Getting Friends to Spread the Word about Your Listing

 

 

When you list your home for sale, you want as many buyers as possible to find out about it. So consider how many friends, neighbours and work colleagues you have. Then think about how many people they know.

 

The number is likely in the hundreds. One of those people could be looking for a property just like yours.

 

That’s why getting your friends to spread the word about your listing is so effective. How do you do that?

 

One strategy is to have a moving party. This gives you an opportunity to ask your friends, as a group, to tell others about your listing.

 

You can also encourage your friends to bring a guest who is currently in the market for a new home.

 

Another good idea is to put a profile of your listing on Facebook. This is the fastest and most convenient way for your Facebook friends to point others to your listing.

 

Do you have friends who work at larger organizations like banks and factories? They probably have access to an employee lunch room with a bulletin board. You can spread the word by asking them to put up an information sheet on your listing.

 

Try one or more of these ideas. Combined with my marketing plan for you, they can help get more qualified buyers to your doorstep.

 

Want more tips on promoting your listing? Call today.

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Important Things to “Fix Up” before Selling

 

 

 

When you’re preparing your home for sale, it’s not unusual to need to fix up a few things around the property. After all, you want your home to look its best to buyers, so that you get good offers, quickly.

 

What do you need to fix? Here are three categories that will help you create and prioritize your list.

 

1. Anything that squeaks or creaks.

 

Is there something in your home that makes a noise it shouldn’t be making? Perhaps it’s a rattling closet door or a creaking floor board? You may be so used to it you no longer notice the sound. But buyers will. Be sure to get those items fixed.

 

2. Anything that’s unsightly.

 

You don’t have to make your home look perfect. However, things that are unsightly will likely get buyers’ attention. You want them to focus on the terrific features of your property, not the scuff on the wall. Take a walk through your property, including the yard. Pretend you’re the buyer. Do you notice anything that doesn’t look good? If so, tidy it up, fix it up or replace it.

 

3. Anything that’s broken.

 

If there’s anything that needs repair — an outside tap that’s not working, or a sliding door that regularly careens off its runner — call the contractor or fix it yourself.

 

Getting these items fixed will go a long way toward making your home appealing to buyers.

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Making an Offer in a Competitive Market

 

Imagine finding a home you love, making an offer, and then finding out there are other competing offers on the table. Ouch.

 

If you’re looking for a property in a competitive market, it is likely that there will be multiple offers. Even just one can create the risk that you’ll lose the home. So how do you make sure your offer is enticing enough to win over the seller?

 

Here are some ideas:

 

• Don’t make a low-ball offer. If you do, it might be dismissed and you probably won’t get another chance to bid — especially if the other competing offers are near the listing price.

 

• Have a pre-arranged mortgage and include that with your offer. This reassures the seller there won’t be any money issues. (Most lenders will provide you with a pre-arranged mortgage certificate for this purpose.)

 

• Go in with a price high enough that the seller will be interested, but not so high as to be leaving money on the table. This is tricky and requires a savvy knowledge of the current market.

 

• Have a REALTOR® present the offer on your behalf. A REALTOR® will know how to do so professionally, and in a manner that gives you the best chance of getting the home.

 

In a competitive situation, working with a REALTOR® who is an expert on the local market — and a skilled negotiator — is crucial.

 

Looking for a REALTOR® like that? Call me today 778-834-7355.

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How to Cut Your Electricity Bill in Half

 

 

You don’t have to freeze in the winter or start reading by candlelight to reduce your electricity bill. There are many simple ways to use less power with little, if any, impact on your lifestyle.

 

A good place to start is with your electronics.

 

According to the David Suzuki Foundation, “Any gizmo that has a clock, digital timer, remote control or standby mode is sucking energy when it's not being used (it's called 'phantom electricity' — and it's scary how much of it there is).” So keep them unplugged as much as possible. Also, unplug charger cords for phone and computers when not in use. Even when not connected to the device, they still suck power.

 

Another easy change to make involves your lights. Switching to compact fluorescent (CFL) or LED light bulbs can save you a lot of energy. They’re 75% more efficient.

 

Finally, the old-fashioned method of insulating doors and windows can work wonders for lowering your electricity bill. In fact, some particularly drafty homes can lose up to 40% of their heat. Check for drafts regularly and repair or replace insulation as needed.

 

None of these ideas will impact your day-to-day living. Yet, they could potentially save you a bundle.

 

Just some small tips to save money even through snowmageddon.

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I have quite a few clients that are first time buyers and they've either shyed away from jumping head first into the rising market because of bidding wars or high cost, but now the government has stepped in and offered some help. The deal with the loan that everyone should be aware of is... It is a loan. You do have to pay it back in full, its not free money. The loan is interest free for the first 5 years, which is nice, but come year 5, you are responsible for keeping up with your monthly installments. 

 

As of January 16th the applicantions for the first time buyer's loan have been opened. They are set to approve 30 applications right off the bat. 

 

"Those already hunting for their first home, however, should know the loans are not available right away — the closing date on a purchase must be after Feb. 15, 2017 for your application to be considered."

 

Premier Christy Clark has said the second-mortgage program will help first-time homebuyers get into the "really tough housing market," but critics say it exposes buyers to too much debt and favours "a very privileged set of people." 

 

"If you get into the marketplace and get a little bit of equity, it can change your life," said B.C. Housing Minister Rich Coleman, who shared the story of his first home — a mobile home in Alberta — before building his own house a year later.

 

"The challenge of course is coming up with that down payment." Coleman said Monday afternoon that about 60 applications had already been started, 29 were submitted, and eight would receive letters of approval on Tuesday.

 

This loan is something you should think long and hard about taking. It does serve a purpose for those that just need to get there "in" into the real estate market. 

 

If you have any other questions about getting into the real estate market, please feel free to give me a call 778-834-7355. 

 

Full report from CBC News 

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We can safely say that we have noticed a shift in the real estate market in Greater Vancouver. Since the 15% forgein buyer tax was implemented we have noticed that homes are rarely going into bidding wars and subjects are beginning to be looked at and accepted again. Most of the buyers (including first time home buyers) are coming out and finally ready to pull the trigger on buying a home without feeling like they must compete. This is glimpsing back to what the Real Estate market was like 3-4 years ago. This article from Real Estate Board of Greater Vancouver shows the dip in the real estate market: 

 

"Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. Last month’s sales were 15 per cent below the 10-year October sales average.

 

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed. Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).

 

The sales-to-active listings ratio for October 2016 is 24.4 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.

 

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.

 

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.

 

Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016."

 

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Buyers & Sellers Face Changes in Real Estate Market 

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.

 

Last month’s sales were 9.6 per cent below the 10-year sales average for the month. “Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).

 

The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

 

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

 

Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.

 

Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.

 

Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

 

Repost from Real Estate Board of Greater Vancouver website. Original article HERE 

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Vancouver housing is expensive and always has been!

I loved this article and had to share it! It's from the BC Business website. Original link below! 

 

Vancouver has a long history of pricey housing, especially since the Second World War, and an equally long history of speculation about causes and potential solutions. In 1949, the Vancouver Housing Association noted, “There is a widespread illusion that with the rise in incomes, home ownership is possible for almost everybody. The facts are that owing to a still greater rise in building costs, fewer people can afford to build now than before the war.”

 

By the 1960s, the chairman of the Vancouver housing committee was recommending smaller lots or row housing to address affordability, while the Greater Vancouver Real Estate Board touted infill housing in 1976 to ease the high cost of single family homes. Just a year earlier, the United Way of Greater Vancouver was blaming municipal red tape for the skyrocketing cost of housing.

 

The Canadian Real Estate Association first started tracking housing market statistics in 1980, and since that time Vancouver real estate has been the priciest in the country—apart from a period in the late ’80s when Toronto briefly pulled ahead (see graph below). Ever since, however, Vancouver has been in a league of its own—with prices spiralling upward to increasingly dizzying heights. This year appeared to follow that trend—at least until the province muddied the waters with a foreign buyer’s tax in June 2016. Whatever that tax’s impact, there’s little doubt that talk about “our crazy market” will continue for many years to come.

 

What people have been saying throughout the decades...

 

THE '80s

 

“People should not think single family home ownership is a right and ... a young couple should not expect their first home to be like the one their parents had.” –Vancouver Sun, April 2, 1981

 

“Real estate is expensive because land is scarce around the city and because ‘Vancouver is the California of Canada,’ says Carl Nielsen, president of Block Brothers Realty Ltd.” –The Gazette, June 12, 1985

 

“Real estate analysts attribute the current housing boom to B.C.’s strong economy and to growing interest from offshore buyers.” –Vancouver Sun, January 5, 1989

 

THE '90s

 

“Vancouver has the highest cost of housing in Canada, after three years of rapid increases that pushed the price in several working-class neighbourhoods beyond the reach of many new home buyers.” –Globe and Mail, August 12, 1993

 

“Colossal increases in the price of average-sized lots have made many new houses unaffordable for average homeowners.” –Vancouver Sun, May 4, 1996

 

“Vancouver continued to be the most expensive city in Canada for house buyers last year despite steep price declines.” –Globe and Mail, January 5, 1999

 

THE 2000s

 

“The cost of housing in Vancouver, already the highest in Canada, is predicted to climb still higher, an RBC report says today.... Not only is the city’s housing the least affordable of any major Canadian city, it’s the least affordable it has been in more than five years.” –Vancouver Sun, November 18, 2004

 

“The buzz leading up to the 2010 Winter Olympics will continue to drive up housing prices in Vancouver next year, Royal LePage said yesterday in a new market survey.” –The Province, December 18, 2007

 

THE 2010s

 

“[I]n Vancouver, the country’s priciest market, as in other ‘globalized’ markets like Sydney and Hong Kong, Asian wealth is coming in as investors diversify and look for hard assets, fuelling valuations that in some cases are ‘extreme.’” –Globe and Mail, June 16, 2011

 

“Soaring housing prices have squeezed out a generation of young buyers from ever owning a place with a front lawn and backyard.” –Globe and Mail, June 3, 2015

 

Original & Full Article from BC Business link : HERE 

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Tri-City Neighbourhood Profile: Pitt Meadows

 

Those that grew up closer to Vancouver or in Vancouver think Pitt Meadows is extremely far way, when in actuality it is quite close. With the newer Pitt River bridge it's a breeze to commute from downtown Vancouver into Pitt Meadows.

 

Pitt Meadows is located just across the Pitt River bridge, its a small yet strong community. There are people of all ages, and all walks of life living there. From condos to homes with acreage there is something for everyone within your budget. There are many growing families in this quiet city due to the fact that their are so many schools within walking distance, parks, bike trails, and activities at your door step. This city has a huge sense of community. Neighbours watch out for neighbours, kids still play in the streets, and the community comes together a few times a year to celebrate days such as Pitt Meadows Day! Pitt Meadows Day is a parade that comes down Harris Road (the main drag) at the beginning of the every summer. It's a way for the people of Pitt Meadows and some people from Maple Ridge to support those working in the community and have a few laughs at the firemen dressed up like clowns. Don't miss the Pancake breakfast and BBQ dinner put on by the Lions Club and the Firefighters.

 

Parts of Pitt Meadows to keep your eye on - Osprey Village, Somerset, Farmlands, and South Bonson. If your in the market for a house, keep your eyes open for the Bonson area (has many newer homes) or Somerset for the older yet well-kept neighbourhood. The homeowners in Pitt Meadows take pride in their homes and you can tell just by taking a drive down one of the many residential streets. 

 

Best places to eat in Pitt Meadows:

 

1.) Lunch Doctor - Only open Tuesday-Saturday until 4pm but the best homemade sandwiches and soups in the city. 

2.) Artista Pizza - BEST Napolitana style pizza made in a wood overn. 

3.) The Other Guys Pizza & Pasta - Their pastas are handmade and the pizzas have this delectable meat sauce instead of plain tomato sauce. 

4.) Kabuki Sushi - Inexpensive and very good sushi in the tri-cities.

5.) Jolly Coachman Pub - You can't go wrong with this pub. It's where all the locals of Pitt Meadows hang out 90% of the time. Meet your neighbours and new friends while enjoying their daily specials that you cannot resist. 

6.) Eat at one of the many golf clubs: Swaneset, Golden Eagle, Pitt Meadows Golf Club, Meadow Garden. 

7.) The many fruit stands set up in the summertime.

8.) Hopcott Meats - great food, takeaway lunches/dinner and great BBQ'ing meat.

 

What to do in Pitt Meadows:


- Walk the Dykes

- Walk along the Fraser River

- Stroll through Osprey Village

- Take your dog to the two large dog parks (Hoffman Park and North Bonson)

- Check out a $4.75 movie at Hollywood 3 Cinemas 

- Take flying lessons at the Pitt Meadows Airport

- Take a helicopter ride at Sky Helicopters 

- Sky drive! 

- Golf at one of the 4 golf clubs. 

- Pick fresh fruit in the summer at the various farms

- or just head to Winners/Homesense to do some shopping!

 

I can't say enough about this community. There is a facebook group once you move to Pitt Meadows that notifies you about everything going on in the community (good or bad). It's a great resource to stay informed. 

 

Detached home in Pitt Meadows range from $615,000 - $2,200,000. Attached homes range from $250,000 - $550,000. It has a price range that fits most buyers budgets. 

 

If you want to know more information about Pitt Meadows, feel free to check out the video on my website: 

http://taramatthews.com/neighbourhoods.html

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Tri-City Neighbourhood Profile: Port Moody

 

There are so many reasons to love Port Moody, it's quiet, right on the water, quaint, full of life, and a growing foodie haven. Port Moody has transformed itself over the years into a hub for young families and maturing couples. It's a great safe community to raise your children with fantastic schools and programs to entertain kids of all ages.

 

 

Why we love Port Moody:

 

Like stated in the first paragraph, Port Moody is a safe community. Children still play outside on sunny days and walk home from school, you'll always be greeted with a "hello" when walking your dog through Rocky Point, and you'll never have a shortage of cafes or restaurants to sit at and people watch. This lovely community is really becoming the most desirable neighbourhood to live in the tri-cities and the real estate prices show the demand.

 

Real Estate in Port Moody:

 

Port Moody has grown immensely with the additions of Klahanie, Suter Brook, The Station on St. Johns and of course Heritage Mountain. The rapid growth and quality developments have brought people from all over to this city. With the influx of people the demand for homes is greater then 5 years ago, and we are really seeing that demand raise housing prices to a record level. Townhomes in Klahanie range from $650,000 to $900,000, Houses on Heritage Mountain range from $1,000,000 to $2,500,000+. It's a craze that we don't see truly dying off. Port Moody is one of those neighbourhoods that you wont want to leave, it has it all for the suburbs. You are only 30 minutes to downtown (on days without traffic), you're close to West Coast Express, Close to Lakes (Buntzen, White Pine Beach) and the Ocean, You have restaurants, shopping within a 5 minute drive or walk, and you are close to Coquitlam Centre for all the rest of your needs. It's population will continue to expand so keep you eye on this gem of the tri-cities.

 

 

Places to Eat/Drink/See in Port Moody:

 

Our top places to explore in Port Moody are: Romer's Burgers, JJ Bean, Gallagher's Cafe, Caffe Diviano, Browns Social House, Nagano Sushi, Yellowdog Brewery, Parkside Brewery, Moody Ales, Twin Sails Brewery, Charlie & Carlos, Brew Street, Boat House, Rocky Point Ice Cream and The Burrard.

 

 

If you're in the city check out these parks: Rocky Point Park, Buntzen Lake, White Pine Beach, Belcarra.

 

 

If you are thinking of moving or selling in Port Moody, don't hesitate to give me a call!

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How the new foreigner tax is affecting Canadian homeowners

Article by REP 

 

 

 

Cardboard moving boxes are piled about the living room of an otherwise half-packed house nestled on a tree-lined residential street in a quiet Vancouver-area suburb _ a scene frozen in time that the home's owners blame on British Columbia's controversial new tax on foreign buyers.

 

The in-transition state of the home in Coquitlam has been the status quo ever since its owners learned the house's sale, which they understood was a done deal, was thrown into question by the tax.

 

The couple is at risk of losing an $80,000 deposit they made to purchase a smaller duplex further east in the city, and reneging on the real estate contract would also open them up to being sued. "We feel like we've been let down,'' Heather Nyberg told reporters Tuesday in the family's small backyard as the couple's two young children, aged one and three, played together in the grass. "I just feel really disappointed that our family and many, many others like ours are being affected by a poorly planned tax that's unfair because it's retroactive.''

 

The B.C. government has said the 15-per-cent tax is aimed at addressing skyrocketing real estate prices in Metro Vancouver, the province's most densely populated region. The levy came into effect Aug. 2, days after it was announced, sparking a frenzy of last-minute activity as buyers and sellers rushed to close deals.

 

The couple sold their home earlier this year, but the deal isn't slated to close until Sept. 15. Nyberg said the people who agreed to buy their property had originally provided a local address, but that shortly after the tax was announced she and her husband discovered they were based in China.

 

She said the buyers' real estate agent won't reveal whether the clients are foreign but has floated the idea of the couple helping to pay part of the 15-per-cent tax. The confusion has created additional uncertainty around the deal, Nyberg said.

 

Housing Minister Rich Coleman said in an email that the initial adjustment period may be difficult, but the tax will eventually reduce demand from foreign investors until supply catches up to local needs. "This transition period is expected to be short-lived, and over the long term the additional property-transfer tax will help to ensure British Columbians can continue to raise their families in Metro Vancouver communities,'' he said. Nyberg's husband Dan Zimmermann said the new law has put the couple under a lot of strain and uncertainty, which defeats the purpose of selling it in the first place. "All we wanted to do was reduce the stress and reduce the size of our mortgage, and all of that's been thrown up in the air now,'' he said, adding that the change was also designed to allow them to spend more time with their children. "We made the best decision with all the information we had at the time and that's all we can do.'' Nyberg said if the sale of the home they bought three years ago falls through, they would likely have to back out of buying the new property because they can't afford two mortgages.

 

"I've stopped packing. I don't want to move into a duplex then move back three days later. Until we get more information we can't really make a plan,'' Nyberg said. ``We are just really stressed out. "We'd been doing these weekly drive-bys of our new place so my son can get used to it. We're really excited to join a new community where there are more families.

 

We had been setting up our lives to move and now we don't know what's going on.'' Jodie Wickens, an Opposition NDP politician who represents the area in the legislature, said she receives dozens of calls and emails every day from people affected by the tax. "I think that families that entered into a contract with an understanding shouldn't be unfairly penalized,'' she said. "To be impacted by this bill in such a negative way is unfair and unnecessary. It's not putting British Columbians first at all. It's a reactionary way to deal with bad headlines.''

 

Read original article HERE 

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With a slight slow down in the market this summer the Real Estate Board of Greater Vancouver has indicated a 18.9 per cent decrease compared to July 2015 a 26.7 per cent decrease since June 2016. June 2016 was an extra hot month where 4,400 homes were sold. 

 

" This is the first time since January that home sales in the region have registered below 4,000 in a month. “After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.

 

Last month’s sales were 6.5 per cent above the 10-year sales average for the month. “Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 per cent increase compared to the 5,112 units listed in July 2015 and a 10.8 per cent decrease compared to June 2016 when 5,875 properties were listed.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 per cent decline compared to July 2015 (11,505) and a 6.9 per cent increase compared to June 2016 (7,812). The sales-to-active listings ratio for July 2016 is 38.6 per cent.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time." 

 

The Real Estate market in the tri-cities and Vancouver is still moving, but its just not moving with the same force it was just two months ago. This new Foreign Buyer Tax has put a hault on some projects and sales due to the unexpected extra monies owing. Real Estate is very much a rollercoaster ride but the silverlining is prices are staying steady which means you will sell for ask or over and you will be able to buy a home without paying $100,000+ over asking price. 

 

original article from the Real Estate Board of Greater Vancouver - Link HERE 

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A News1130 Article was posted today regarding BC bringing in a 15% property transfer tax for forgein buyers in Vancouver.

 

Here is the story:

 

METRO VANCOUVER (NEWS 1130) – The province will start singling out foreign buyers with a new 15 per cent property transfer tax as a way to cool demand for Metro Vancouver real estate.

 

The BC Liberals introduced legislation to make several changes during a special summer session in Victoria this week.

Foreign nationals and foreign-controlled companies will be hit with the levy.

 

The BC government says 15 per cent tax will amount to about $300,000 in tax on the sale of a $2-million home.

The size and footprint of the tax can be adjusted once we see how the tax affects the market.

 

The tax can be increased and decreased between 10 and 20 per cent. Regional districts outside of Metro Vancouver can be included if the tax pushes foreign buyers to other areas.

 

Finance Minister Mike de Jong says the specific motivation behind the tax is to decrease demand, but there’s going to be a bonus for people struggling to buy something affordable or find a place to rent. He says the cash collected under this tax will go into something they’re calling the Housing Priority Initiatives Fund for provincial housing and rental programs.

 

“Some of you will be thinking how much? We can’t say with certainty the proceeds of the additional property transfer tax are but we are resolved to keep the public informed and continue to release data.”

 

 

The property transfer tax for foreign buyers represents a departure from the BC Liberals’ position in the past.

The finance minister said just two months ago he has a “significant bias” against a punitive tax singling out foreign buyers. Premier Christy Clark shot down the idea when it was proposed by the creator of a petition on the subject last year.

 

Clark says they’re taking action based on data collected over the last few weeks.

 

“I have always said every suggestion that we’ve received is on the table. I’ve said that consistently and those have been suggestions from critics, from municipal governments, from academics and our job has been to take those suggestions and turn them into legislation.”

 

Clark adds the data they’ve been collecting over a less-than-two-month period has contributed to the change of heart.

 

The province changed the rules in May, requiring foreign buyers to declare their citizenship on the property transfer tax form.

 

Data gleaned from the forms between June 10th and July 14th shows foreign buyers spent about $1-billion residential real estate in BC and 86 per cent of that was spent in the Lower Mainland.

 

The tax kicks in next Tuesday.

 

The BC government’s legislation also includes changing the Vancouver charter to allow the municipality to tax vacant homes and changes recommended by an independent advisory group on real estate in Metro Vancouver.

 

Article taken off News1130, please follow this link for original story. 

http://www.news1130.com/2016/07/25/bc-brings-in-15-property-tax-for-foreign-buyers/

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Buying and Selling Real Estate in Tri-Cities such as Coquitlam Continues to Remain Active 

 

Modern Coquitlam House

 

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.

 

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

 

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.

 

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).

 

The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June 2015.

 

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.

 

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.

 

Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.

 

Article taken from: Real Estate Board of Greater Vancouver

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Setting the right list price for a home is a mystery for many sellers. How do you begin to determine what buyers are likely to pay for your property? Afterall, no two homes are exactly alike.

 

tara-matthews-house

 

Yet, setting the right price is crucial. You need to avoid the two price “tipping points” that, if crossed, can cause you a lot of problems.

The first tipping point is a price that’s low enough for buyers to begin

thinking something is wrong. They wonder, “Why is your price so low? What are you not telling us about your property?” But that’s not even the worst problem with this tipping point. If you do get offers at that low price, you’ll have a bigger issue – leaving thousands of dollars on the table.

 

The other tipping point is setting your price so high it discourages buyers from giving your listing a second look. When your price is that high, you’ll get few enquiries and even fewer people coming to see your property. Of course, you can lower your price later, if necessary. But experience shows that reduced prices make potential buyers skeptical. Most sellers who price high in the hopes of getting a windfall actually end up selling for much less than they would have if they had priced their properties correctly in the first place.

 

So what’s the right price to list your property? The answer is somewhere in-between those two tipping points.

 

Call today for help determining the right price for your property.

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Are you trying to weigh out the pros and cons of selling or renovating your Central Coquitlam home?

Central Coquitlam Home

Determining if you should buy a new home or fix up your current one isn't easy. In fact, the decision can be steeped in so much drama they make reality TV shows about it!

So if you're considering whether to move or improve, here are the three things to consider:

 

1. Will a renovation truly fix what you don't like about your property?

 

If you’re tired of a small kitchen, for example, it might not be possible, given the layout, to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cosy fireplace then a renovation could make that happen. Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.

 

2. How much will a renovation cost?

 

How does that compare to the cost of moving to a new home? It’s important to get accurate estimates of each so you can make a smart decision. This is where a good REALTOR® can help. Keep in mind that renovations have a habit of costing more than you originally anticipate. As mentioned earlier, the final result should be a home you want to stay in for quite some time.

 

3. Beware of compromising versus settling.

 

Whichever decision you make —renovate or sell — you can expect to have to make at least some compromises. That’s normal. For example, consider adding an extension to your house. That’s a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home designed to include the space you need?

 

Yes, it is a tough decision! If you're in the midst of trying to figure it out, Call Me Today and I can help you get the facts you need to make the best choice for you!

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About to put an offer on a Central Coquitlam home? Here's one thing you will want to make sure you have in your contract - the right to a home inspection!

Central Coquitlam Home Inspection


When you make an offer on a home, it’s a smart idea to have a professional home inspector check it out from top to bottom. This inspection will ensure that the property doesn’t have any unexpected “issues”. After all, you don’t want to buy a home only to discover that the roof needs to be replaced, immediately, for thousands of dollars.


That being said, you might question whether you really need to invest the few hundred dollars it costs for a professional home inspection. “The home we want to buy looks like it’s in very good shape,” you might be thinking. “I can’t see anything wrong with it.”

However, a professional home inspector can see things you can’t. When you view a property that’s on the market, you might be able to notice obvious issues, like a crack in the foundation or a dripping faucet. If you’re experienced with home maintenance, you might even notice roofing tiles that look like they’re overdue for replacement.

But you won’t pick up all the issues a home inspector can. A home inspector will, for example, use a special device to check for moisture build-up in the washrooms – which can be an indication of mould.

He or she will also inspect wiring to make sure everything is safe and compliant with the building code.


That’s not all.

Like a determined detective, a home inspector will investigate the property’s structure, electrical and plumbing systems, insulation, and other components — and then report the findings to you.

In the end, a professional home inspection gives you peace-of-mind and protects your investment. So getting one is highly recommended
— even for recently built homes.

At Team Tara Matthews, we have a list of trusted home inspectors that we would recommend for you. Looking for more ideas on making smart decisions when buying a Central Coquitlam home? Don't wait, call us today.
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Deciding what to price your home in Central Coquitlam? It can be tough. Team Tara Matthews has some insight for you on Home Pricing.

Central Coquitlam Home

As you're probalby aware, the list price you set for your home has an impact on how quickly it sells - and how much you earn on the sale.

What you may not realize is just how significant an impact is has. Consider the following examples:

 

Example 1:

You price your property well above it's current market value. As a result, many buyers don't bother to see it because it's outside of their search price range. Those who do see it are confused by the high price tag, (and may even be suspicious.) They may wonder, "What's going on?"

 

In this scenario, the home will likely languish on the market for weeks or even months. You might even have to lower the price dramatically to re-ignite interest.

 

Example 2:

You price you property just a couple of percentage points lower than what is necessary to gain the interest of qualified buyers. That might not seem like much of a problem. How much can a couple of percentage points matter?

 

Those points matter, a lot.

 

On a $400,000 property, pricing your home just 2% lower than necessary could cost you $8,000 on the sale. That's a serious amount of money!

 

So, as you can see, pricing your home right is serious business. Fortunately, you've come to the right place. A great Realtor® like myself at Team Tara Matthews knows how to set the price right. Contact me today!

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Are you in the market for purchasing a home in the Central Coquitlam area? Read about some tips below from the Realtors® at Team Tara Matthews.

Surprising Ways Buyers Find Homes
Do you ever wonder how most people find the homes they eventually buy?
You might imagine them driving by a “For Sale” sign or seeing a home for
sale in the newspaper and then calling to enquire.
Of course, many buyers find out about listed properties that way. But,
according to research by the National Association of Realtors, there are
many other sometimes surprising ways buyers find their next dream home.

Central Coquitlam Home


For example:
•88% of buyers find a home with
the help of a real estate agent.
•90% of buyers search online as part of the home buying process.
(Such as viewing a property’s profile on the agent’s website.)
•69% of buyers searching for a home using Google, use a specific
local term, such as “Whitbysouth homes for sale”.
•29-46% of buyers attend an Open House as part of their home
hunting activities.

 


Overall, the research shows that buyers are using a multitude of ways
combining online and offline methods to find homes.  

What does all this mean to you? If means that if you’re preparing your home
for sale, you need to ensure your marketing plan takes into account all the
ways buyers are finding properties so you can be sure that they will find
yours.

Looking for a REALTOR® in Central Coquitlam who knows how to market your home for
maximum exposure? Call Tara Matthews and Team today.

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Here are some helpful summer maintenance tips to keep your home in great shape. These tips are important when keeping a future sale in mind. A well maintained home keeps your future costs down and minimizes problems with potential home buyers.

Exterior:

Examine and repair caulking of the windows, stucco, and trim (to prevent water, dust, dirt and insects from entering your home)
Examine paint on siding, trim, and doors (paint is essential for protection and appearance)
Clean and remove debris from gutters if present
Examine roof for loose, cracked, or missing shingles/tiles and repair as necessary
Trim trees and shrubs away from home, including roof

Interior:


Examine and repair caulking at the windows for weatherization and insect control
Close the chimney damper to improve air conditioning efficiency
Clean and wax or oil cabinets to protect the finish
Examine and repair/replace (if needed) weather stripping on exterior doors and windows to reduce energy costs
Examine and repair bath tile grouting, if needed, to prevent moisture damage
Lubricate and adjust locks, hinges and latches
Examine window locks for proper operation and repair as needed
Adjust registers (balance flow) for cooling
Lubricate garage door roller shafts (not tracks) and tighten bolts
Examine cabinets, drawers, and hinges for proper alignment - tighten and adjust as necessary
Clean dryer vent duct and damper to remove any lint or obstructions
Have your a/c or heat pump, and/or evaporative cooler cleaned and serviced by a qualified technician
Replace heat pump or a/c filters

 

 

**Courtesy of 604Inspectors

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