When you’re about to sell your home, it may be disheartening to see so many other properties for sale in your neighbourhood. You may be thinking, “That’s a lot of competition! Will our property get noticed?”

 

Fortunately, there are many proven strategies for standing out in a sea of For Sale signs.

 

First of all, keep in mind that many home purchasers come from the REALTOR’S personal network of buyers who want to move into your area. So, choosing the right REALTOR® is crucial.

 

Second, remember that when there are other properties for sale on your street, curb appeal becomes even more important. There are many simple things you can do to make your property look great to those driving around looking at homes. Make sure your property looks as picture perfect as possible.

 

In a competitive market, it’s also more important than ever to highlight features of your home that are unique and enticing. If, for example, you have a large backyard deck and brand new hardwood flooring, make sure these are mentioned prominently on the feature sheet.

 

Finally, be as flexible as you can be when scheduling viewings and open houses. Don’t forget that other listed properties in your neighbourhood draw in buyers, who may notice your home. It’s not uncommon for a buyer to view a property and then scout the neighbourhood. So, you want buyers to be able to see your home on short notice and at a convenient time for them. If there are several other nearby properties for sale, it means things are hot from a real estate point of view. You want to roll out the red carpet to buyers.

 

Looking for help selling your home quickly and for the best price? Call today! (778) 834-7355

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When considering which of two or more competing offers to accept for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket.

 

However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well.

 

For example, what conditions are in the offer? If Offer #1 is conditional upon the buyer selling his current property for a specific amount, then what if that doesn’t happen? You could end up with an offer that dies and be forced to list your home all over again.

 

In that circumstance, accepting the lower offer may be your best move.

 

There’s also financing to consider. Most buyers will attach a certificate from their mortgage lender to show that they can afford the home and will likely secure financing with little difficulty. If you get an offer where the ability of the buyer to get financing is in doubt, that’s a red flag.

 

The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider.

 

As you can see, assessing competing offers isn’t as easy as it looks. Fortunately, as your REALTOR®, I will guide you toward making the right decision.

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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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