Timeline:

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




James Garbutt

Zero To Here Podcast – Inside Scoop with the G+D Real Estate Team!

ZERO TO HERE WITH THE G+D REAL ESTATE TEAM

As we all know our very own Denny Dumas started his Zero to Here podcast late last year and the G+D Team has finally made an appearance! Monica Harmse, Shawn Kambo, Lucas Mccann and Adam Senuik talk about the current real estate market in Vancouver and what may be coming up in the Spring!

 

FREE Real Estate Seminar – Buying & Selling in The Current Market

FREE REAL ESTATE SEMINAR!

Adam and Shawn are back hosting another Real Estate Seminar. This event will be held on April 4th at Old Crow Coffee Co in New West from 7:00-8:00 pm and we will have coffee/tea available for all attendees!

At this Seminar, we are going to be having a general open conversation where we can address any and all of your questions!

Eventually we will take you through a 5-10 minute presentation to show you the current state of the market for seller/buyers, but overall, we want to achieve an open discussion to make sure that you get all of your questions covered and have you leave with the knowledge/education that you came for.

This event is open to all types including those who’s next transaction will happen right away or in the future. This will be beneficial for both buyers and sellers and we will provide information on both condos and homes.

RSVP is required for the event so that we can plan accordingly. Send us a message on social media, an email to info@gdrealestate.ca, or sign up on eventbrite to let us know that you’re attending and who you’re bringing, and we’ll save you a spot!

Limited tickets available! SIGN UP HERE! 

Vancouver Real Estate Stats

VANCOUVER REAL ESTATE STATS – MARCH 2019

Vancouver, BC is one of the most beautiful places to live in Canada, but it comes at a high price. The average price for Vancouver Real Estate in 2019 is $1,019,600, which is 4.5% lower compared to 2018.

It is expensive to own a home in Vancouver, but it is also expensive to rent. The average 1 bedroom apartment price increased by 6.5% from 2018, which is the second highest rental price in Canada, right below Toronto.  Burnaby ‘s 1 bedroom rentals increased by 9.8%, which is the third highest in Canada.

Below is some more Vancouver real estate stats: 

Vancouver Real Estate Stats 2019

GLOBE & MAIL ARTICLE – TOUGH BARGAINING SHAVES PRICE OF COQUITLAM TOWNHOUSE UNIT

Asking price: $598,000

Selling price: $525,000

Days on market: 91

Taxes: $2,116.70

Maintenance fee: $202

Buyer’s agent: Adam Senuik, Keller Williams Elite

The action

The unit is in a complex built in 1988, located near public transit. When the newlywed couple that purchased the unit walked through the door, they knew they wanted it, buyer’s agent Adam Senuik said. But their pre-approved mortgage was only $515,000. Mr. Senuik knew the condo had been on the market for two months at that time and had been reduced from $618,000. After three counter offers, the couple went back to the mortgage broker and came up with pre-approval of $525,000.

What they got

The 1,158 square-foot one-level townhouse has been fully renovated, with laminate floors, carpeted bedrooms and crown moulding, fireplace, quartz counters, heated bathroom floors and soaker tub. The complex was built in 1988 and is near transit and shops.

The agent’s take

Prices started dropping in the fall of 2018, Mr. Senuik says. “Vancouver’s property buyers are winning in a shifted market,” he says. “We have seen a lot of listings on the market much longer than the year previous.” In 2017, he’d see multiple offers drive the closing price above the asking price. It’s a different market today.

Shawn’s Deals of the Week

Shawn’s Deals of the Week

Every week I will be Shawn’s Deals which will include 3-5 listings that I think are great investments for those who are looking to buy and hold, build, and move in. The neighbourhoods that I explore are:

  1. Vancouver West
  2. Vancouver East
  3. East burnaby
  4. South Burnaby
  5. North Burnaby
  6. New Westminster
  7. Surrey

Why are you doing Shawn’s Deals of the week?

There are so many aspects to take in to account when finding the right investment property.  You want to look at location, price point, location of that exact property, the details of the home and any issues with the lot. Whether it’s sloped, at a high point on the block that allows for a view or whether it’s riddled with trees that make it near impossible to build on without going through a lengthy process with the city halls. I will try to narrow searches down for you to make the selection process easier.

New Westminster – Downtown: #1103 – 813 Carnarvon Street

Shawn's Deals

Price: $ 462,900
Maintenance Fees: $235.07
House size:  512 Sq Ft.
Bedrooms: 1
Bathrooms: 1
Year Built: 2022
Zoning: CD-76

 

 

 

 

Why I Chose it: 

Great price, brand new building (called the Ovation), and the location is great. Judging by the floor plans these units are efficient in utilizing the Sq Ft. Some units are still available through the developer. Be sure to give me a shout if you need help in purchasing a pre-sale.

New Westminster – Fraser View: #316 – 225 Francis Way 

Shawn's DealsPrice: $ 649,900
Maintenance Fees: 
$423.33
House size:  1,066 Sq Ft.
Bedrooms: 3
Bathroom: 2
Year Built: 2010
Zoning: RM-4

 

 

 

 

 

Why I Chose it:

 The location is key. It is nestled in a Victoria Hill and it’s not often that a 3 bedroom apartment comes up for sale in this neighbourhood.

Vancouver East: 765 E 24th Avenue

Shawn's Deals

Price: $ 1,398,000
Lot: 33 x 122 (4,026 Sq Ft.)
House size:  2,054 Sq Ft.
Bedrooms: 5
Bathroom: 2
Year Built: 1927
Zoning: Rs-1

 

 

 

 

 

Why I Chose it:

Great location. A 15 minute drive from downtown Vancouver. This is a great investment property for those looking to get in to the Vancouver market for a standard size lot. The homes needs some TLC. At 4,026 Sq. Ft. with the perceived buildable being 70% of the lot size for RS-1. There’s a potential for a 2,818.2 Sq. Ft. brand new home.

New Westminster – Glenbrooke North: 208 Blackman Street

Shawn's DealsPrice: $ 880,000
Lot: 52 x 116 (6,032 Sq Ft.)
House size:  1,020 Sq Ft.
Bedrooms: 3
Bathroom: 2
Year Built: 1953
Zoning: RS-1

 

 

 

 

 

 

Why I Chose it:

Price point. Located in one of the many great neighbourhoods in New Westminster. 208 Blackman Street is in Glenbrooke North. This home sits on a 6,032 Sq. Ft. lot and with the current bylaws, a 3,016 Sq. Ft.  home can be constructed or someone looking to renovate and extend this home would be able to get it at a great price of $880,000. This home won’t last long at this price. Call us to schedule a viewing for you.

New Westminster – Glenbrooke North: 212 Blackman Street

Shawn's DealsPrice: $ 884,900
Lot: 52 x 116.1 (6,037.20 Sq Ft.)
House size:  1,155 Sq Ft.
Bedrooms: 2
Bathroom: 1
Year Built: 1913
Zoning: RS-1

 

 

 

 

 

Why I Chose it:

Price point. Located in one of the many great neighbourhoods in New Westminster. 208 Blackman Street is in Glenbrooke North. This home sits on a 6,037.2 Sq. Ft. lot and with the current bylaws, a 3,018 Sq. Ft.  home can be constructed or someone looking to renovate and extend this home would be able to get it at a great price of $884,900. Call us to schedule a viewing for you.

Condos and townhomes in Burnaby are hot! March 2017 Market Update

The market for condos and townhomes in Burnaby is hot!

So hot, prices are up 25 per cent over this time last year. In fact, they’re even higher than the peak of the market we saw last spring and early summer.

One of the hottest neighbourhoods is Brentwood Park. This area, near Lougheed and Willingdon, is feeling the excitement from the redevelopment of the Brentwood Town Centre that is already underway.

When the $1.3 billion project is completed, it will be like its own city within the city.

And that’s boosted interest in existing developments nearby. Of the last 40 condo sales in Brentwood Park, 75 per cent of them went for list price or above.

Condos and townhomes in Burnaby are hot

A typical 2 bedroom 2 bath condo, 850-875 sq. ft., in an established development like Oma, is now going for about $600,000. Last year it would have sold for $480,000.

Condos and townhomes in Burnaby

A typical 630 sq. ft. 1 bedroom condo in an established concrete development like Tandem is now selling for $450,000. Last year it would have sold for $370,000.

 

We’re seeing similar stats in other areas of Burnaby as well, including South Slope and Burnaby East.

If you’re a buyer, the market for condos and townhomes in Burnaby might be more favourable in the Metrotown neighbourhood. An abundance of available product there means 60 per cent of  sales in the past 60 days have gone for below list.

And just as the market for high-end houses has been struggling a bit, the market for condos and townhomes in Burnaby above $600,000 is a little slower.

There’s a lot of new development coming down the pipe, so it’s hard to say how long the market for condos and townhomes in Burnaby will stay hot. But with interest in condos and townhomes high across the Lower Mainland right now, there’s no end in sight. That might be a little frustrating if you’re a buyer. But if you’re selling, you’ll be rewarded.

10 Great Questions to Ask a Realtor When Selling Your Home

A great Realtor can make the difference between a good or bad experience when you’re selling your home. But before you sign a listing contract, here are 10 great questions to ask a Realtor when selling your home.

1. How many properties have you sold? How many did you sell last year?

Most people instantly focus on years in the business, but your Realtor’s sales volume is just as important; one agent can sell as many homes in two years than others do in 10. A Realtor with a healthy volume of sales in the local market in the past year is likely more in tune with that market.

But don’t just focus on the numbers; you should also feel comfortable with your Realtor.

2. What types of properties have you sold lately?

This will help you determine your Realtor’s focus and performance, whether they’ve had success selling similar types of products, and in your area. Ask for proven results, such as the average number of days their listings are on the market, the ratio of their list prices to actual sale prices. What about listings that aren’t selling; a Realtor who openly discusses their failures demonstrates honesty.

3. Who is the buyer and where are they coming from?

Your Realtor’s knowledge and experience with the local market will help them market your home to potential buyers and highlight the features that will be important to them. It’s important for your Realtor to know their target market for your home, whether it’s young families, downsizers, locals or buyers from out of town.

4. What is your marketing strategy for my home?

This is where the rubber hits the road, and your Realtor will earn their commission. Your home is likely your largest investment; it needs to be marketed well from the beginning if you’re going to realize a good return on that investment. It’s important your home presents well and buyers are aware of it.

Top 10 questions to ask a Realtor when selling your home

Your Realtor should know how to present your home at its best, including professional photos.

 

In a hot market, just putting up a lawn sign might sell your home, but that doesn’t mean it’s the right strategy to get you the right price. Nice photos, a posting on the Multiple Listing Service (MLS) and Open Houses are a minimal expectation; but what else can your Realtor offer? Creative campaigns that include online marketing, an active presence on social media, print advertising and staging can gain extra exposure for your home.

5. What separates you from your competitors?

Here’s where you’re really asking “why should I hire you?” There’s no shortage of Realtors out there to sell your home, but what is your Realtor offering to separate them from that pack. Their marketing ability is important, but so are honesty and trust.

6. What is your recommended listing price for my home, and why?

You want an understanding of how your Realtor evaluates properties. It should be by more than guesswork, or intuition.

Their evaluation of your property should be supported by recent comparable sales in the area. A more detailed evaluation could include listings that didn’t sell, and current active listings that you’re competing against.

If your home is difficult to evaluate because there’s been no recent comparable sales against which to measure it, a creative Realtor will look at similar properties outside the neighbourhood, or in similar neighbourhoods. Or they could use a “replacement cost” approach where they calculate the land value plus the cost of rebuilding the actual home.

Your Realtor’s pricing strategy for your home should align with your needs. If the market is hot and you have to sell quickly or you have specific requirements for the offer, such as a specific closing date, we typically recommend a lower price as it will generate more interest, more offers and cleaner offers that meet your terms. If the market is slow, or you have a unique property that could limit the pool of potential buyers, it may be best to price your home higher with room to negotiate; trying to set a price to spark a bidding war could be risky is these circumstances.

7. How do you, or your team, operate?

You want to know your Realtor is going to be there for you when you need them. It’s important to understand how communication will be handled, and who will be your primary contact. You want to know who will be showing your property and who is going to be handling the negotiations with buyers; you don’t want any surprises.

8. How much do you charge?

Commission fees are determined by your Realtor and they are negotiable. If a Realtor is hungry for a listing, they may reduce their fee. But top performing Realtors typically don’t.

There are many different types of fee structures out there, from flat fee listing services to discount brokerages to full service brokerages. Whichever you choose, you should establish how much they charge, and how much of that goes to the buyer’s agent. Make sure the commission for the buyer’s agent is in line with the rates prevalent in your area.

9. What if I’m not happy with your service?

This question will help you determine a Realtor’s level of commitment to you and how strongly they believe in their ability to get you a good result.

If, for some reason, you’re unhappy with their service, you need to know if they’ll release you from the listing contract and how. There are two ways to terminate a listing: Cancellation vs. Unconditional Release. The former has restrictions that could affect your ability to move on; the latter releases you freely with no further obligation. Most listing contracts run for 3-4 months, but contracts for luxury properties can run up to 12 months.

10. What else do I need to know?

One of the questions to ask a Realtor when selling your home should be open-ended. That gives them a chance to highlight a unique service they might offer, like staging, or to speak to areas you might have overlooked. That extra little tidbit of information could be the tipping point to your decision.

Bonus…

Requesting references is one of the questions to ask a Realtor when selling your home that is sometimes overlooked. But keep in mind, if you are given references they’ll likely all be good. To get a more complete picture of your Realtor, do a little online research prior to your first meeting. See what properties they have recently sold, then ask for references from those clients specifically. If they have online and social media presence, see what people are saying about them, check their reviews and how they engage with others. See what they are doing to stay in front of buyers on a daily basis.

There’s no general rule for forging a great relationship with your Realtor. It’s all about personal preference and trust.

Your Realtor should be responsive to your needs; they should be patient when you need to take a little time, and proactive when you’re anxious. They should be a good listener who will offer advice and help find solutions.

More helpful blogs for sellers

10 Reasons to Hire a Realtor

Best Time of Year to Sell a Home

Get Buyers to Fall in Love With Your Home

7 Tips to Help Your Home Look Great in Photos

 

Housing market waking from seasonal slumber

Winter may be hanging on tenaciously, but the housing market is waking from its seasonal slumber.

The Real Estate Board of Greater Vancouver reports 2,425 residential home sales in February; that’s 59.2 per cent more than were sold the month before.

And while it’s still 41.9 per cent less than the record 4,172 homes that were sold in February, 2016, it’s only slightly less than the 10-year average for the month.

REBGV president Dan Morrison says rotten weather may have helped keep buyers at home. But the supply of new listings is also tight. The 3,666 new properties for sale in February was 36.9 per cent less than a year ago, and 11.4 per cent fewer than January. It was also the lowest number of new listings for the month since 2003.

That’s keeping prices buoyant in the local housing market, says Morrison.

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand,” says Morrison. “This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.”

The ratio of sales to active listings actually increased 10 per cent from January to 31.9 per cent; experts say housing prices don’t start going down until that ratio dips below 12 per cent for a sustained period and they go up when the ratio stays greater than 20 per cent over several months.

Condo sales strong in local housing market

Condo sales are still hot in the housing market

Condo sales are still hot in the New Westminster and Burnaby housing market, despite the wintry weather.

In fact, the benchmark price for a typical condo in Greater Vancouver increased 2.7 per cent in February to $526,500. In New West, the benchmark price for a condo went up 1.4 per cent to $392,400; that’s a 21.3 per cent increase over a year ago. The benchmark price for condos also increased in Burnaby, by as much as 2.6 per cent to $503,600 in North Burnaby, to 1.9 per cent in South Burnaby, where a typical condo now goes for $561,600.

The benchmark price for townhomes in Greater Vancouver is now $675,500, a 1.3 per cent increase since January and 18.3 per cent more than Feb., 2016. New West townhomes experienced similar increases to a benchmark of $545,500 while in North Burnaby, the benchmark price increased 3.1 per cent over the previous month to $539,500.

House prices are staying steady; in Greater Vancouver the benchmark price of $1,474,200 for a single-family detached home was unchanged from January. In New West, the benchmark price for a typical house went up .3 per cent in February to $1,026,700 while increases in Burnaby ranged from .1 per cent in the South to $1,636,100 to a 1.3 per cent jump in North Burnaby to a benchmark price of $1,499,600.

The February stats

10 Ways a Good Realtor Can Help

When you’re selling or buying a home, it can be tempting to go it alone. After all, it doesn’t cost anything to post your house, or search for one, on Craigslist. But there are plenty of good reasons to hire a Realtor.

1. One of the best reasons to hire a Realtor is to take the emotion out of such a large financial transaction. Owning a home isn’t just a monetary commitment, it’s also an emotional investment. You may have raised your family in your home, created cherished memories. Or you may be looking for a home to raise a family and all the hopes and dreams that come with that.

A Realtor brings an objective perspective to the process that can help you stay focussed on your goals. They’re able to use their experience and training to offer an honest evaluation of a home’s financial worth. They will analyze the local market, including recent sales of comparable homes in the area, to determine a correct price for your home. The correct price will attract buyers if you’re selling your home. It will help you decide if you’re getting good value when you’re buying a home.

2. A Realtor is essentially a marketer. Their product is your home. They know how to show it off at its best, from arranging professional photographs, to writing evocative descriptions to offering suggestions for improvements or renovations. They’ll hit the right emotional chords for prospective buyers.

One of the reasons to hire Realtor is their marketing ability

A Realtor will ensure your home looks its best for potential buyers.

 

3. A Realtor is able to list your home on the Multiple Listing Service. That’s a national database of properties for sale that is accessible to other Realtors who may be looking for the perfect home for their clients. Getting your home of the MLS increases its exposure to potential buyers.

Conversely, if you’re looking for a home, a Realtor’s access to the MLS can alert them to a listed property that fits your needs and budget.

4. Another of the great reasons to hire a Realtor is to gain access to their entire network of clients and other Realtors. A Realtor’s client base may already include a potential buyer for your home. Or someone who has a home for sale that you may be interested in.

5. Buying or selling a home is a complicated process that involves a lot of legal paperwork. A Realtor will help you navigate that process, including recommending lawyers and notaries who will ensure everything is on the up-and-up. They’ll ensure deadlines are met and documents are filed.

6. Buying or selling a home can be time consuming. A Realtor is able to invest that time on your behalf. That includes arranging showings, hosting open houses, creating a marketing campaign. A Realtor can gauge the seriousness of potential buyers, and the motivation of sellers, so you’re not wasting time and energy chasing every lead.

One of the best reasons to hire a Realtor is their skill and knowledge to show your home.

When you hire a realtor they will help prepare your home to show it at its best.

7. Realtors are skilled negotiators. Their knowledge of current market conditions is one of the important reasons to hire a Realtor. They will help ensure you get a fair price for your home, or pay a fair price for a home you’re buying. While they act on your instructions and must inform you of any offers they receive for your home, they can also offer guidance on how to proceed.

8. Realtors know the area. They know if a home is priced right for the market and whether that home might be a food fit for a client’s lifestyle needs and desires. They know about potential new developments in the area, or other factors that could impact your lifestyle or the value of your home. They can bring you up to speed on local bylaws, taxes and utility costs.

9. Realtors are accountable. They must abide by a strict code of professional ethics and follow procedures set out by the Real Estate Services Act. Violations can be investigated and disciplined by their local Real Estate Board.

10. Realtors are current. Their education is ongoing. As a condition of membership in their local Real Estate Board in B.C., they must complete courses every two years that keep them up-to-date with new information, legal requirements and trends in the industry.

More useful blogs if you’re planning to buy or sell a home

Top 8 Questions to Ask If You’re Buying a Condo in an Older Building

Creating Curb Appeal

Top 10 Questions a Buyer Should Ask Their Realtor

Strata Documents You Should Read Before You Buy

How Realtors Price a Home

Best Time of Year to Buy a Home

Best Time of Year to Sell a Home

What’s hot in Greater Vancouver real estate

What’s hot in Greater Vancouver real estate? And what’s not? We’re well into the new year, we’ve settled back into familiar routines. It’s time for a little market analysis and look ahead to the coming months.

Snow and ice. A media feeding frenzy. Changes to the mortgage rules. The foreign buyers’ tax. The usual post-Christmas lull. It’s all added up to a of uncertainty, and a “lukewarm start” in the Greater Vancouver real estate market.

Sure, sales are down 39.5 per cent from last January. And there’s 9.1 per cent more listings.

But the market is stronger than it may appear.

Condos and townhouses are what’s hot in Greater Vancouver real estate

In fact, condos and townhouses are hotter than ever! They’re still selling at peak prices. They’ve been virtually unaffected by the legislative changes, or skittish buyers. We’ve already had a few recent sales that were 5-10 per cent above last summer’s spike.

Quite simply, there’s more demand for condos and townhouses for sale than there is supply. It’s the first time I can recall condos being hotter than houses.

So, if you’re looking to purchase a condo, don’t expect to find a deal. You’re going to have to jump when the right one comes up because there’s no sign they’re going to slow down in the short term.

If you’re selling a condo, it’s a great time. The provincial government’s new loan program to help first-time homebuyers with their downpayment is already driving demand. Many of those buyers are shopping for condos.

Houses are what’s not hot in Greater Vancouver real estate

The market for detached houses, on the other hand, is still cool. Especially for houses worth more than $2 million. Currently, there’s 240 of those listed for sale in Burnaby, New Westminster and the Tri-Cities. But only seven have sold.

Then again, only seven such homes sold in all of 2010.

Also feeling the pain are land value listings as builders hold off, hoping to score a deal. Difficult properties such as those with weird layouts or ones located on busy streets are presenting challenges as well.

Overall, their prices are discounted 5-10 per cent, and sometimes even as much as 20 per cent, from where they were last summer.

That’s not great news for sellers. If you’re looking to sell a high-end detached home, it might be best to hold off a little longer if you’re able; I expect the market will rebound 5-10 per cent by the time the weather warms up.

For buyers, there may be some opportunities to score a deal that would have been unattainable last summer. You could do especially well if you’re willing to throw a little sweat equity into the mix by buying a home that needs some renovation.

Of course, what’s hot in Greater Vancouver real estate, and what’s not, is always evolving. The fact remains, this is a desirable place for people to live and invest in real estate, and the general trend for property values continues to increase over time. It’s all about where and when you want to jump into or out of the market. Spring is just around the corner; traditionally that’s a busy time of year whether you’re selling or buying.

Top 10 questions a buyer should ask a Realtor

Finding a Realtor may be the most important step in your search for a new home. There are questions a buyer should ask their Realtor to make sure they’re a good fit for the way you like to do things. Your Realtor should understand your needs and desires, keep your best interests first and foremost.

Think of it as a job interview; if you like what you hear, like their qualifications and feel like they’re a good match for your needs, they’re hired.

1. What is your experience?

One of the first questions a buyer should ask their Realtor is about their experience.  Not just in terms of years, but in real estate the number of sales is just as important.

You want to make sure your Realtor has a good base of knowledge and experience in the type of properties you’re looking for, and that they’re well in tune with the current market.

If the Realtor doesn’t have much experience it’s good to know if they have any related experience or knowledge.  A background in real estate investment or construction could be a valuable resource to tap as you evaluate possible properties.

2. What is your approach to the buying process?

Does your Realtor’s way of doing things align with your own philosophy and approach. Some buyers prefer to monitor listings themselves and then just inform their Realtor to set up a showing when they find one of interest. Other buyers prefer to sit back and entrust their Realtor to do all the leg work. Make sure each of you has a clear understanding of who’s watching the market.

And be clear about your timeframe for your search; some buyers are very anxious and want to get their new home purchased quickly while others are more patient, willing to wait until they find the “perfect” place. If you’re the latter, you don’t want your Realtor pressuring you before you’re ready to buy.

3. What are your expectations from your clients?

You should know what your Realtor expects of you. Conversely, your Realtor should know what you expect of them.

Be open in all your communications with your Realtor; let them know when you’re anxious to buy, or when you might want to take a break from the search. Try to stay focussed so you, or your Realtor, aren’t expending a lot of wasted energy. Make sure your financing is in order, and you’re pre-approved for a mortgage so when the right home does come along, your Realtor can move quickly and confidently on your behalf.

Be realistic in your expectations; it may take some time to find the perfect house, or you may have to make some compromises if you need to move quickly.

4. Where do you primarily work?

A Realtor who is familiar with the community and its neighbourhoods will likely get you the best result.  If you’re looking in a specific area, that Realtor should know it well.

A knowledgable Realtor will be able to recommend neighbourhoods, and even streets, that are the best fit for your needs. They’ll be give you valuable information about schools in the neighbourhood, as well as daycares, parks and transit service.

5. What is your approach to evaluating a property?

A property evaluation, or Comparative Market Analysis, will compare a home you’re looking at to other similar homes in the area that are for sale or were sold recently. This will give you an idea of the local market conditions and what it will take to purchase the home you seek in the area you desire.

You should ascertain your Realtor’s approach to doing their evaluation; how detailed are the evaluations? A generic condo can be easy to evaluate, especially if there have been recent sales above or below. But evaluating a unique home can be quite difficult as there’s little to compare it with.

A skilled Realtor will be able to evaluate a property’s value with confidence and accuracy. They’ll look at similar properties outside the neighbourhood, as well as in similar neighbourhoods. Or they could use a replacement cost approach that calculates the value of the land and what it would cost to build a comparable home.

If a Realtor doesn’t provide you with any guidance and just wants to hear your offer, you may want to find another Realtor.

6. Are you part of a team, or do you work independently?

One of the questions a buyer should ask a Realtor is whether they work as part of a team.

One of the questions a buyer should ask a Realtor is whether they work as part of a team.

 

You want to know whether the Realtor you’re dealing with is going to be there for you when you need them or whether you’ll be tapping into a team of Realtors. Make sure you have a clear understanding of who is your primary contact and who is the backup if your Realtor isn’t available. If your Realtor doesn’t have a backup, establish a contingency for when they’re not available; the perfect property could come along at any time and you want to know you can jump on it.

7. How many clients are you currently working with?

This may give you an idea how much time and energy your Realtor will have available for you. Don’t be afraid to ask for references. Keep in mind the references the Realtor provides will likely be their best and happiest clients so try to dig a little deeper by asking around the community or other people who’ve recently bought or sold a home. Search their name on Google and Facebook, check out their profile on LinkedIn.

8. What happens after I buy?

A great Realtor will be there for you if there are any issues before, during and, especially, after the purchase, such as the seller not fulfilling their end of the contract, or leaving the place in a shambles. They’ll also be available to help you settle in, perhaps recommend professionals and trades to help with any renovations or repairs you want to do. A Realtor who doesn’t abandon you once they’ve handed over the keys to your new home will likely be your Realtor for life.

9. What is your availability and how will you communicate?

Does your Realtor prefer phone contact, or email? How often will they update you? What hours are they available? And what happens if the right property comes along when the Realtor isn’t available?

Your Realtor will likely have the same questions for you.

The more you know about your Realtor’s way of operating, and vice-versa, the more likely you’ll have a good home buying experience.

10. What else do I need to know?

It’s always a good idea to ask an open-ended question to give the Realtor a chance to highlight a unique service they might offer, or speak to areas you might have overlooked. That extra little tidbit of information could be the tipping point to your decision.

Bonus question. Do you own a brewery?

If your Realtor owns a brewery, that’s a bonus!

 

This question might throw your Realtor. Unless of course they do happen to own a brewery, in which case you may end up with a particularly thirst-quenching welcome gift when you take possession of your new home!

Questions a buyer should ask their Realtor: It’s all about trust

There’s no general rule for forging a great relationship with your Realtor. It’s all about trust and personal preference.

But your Realtor should be responsive to your needs; they should be patient when you need to take a little time, and proactive when you’re anxious. Your Realtor should be a good listener who will offer advice and help find solutions. And, most importantly, your Realtor shouldn’t try to sell you into every property you view.