Here's the difference between pre-qualification and pre-approval: during the mortgage application process, you will speak with a lender (or maybe several as you shop around for the best loan options). During your initial conversation, your lender is going to ask you a series of questions about your financial situation. During that conversation, they will let you know approximately how much mortgage they think that you'll qualify for and what the top of your price range should be during the house-hunting process. This is your pre-qualification, not pre-approval.

Your pre-approval will take place once your lender runs your credit score, checks bank statements, verifies employment and reviews proof of assets or investments (every situation is a little bit different). It is important to know the distinction because unless you have an official pre-approval letter signed by your lender in-hand, you are not pre-approved.

In this competitive market, it's crucial to submit a pre-approval letter with your offer and the last thing I would want is for you to miss out on your home because of a little confusion. If you are ready to get pre-qualified or pre-approved, just DM me and I'll refer you to one of my lender partners for initial conversation.

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets dicsuss all the avilable options. 

Please contact us today at 604-442-9422

Anna Litvak Joseph PREC*

Top 10% of realtors in Greater Vancouver

BC Prime Real Estate Group

604-442-9422

anna@bcprimerealty.com

Keller Williams Elite Realty, Port Coquitlam, B.C.

Here's why the highest offer doesn't always win.

While it's true that in many cases, a home seller will take the highest offer on their home to maximize their return on investment, there is no guarantee that the highest offer will be accepted.

Check out these three scenarios where the highest offer might not talk the loudest:

1. All-cash offer: When you pay in cash, sellers sleep easy, knowing there's no risk of financing going sideways. Confidence is a key selling point!

2. Swift closure: Got the ability to close quickly? That's golden, especially if the seller is on a strict timeline. Speed can beat the highest bidder.

3. No strings attached: Offers without contingencies can be very tempting, as they minimize potential complications and delays.​

So while putting your best financial foot forward is important, remember, it's not always about the money. Each seller has their own priorities.

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets dicsuss all the avilable options. 

Please contact us today at 604-442-9422

Anna Litvak Joseph PREC*

Top 10% of realtors in Greater Vancouver

BC Prime Real Estate Group

604-442-9422

anna@bcprimerealty.com

Keller Williams Elite Realty, Port Coquitlam, B.C.

Buyers, you do not want to miss this essential document!

Understanding the seller’s disclosure, also known as a Property Disclosure Statement (PDS), is integral to your buyer's due diligence.

It’s a legal document provided by the seller that details the condition of the property. It helps you as the buyer make an informed decision and decide whether or not to buy the property. British Colunbia require a seller’s disclosure as it supports both parties. In contrast, other Provinces only require you to disclose a latent material defect (a defect in the home that is not discoverable through an inspection and may make the home dangerous to live in or even inhabitable).

Buyers can decide whether or not they want to buy the property. And sellers will be able to protect themselves from getting sued by the buyers if something is found to be terribly wrong after the sale is complete.

Your agent will guide you through the process of reviewing and understanding the seller’s disclosure so you can make the best decision for your real estate needs. If you have any questions about this process, don't hesitate to reach out!

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets dicsuss all the avilable options. 

Please contact us today at 604-442-9422

Anna Litvak Joseph PREC*

Top 10% of realtors in Greater Vancouver

BC Prime Real Estate Group

604-442-9422

anna@bcprimerealty.com

Keller Williams Elite Realty, Port Coquitlam, B.C.

As summer comes to an end, the market often sees a cooling effect, with both price gains and sales slowing down. This pattern can be attributed to factors like families settling in before the start of the school year and people generally being more focused on vacations and leisure during the summer months. 

In addition, the higher borrowing costs likely pertains to rising mortgage interest rates. When interest rates increase, it can make borrowing more expensive for potential homebuyers. This, in turn, can lead to decreased demand, which can contribute to a slowdown in both price growth and sales activity.

New Listings: In August 2023, there were 3,943 new properties listed for sale on the MLS®. These properties encompassed detached houses, attached homes, and apartments. 

Year-Over-Year Comparison: Compared to August 2022, there was an 18.1% increase in the number of new listings. This suggests that more properties became available for sale in August 2023 than in the same month the previous year.

These statistics reflect changing dynamics in the Metro Vancouver real estate market. An increase in new listings can provide buyers with more options and potentially ease some of the competitive pressures seen in markets with low inventory.

Detached Home Sales: In August 2023, there were 591 sales of detached homes. This figure represents a 13.2%  increase compared to August 2022 when 522 detached home sales were recorded. The benchmark price for a detached home in Metro Vancouver was $2,018,500 in August 2023.

Apartment Home Sales: In August 2023, there were 1,270 sales of apartment homes. This figure represents a substantial 27.4% increase compared to August 2022 when there were 997 apartment home sales. The benchmark price for an apartment home in Metro Vancouver was $770,000 in August 2023.

Attached Home Sales: In August 2023, there were 422 sales of attached homes. This figure represents an 18.9% increase compared to August 2022 when there were 355 attached home sales. The benchmark price for an attached home in Metro Vancouver was $1,103,900 in August 2023.

Fraser Valley

Greater Vancouver

Metro Vancouver

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets dicsuss all the avilable options. 

Please contact us today at 604-442-9422

Anna Litvak Joseph PREC*

Top 10% of realtors in Greater Vancouver

BC Prime Real Estate Group

604-442-9422

anna@bcprimerealty.com

Keller Williams Elite Realty, Port Coquitlam, B.C.