Tips for Making an Offer in a Multiple Offer Situation.

“Tips for making your offer look as good as possible when you are in a competing multiple offer situation which is quite common these days if you are looking for a detached house in Greater Vancouver.”
[somryv url=”QjOfkW1xY9c” size=”full” align=”center”]
Price
“Put your best number on the offer.  Dont leave anything off the table, you want to go with your best number upfront. You can’t rely on a counter offer and if you miss out on a property by $5,000 you’ll likely be kicking yourself for a couple months down the road.”
Deposit
“We always recommend 5%. That is our bare minimum recommendation. If you can put more down, put more down but at least 5%. You don’t want to have any concerns over your offer due to your deposit.”
Dates
“If you are in a flexible situation say you’re frustrated buyer who sold their apartment and your now out of house and home, leave the dates blank. Leave them up to the seller to decide. If you have subjects leave them blank. If you don’t have subjects you may want to caution yourself about that. Leave the dates blank and give the seller the full right to choose the dates or at least speak with the listing agent first before putting dates down.  Don’t make dates a sticky issue for buying a long term home.”
Items on Page 2 of the contract
“Don’t be over particular. Don’t ask for too much. If you are competing and you are asking for a lot you don’t have a whole lot of leverage in negotiation. You want them to feel like you are a solid buyer who is asking for a reasonable amount of items and you put your best number on the table. If you start demanding things it will make your offer look worse.”
Subjects
“Unfortunately if you are buying a house right now the best option is none. But as a Realtor we can never recommend that. That’s just the reality of it these days. If you have a nice home on quiet street I’ve seen a number of situations that have 10+ offers and the sale always goes to the buyer without subjects. If you do deiced to go subject free make sur eyou have a good talk with your mortgage broker first. Sometimes they can give you approval on a property if you get them a mock contract prior to offer presentation. Get an inspector in there before the offer presentation. This is when you are going after a really popular or hot property. You may have to put yourself out there on some of these items and take on the risk which I have seen as well. The reality is if you have subjects on your offer make them as short and clean as possible. But a lot of the biggest sales that have gone on this year to date have been subject free where the buyers have gotten their financing, inspection, and everything else arranged prior to the offer presentation… or they are just taking a huge risk.”
Add your story to your offer
“Put a letter or tell them your story on the cover of your offer. Some sellers appreciate the buyer and want to know who is going to be living in their home. Especially if the sellers have sentimental value in the home and would rather have a young family buy it instead of a developer who will tear it down. You might at least get a chance at a second offer if you aren’t the leading candidate.”
Your Realtor
“Present your offer in person. Anytime you have an opportunity to be face to face with the sellers in a competing offer situation it helps. It helps because you are not the front running offer but they like you. They might go with you or at least give you a second chance that they may not have considered if you were just another piece of paper. So present in person.”
“Buyers just be patient. Don’t expect to get the first home you go after especially if you are looking for the same type of property as everyone else. It is a seller’s market right now so be prepared to put out a couple offers.”
 
If you have any questions about selling your home or would like to know more about this crazy market feel free to contact us!
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Crazy 2015 Detached House Sales in Greater Vancouver!

“So far the 2015 market for Detached Homes has been incredibly crazy with tons of bidding wars which means record sale prices above list price. We thought we would share with you some of the highlight sales that have happened to date because simply put whatever is going on out there is nuts. if you are somewhat close to the city  Coquitlam or West you are running into bidding wars if you are buyer. If you are a seller you are very lucky to be enjoying this market. It’s a frustrating time for buyers but a great time for sellers right now.”

Below we will show some of the highlight sales that have happened in the short year to date.
“In Burnaby there was a house at 8675 12th St that was listed at $838,000 that sold in 5 days for $1.1 Million. $262,000 above the list price. The list price $838,000 was in line with recent sales prior to that. It was on a nice lot in good neighbourhood and sold for significantly above list price.”
“Out in New Westminster at 1924 London St listed at $829,000 sold for $985,000 in 5 days on market and subject free like most other record breaking sales.”
“Next in North Vancouver on 960 Beaumont Dr  in the Edgemont Village area was listed at $1.488 Million sold $1.689 Million $201,000 above list price in 3 days.”
“In the British Properties at 725 Eyremount, West Vancouver home listed at $4.198 Million sold for $5.880 Million in 4 days. Basically $900,000 above the list price. When talking about $5 million dollar homes it may not be so much for the sellers or buyers but that is a huge above list sale!”
“In Vancouver at 65 E 26th Ave listed at $1.598 Million sold for $2.165 Million sold in 11 days. Thats over $560,000 above the list price on a 31.25 frontage lot which is crazy that East Vancouver is now getting those prices.”
“But the winner for the craziest sale is a Shaughnesssy home at in the Vancouver West area at 1383 W 32nd Ave listed at $5.99 Million and sold for $8.010 Million in 12 days. That is $2 Million above list price and it takes the cake so far for this year!”
“It is unfortunate for buyers if you are trying to find a new home and staying in a hotel or renting short term. Who knows when this will lessen up but it is what it is right now which is crazy.”
“For sellers if you are on the fence about selling now is the time to get off the fence to and enjoy the rewards of the your detached house. Condos and Townhomes are strong as well but not as crazy as detached homes.”
“To give you some averages for homes in Coquitlam and west of Coquitlam in Greater Vancouver on average year to date days on market is 30 days but the median has been 9 days on market. Which tells you that most of the homes are selling fast, but a couple are lingering a little longer because there are still some duds out there. On average houses are selling for 100% of the list price. The range for 2015 so far is 131% to 56% of the list price… we aren’t sure what happened with that 56% of the list price sale but we are sure there was something wrong there.”
If you have any questions about selling your home or would like to know more about this crazy market feel free to contact us!
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Just Listed! Avant in Vancouver.

[codepeople-post-map]Modern waterfront homes overlooking Burrard Inlet with stunning North Shore views!


Vancouver living at it’s best with UNOBSTRUCTED VIEWS of Burrard Inlet, Mountains & New Brighton Park!  This outstanding 2 bedroom, 2.5 bathroom Townhome has 1,492sqft on 2 levels with a HUGE PRIVATE ROOFTOP PATIO! Unit features a spacious layout with an open concept kitchen/dining/living area, powder room, and a gorgeous brick feature wall in the living room.
2949 Wall St Vancouver Condo Townhome for Sale
2949 Wall St Vancouver Condo Townhome for Sale     2949 Wall St Vancouver Condo Townhome for Sale
Modern finishings throughout including Kohler fixtures, soft close cabinetry, white oak wire brushed hardwood flooring, and marble counters. Gourmet kitchen features high end gas range, granite counters, GE Monogram Series stainless steel appliances and lots of cupboard space.
2949 Wall St Vancouver Condo Townhome for Sale     2949 Wall St Vancouver Condo Townhome for Sale
Upstairs are the 2 spacious bedrooms with plush wall to wall carpeting, large windows for lots of light, and spectacular views. Upper floor also features 2 ensuite bathrooms, and access to the HUGE North-West facing private rooftop patio with lots of space for a patio set and bbq. Perfect for Summer entertaining and watching Christmas Carol ships.  The unit also includes 2 storage lockers and 3 parking spots.2949 Wall St Vancouver Condo Townhome for Sale
Built in 2012 by Aragon this building features Geothermal Heating & Cooling instead of conventional energy methods. This allows you to save your energy consumption by 70% and is environmentally sustainable. Geothermal heating and cooling systems transfer the warmth (or cold) from the ground below to the home or building above, providing a completely renewable, ecologically friendly source of home climate control.  The Earth itself is a natural heat source with year round temperatures of 55°F to 75°F just below the surface.
2949 Wall St Vancouver Condo Townhome for Sale           
Amazing Neighbourhood just minutes from beachfront New Brighton Park which has a soccer field, picnic sites, outdoor pool, concession stand, children’s playground, 4 tennis courts, and an off leash dog area.  Walking distance to Playland, The Coliseum, Hastings Racecourse, and PNE! Shops (Safeway, Shoppers Drug Mart, Starbucks, Hastings Liquor Store, Donalds Market, London Drugs etc…) just a quick 5 min drive, Schools (Hastings Elementary & Templeton Secondary) 5 & 10 min respectively, Hwy 1 on ramp 5 min, and only 15 min away from Downtown Vancouver!
2949 Wall St Neighbourhood
 

Click Here to view the full listing & floorplan
2949 Wall St Floorplan

February 2015 Market Stats

Home buyer and seller activity outpaces historical averages in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.
Last month’s sales were 20.2 per cent above the 10-year sales average for the month.

“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.
Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.
The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.
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Record High Appreciation in Greater Vancouver Homes.

The market in the Greater Vancouver area has been very busy these past 4 years and recent statistics show just how incredible the appreciation of homes has been.  The popularity of the Lower Mainland boomed once we had officially won bid to host the Olympics and since 2010 it has kept increasing.

Detached homes are extremely popular as it a sellers market with buyers in bidding wars at record high sale prices.  From homes to Vancouver West to Coquitlam we have seen above listing price sales with properties attracting tons of buyers and lots of offers.

“These stats really  showcase how much of an increase there has been in a relatively short amount of time.  One of the trends we noticed in suburbs and basically everywhere is the more expensive neighbourhoods are the ones that went up the most. For example in New Westminster in the neighbourhood where detached homes appreciated the most over time was Queens Park which had a 24% gain over the past 4 years from 2010 to 2014 compared to the New Westminster city average of 18%. Deer Lake area in Burnaby had the highest average sale price in 2014 of overall Burnaby with the average sale price of $1.7 Million which is astonishing for Burnaby.”

Detached Home Appreciation 2010-2014
West Vancouver – 37.9%

Vancouver East – 40.7%
Vancouver West – 42.3%
Burnaby – 32%
New Westminster – 18%
Coquitlam – 20%
Port Moody – 15%

“A few other stats to note Condos are up as well but not nearly as much as homes. Burnaby is up 4%, New Westminster gained 5%, & Port Moody increased by 5%. Not a huge gain for condos in suburbs.”

“Being 2015 now and the market has been insane but there is not enough data to reflect what is going on other than the pure craziness. For detached homes I would say we are up even further from 2014. There are record sale prices going on all the time, bidding wars everywhere.  I can’t wait to see what stats are released after 6 months of this to see where things are actually at. There haven’t been that many sales here in February but I have seen what would have been considered a $700,000 home last year sell for $800,000 this year and what was $900,000 last year sell for $1,000,000 or $1,050,000 this year. There is just record setting prices everywhere and this is mainly for detached homes. It is a little bit difficult to be a buyer right now but great to be a seller! We are really looking forward to checking out the year end info for 2015 to see how this intense market will reflect in the stats.”

For more info on Greater Vancouver market stats Click Here.

Just Listed! Gable in Coquitlam

Gable Townhouses: Modern and stylish townhomes in central Coquitlam just minutes from everything!

#16 688 Edgar Ave, Coquitlam.  Townhome for sale Garbutt Dumas Real Estate   #16 688 Edgar Ave, Coquitlam.  Townhome for sale Garbutt Dumas Real Estate

This 2 bedroom, 2 bathroom, 1,203sqft Rowhome is in pristine condition and features a large spacious open concept living/dining/kitchen area. Other features include lots of windows for plenty of natural light, modern finishings, and a large tandem garage opening to your private fenced backyard.
#16 688 Edgar Ave, Coquitlam.  Townhome for sale Garbutt Dumas Real Estate     #16 688 Edgar Ave, Coquitlam.  Townhome for sale Garbutt Dumas Real Estate
#16 688 Edgar Ave, Coquitlam.  Townhome for sale Garbutt Dumas Real Estate
The living room features a cozy fireplace and opens on to a East facing balcony with french doors over looking the  yard.  The dining room flows into a large spacious kitchen with lots of windows, designer lighting, marble counters, stainless steel appliances, lots of counter space as well as a corner seating space and enough floor space for a gourmet island.
#16 688 Edgar Ave, Coquitlam.  Townhome for sale Garbutt Dumas Real Estate   #16 688 Edgar Ave, Coquitlam.  Townhome for sale Garbutt Dumas Real Estate
Upstairs are the 2 bedrooms and 2 bathrooms. The master bedroom has 2 separate his and hers closets, plush wall to wall carpeting, and a modern 5 piece ensuite with his and hers sinks and marble counters.

Situated in central Coquitlam this location is perfect for commuters and families alike with Hwy 1, shops on Lougheed Hwy, Silver City Theatres, Eagle Quest Golf Course, Lougheed Town Centre, and Skytrain Station.
 

Click Here for the Full Listing & Virtual Tour!

#16 688 Edgar Ave Virtual Tour

 

Sold! Donovan in Yaletown!

Sold for above asking price in only 4 days!

Welcome to ‘Donovan’! Cressey’s high-end boutique style building in the heart of Yaletown and Vancouver!

Kitchen    Living Room

This Gorgeous Corner Unit 2 bedroom, 2 bathroom, 857sqft condo has South-West views of eclectic Yaletown. The spacious open concept floor plan features hardwood floors, high end Miele Stainless Steel appliances, wood cabinetry, walk-in pantry & lots of natural light.

Master Bedroom     Bathroom

Their recreation facility is one of the best in Vancouver! It includes private yoga rooms, sauna room, steam room, meeting room & an amazing party room.

Party Room     Exercise Centre

Incredible location just a quick stroll to Urban Fare, some of the best restaurants in Vancouver, shopping, sporting events at BC Place & Rogers Arena, the Seawall, local theatres (The Orpheum, Vogue, & Roundhouse are all within a 10 min walk) & The Canada Line is 5 min away.

The Orpheum Vancouver
The Orpheum Vancouver

BC Place Vancouver
BC Place Vancouver

 
 
 
 
 
 
 
Yaletown Seawall
The Seawall

Yaletown Canada Line Skytrain Station
Canada Line Skytrain Station

 
 
 
 
 
 
 

Click Here for the Full Virtual Tour!

Click Here for Full Virtual Tour!
Click Here for Full Virtual Tour!

 
 

January 2015 Market Update

Home buyers remain active despite reduced selection

The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.
Last month’s sales were 14.9 per cent above the 10-year sales average for the month.
“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. “This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

New listings for detached, attached and apartment properties in Metro Vancouver(1) totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.
Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014 and a 4.8 per cent increase compared to December 2014.
The MLS® Home Price Index(2) composite benchmark price for all residential properties in Metro Vancouver is currently $641,600. This represents a 5.5 per cent increase compared to January 2014.
With the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.
“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

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November 2014 Market Update

Metro Vancouver home sales remain strong.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in November 2014. This represents an 8.4 per cent increase compared to the 2,321 sales in November 2013, and a 17.7 per cent decline compared to the 3,057 sales in October 2014.
Last month’s sales were 6.9 per cent above the 10-year sales average for November.
“It’s been a more active fall than we typically see in the Metro Vancouver housing market,” Ray Harris, REBGV president said. “Home prices across the region have experienced steady gains in 2014 of between three and seven per cent depending on property type.”
New listings for detached, attached and apartment properties in Metro Vancouver* totalled 3,016 in November. This represents a 7.1 per cent decrease compared to the 3,245 new listings in November 2013 and a 32.8 per cent decline from the 4,487 new listings in October.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,553, a 10.2 per cent decline compared to November 2013 and a 9.4 per cent decrease compared to October 2014.
“This is traditionally a low inventory time of year, so it’s a good time to list your home for sale if you want to face less competition in the marketplace,” Harris said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,300. This represents a 5.7 cent increase compared to November 2013.
Sales of detached properties in November 2014 reached 1,012, an increase of 9.3 per cent from the 926 detached sales recorded in November 2013, and a 60.9 per cent increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9 per cent from November 2013 to $997,800.
Sales of apartment properties reached 1,052 in November 2014, an increase of 8.6 per cent compared to the 969 sales in November 2013, and a 40.3 per cent increase compared to the 750 sales in November 2012. The benchmark price of an apartment property increased 3.2 per cent from November 2013 to $379,500.
Attached property sales in November 2014 totalled 452, a 6.1 per cent increase compared to the 426 sales in November 2013, and a 47.2 per cent increase over the 307 attached properties sold in November 2012. The benchmark price of an attached unit increased 4.8 per cent between November 2013 and 2014 to $480,200.
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October 2014 Market Update

Metro Vancouver home sales above average in October.

 
Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 per cent increase compared to the 2,661 sales in October 2013, and a 4.6 per cent increase over the 2,922 sales in September 2014.
Last month’s sales were 16.6 per cent above the 10-year sales average for October.
“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight per cent depending on the property,” said REBGV president Ray Harris.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,487 in October. This represents a four per cent increase compared to the 4,315 new listings in October 2013 and a 14.7 per cent decline from the 5,259 new listings in September.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2 per cent decline compared to October 2013 and a 6.6 per cent decrease compared to September 2014.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six per cent increase compared to October 2013.
 
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