Denny hosted the G+D real estate team again for another discussion on the Vancouver Real Estate market and what may be coming up in the summer. Learn more about our team here. Check out more episodes on Denny’s Zero to Here podcast here.
PORT MOODY! THE U-BICYCLE TOUR… DOES MONICA SURVIVE THE SKATE PARK? FIND OUT BELOW!
We have passed by these U-bicycle stations all over Port Moody and finally decided to give it a go! Quick app download and we were on our way. Yes, we wore our helmets #safteyfirst!
Port Moody is surprisingly rideable, even for someone that hasn’t ridden in a hot minute. Guys, if you haven’t tried this you are missing out. We made it to Moody Ales from Newport Village in 8 minutes on our “Lunch Break”!
Surprise surprise… It’s slow. In terms of units sold, statistically the month of March was the slowest it’s been in 33 years! However, don’t let the media headlines fool you, it’s not that bad for all property types. It may be a ‘Buyers Market’, particularly for luxury homes, fixer uppers and land value, but many entry level homes, condos and desirable areas are experiencing more of a ‘Balanced Market’, we have even experienced a few bidding wars. Check out this video to learn more about our thoughts on the 2019 Spring Market.
#PoMo Life – The Espresso Contest! Which espresso will be named the best espresso in all of Port Moody?!
On this episode Lucas & Monica tried a bazillion espressos from all of their fav local coffee shops in #PortMoody. They tired out The Beanery in Coquitlam (*they found out this is actually not in Port Moody), Black Sugar Coffee, Cafe Divano, JJ Beans & Romers. Did you guys know the proper way to drink espresso was by pouring it directly in to your mouths however you see fit? Well now you do. You’re welcome. Watch below & make sure to check back next week for our next episode of #PoMoLife. There is a lot going on in our city, Port Moody and we are going to highlight new and old businesses AND events! We have some serious ground to cover and we are open to requests! If there is a new spot that you haven’t tried, let us know.
Adam and Shawn are back hosting another Real Estate Seminar. This event will be held on April 4th atOld 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 email@example.com, 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!
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:
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.
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.
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.
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.
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