process, therefore, Vendors are advised to apply early, and ensure that they can clear financial charges from title without the entire purchase price prior to entering into a binding contract.
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Getting Ready to Sell – Cleaning Up Your Land Title
Getting Ready to Sell – Cleaning Up Your Land Title
As we move into another Buyer’s market cycle, it is important to remember the lessons Seller learnt the “last time around”. Realtors often recommend to Sellers to “declutter” and “stage” the interior of their homes, however, it is important to remember that, at its foundation Buyers are purchasing “PROPERTY RIGHTS” and therefore its important to ensure, as a Seller, that your Land Title is also “squeaky clean”.
A couple of things to do:
1. Remove any “extra” encumbrances on title – usually Buyers are expecting to see typical first mortgages on title, however where Uncle Buck lent you some money and registered a non-institutional second mortgage, or, where you have a small claims judgment registered against you, these “extra” encumbrances on title, including 2nd mortgages, judgments, builders liens, or certificates of pending litigation, can raise big RED FLAGS for Buyers, if they can be removed prior to closing (or even listing), it can make for a much smoother process.
2. Ensure you (as Seller) and only you are on title as the registered owner – did you inherit the property in a Will? Or, did your parents go on title as this was your first home? Or, have you gone through a legal separation? If you have the full legal rights to sell the home, ensure that you (and only you) are on title. In most cases the transfer to a surviving joint tenant, or to from parent to child, or a transfer in the course of a legal separation is easy (and most of the time a Property Transfer Tax exemption is available and no tax is payable!) Best to take care of these items prior to listing so there is no question when you sign the Contract that you are the person with the ability to sell the property.
3. Return the Duplicate Certificate of Title – A Duplicate Certificate of Title may be removed from the Land Title Office by some banks as security for loans (with or without registration of the mortgage). In the event that the Duplicate Certificate of Title is outstanding, no further transfer or mortgage may be registered on title. Therefore if this has been removed from the Land Title Office, it will bar any sale or mortgage of the property until it is returned and refiled with the Land Title Office.
Time You Spend Viewing Homes?
Time Should You Spend Viewing Homes?
Figuring out how much time you should spend viewing properties for sale is a little like asking, “How long should I spend trying on shoes?”
The answer seems obvious: As long as it takes to make a decision! Buying a home is significantly more complex than purchasing shoes – and the stakes are higher too! You need to make sure you have all the information necessary to confidently make the best decision.
There are basically three stages to viewing a property:
When you view a home on a macro basis, you’re looking at it from an overall perspective. For example, you may do a general walk-through to get a first impression and determine if the property has the basic features you need, such as the number of bedrooms and the size of the backyard. Macro viewing is often the fastest stage in the viewing process and can sometimes take just a few minutes.
If you like what you see, then it’s onto the micro stage. At this stage you take a closer look at the details of the property. You might, for example, spend extra time in the master bedroom imagining how your furniture would look and fit. The micro stage takes longer simply because the home is now on your shortlist. You’re interested and are considering making an offer.
Finally, the professional stage involves getting a qualified home inspector to go over the property with a fine tooth comb. That typically occurs after you’ve made an offer. As your REALTOR®, I will guide you through a viewing so you’ll know what to look for and can make a smart, informed decision.
When Is the Right Time to Talk to a REALTOR®?
When Is the Right Time to Talk to a REALTOR®?
You see, successfully buying or selling a home requires a lot of planning
and legwork. You want the process to go smoothly, the right decisions to be
made, and the best possible deal to be negotiated.
After all, this is the purchase and/or sale of your home!
So, the best time to talk to a REALTOR® is as early in the process as
In fact, even if you’re just thinking of buying or selling — and simply want to
explore the possibility of making a move sometime this year — you should
have a conversation with a good REALTOR®.
A REALTOR® will answer your questions, provide you with the information
and insights you need, help you avoid costly mistakes, and make sure
you’re heading in the right direction.
When you are ready to buy or sell, having worked with a REALTOR® early
in the process will help ensure you get what you want.
So talk to a good REALTOR® when:• You have a question about the local market.
• You want to know what your home might sell for today.
• You’re interested in checking out homes currently available on the market.
• You’re in the midst of deciding whether or not to make a move.
• You’ve decided to buy or sell.
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BIG TAX ON VACANT PROPERTIES IN VAN
Vancouver slaps $10,000 a year tax on empty homes. Lie about it and it’s $10,000 a day
Want to keep your million-dollar luxury pad in Vancouver empty? Get ready to pay $10,000 (US$7,450) annually in extra taxes. Lie about it? That’ll be $10,000 a day in fines.
Canada’s most-expensive property market, suffering from a near-zero supply of rental homes, announced the details of a new tax aimed at prodding absentee landlords into making their properties available for lease. The empty-home tax will take effect by Jan. 1 and will be calculated at one per cent of the property’s assessed value, Vancouver Mayor Gregor Robertson told reporters at City Hall.
Things to do before you list your home
Things to do before you list your home
1. Make a great first impression
Home buying is an emotional purchase, with buyers deciding in the first 30 seconds of seeing the home if this is the one. The front entrance should be warm and welcoming. Does your home look great from the street?
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2. Clean, Clean, Clean
This is something most sellers overlook but the buyer will not. Buyers will look at the kitchen and bathrooms with a critical eye. If buyers see evidence that they will have to clean and fix things, they will offer less money for the home. A clean home looks like it has been taken care of and loved.
3. Store it
Most of us have more furniture than we need or use. Remove any furniture that is not absolutely necessary. If a room is open, it looks large and adds square footage to the home; this is $$$ in the real estate market. Have the kids put a few toys in special basket and pack the rest.
4. Let there be light
Open the curtains and let the sunshine in! You may like your privacy, but the buyer doesn't want to think about that when looking at a home. They want to know that light will come in and the house won't be dark. Turn on all the lights before a showing or open house.
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5. Set the stage
Most people only use their dining room on special occasions. Make it look as though you are having a dinner party in an hour. Make sure you have a center piece and fresh flowers are an inexpensive way to make someone want to sit down and join the party. If your home is casual, set a casual table. If your dining room is formal, pull out all the stops and set it with China.
6. Empty closets
Remove out of season clothes. Pack all items that you are not going to use in the next 3 months. The kitchen cabinets should not be overlooked, nor should the bookcases, hutches, built-ins, entertainment centers or any other storage space. You want it to look as though there is room for the buyers' things. Buyers will open cabinet doors to see inside, make sure they see space.
7. smells good
Remember smell is a very important sense and your house has a smell of its own. Does yours have a good smell or a bad smell?
8. proper discreption
Buyers always search for what the need,proper discreption is very important when marketing.
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