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GARBUTT + DUMAS REAL ESTATE TEAM
630 Fifth St
New Westminster, BC, V3M 2X9
604.805.3115
info@gdrealestate.ca




James Garbutt

TO BUY FIRST OR SELL FIRST? THAT IS THE QUESTION…

TO BUY FIRST OR SELL FIRST? THAT IS THE QUESTION…

Many of our clients find themselves in the dilemma of buying first or selling first, and there is no universal answer. We hope this article will give you some clarity on the questions to ask yourself when the time comes for your next purchase or sale.

Let’s assume the seller will not consider a ‘subject to sale’ offer… because if they will, go this route and don’t read any further. The negatives of a ‘subject to sale’ offer is that you could get bumped by another buyer, and in many cases a ‘subject to sale’ offer reduces your negotiating power as you’re not a ready to go ‘cash buyer’. Note that not all ‘subject to sale’ clauses written the same. The wording is crucial, and there are rare situations where you get bumped from a purchase (by another buyer) and end up selling your place anyway… call us to avoid this!

To Buy or Sell first? The main items to consider are your personal risk tolerance, finances, the subject properties involved, and the market.

Here are a few questions to ask yourself:

1) What is your risk tolerance? Will you sleep at night if you buy a property before having sold your own? If you buy first (and need to sell), you have to take whatever the market will bring. Plan conservatively. Make sure the purchase is feasible with a lower than expect sale price of your current property (maybe 5-10% below market).

2) How are your finances? Are you stretching yourself to make this purchase? or can you afford to carry two properties? If you’re stretching yourself on the purchase and you require top dollar for the sale of your personal property, it may make sense to sell first so you know exactly how much you can afford. We don’t want you to lose your deposit by committing to a purchase that the banks won’t finance (more likely for up-sizers or first time ‘House’ buyers). However, if you’re downsizing and are financial able to support the carrying costs of owning two properties, than buy when the perfect property is available.

3) What are you buying? Is it rare? If you find yourself looking for a property that’s on a certain block, or maybe a penthouse condo, or waterfront property that rarely comes available, you may not have a choice but to buy first or lose the property. If the property type you’re looking for is readily available (or maybe you’re just not picky) and it’s just a matter of time before the next one comes up… it may be best to sell first and put yourself in a strong negotiating position.

4) What are you selling? Is it very desirable, or is difficult to sell? If you have a very desirable property that would sell quick, it may make sense to purchase first. Alternatively, if you have a fixer upper, luxury home or busy street home (anything with a negative or very limited buyer pool), it may make sense to sell first.

5) How is the market? Is it hot or cold? In the hot market we experienced in 2016 everything sold fast, and as a result our clients were often buying first. In a hot market, sales are more predictable and risks of buying first is much lower. If the market is cold, like we’re experiencing now (2019), it’s typically best to sell first unless you’re prepared to own two properties.

Buying First: PROS
– You know where you’re going and when your Completion date is.
– Less likely to move twice. The challenge is to sell your place and match up the dates.
Buying First: CONS
– More financial risk, and potential loss of deposit (if you’re unable to sell current property).

Selling First: PROS
– Less financial risk.
– You know exactly how much you’re getting for your property, and will have a clear budget for your purchase.
Selling First: CONS
– You may not find a suitable place to buy right away. Be prepared to find temporary accommodation and move twice.

At the end of the day, every situation is different and needs to be evaluated on an individual basis. This is where we can help.’

Watch the video below and subscribe to our Youtube channel for more VLOGS!

 

Upper Deer Lake House Sold Over Asking!

Property: 6108 Walker, Burnaby
List Price: $1,780,000
Sale Price: $1,800,000
Sold Date: June 1, 2016

A great location and awesome mountain views helped Burnaby Realtors James Garbutt and Denny Dumas sell this 6-bedroom family home at 6108 Walker for more than its list price! The spectacular vaulted living room probably helped too!

The house is located in the desirable Upper Deer Lake neighbourhood, close to shopping, parks, two elementary schools as well as a high school. Access to Highway 1 is just a short drive away.

The home’s 3700 sq. ft. of living space includes a den, 3,5 bathrooms, a rec room and a 2-bedroom basement suite with separate laundry facilities. The vaulted ceiling in the living room soars over a massive  fireplace that looks like it belongs in a luxurious mountain lodge.

Speaking of mountains, they’re fully visible in their snow-capped glory from the balcony that overlooks the private, fenced backyard. There’s plenty of storage space in the gourmet kitchen and there’s a spacious rec room downstairs. The master bedroom has been updated with tons of closet space. The house sits on a 7248 sq. ft. lot.

Click here to see the listing for 6108 Walker

6108 Walker view

Mountain views from the back deck

6108 Walker kitchen

Kitchen features plenty of cabinet space

6108 Walker master bedroom

Stunning master bedroom

 

Beautiful Burnaby Crest House Sold Fast!

Property: 7668 Endersby St, Burnaby
List Price: $1,378,000
List Date: February 27, 2107

This house at 7668 Endersby St sold fast! Even in a challenging market for some house sales, top Burnaby Realtors James Garbutt and Denny Dumas were able to sell this beautiful house in Burnaby’s Crest neighbourhood in just four days for full price!

The six bedroom, three bathroom house features a beautifully updated kitchen with quartz countertops, high-end stainless steel appliances and shaker cabinets. It also leads out to a huge covered back deck that overlooks a pristine back yard. The large living and dining rooms feature hardwood floors and a gas fireplace.

Three of the bedrooms are upstairs, along with a renovated 4-piece bathroom. Another bedroom, along with a 3-piece ensuite, is downstairs, as well as a separate 2-bedroom suite.

The new owners will be close to parks, schools, transit and easy access to Highway 1 is just moments away.

Click here to see the listing

7668 Endersby living room

The living room features hardwood floors

7668 Endersby kitchen

The updated kitchen opens to a huge covered deck.

7668 Endersby deck

The huge covered deck overlooks an immaculate backyard.

 

7 exterior spring maintenance tips for your home

It may be hard to believe, but spring is just around the corner! (In fact, some might say it should have been here already!) And after such a rough winter, you can be sure there’s going to be some exterior spring maintenance for your home you’ll want to attend to as the temperatures warm up!

1. Roof: Inspect your roof. With all the snow and ice we had this year, you want to make sure your roof weathered the weather! If you’re uncomfortable with climbing a ladder, stand back and scan your roof with binoculars. Look for cracked or missing shingles, and a buildup of debris.

Cleaning the roof of debris is part of exterior spring maintenance.

Leaves and needles left on the roof can eventually damage the shingles.

 

2. Gutters: Check the gutters (Yes, this exterior spring maintenance tip will require climbing a ladder). Look for damage like cracks or gaps in seams. Clean out debris like leaves and pine needles. Run water from a hose to make sure there’s no leaks and the downspout is draining properly.

Some exterior spring maintenance will require climbing a ladder

Climb a ladder to check the gutters and clean them of leaves and other debris that may have accumulated through the stormy winter and fall.

 

3. Siding:  Clean the siding. That will prevent mould from taking hold. If the exterior of your home is wood, inspect it for weathering and peeling paint because those could invite rot. Touch up and repaint as needed. If your home is brick, look for cracks in the mortar where water may have penetrated and expanded and contracted as it froze and thawed. If you can slide a coin into a crack, it needs to be fixed. The same applies to your foundation.

4. Windows and doors: Inspect the seals and caulking around windows and doors. Scrape out any old, deteriorating caulk and then recaulk.

5. Decks, stairs and porches: Check them for damage or deterioration like loose planks or broken railings. Wood that is exposed to the elements should be treated and resealed every 4-6 years. If your deck or patio is stone or concrete, clean off the winter’s grime and check for debris and plant growth between the stones. Hosing it off will also give you a chance to check for settling that may allow water to pool or not drain properly.

Exterior spring maintenance includes cleaning the deck.

Inspect and clean the deck as part of your annual exterior spring maintenance.

 

Once the deck or patio is clean, bring out the patio furniture from storage and get it ready for the outdoor season. After all, those lazy sunny afternoons in the lounger are going to be your payoff for your exterior spring maintenance.

Check your driveway

6. Driveway. You know all those potholes in the streets that have been rattling your teeth? They’re caused by water penetrating the asphalt and expanding then contracting during freezes and thaws. We had no shortage of those this winter. So, as part of your exterior spring maintenance for your home, check your driveway for growing cracks and fissures. You’ll want to seal any cracks you find so they don’t get bigger and become a real problem.

7. The Yard. Rake the grass of fallen leaves and branches. Clean dead flowers and shrubs from the gardens. Trim back bushes and trees. Drain planters of any standing water, or they could become a breeding ground for mosquitoes. And don’t forget to check all those outdoor garden tools like the lawnmower, so they’re ready to go when the serious gardening season hits full stride.

Try not to think of exterior spring maintenance as a chore. As the weather warms up and dries up, it’s a nice way to get outside, commune with your home, maybe even trade winter survival stories with your neighbours. Enjoy!

Creating Curb Appeal That Sells!

You may not be able to judge a book by it’s cover, but a big part of selling or buying a home is the first impression it makes when you first see it from the street. That’s curb appeal.

If a home makes a good first impression, potential buyers will be enticed to check out the inside, see how it fits their needs and lifestyle. A home with an attractive exterior could also be worth more.

But these days, curb appeal means a lot more than how a home looks to passersby on the sidewalk or in their car. It starts online.

Creating online curb appeal

For most home buyers, the first curb is their computer monitor or mobile device. They’re likely to check a listing online before they take the time to see it in person. That means it has to look good in photographs.

While a skilled photographer can avoid a property’s faults by their choice of angle, composition and lighting, if the reality doesn’t live up to buyers’ expectations from the photos, they may just drive on by. So the work you do to make your home look good in photos will also give it good curb appeal.

Giving your home great curb appeal

A house with great curb appeal will attract buyers.

Curb appeal isn’t just how your home looks to passersby, but also how it looks in photos that are posted online.

 

Creating great curb appeal starts with a good cleaning. That includes decluttering the yard of neglected toys, furniture and decorative implements that may have seen better days. Clean all the windows and consider renting a power washer to scrub grime from your home’s exterior. If needed, touch up trim like shutters, doors and railings with a coat of new paint. A little pop of colour can go a long way to making a home look fresh.

Once the yard is clean, make it neat by cutting and weeding the lawn, trimming trees and hedges and taming gardens. Plant fresh flowers.

Look up. A home’s great curb appeal can be ruined by a dilapidated roof. That’s a red flag to prospective buyers that expensive repairs or replacement could be in their future. So clean off fallen foliage and stray frisbees. Repair loose or missing shingles and eaves. If your roof is nearing the end of its lifespan, consider getting an assessment by a roofing professional, then attending to their recommendations.

Turn the lights on. Replace exterior bulbs that have burned out. Repair or replace broken fixtures, maybe even add some new ones to brighten your home’s curb appeal at dusk or night. While potential buyers may never see your home at night, attention to small details sends a message that a home has been well cared-for.

Other ideas to improve your home’s curb appeal

  •  Replace outdated hardware on doors and windows.
  •  Replace your old mailbox, or give it a fresh coat of paint.
  •  Paint the front door. A pop of colour on your front door can completely transform your home’s curb appeal, make it more eye-catching.
  •  Refinish decks and porches.
  •  Repave, or at least reseal, the driveway.
A great looking patio will help a home's curb appeal

Creating curb appeal extends to every outdoor space at a home.

 

Curb appeal for strata homes

Of course, if you live in a strata condo or townhouse, much of your home’s curb appeal is out of your control. But paying close attention to detail at the outdoor areas you do control, like your patio or balcony can have a significant impact on your home’s appeal to potential buyers.

Curb appeal includes a great balcony or patio

Even if you live in a condo, you can create great curb appeal by making your balcony look great.

 

According to the Meriam-Webster Dictionary, Realtors have been pitching a home’s exterior appearance as its curb appeal since about 1975. Investing in your home’s first impression doesn’t have to be expensive; it might just involve time and toil. But it will pay off.

More useful blogs if you’re selling your home

10 Great Questions to Ask a Realtor When Selling Your Home

10 Reasons to Hire a Realtor

How Realtors Price a Home

Best Time of Year to Sell a Home

Getting Ready for an Open House

Get Buyers to Fall in Love With Your Home

7 Tips to Help Your Home Look Great in Photos

November 2013 Market Update

Steady trends continue in the Greater Vancouver housing market

Consistent home sale and listing activity has allowed balanced market conditions to prevail in the Greater Vancouver housing market for most of 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in November 2013. This represents a 37.7 per cent increase compared to the 1,686 sales recorded in November 2012, and a 12.8 per cent decline compared to the 2,661 sales in October 2013.

Last month’s sales were 1.2 per cent below the 10-year sales average for the month, while new listings were 1.5 per cent above the 10-year November average.

“We’ve seen steady and consistent trends the Greater Vancouver housing market for much of this year,” Sandra Wyant, REBGV president said. “This year’s activity has resulted in gradual and modest increases in home prices of approximately one per cent over the last 12 months in the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,245 in November. This represents a 17.7 per cent increase compared to the 2,758 new listings reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in October of this year

Click Here for the Full Article

Click Here for the Full Stats Package

#304 290 Francis Way, New Westminster (The Grove – Victoria Hill)

  

The Grove at Victoria Hill – 2 Bed, 2 Bath, 951 SF West Facing unit overlooking the inner courtyard with Large Balcony. Very Quiet and surrounded by Greenspace this unit features a very spacious & open Living/Dining/Kitchen Area. Gourmet Kitchen with stainless steel appliances, lots of cabinets & island. Ideal Floorplan with two bedrooms located on opposite sides of the living room, Master Bedroom has walk-through closet leading into a Full Bathroom. Great Amenities at the Boiler House: Gym, Theatre, Study, Party Rm/Lounge, Outdoor Basketball Court. Central Locations, steps to Queens Park, 15min walk to Skytrain or 10 min Bus. Won’t last! Must See!

Virtual Tour

MLS Feature Sheet #304 290 Francis Way

 

#208 270 Francis Way, New Westminster. (The Grove – Victoria Hill)

  

The Grove, Victoria Hill – Gorgeous 2 bed, 2 bath West facing suite with large balcony overlooking the inner courtyard. Very quiet & private location, great floor plan, open concept living/dining/kitchen area. 2 bedrooms on opposite sides of the living room, 2nd bdrm has walk in closet, master bedroom has walk-through closet leading into a full bathroom. Gourmet kitchen with plenty of cabinet space, stainless steel appliances & granite counters (granite in bathrooms as well). Excellent amenities at the Boiler House; gym, theatre, study area, party room/lounge, basketball court. Great location, surrounded by parks & greenspace. 15 min walk to skytrain or 10 min bus. Suite shows well, priced to sell, must see.

Virtual Tour

MLS Feature Sheet 208 270 Francis Way

Federal Government’s new Mortgage Rules.

On June 21st Finance Minister Jim Flaherty unveiled the new Mortgage rules that took effect this past Monday July 9th.  

The LTV (Loan to Value) percentage has dropped from 85% to 80%  and the maximum amortization has been decreased from 30 years to 25 years.  That means in the past 6 years the government has cut amortization (pay back period) almost in half from 40 years (2006) to 35 (2008) to 30 (2011) to this past Monday’s change to 25 years (2012). 

The GDS (Gross Debt Service or amount of monthly income spent on mortgage, heating, and property taxes) Ratio has also been changed to 39% and the TDS (Total Debt Service or amount spent on all debt incl. mortgage) is now 44%. 

Also government-insured homes now must be $1 million or less and homes priced at $1 million or more must have a 20% down payment paid.

We’ve compiled some of the most informative articles for you to take a look at and if you have any additional questions call your local Mortgage Specialist.

Real Estate Board of Greater Vancouver

Maclean’s Canada

The Globe and Mail

CBC

The National Post

 

SOLD!! 5910 187A St, Surrey (Cloverdale)

LOCATION, LOCATION!!! Great Family Home, Quiet Street Surrounded by Green Space, Phenomenal Neighborhood! 3 Bed/2 Bath Up, 2 Bed/1Bath Suite Down, Corner Lot, Large Level Fenced Backyard (Great for Kids & Pets). Large Double Garage, New Concrete Driveway & Walkways, Side Parking for RV or Additional Cars. Home is very well kept with many updates, which include: New Furnace, Mostly Newer Appliances, New Blinds, Fresh Paint, Roof Approx 7 years, and more… Close to Parks, situated on a cul-de-sac street, MUST SEE!

For full listing click here.

Print a feature sheet: Full Public 5910 187A St

Increased selection helps maintain market balance in GVRD for March 2012

VANCOUVER, B.C. –April 3, 2012- Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March
2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010. March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

FOR FULL STATS PACKAGE CLICK ON THE LINK BELOW:
March Real Estate Board Stats

SOLD! #33 2387 Argue St., Port Coquitlam

The Waterfront at Citadel – Built by Liberty in 2002, this impressive 3 bedroom, 3 bath & large rec room house is truly a must see! You will enjoy the tranquil & beautiful surroundings in this Award Winning Community. Just steps to the Fraser River & love the central location near Highway. Pride of ownership abounds in this well kept home. It features a private backyard backing on to a greenbelt, fantastic layout, 9 ft ceilings (main floor), dream kitchen, master bed w/walk in closet + 4 pce ensuite, laminate floors, 2 F/P’s, rec room in bsmt w/large storage room that’s roughed in for future bathroom & 2-car garage. Relax on your balcony with partial water views of Fraser River or go for a walk on the Fraser River boardwalk.