April Market Updates
Sorry it's been so long since my last post - the Spring market has kept me on my toes!
This year continues to be very good for both buyers and sellers. Low interest rates, continued low unemployment rates, ever increasing prices and quick listing to sales times are among the reasons. Here is the latest from the Real Estate Board of Greater Vancouver as to what the market's looking like:
Housing market gears up for busy spring cycle
Vancouver, B.C. April 3, 2007 –The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 3,582 units in March 2007, a decrease of 11.2 per cent when compared to the 4,033 units sold in March 2006 and a decrease of 9.0 per cent when compared to the 3,938 sales in March 2005.
New listings for detached, attached and apartment properties decreased by 5.4 per cent to 5,456 units compared to the 5,767 units listed in March 2006. The total number of active listings increased by 19.5 per cent to 10,356 units when compared to March 2006’s 8,664 units.
“Last month we saw a relatively fast turnaround on the majority of properties listed on the MLS® system. The average days on market dropped to 43 days in March 2007, compared to 49 days in February 2007,” says REBGV president Brian Naphtali. “Consumer demand for property in the Greater Vancouver area is still very, very high and the market is heating up
as a result.
“With year-over-year double-digit price increases pushing the average price for a single-family home to near record levels, sellers are continuing to get excellent value for their homes throughout Greater Vancouver. Despite these price increases, buyers are still not shying away from this market either,” says Naphtali. “New listings are still very tight, but the increase in
total listing inventory is opening new opportunity for people to make that long awaited move to their new home.”
According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 13.9 per cent to 1,532 sales in March 2007 compared to 1,779 sales in March 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $349,373, up 14.5 per cent from one year ago.
Sales of attached properties decreased by 10.8 per cent in March 2007 to 651 sales, compared to 730 sales in March 2006. The benchmark price of an attached unit is $428,299, up 13.9 per cent from a year ago.
Sales of detached properties decreased by 8.2 per cent in March 2007 to 1,399 sales, compared to 1,524 sales in March 2006. The benchmark price of a detached unit is $682,173, up 11.8 per cent from last year.
“To get a better picture of what’s happening in your community, consult your local REALTOR®,” suggests Naphtali.
As always - let me know if you have any questions,
All the best,
Neacol
Monday, April 09, 2007
Monday, March 12, 2007
Seller's Remorse?
My husband and I recently sold a condo we owned in Victoria. It was our first piece of real estate we had ever purchased, and we had rented it out off and on over the last year. When it was empty, we enjoyed it as our own personal hotel room in one of our favorite cities. We had, for a long time, hoped to one day pay it off and always have it in the family.
Just after Christmas, we decided to sell it in order to help finance our upgrade to a house here in Vancouver. The decision was sound, and we did everything very logically and were very excited to receive the offer and thrilled when we could agree on a price and terms that suited both us and the buyer. But when Peter Bardon (our fantastic Victoria Realtor) proudly informed us the subjects had been removed and the deal was solid, I suddenly felt an absolutely devastating sense of loss.
Had we made a terrible mistake? The answer is, of course, no.
I think this may have been the first time I have ever felt attached to a home, and granted, it was the first home I have ever purchased. What I have come to realise is that real estate is one of the few possessions we ever have that we develop real feelings for.
While I'd never recommend allowing yourself to be tied to property that will cause stagnation in your financial or personal life - I will recommend you be prepared for these emotions. Remind yourself of all the important and good reasons you decided to sell in the first place, take a deep breath, and get ready to enjoy the next phase of your real estate life.
Take care,
Neacol
My husband and I recently sold a condo we owned in Victoria. It was our first piece of real estate we had ever purchased, and we had rented it out off and on over the last year. When it was empty, we enjoyed it as our own personal hotel room in one of our favorite cities. We had, for a long time, hoped to one day pay it off and always have it in the family.
Just after Christmas, we decided to sell it in order to help finance our upgrade to a house here in Vancouver. The decision was sound, and we did everything very logically and were very excited to receive the offer and thrilled when we could agree on a price and terms that suited both us and the buyer. But when Peter Bardon (our fantastic Victoria Realtor) proudly informed us the subjects had been removed and the deal was solid, I suddenly felt an absolutely devastating sense of loss.
Had we made a terrible mistake? The answer is, of course, no.
I think this may have been the first time I have ever felt attached to a home, and granted, it was the first home I have ever purchased. What I have come to realise is that real estate is one of the few possessions we ever have that we develop real feelings for.
While I'd never recommend allowing yourself to be tied to property that will cause stagnation in your financial or personal life - I will recommend you be prepared for these emotions. Remind yourself of all the important and good reasons you decided to sell in the first place, take a deep breath, and get ready to enjoy the next phase of your real estate life.
Take care,
Neacol
Tuesday, February 27, 2007
Book Review
I've recently been reading "homegirl: The Single Woman's Guide to Buying Real Estate in Canada", by Brenda Bouw (now a Vancouverite). I wanted to see if it's something that may be useful for some of my clients, and have found it to be a really amazing source of information.
The book is geared towards single ladies, but I'd certainly recommend it as a read for anyone considering purchasing for the first time (you gents may want to get an discreet dustcover). It covers everything from expected costs to what to look for at a viewing, and is very frank about the realities of home ownership.
I will note, I found that not everything in the book is 100% accurate for the Vancouver market, but a good Realtor (this book even helps you find one of those!) can sort you out with the finer details.
All and all, this book gets a A- and a definite recommendation.
Have fun,
N
I've recently been reading "homegirl: The Single Woman's Guide to Buying Real Estate in Canada", by Brenda Bouw (now a Vancouverite). I wanted to see if it's something that may be useful for some of my clients, and have found it to be a really amazing source of information.
The book is geared towards single ladies, but I'd certainly recommend it as a read for anyone considering purchasing for the first time (you gents may want to get an discreet dustcover). It covers everything from expected costs to what to look for at a viewing, and is very frank about the realities of home ownership.
I will note, I found that not everything in the book is 100% accurate for the Vancouver market, but a good Realtor (this book even helps you find one of those!) can sort you out with the finer details.
All and all, this book gets a A- and a definite recommendation.
Have fun,
N
Tuesday, February 20, 2007
Why a Mortgage Broker is better than your bank.
The first step to buying is getting that mortgage pre-approval out of the way, and I always recommend to my clients to work with a mortgage broker and not their own banks. There are several reasons for this, and they all stem from the fact that your bank is limited to working with what they can offer, while a broker works with what every bank and other financial institution can offer. They have more flexibility, and can even get different companies to compete for your business. Here are a few examples of how they are a better choice:
Lower interest rate: I can almost guarantee you'll get a better interest rate through a mortgage broker than through your own bank, no matter how long you've been a customer there. The bank can give you their lowest rate, but almost always there is someone else out there who can do you one better - and a broker can find that gem for you.
More mortgage options: Banks have a limited number of mortgage types available to offer. Mortgage brokers have access to several kinds of product, from 100% or even 103% financing, to cash back options and more. They can give you options your bank will never be able to. Brokers tend to be a little more creative and flexible as well, they may come up with options you never considered before.
Mortgage assumption: You've found the perfect house, and now you discover the current owners have an assumable mortgage that will save you thousands of dollars a year - what a find! Trouble is, if your pre-approved mortgage is through your bank, and their assumable mortgage is from somewhere else, you'll have to start from scratch with your approvals at the new bank. This can cost valuable time while trying to get your subjects removed, and you now have a new relationship to build with a complete stranger from another bank. If you worked with a mortgage broker, they could easily work the assumable mortgage for you - no new applications, no surprising new relationships.
When looking for a mortgage broker, it's important you seek out a good listener, and someone who really understands your financial situation. If you'd like a recommendation, or have any questions, I'd be happy to help, as always.
Have fun,
N
The first step to buying is getting that mortgage pre-approval out of the way, and I always recommend to my clients to work with a mortgage broker and not their own banks. There are several reasons for this, and they all stem from the fact that your bank is limited to working with what they can offer, while a broker works with what every bank and other financial institution can offer. They have more flexibility, and can even get different companies to compete for your business. Here are a few examples of how they are a better choice:
Lower interest rate: I can almost guarantee you'll get a better interest rate through a mortgage broker than through your own bank, no matter how long you've been a customer there. The bank can give you their lowest rate, but almost always there is someone else out there who can do you one better - and a broker can find that gem for you.
More mortgage options: Banks have a limited number of mortgage types available to offer. Mortgage brokers have access to several kinds of product, from 100% or even 103% financing, to cash back options and more. They can give you options your bank will never be able to. Brokers tend to be a little more creative and flexible as well, they may come up with options you never considered before.
Mortgage assumption: You've found the perfect house, and now you discover the current owners have an assumable mortgage that will save you thousands of dollars a year - what a find! Trouble is, if your pre-approved mortgage is through your bank, and their assumable mortgage is from somewhere else, you'll have to start from scratch with your approvals at the new bank. This can cost valuable time while trying to get your subjects removed, and you now have a new relationship to build with a complete stranger from another bank. If you worked with a mortgage broker, they could easily work the assumable mortgage for you - no new applications, no surprising new relationships.
When looking for a mortgage broker, it's important you seek out a good listener, and someone who really understands your financial situation. If you'd like a recommendation, or have any questions, I'd be happy to help, as always.
Have fun,
N
Wednesday, February 07, 2007
The Buying Process
Buying is an exciting time in your life, but make no mistake, it is a process. Obviously, there are several stages between deciding you'd like to buy a new home, and actually moving in. Every time I start working with a new buying client, I like to sit down with them and make sure they understand the when, who and why of each step, so they know what to expect, when they need to have a deposit etc. I thought I'd list it out for any buyers out there reading this today. Hope it's of use to some of you.
1. Deciding you want to buy - this is the first step, and it's by no means a small one. This involves examining your current living and financial situations very carefully, and it also involves getting very, very excited.
2. Mortgage Pre-Approval - This will let you know what price range we can look at.
3. Meeting with your Realtor® - I will arrange a meeting with you to discuss what exactly you are looking for. Number of bedrooms, pet restrictions, zoning, area etc will all be covered. I will also go over the Working with a Realtor® pamphlet and Exclusive Buyer's Agency Contract with you at that time.
4. Search Property Listings - I will set up a personal website for you that will automatically update with properties according to your preferences as soon as they come on the market. I will also search the listings daily for you, to see if I can spot anything that may be of interest.
5. View Properties - Once we find something that looks right, I will arrange a viewing for you. I also encourage you to check out Open Houses you come across, but please let me know when you are doing so if possible.
6. Offer - When you find a property that's you wish to purchase, we will write up the offer and I will present it to the Seller and Seller's agent. There may be counter offers or questions, so I'll need to be sure I am able to contact you when I am doing this.
7. Satisfy Subjects - Once we have an accepted offer, we will work to remove our Subject Conditions. Subject Conditions are placed in the contract to provide you an opportunity to really examine your potential purchase. We will generally have about a week to do so. Some examples of Subjects are: subject to inspection, subject to financing, subject to the approval of the land title. We will partner to decide on the best subjects to include in your offer.
8. Remove Subjects - When we have satisfied all the subjects, we will remove them, creating a firm contract. At this point, you will need to provide a certified check or money order for at least 5% of the purchase price to be placed in deposit. This is to insure you will complete the deal on the completion date. When the deal completes, the deposit will become part of the purchase price. (It is essentially your down payment)
9. Completion Date - This is the date the money changes hands, and the land title for your new home is put into your name.
10. Possession/Adjustment Date - This is the date, usually one to two days after completion, that you can finally get the keys to your home. The adjustments are generally made to this date as well, which means the property taxes and other closing fees are adjusted to this date.
As always, please let me know if you have any questions,
All the best,
Neacol
Buying is an exciting time in your life, but make no mistake, it is a process. Obviously, there are several stages between deciding you'd like to buy a new home, and actually moving in. Every time I start working with a new buying client, I like to sit down with them and make sure they understand the when, who and why of each step, so they know what to expect, when they need to have a deposit etc. I thought I'd list it out for any buyers out there reading this today. Hope it's of use to some of you.
1. Deciding you want to buy - this is the first step, and it's by no means a small one. This involves examining your current living and financial situations very carefully, and it also involves getting very, very excited.
2. Mortgage Pre-Approval - This will let you know what price range we can look at.
3. Meeting with your Realtor® - I will arrange a meeting with you to discuss what exactly you are looking for. Number of bedrooms, pet restrictions, zoning, area etc will all be covered. I will also go over the Working with a Realtor® pamphlet and Exclusive Buyer's Agency Contract with you at that time.
4. Search Property Listings - I will set up a personal website for you that will automatically update with properties according to your preferences as soon as they come on the market. I will also search the listings daily for you, to see if I can spot anything that may be of interest.
5. View Properties - Once we find something that looks right, I will arrange a viewing for you. I also encourage you to check out Open Houses you come across, but please let me know when you are doing so if possible.
6. Offer - When you find a property that's you wish to purchase, we will write up the offer and I will present it to the Seller and Seller's agent. There may be counter offers or questions, so I'll need to be sure I am able to contact you when I am doing this.
7. Satisfy Subjects - Once we have an accepted offer, we will work to remove our Subject Conditions. Subject Conditions are placed in the contract to provide you an opportunity to really examine your potential purchase. We will generally have about a week to do so. Some examples of Subjects are: subject to inspection, subject to financing, subject to the approval of the land title. We will partner to decide on the best subjects to include in your offer.
8. Remove Subjects - When we have satisfied all the subjects, we will remove them, creating a firm contract. At this point, you will need to provide a certified check or money order for at least 5% of the purchase price to be placed in deposit. This is to insure you will complete the deal on the completion date. When the deal completes, the deposit will become part of the purchase price. (It is essentially your down payment)
9. Completion Date - This is the date the money changes hands, and the land title for your new home is put into your name.
10. Possession/Adjustment Date - This is the date, usually one to two days after completion, that you can finally get the keys to your home. The adjustments are generally made to this date as well, which means the property taxes and other closing fees are adjusted to this date.
As always, please let me know if you have any questions,
All the best,
Neacol
Tuesday, January 30, 2007
What to redo? How to get the most return from your limited reno budget.
Most every homeowner will renovate their homes in some way over the course of owning it. Some renovate simply to personalize their space, and others to increase their home's value.
This entry is for those of you who are considering updates in the near future and want to have a maximum return on that investment, but have a limited budget. I want to give you a good idea of the best features to upgrade, and the best ways to make your home more appealing to potential buyers in the future.
The first point I want to stress is any reno you are hoping to increase the value of your home needs to appeal to as many people as possible. For instance, you may find paw print details in your tile work very attractive, but many people may not share your taste. If you spent thousands on that tile job, you'd be very upset to find that it will be essentially worthless to many buyers - in fact many people might even see it as a financial detriment since they'll have to have the tiling redone to make the home appropriate for them. If you are looking for a very good return on your reno investment, it's best to play it safe and stay within neutral, or the current popular, design themes.
Overall, your reno should make your home appear fresh and new. You should try to eliminate the popular colours of yester year (pinks, teals) that will date your home, and anything that feels dingy. There are a few rooms you should pay special attention to; the entry way, the kitchen and the bathroom(s).
Entry Way/Foyer - As I've mentioned in previous posts, many people will decide if they could live in a home within the first seconds of walking inside. For this reason, the first view they see in the home, whether it's the foyer, hallway or living room, should look great. I recommend fresh paint, new baseboards if needed, and good flooring. If your home has older carpeting, I'd recommend spending some of your reno budget on wood flooring, or at the very least laminate. This look is very popular, and gives a fresh, modern, and clean feeling to a place.
Kitchen - The kitchen is the heart of a home. It's never a bad investment to update old appliances, countertops or cabinets. Stainless appliances are all the rage right now, but unless it matches the over all decor, white or black appliances are just as good. Granite countertops are always nice, but replacing old, stained, marked up counters with anything fresh will be an improvement. Changing out cabinets should be thought out very well, as they can be pricey to replace. Sometimes they can be refinished, or repainted, or even just have new doors put on to change the look without spending a fortune. Make sure you have an over all colour scheme for any room before you begin replacing items. If your kitchen has a linoleum floor, seriously consider replacing it with tile.
Bathroom - Pink or blue toilets, sinks and tubs are a fad of the past and should be eliminated if at all possible. Otherwise, fresh counters, tile instead of linoleum and just being sure everything in the room actually works the way it's supposed to are good bets. Some current popular bathroom items are big shower heads, basin sinks and deep tubs. Those items will make your bathroom stand out as modern and upscale.
I've spoken with a number of people and given advice on what they should spend their reno dollar on for their homes. I'd be more than happy to answer any questions you may have about your own home.
Hope this has been informative!
All the best,
Neacol
Most every homeowner will renovate their homes in some way over the course of owning it. Some renovate simply to personalize their space, and others to increase their home's value.
This entry is for those of you who are considering updates in the near future and want to have a maximum return on that investment, but have a limited budget. I want to give you a good idea of the best features to upgrade, and the best ways to make your home more appealing to potential buyers in the future.
The first point I want to stress is any reno you are hoping to increase the value of your home needs to appeal to as many people as possible. For instance, you may find paw print details in your tile work very attractive, but many people may not share your taste. If you spent thousands on that tile job, you'd be very upset to find that it will be essentially worthless to many buyers - in fact many people might even see it as a financial detriment since they'll have to have the tiling redone to make the home appropriate for them. If you are looking for a very good return on your reno investment, it's best to play it safe and stay within neutral, or the current popular, design themes.
Overall, your reno should make your home appear fresh and new. You should try to eliminate the popular colours of yester year (pinks, teals) that will date your home, and anything that feels dingy. There are a few rooms you should pay special attention to; the entry way, the kitchen and the bathroom(s).
Entry Way/Foyer - As I've mentioned in previous posts, many people will decide if they could live in a home within the first seconds of walking inside. For this reason, the first view they see in the home, whether it's the foyer, hallway or living room, should look great. I recommend fresh paint, new baseboards if needed, and good flooring. If your home has older carpeting, I'd recommend spending some of your reno budget on wood flooring, or at the very least laminate. This look is very popular, and gives a fresh, modern, and clean feeling to a place.
Kitchen - The kitchen is the heart of a home. It's never a bad investment to update old appliances, countertops or cabinets. Stainless appliances are all the rage right now, but unless it matches the over all decor, white or black appliances are just as good. Granite countertops are always nice, but replacing old, stained, marked up counters with anything fresh will be an improvement. Changing out cabinets should be thought out very well, as they can be pricey to replace. Sometimes they can be refinished, or repainted, or even just have new doors put on to change the look without spending a fortune. Make sure you have an over all colour scheme for any room before you begin replacing items. If your kitchen has a linoleum floor, seriously consider replacing it with tile.
Bathroom - Pink or blue toilets, sinks and tubs are a fad of the past and should be eliminated if at all possible. Otherwise, fresh counters, tile instead of linoleum and just being sure everything in the room actually works the way it's supposed to are good bets. Some current popular bathroom items are big shower heads, basin sinks and deep tubs. Those items will make your bathroom stand out as modern and upscale.
I've spoken with a number of people and given advice on what they should spend their reno dollar on for their homes. I'd be more than happy to answer any questions you may have about your own home.
Hope this has been informative!
All the best,
Neacol
Wednesday, January 24, 2007
What Should You Look for in a Realtor(R)?
In my last post I mentioned the even I, a licensed agent, would not sell my own home. I have had a few people ask me since then, how would I then choose a Realtor(R) to sell my home?
There are a several things I look for in another agent. What I want is someone who will do more than the bare minimum, and someone who will use their expertise to sell my home as soon as possible with the best terms and price. Any agent can toss your info on MLS and wait for calls. Furthermore, whatever commission is negotiated, I want to feel like I'm getting my money's worth.
When interviewing a Realtor(R), I highly recommend looking for the following:
A Solid Marketing Plan - So they'll list it on MLS...and then what? I want an agent who will use several methods of marketing. Flyers, personal websites, property signs, and open houses are a few examples of what I would expect from my agent. Also, look at their business cards and ask for samples of their marketing to get an idea of how well they will represent your home.
A Good Reputation - Show me the testimonials. I'm not concerned with the number of sales in the last year, but I do want to know that the services they did provide were so exceptional, that their clients took time out of their lives to write a testimonial.
A Seller's AND Buyer's Agent - Many agents get to the point where they are so busy they hand off buyers to another agent. I want an agent that works closely with both sellers and buyers. Who knows? If they have several buyers already looking for homes such as mine, they might be able to get it sold even faster.
Professional Communication - This is a big one for me, a real deal breaker. I want someone who will return my calls and emails quickly, and just generally keep me informed and up to date on what's happening. A fluency in English is also a must. No matter what language I speak, the language of business in Vancouver is English, and it is so very important they are able to communicate with all potential buyers and agents clearly.
Community Minded - I need to see some community involvement, through charitable contributions or volunteer work. We are blessed to work in such a great industry, and I need to know they are giving something back.
Interpersonal Skills - Finally, it's important to me to actually like and trust the person I'm working with. If I like them, others will too, and I want that kind of person representing me and my home. Knowing they understand what I care about, and that their caring goes beyond the cash value of the sale is a must. Furthermore a calm, positive outlook from my Realtor will help me maintain my composure in stressful dealings.
These are my key factors in finding another agent to sell my home, or someone to refer out of town business too.
As always, please let me know if you have any questions,
All the best,
-N
In my last post I mentioned the even I, a licensed agent, would not sell my own home. I have had a few people ask me since then, how would I then choose a Realtor(R) to sell my home?
There are a several things I look for in another agent. What I want is someone who will do more than the bare minimum, and someone who will use their expertise to sell my home as soon as possible with the best terms and price. Any agent can toss your info on MLS and wait for calls. Furthermore, whatever commission is negotiated, I want to feel like I'm getting my money's worth.
When interviewing a Realtor(R), I highly recommend looking for the following:
A Solid Marketing Plan - So they'll list it on MLS...and then what? I want an agent who will use several methods of marketing. Flyers, personal websites, property signs, and open houses are a few examples of what I would expect from my agent. Also, look at their business cards and ask for samples of their marketing to get an idea of how well they will represent your home.
A Good Reputation - Show me the testimonials. I'm not concerned with the number of sales in the last year, but I do want to know that the services they did provide were so exceptional, that their clients took time out of their lives to write a testimonial.
A Seller's AND Buyer's Agent - Many agents get to the point where they are so busy they hand off buyers to another agent. I want an agent that works closely with both sellers and buyers. Who knows? If they have several buyers already looking for homes such as mine, they might be able to get it sold even faster.
Professional Communication - This is a big one for me, a real deal breaker. I want someone who will return my calls and emails quickly, and just generally keep me informed and up to date on what's happening. A fluency in English is also a must. No matter what language I speak, the language of business in Vancouver is English, and it is so very important they are able to communicate with all potential buyers and agents clearly.
Community Minded - I need to see some community involvement, through charitable contributions or volunteer work. We are blessed to work in such a great industry, and I need to know they are giving something back.
Interpersonal Skills - Finally, it's important to me to actually like and trust the person I'm working with. If I like them, others will too, and I want that kind of person representing me and my home. Knowing they understand what I care about, and that their caring goes beyond the cash value of the sale is a must. Furthermore a calm, positive outlook from my Realtor will help me maintain my composure in stressful dealings.
These are my key factors in finding another agent to sell my home, or someone to refer out of town business too.
As always, please let me know if you have any questions,
All the best,
-N
Monday, January 22, 2007
Should I sell my own home?
A friend asked me recently if I truly thought he needed to use a Realtor(R) to sell his home. After all, if the market is so good, shouldn't it just fly off the shelf?
Anything is possible. It's completely possible that he might be able to find a buyer on his own, and he's a smart man, he should be able to figure out the contracts etc. But the reality is, I cannot in good conscience recommend that course of action to a friend, or anyone else. It is a dangerous, and potentially lengthy road he'd be traveling down. Here's why:
Cannot advertise on MLS - only licensed realtors are able to post listings on MLS. It is estimated that up to 99% of buyers search MLS first and foremost to find their next home. To sell your home on your own, you would be cutting yourself down to nearly 1% of all possible buyers. Less buyers means less interest, which, chances are, means a much longer time on the market, and a lower selling price. In fact, most 'For Sale By Owners' end up working with a Realtor(R) after several months on the market for this reason alone.
Attracting deal hunters - Many of those who do look for listings in places other than MLS are looking for a real deal. The mentality is that if you are saving the cost of a Realtor(R), that savings should be passed on to them. Often you will end up with offers much lower than your asking price.
Legal recourse and contract omissions - One of a Realtor's(R) main jobs while listing your home is to ensure, in every way they can within reason, that you are protected. They ensure your beliefs about your property are indeed fact, to be certain there are no misrepresentations in the contract or on your Property Disclosure Statement. There are serious financial consequences if it is found that your home was misrepresented in a sale. Certainly, your lawyer will be able to help you to a certain extent, but how much do they know about buried oil tanks and termites? We are trained with the most up to date information regarding contracts and property law, and we know how to double check your information for you.
Loss of negotiation power - Negotiating on your own behalf can be sticky. Especially when selling an item like your home, it's very easy to get emotional, flippant, or worn down. A Realtor(R) soothes these troubles by being your front man. They will represent you, get the low down, and then can discuss the details with you privately, let you vent, consider low offers etc, without giving away your position to the buyer. You never even have to meet the buyer if you don't want to. By having a representative, you have a much better 'poker face' for the negotiations - which can lead to a much better price and terms.
Time demands - Can you honestly say you are available to show your suite any time? Do you have the inkling to hang around letting strangers into your home for hours at a time when doing an open house? Do you have spare hours to put together marketing materials and advertisements? These days, the answers to most of these questions is no. We are a busy culture. The process of selling is stressful enough as it is without having to cut into your routine to be at the beck and call of potential buyers.
The fact of the matter is, it'll be less stressful, less dangerous, and it's likely you will actually make more money (even after the commission) if you work with a Realtor(R). In fact, even I, as a licensed Realtor(R), would not sell my own home just for the points on negotiation and liability. And if I wouldn't even consider it myself - how could I recommend it to anyone else?
If you have any questions, please let me know. All the best - N
A friend asked me recently if I truly thought he needed to use a Realtor(R) to sell his home. After all, if the market is so good, shouldn't it just fly off the shelf?
Anything is possible. It's completely possible that he might be able to find a buyer on his own, and he's a smart man, he should be able to figure out the contracts etc. But the reality is, I cannot in good conscience recommend that course of action to a friend, or anyone else. It is a dangerous, and potentially lengthy road he'd be traveling down. Here's why:
Cannot advertise on MLS - only licensed realtors are able to post listings on MLS. It is estimated that up to 99% of buyers search MLS first and foremost to find their next home. To sell your home on your own, you would be cutting yourself down to nearly 1% of all possible buyers. Less buyers means less interest, which, chances are, means a much longer time on the market, and a lower selling price. In fact, most 'For Sale By Owners' end up working with a Realtor(R) after several months on the market for this reason alone.
Attracting deal hunters - Many of those who do look for listings in places other than MLS are looking for a real deal. The mentality is that if you are saving the cost of a Realtor(R), that savings should be passed on to them. Often you will end up with offers much lower than your asking price.
Legal recourse and contract omissions - One of a Realtor's(R) main jobs while listing your home is to ensure, in every way they can within reason, that you are protected. They ensure your beliefs about your property are indeed fact, to be certain there are no misrepresentations in the contract or on your Property Disclosure Statement. There are serious financial consequences if it is found that your home was misrepresented in a sale. Certainly, your lawyer will be able to help you to a certain extent, but how much do they know about buried oil tanks and termites? We are trained with the most up to date information regarding contracts and property law, and we know how to double check your information for you.
Loss of negotiation power - Negotiating on your own behalf can be sticky. Especially when selling an item like your home, it's very easy to get emotional, flippant, or worn down. A Realtor(R) soothes these troubles by being your front man. They will represent you, get the low down, and then can discuss the details with you privately, let you vent, consider low offers etc, without giving away your position to the buyer. You never even have to meet the buyer if you don't want to. By having a representative, you have a much better 'poker face' for the negotiations - which can lead to a much better price and terms.
Time demands - Can you honestly say you are available to show your suite any time? Do you have the inkling to hang around letting strangers into your home for hours at a time when doing an open house? Do you have spare hours to put together marketing materials and advertisements? These days, the answers to most of these questions is no. We are a busy culture. The process of selling is stressful enough as it is without having to cut into your routine to be at the beck and call of potential buyers.
The fact of the matter is, it'll be less stressful, less dangerous, and it's likely you will actually make more money (even after the commission) if you work with a Realtor(R). In fact, even I, as a licensed Realtor(R), would not sell my own home just for the points on negotiation and liability. And if I wouldn't even consider it myself - how could I recommend it to anyone else?
If you have any questions, please let me know. All the best - N
Monday, January 08, 2007
Real Estate Board of Greater Vancouver's New Years News Release
The following news release was made by the REBGV recently. It's a great run down of how prices are continuing to rise, even though the number of sales is declining. Please feel free to contact me for additional information.
Another big year for Greater Vancouver housing sales
VANCOUVER, B.C. January 4, 2007 – Two thousand and six was another busy year for the real estate market in Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that there were 35,506 sales of detached, attached and apartment properties in 2006, a decrease of 12.4 per cent in comparison to the record-breaking 40,530 units sold in 2005, and a 2.1 per cent decrease compared to 2004’s 36,258 sales.
“Year after year, Vancouver continues to be ranked as one of the best cities in the world to live in and that status is reflected in purchases and sales of some of the most valuable real estate in the country,” says REBGV president Rick Valouche. “We’ve seen year-end sales surpass 30,000 units for five consecutive years now, a first in our Board’s history.
“Although we’re seeing lower sales than last year, it’s important to note that the record-breaking sales pace of 2005 continued well into the first five months of 2006. Sales activity has been quieter since June, which is not a surprise considering we were breaking sales records on a monthly basis for well-over a year. We’re still seeing rising prices, though this is now happening at a slower pace,” Valouche says.
According to Multiple Listings Service® (MLS®) data for the period between January 1 and December 31, 2006, sales of apartment properties decreased 11.6 per cent to 15,088 sales, compared to 17,061 sales in 2005. Sales of attached properties decreased 7.3 per cent to 6,310 units sold, compared to 6,804 units in 2005. Sales of detached properties totaled 14,108 in 2006, a decrease of 15.3 per cent compared to 16,665 sales in 2005.
Overall housing sales for December 2006 decreased 27.7 per cent to 1,686 units in comparison to 2,332 in December 2005.
Sales of apartment properties decreased 28.3 per cent to 741 sales in December 2006 compared to 1,033 sales in December 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $329,906, up 17 per cent from one year ago.
Sales of attached properties decreased 28.8 per cent in December 2006 to 312 units sold, compared to 438 units in December 2004. The benchmark price of an attached unit is $410,234, up 16.6 per cent from December 2005. Sales of detached properties decreased 26.5 per cent from one year ago, at 633 in December 2006 compared to 861 sales in December 2005. The benchmark price of a detached home increased to $643,790, up 13.5 per cent from 2005.
“Whether buying or selling their homes, consumers who want to better understand the current housing market should contact their local REALTOR®,” advises Valouche.
The following news release was made by the REBGV recently. It's a great run down of how prices are continuing to rise, even though the number of sales is declining. Please feel free to contact me for additional information.
Another big year for Greater Vancouver housing sales
VANCOUVER, B.C. January 4, 2007 – Two thousand and six was another busy year for the real estate market in Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that there were 35,506 sales of detached, attached and apartment properties in 2006, a decrease of 12.4 per cent in comparison to the record-breaking 40,530 units sold in 2005, and a 2.1 per cent decrease compared to 2004’s 36,258 sales.
“Year after year, Vancouver continues to be ranked as one of the best cities in the world to live in and that status is reflected in purchases and sales of some of the most valuable real estate in the country,” says REBGV president Rick Valouche. “We’ve seen year-end sales surpass 30,000 units for five consecutive years now, a first in our Board’s history.
“Although we’re seeing lower sales than last year, it’s important to note that the record-breaking sales pace of 2005 continued well into the first five months of 2006. Sales activity has been quieter since June, which is not a surprise considering we were breaking sales records on a monthly basis for well-over a year. We’re still seeing rising prices, though this is now happening at a slower pace,” Valouche says.
According to Multiple Listings Service® (MLS®) data for the period between January 1 and December 31, 2006, sales of apartment properties decreased 11.6 per cent to 15,088 sales, compared to 17,061 sales in 2005. Sales of attached properties decreased 7.3 per cent to 6,310 units sold, compared to 6,804 units in 2005. Sales of detached properties totaled 14,108 in 2006, a decrease of 15.3 per cent compared to 16,665 sales in 2005.
Overall housing sales for December 2006 decreased 27.7 per cent to 1,686 units in comparison to 2,332 in December 2005.
Sales of apartment properties decreased 28.3 per cent to 741 sales in December 2006 compared to 1,033 sales in December 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $329,906, up 17 per cent from one year ago.
Sales of attached properties decreased 28.8 per cent in December 2006 to 312 units sold, compared to 438 units in December 2004. The benchmark price of an attached unit is $410,234, up 16.6 per cent from December 2005. Sales of detached properties decreased 26.5 per cent from one year ago, at 633 in December 2006 compared to 861 sales in December 2005. The benchmark price of a detached home increased to $643,790, up 13.5 per cent from 2005.
“Whether buying or selling their homes, consumers who want to better understand the current housing market should contact their local REALTOR®,” advises Valouche.
Tuesday, January 02, 2007
Happy New Year!
To everyone out there reading this - I hope you all have a very prosperous and entertaining new year!
My husband and I have made one resolution this year - we are going to be upgrading from an apartment to a house. We're very excited. As you know, buying a home, whether it's your first apartment, an upgrade or downsize, changes your life. If done properly, it will always be a change for the better.
Now that the holidays are over and done with, there's a good chance we'll see several new listings come online in the next few weeks - these are from all those sellers who didn't want to mix holiday fun with selling their homes. Let me know if you'd like more info.
Take care all, and have fun.
To everyone out there reading this - I hope you all have a very prosperous and entertaining new year!
My husband and I have made one resolution this year - we are going to be upgrading from an apartment to a house. We're very excited. As you know, buying a home, whether it's your first apartment, an upgrade or downsize, changes your life. If done properly, it will always be a change for the better.
Now that the holidays are over and done with, there's a good chance we'll see several new listings come online in the next few weeks - these are from all those sellers who didn't want to mix holiday fun with selling their homes. Let me know if you'd like more info.
Take care all, and have fun.
Monday, November 27, 2006
More listings means more choice for Buyers
This autumn has seen an increase in the available listings in Vancouver - in fact there are more homes on the market right now then there have been in a couple years. This gives buyers more choice, and causes sellers to be a bit more competitive with their pricing and terms.
This added benefit for buyers, combined with the low interest rates (still falling!) is making the market very friendly to get into right now. The upcoming holidays will likely see a drop in the listings again, so if you have been thinking about buying give me a call today so we can take advantage of this conducive market!
This autumn has seen an increase in the available listings in Vancouver - in fact there are more homes on the market right now then there have been in a couple years. This gives buyers more choice, and causes sellers to be a bit more competitive with their pricing and terms.
This added benefit for buyers, combined with the low interest rates (still falling!) is making the market very friendly to get into right now. The upcoming holidays will likely see a drop in the listings again, so if you have been thinking about buying give me a call today so we can take advantage of this conducive market!
Tuesday, November 07, 2006
Increasing Density in Vancouver
Please check out this link:
http://vancouver.ca/ctyclerk/councillors/mayor/announcements/2006/EcoDensity.pdf
As I've mentioned in previous posts, Vancouver is a growing city. While growth can be a great benefit to a city, there are certain issues that arise if the increased need for housing is not met with a well thought out approach. The increasing unaffordability of housing we are experiencing in Vancouver is one of these issues; likely the issue that currently affects us the most.
Another issue, however, is one much more serious and that perhaps does not quite affect our day to day lives at this moment, is the environmental impact that urban sprawl can create. The increase of land required (land generally moved away from food production, forests and parks), the increase of fossil fuels needed simply to get to and from work, and the increasing anonymity of the city are simple truths of an unplanned expansion.
Our Mayor has made a commitment to combating these issues by increasing density in the city. The idea is that if we can plan a tighter (spacially and neighbourly) knit community, our environmental footprint will be decreased, homes will become more affordable, and the quality of living will improve.
We have a real opportunity to affect the course of development by involving ourselves in this process. They are interested in everyone's opinion and ideas for making our city outstanding. I'll be sure to post meeting schedules and ways you can become involved on this blog, so if you feel this is of value - please come out and be part of the solution.
Stay dry - and have fun...
Please check out this link:
http://vancouver.ca/ctyclerk/councillors/mayor/announcements/2006/EcoDensity.pdf
As I've mentioned in previous posts, Vancouver is a growing city. While growth can be a great benefit to a city, there are certain issues that arise if the increased need for housing is not met with a well thought out approach. The increasing unaffordability of housing we are experiencing in Vancouver is one of these issues; likely the issue that currently affects us the most.
Another issue, however, is one much more serious and that perhaps does not quite affect our day to day lives at this moment, is the environmental impact that urban sprawl can create. The increase of land required (land generally moved away from food production, forests and parks), the increase of fossil fuels needed simply to get to and from work, and the increasing anonymity of the city are simple truths of an unplanned expansion.
Our Mayor has made a commitment to combating these issues by increasing density in the city. The idea is that if we can plan a tighter (spacially and neighbourly) knit community, our environmental footprint will be decreased, homes will become more affordable, and the quality of living will improve.
We have a real opportunity to affect the course of development by involving ourselves in this process. They are interested in everyone's opinion and ideas for making our city outstanding. I'll be sure to post meeting schedules and ways you can become involved on this blog, so if you feel this is of value - please come out and be part of the solution.
Stay dry - and have fun...
Tuesday, October 24, 2006
Want to sell quickly in the current market?
Part 4 - Showing your home's best side
So you've priced and marketed your home, and now you're ready to show it off. Some folks will simply tidy up their home and walk away, but there are many ways to give your home an edge in viewings. As with marketing, most homes will not need every one of the following ideas to be used, but it's important to be open to the possibilities - the more effort you put in, the better the final outcome.
It's important to really remember that buyers are most likely looking for their next home. If they walk in and there is little to no work to be done in order for it to feel like home to them, they are much more likely to buy. Also note that most folks will know within one minute of walking into a place, if they will consider it at all. First impressions are crucial.
Cleaning: I'm not just talking about having the dishes out of the sink! It's a really good idea to get a deep clean done before showings. Have the carpets and drapes shampooed, wash out the tubs, scrub the floors, wash the windows, dust the baseboards. The cleaner the better. If you don't have time (or inclination!) to do this, there are many cleaning services available for a reasonable cost.
De-Clutter: This is especially important in small condos. Take down some of your knick-knacks and box them up. In fact, take away any object that draws attention - you want them looking at the house, and not your personal things. If you have clothing, art supplies, books etc tumbling out of your closets (or even just filling them), remove somewhere between 25% to 50% of it, box it up and get it out of sight. The idea is for the buyers to actually be able to see the storage space, as opposed to what you're storing. It also creates the illusion of there being more of it. Consider it the beginning of your packing.
Front Door: Remember what I said about the first minute being the most important? A great front door is essential for that reason. Make sure the door doesn't stick, and that the handle works properly. If it's an older door, consider having it painted or replaced.
Exterior: The key, again, is to make it feel like home. If it needs it, consider a fresh coat of paint. It's a small investment, considering how much better your home will show. Grab some blooming flowers from a garden shop and plant them in the front yard or garden. Mow the lawn, do a little landscaping - the better it looks, the better price it'll fetch.
Interior: A fresh coat of paint on the inside can help a lot too. Examine old fixtures, leaky faucets, grout, carpet etc to see if they need to be repaired or replaced before showing.
Odor Control: We all love our pets, and often we don't even realize if our home has begun to smell like them. Get an objective opinion, and if there is a scent, be sure to air it out, cover it up, or whatever it takes to remove it. Even if your home has a neutral scent, it's not a bad idea to add something homey to the air. Baked goods in the oven are always a good bet. Be sure not to ever use anything too perfumey, for many people that's worse than a pet smell.
Furniture: We can't all be interior designers. With that in mind, I'd say many of us arrange our furniture a certain way out of necessity or what suits us best - not necessarily what would show off the home. Removing one chair, or moving one sofa could be all it takes to open up a floor plan, or highlight a window, fireplace or other feature, so it's always good to be open to minor changes.
Bringing in an interior designer for a consultation can be a good way to get feedback.
If your home is vacant, it's a very good idea to consider some level of home staging. Home staging is taking off in Vancouver right now, and the services have a huge range. What they do is send in a designer who then rents furniture, art, cutlery (whatever you need) to make the place seem more homey. It's is especially vital to use staging in small or awkward spaces where people might not know quite what to do with it if they saw it bare.
Art: Not everyone has the same taste in art - it's a very good idea to take down anything that might be construed as offensive, or too artistically challenging (if you have it, you'll know what I mean ;) ), to the general public and replace it with something tamer.
In the end, all these concepts are optional. As long as you're flexible on price, your home will sell eventually. These pointers will simply increase the perceived value of your home, and therefore increase the price you'll get for it. As with marketing there is truly an endless list of things that can be done to get your home ready for showing, so it's always best to be flexible, and keep an eye out for new ideas.
So that's the end of my "Selling quickly in the current market" four parter. If you have any questions, please, do not hesitate to contact me.
Part 4 - Showing your home's best side
So you've priced and marketed your home, and now you're ready to show it off. Some folks will simply tidy up their home and walk away, but there are many ways to give your home an edge in viewings. As with marketing, most homes will not need every one of the following ideas to be used, but it's important to be open to the possibilities - the more effort you put in, the better the final outcome.
It's important to really remember that buyers are most likely looking for their next home. If they walk in and there is little to no work to be done in order for it to feel like home to them, they are much more likely to buy. Also note that most folks will know within one minute of walking into a place, if they will consider it at all. First impressions are crucial.
Cleaning: I'm not just talking about having the dishes out of the sink! It's a really good idea to get a deep clean done before showings. Have the carpets and drapes shampooed, wash out the tubs, scrub the floors, wash the windows, dust the baseboards. The cleaner the better. If you don't have time (or inclination!) to do this, there are many cleaning services available for a reasonable cost.
De-Clutter: This is especially important in small condos. Take down some of your knick-knacks and box them up. In fact, take away any object that draws attention - you want them looking at the house, and not your personal things. If you have clothing, art supplies, books etc tumbling out of your closets (or even just filling them), remove somewhere between 25% to 50% of it, box it up and get it out of sight. The idea is for the buyers to actually be able to see the storage space, as opposed to what you're storing. It also creates the illusion of there being more of it. Consider it the beginning of your packing.
Front Door: Remember what I said about the first minute being the most important? A great front door is essential for that reason. Make sure the door doesn't stick, and that the handle works properly. If it's an older door, consider having it painted or replaced.
Exterior: The key, again, is to make it feel like home. If it needs it, consider a fresh coat of paint. It's a small investment, considering how much better your home will show. Grab some blooming flowers from a garden shop and plant them in the front yard or garden. Mow the lawn, do a little landscaping - the better it looks, the better price it'll fetch.
Interior: A fresh coat of paint on the inside can help a lot too. Examine old fixtures, leaky faucets, grout, carpet etc to see if they need to be repaired or replaced before showing.
Odor Control: We all love our pets, and often we don't even realize if our home has begun to smell like them. Get an objective opinion, and if there is a scent, be sure to air it out, cover it up, or whatever it takes to remove it. Even if your home has a neutral scent, it's not a bad idea to add something homey to the air. Baked goods in the oven are always a good bet. Be sure not to ever use anything too perfumey, for many people that's worse than a pet smell.
Furniture: We can't all be interior designers. With that in mind, I'd say many of us arrange our furniture a certain way out of necessity or what suits us best - not necessarily what would show off the home. Removing one chair, or moving one sofa could be all it takes to open up a floor plan, or highlight a window, fireplace or other feature, so it's always good to be open to minor changes.
Bringing in an interior designer for a consultation can be a good way to get feedback.
If your home is vacant, it's a very good idea to consider some level of home staging. Home staging is taking off in Vancouver right now, and the services have a huge range. What they do is send in a designer who then rents furniture, art, cutlery (whatever you need) to make the place seem more homey. It's is especially vital to use staging in small or awkward spaces where people might not know quite what to do with it if they saw it bare.
Art: Not everyone has the same taste in art - it's a very good idea to take down anything that might be construed as offensive, or too artistically challenging (if you have it, you'll know what I mean ;) ), to the general public and replace it with something tamer.
In the end, all these concepts are optional. As long as you're flexible on price, your home will sell eventually. These pointers will simply increase the perceived value of your home, and therefore increase the price you'll get for it. As with marketing there is truly an endless list of things that can be done to get your home ready for showing, so it's always best to be flexible, and keep an eye out for new ideas.
So that's the end of my "Selling quickly in the current market" four parter. If you have any questions, please, do not hesitate to contact me.
Friday, October 20, 2006
Want to sell quickly in the current market?
Part 3 - Cross Media Advertising
Proper marketing is essential in selling any product, and a home is no exception. The better your visibility in the market, the more likely you are to interest a larger number of buyers. I feel that to reach the greatest audience, a Realtor(R) needs to be open to marketing in as many ways as necessary. Not every home will need such widespread marketing, but some can use that extra touch. In this entry, I'm going to run through a number of marketing devices I personally use to sell a home, and detail exactly how they work.
MLS Online: The MLS website is by far the most widely used marketing tool available to Realtors(R). Most buyers and their agents use MLS to find their next home, and many homes sell using only MLS for their marketing. The important aspect to remember about MLS is that any tool is only as good as the craftsman wielding it. Listings with no photos, incomplete information or poor descriptions can get passed over very easily when a buyer is looking at a number of places. It's crucial to have those great pictures highlighting the homes features, as much information as possible, and a tantalizing description if you want your home to stand out.
Front Yard "For Sale" Sign: The front yard sign is another essential marketing device. When folks decide to look for a new home, many will drive around the neighbourhood they are interested in searching for such signs. It also makes your home much easier to find if someone spotted it on MLS and decided to drive by to take a look. The sign provides exposure in your immediate area, and instantly gives interested buyers my name and phone number, so they are less likely to trouble you personally with any questions.
Open Houses: An open house is an excellent way to have a number of buyers come through in a short amount of time. It also creates a buzz, as even more signs go up in the neighbourhood (pointing the way to the open house), and there are generally a number of people viewing the home at once. It can create an urgency for the buyers; "If I don't decide now, one of these people will buy it first", and it's also a more casual showing so folks can just show up within the time frame as opposed to making a formal appointment (this is especially great for busy buyers, or people who are not yet working with a Realtor(R)).
Print Materials: Another way to make your home stand out in the market is to have custom made information sheets. Many realtors only use the standard print out from MLS to give information about your home to your potential buyers, but I custom make my listing sheets and have them printed them in full colour. This extra effort stands out to buyers (and they're less likely to lose the information!).
Part 3 - Cross Media Advertising
Proper marketing is essential in selling any product, and a home is no exception. The better your visibility in the market, the more likely you are to interest a larger number of buyers. I feel that to reach the greatest audience, a Realtor(R) needs to be open to marketing in as many ways as necessary. Not every home will need such widespread marketing, but some can use that extra touch. In this entry, I'm going to run through a number of marketing devices I personally use to sell a home, and detail exactly how they work.
MLS Online: The MLS website is by far the most widely used marketing tool available to Realtors(R). Most buyers and their agents use MLS to find their next home, and many homes sell using only MLS for their marketing. The important aspect to remember about MLS is that any tool is only as good as the craftsman wielding it. Listings with no photos, incomplete information or poor descriptions can get passed over very easily when a buyer is looking at a number of places. It's crucial to have those great pictures highlighting the homes features, as much information as possible, and a tantalizing description if you want your home to stand out.
Front Yard "For Sale" Sign: The front yard sign is another essential marketing device. When folks decide to look for a new home, many will drive around the neighbourhood they are interested in searching for such signs. It also makes your home much easier to find if someone spotted it on MLS and decided to drive by to take a look. The sign provides exposure in your immediate area, and instantly gives interested buyers my name and phone number, so they are less likely to trouble you personally with any questions.
Open Houses: An open house is an excellent way to have a number of buyers come through in a short amount of time. It also creates a buzz, as even more signs go up in the neighbourhood (pointing the way to the open house), and there are generally a number of people viewing the home at once. It can create an urgency for the buyers; "If I don't decide now, one of these people will buy it first", and it's also a more casual showing so folks can just show up within the time frame as opposed to making a formal appointment (this is especially great for busy buyers, or people who are not yet working with a Realtor(R)).
Print Materials: Another way to make your home stand out in the market is to have custom made information sheets. Many realtors only use the standard print out from MLS to give information about your home to your potential buyers, but I custom make my listing sheets and have them printed them in full colour. This extra effort stands out to buyers (and they're less likely to lose the information!).
Other print materials that can be employed are flyers and open house invitations, which I hand out in your neighbourhood to raise awareness of the listing locally. Again, these should be custom made and printed in full colour.
Online Classified Ads: Newspaper classifieds are actually quite a bit less effective than many might think, but online classifieds, such as Craig's List, can be very effective. They have a huge readership, and their real estate section is widely known. Many folks I know say after MLS, Craig's List is where they'd next search for listings.
There are really endless possibilities when it comes to marketing your home, and more are popping up every day. It's important to have a Realtor(R) who will keep an eye out for fresh new ideas and really use those tools to your advantage.
Please watch for the final installment of this 4 part series, "Showing your home's best side".
Tuesday, October 17, 2006
Want to sell quickly in the current market?
Part 2 - Competitive Pricing
The key to selling quickly in any market is having your product stand out. In the current Vancouver housing market, one of the best ways to do so is to have a competitive price on your home.
Now I should take a quick moment here and clarify what I mean by "selling quickly". In the bustling Vancouver market the most activity around a listing occurs in the first two weeks. After that, interest can wain, and folks start to ask, "Why hasn't it sold? Is something wrong with it?". Lower offers can start coming in, and while it is certainly still possible to get the full price, after about a month it can be a good idea to consider changing something, often price, to get people interested again. By "selling quickly" I mean avoiding this process, and getting a done deal when people are excited and the listing is fresh. This is the best, often the only, time buyers will start bidding against each other, elevating the price you'll get for your home.
So what do I mean by a competitive price? The formula I've always used is 'a little more, a little less'. Essentially what it means is, we'll take a look at a few homes that are comparable to yours (in the same neighbourhood, with roughly the same square footage, number of bedrooms, lot size etc) that have sold recently. The value of homes in Vancouver is still steadily increasing, so we say the price will be 'a little more' than what those sold for. Then we would take a look at some homes currently on the market, again ones that are comparable to yours, and see what they are priced at. To make your home stand out against this competition, we say the price should be 'a little less' than what's currently out there. Hitting a number somewhere between these two prices will give you a competitive price, and a competitive listing.
This is probably the most important advantage we can give your home. It generates the most interest, as your home then appears to have better value for a buyer looking at all their options. More people are then interested and there is a better chance you'll have several offers to look at, perhaps even a few above asking price!
Watch for my next entry on "Cross Media Marketing" later this week.
Part 2 - Competitive Pricing
The key to selling quickly in any market is having your product stand out. In the current Vancouver housing market, one of the best ways to do so is to have a competitive price on your home.
Now I should take a quick moment here and clarify what I mean by "selling quickly". In the bustling Vancouver market the most activity around a listing occurs in the first two weeks. After that, interest can wain, and folks start to ask, "Why hasn't it sold? Is something wrong with it?". Lower offers can start coming in, and while it is certainly still possible to get the full price, after about a month it can be a good idea to consider changing something, often price, to get people interested again. By "selling quickly" I mean avoiding this process, and getting a done deal when people are excited and the listing is fresh. This is the best, often the only, time buyers will start bidding against each other, elevating the price you'll get for your home.
So what do I mean by a competitive price? The formula I've always used is 'a little more, a little less'. Essentially what it means is, we'll take a look at a few homes that are comparable to yours (in the same neighbourhood, with roughly the same square footage, number of bedrooms, lot size etc) that have sold recently. The value of homes in Vancouver is still steadily increasing, so we say the price will be 'a little more' than what those sold for. Then we would take a look at some homes currently on the market, again ones that are comparable to yours, and see what they are priced at. To make your home stand out against this competition, we say the price should be 'a little less' than what's currently out there. Hitting a number somewhere between these two prices will give you a competitive price, and a competitive listing.
This is probably the most important advantage we can give your home. It generates the most interest, as your home then appears to have better value for a buyer looking at all their options. More people are then interested and there is a better chance you'll have several offers to look at, perhaps even a few above asking price!
Watch for my next entry on "Cross Media Marketing" later this week.
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