Open House. Open House on Saturday, May 14, 2022 2:00PM - 4:00PM Public Open House. Join us for coffee.
Open House. Open House on Sunday, May 15, 2022 2:00PM - 4:00PM Public Open House. Join us for coffee.
There’s a reason why I offer my Sellers a Complimentary Home Staging Consultation. In my experience, if I put 2 very similar properties together and they are listed at the same price, the staged home usually sells for more, and faster. The fact remains- many Sellers aren’t sure if they should hire a home stager. Home staging is about showing a home in its best possible light. It can also help potential buyers imagine themselves in the space. Buyers like it to see what a room really looks like, without the Sellers' personal effects.
In a Seller’s market, your home will probably sell- but what will it sell for? “The Real Estate Staging Association study revealed that 85 per cent of homes analyzed sold for five per cent to 25 per cent above listing price. It isn’t always black and white, as the final selling price can depend on a number of factors, including buyer demand, competition and the condition of the property. With all else being equal, a staged home is more likely to leave buyers with a better impression than one that hasn’t been staged, with the potential to fetch higher offers”*. Although there are upfront costs attached to professional home staging, you should be able to recoup those costs in your sale price.
Are you ready to list? Let’s get a home stager in to talk to you today!
Check out Blitz Home Stagging
This is one of the biggest concerns I get from friends, family and clients. With the prices having escalated as quickly as they have, I understand the concern. There are options. Whether you have teens or adult children, there is always the option of purchasing a pre-sale condo, buying a property with your children or helping them enter the market (Bank of Mom & Dad).
Pre-Construction: Essentially, you are entering into a contract with a developer. You will need to put a deposit down (usually between 10-20%) and then wait until the project is complete before you pay the down payment and incur a mortgage. This is FANTASTIC for people who need a little more time to get their finances in order.
If the developer allows you to ‘assign’ your contract to another buyer (you are selling your contract), there may be an assignment fee (a % of the price) that you pay to the developer. If you chose to go this route, you won’t be paying PTT (Property Transfer Tax) or incurring a mortgage. If the property has increased in value, you would profit (the current price less the original contract price). This could be used as a down payment for another home or cash in pocket. One of the risks involved with this is that if the property was to decrease in value versus when you bought it, you would lose money. You might be subject to financial penalties, such as capital gains. It is always best to consult with an accountant before jumping in. As it isn’t always easy to predict the future of real estate and of interest rates, and most projects take between 3-4 years to complete, this may not be right for everyone.
Alternatively, you can purchase the assignment from someone else and not have to wait as long to move in versus if you had purchased the pre-construction condo.
Bank of Mom & Dad: I hear from many downsizers that they gave some of the profits, from the sale of their home, to their kids so that they could ‘get into the market’. Other parents have pulled out some of the equity in their current home to gift their children a deposit. Many lenders will help you find a strategy that works for you and your family. I suggest checking out Reverse Annuity Mortgages (RAMs). These seem to be growing in popularity with the way the current market is. I work closely with several lenders.
If you need a few recommendations, I’m happy to help!
Want to know more? Thinking about selling your investment property? I’d love to be interviewed!
*disclaimer- Information is always changing. Please consult with your lawyer, accountant and financial advisor before purchasing a property.
People are curious about the real estate market, especially over the last year. The soaring prices have paralyzed some in making the decision to move, while others have embraced the opportunity and have sold for record prices. HOPE IS HERE!
Metro Vancouver's housing market is seeing significant changes. The Fraser Valley Real Estate Board reported an increase of 75.3% in new listings compared to January while the Greater Vancouver Real Estate Board reported a 49.7% increase.**
What does this mean for you? While inventory is increasing, it is still not enough to meet Buyer demand. Although sale prices remain heightened compared to previous years, we are moving towards a balanced market in many areas.** Find out if YOUR area is shifting by clicking below.
Real Estate professionals from across BC have observed the number of offers coming in for a home in the detached home market has lessened over the last month, and we are seeing less ‘subject-free’ offers than a few months ago. It is still a great time to sell and it is GREAT NEWS FOR BUYERS!
Detached Homes: with the exception of POCO & Pitt Meadows, it appears that we are moving towards a more balanced market. West Vancouver & Westside Vancouver are already in a balanced market. Check out the map: Click here
Attached homes: it’s still a pretty ‘hot’ Seller's Market out there. More people can afford to purchase condos & townhomes so the pot of people looking for these properties is higher. This can lead to more multiple offers which can drive up the prices. The hottest areas (highest sales ratios) for February were Maple Ridge, Pitt Meadows, South Delta, Port Moody & POCO. See where your city is at: Click here
SALES RATIO (HOME SELLING RATE) CHEAT SHEET:
SELLERS MARKET = >20% BALANCED MARKET = 12-20% BUYERS MARKET = <12%
Want more specifics on YOUR neighbourhood? Call me.
Source: https://fvreb.bc.ca & https://www.rebgv.org/market-watch/ Sourced on March 10, 2022
Sourced on March 10, 2022