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Why you should consider a Pre- Inspection before you list?
Getting a Pre Listing Inspection Before You List
 
Before your real estate agent places the "For Sale" sign in your front yard, you want to be sure that no stone has been left unturned when preparing your home for marketing. The "To Do" checklist that your agent gives you is created to help protect you from the unknown once you are under contract to sell. It is also a great checklist for taking care of everyday preventative maintenance of your home.

One of the key items on your list will be the recommendation to obtain a professional Pre- Listing inspection prior to listing instead of waiting for an acceptable offer to see if your home is the subject of hidden pest or water damage.

For a fee of about $300, a licensed inspector will prepare a full report on your property. Once the inspection is complete, you will receive a report with suggested remedies and estimated costs of repair.

Having this information before you move ahead with an offer gives you great advantages when selling your home. You will know the repair costs prior to agreeing on a selling price. Your buyer's loan approval may depend on having a clear report so closing delays will be avoided. You can also share the report and explain how everything was fixed. 

We reimburse clients who chose to have a pre- Inspection done upon a firm sale. Don't hesitate to reach out if you have any questions about the home selling or buying process. I'm here to be your resource.
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We have the power today to use technology to provide you with an amazing consultation ( for both buyer consults and home evaluations) without having to meet us in person! We'll do the entire process virtually for you.

We are here to help and are making adjustments on our end in all aspects of our business to still offer you amazing customer experiences during this time.


We understand that you don't want strangers in your home in these uncertain times. Our team wants to make sure we make all  effort to protect ourselves and follow social distancing protocols.


So we're focusing on shifting our business to the VIRTUAL SIDE of things.


We are now offering VIRTUAL HOME EVALUATIONS!

It's easy! Register below and we'll set up a time for you to have a virtual video call. It will be a 30-minute call that will give you insight into the current value of your home, and give you the opportunity to ask any of your burning market questions. Register Here!


We are now offering VIRTUAL LIVE SHOWINGS!

We will view properties on your behalf, taking you on a live tour of the home via Zoom, Skype, etc. This way, you can practice social distancing.


We are now offering VIRTUAL OPEN HOUSES!

Our goal is to limit the number the people who are walking through your home while you are selling. One of the ways we will exercise will be by streaming a tour of your home "open house style" on weekends, instead of letting people physically inside the home.


We are transmitting to ONLINE OFFERS!

Weather you are a buyer or a seller, We will use the power of e-signatures, video conferencing, and emailing to handle your offers electronically and securely.


WE ARE HERE TO HELP AND MAKE IT SMOOTH!

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Don't move yet! 5 most important tips for a smooth move.

Moving is never our favourite time of the year. Well, at least not packing and unpacking.. living with boxes and have mess around for long time. Vancouver in the box has shared some awesome tips with us to make your move more smooth:



1. It is a good idea to get rid of unwanted items – make room for new things in your life. Call Recycling BC hot line 604-732-9253  (rcbc.bc.ca ) to learn where to recycle & donate!


2. Arranging parking for your truck- make sure to reserve a parking spot or designated area for the truck/ movers. In Vancouver, you can apply to reserve meter spaces at least 3 days prior to your move: 604-8716730.   


3. Elevator- Make sure to reserve the elevator on both sides of your move in advance.


4. Pack important documents, passports, new keys, money and MSP cards and place in your car before movers arrive.


5. Finally, leave all the keys to your old house (storage, garage, shed...) and all appliances manuals in one spot for the new owner. 


Vancouver In The Box, provides fast & efficient packing services for your move. Email to arrange a free in home estimate: vancouverintehbox.com or Call 778-228-6976.


Moving expenses can also be tax deductible! if you need more information on this topic, please visit:

http://news.mediaedge.ca/assets/CAM_DeductingMovingExpenses.pdf


Happy moving!

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WHAT MAKES YOUR HOME SELL?

It all begins with Marketing 

 

Marketing your home is easier said than done, but there are a series of steps you can take to give your home the best chances of selling. Good marketing will attract more buyers and yield higher sales prices for your home. 

 

Internet: With more and more buyers looking to the internet for their new home, having an online presence and a variety of high-quality pictures, professional video packages, 3D interactive floor plan & virtual staging are just some of the tools can be used, and are now more important than ever. Buyers are very visual; make sure to get the best marketing tools available for photographs of the front of your house, its exterior and interior. 

 

Virtual tours: This is an awesome new way to market your home. And no, they’re not just for showcasing million-dollar mansions. Every home should take advantage of a virtual tour, giving potential buyers a more detailed walkthrough of your home. 

 

Signage: An old marketing tool that will never go out of style. Signs are a free form of advertising and will encourage potential buyers to pick up the phone and call today. A good “For Sale” sign will produce more calls and generate more leads. 

 

Print: As buyers transition to the internet for home buying, tradition print advertising is still considered a valuable marketing tool. Many buyers will come from just listed postcards or direct printed marketing and it’s important that your home is advertised to as many buyers as possible. 

 

Circle Prospect: As the market is shifting into a buyer’s market and the prices are still high, bringing qualified buyers to your doorstep is harder than ever. Good Real Estate agents will make personal phone calls to fellow realtors in the area, and to potential buyers in the brokerage's data base. Many buyers are found from direct prospecting in the right place. 

 

Pricing your home right 


If you want your home to sell fast and for the best price, make sure to price it right. Determining the “right” value of your home may sound like a difficult task, but it doesn’t have to be.  

 

Often, an agent will recommend a selling price and the seller will disagree – thinking their home is worth more. It’s important to work with an agent you can trust and to follow their advice with confidence. If they’re experience, then they probably know what they’re doing. 

 

Struggling to price your home? Here are a couple pricing strategies to consider 

 

Comparative Market Analysis: Ask your BC Prime Realty agent for a free comparative market analysis. With this strategy, an agent will gather date on the recently sold homes in your area and price range. They will use this data to give you an accurate price for your home. 

 

Pricing it just below: Buyers are drawn to houses that are priced just below a rounded number. For instance, if you think your price should be listed at 300,000 then you should price it at 299,000. Sellers who engage in this strategy will sell their house for 2.5% to 3% more. 

 

Staging your home 


This is one of the most commonly overlooked steps in selling a house. When you stage your home, you must detach yourself from it emotionally and physically. Here are a few ways to stage your home so it entices the most buyers. 

 

De-personalize: Put away all your family photos and heirlooms. Buyers will only be distracted by your personal artifacts. After all, you want them to imagine themselves living inside the home. 

 

De-clutter: It’s amazing how much unneeded “junk” can accrue inside seller’s homes. Remove books from bookcases, clean off the kitchen counters, and stow away all unnecessary clutter. 

 

Bedroom closets and kitchen cabinets: For some reason, buyers will often peek inside closets and cabinet doors. Make sure all items inside these spaces are neatly organized and in great condition.  

 

Curb Appeal: This is a buyers first real impression of your house before they step inside. Make sure your house looks clean and welcoming from the outside. If a buyer doesn’t like what they see from the curb, chances are they won’t take a step inside. 

 

 

BC Prime Realty offers a FREE STAGING PACKAGE for home sellers.  Check it out here to learn how you can better stage your home and get the most out of your listing. 

“I’D BE HAPPY TO SIT DOWN WITH YOU TO DISCUSS HOW WE CAN USE THESE AND OTHER MARKETING SYSTEMS TO EFFECTIVELY SELL YOUR HOME FOR MORE MONEY AND IN LESS TIME.”

Call Now

Cell:604-442-9422
Email:anna@bcPrimeRealty.com

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Metro Vancouver continues to experience above-average demand and below-average supply

VANCOUVER, BC – December 4, 2017 – Metro Vancouver* saw modest home listing changes and steady demand in November.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,795 in November 2017, a 26.2 per cent increase from the 2,214 sales recorded in November 2016, and a 7.5 per cent decrease compared to October 2017 when 3,022 homes sold.


Last month’s sales were 17 per cent above the 10-year November sales average.


“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, REBGV president said.


There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2017. This represents a 30.6 per cent increase compared to the 3,147 homes listed in November 2016 and a 9.5 per cent decrease compared to October 2017 when 4,539 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,747, a 4.3 per cent increase compared to November 2016 (8,385) and a 4.3 per cent decrease compared to October 2017 (9,137).


“While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels,” Oudil said.


The sales-to-active listings ratio for November 2017 is 32 per cent, which is up three per cent since September 2017. By property type, the ratio is 15.9 per cent for detached homes (up one per cent since September 2017), 36.4 per cent for townhomes (down six per cent since September 2017), and 67.8 per cent for condominiums (up seven per cent since September 2017).


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,046,900. This represents a 14 per cent increase over November 2016 and a 0.4 per cent increase compared to October 2017.


Sales of detached properties in November 2017 reached 841, a 31.8 per cent increase from the 638 detached sales recorded in November 2016. The benchmark price for detached properties is $1,608,000. This represents a 6.1 per cent increase from November 2016 and a 0.1 per cent decrease compared to October 2017.


Sales of apartment properties reached 1,508 in November 2017, a 25.7 per cent increase compared to the 1,200 sales in November 2016. The benchmark price of an apartment property is $648,200. This represents a 23.9 per cent increase from November 2016 and a one per cent increase compared to October 2017.


Attached property sales in November 2017 totalled 446, an 18.6 per cent increase compared to the 376 sales in November 2016. The benchmark price of an attached unit is $805,200. This represents a 17.9 per cent increase from November 2016 and a 0.3 per cent increase compared to October 2017.


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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.


The real estate industry is a key economic driver in British Columbia. In 2016, 39,943 homes changed ownership in the Board’s area, generating $2.5 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $40 billion in 2016.


The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.


For more info and graphs:


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The government has taken several actions to curb housing risks.

Let’s have a look at Ottawa’s actions since the 2008 recession:

October 2017

The government is announcing the new stress test start date. Starting January 1, 2018, first time buyers who have 20 per cent down payment or more will also have to qualify based on a new stress test.

October 2016

  1. OSFI requires smaller banks to perform a stress test requiring borrowers with less than 20 per cent downpayment to qualify for the Bank of Canada’s posted five-year rate.
  2. Borrowers with a down payment at or above 20 per cent to meet these same eligibility requirements.

December 2015

The minimum down payment increases for insured high-ratio mortgages. Anyone who is looking to buy a home valued between $500,000 – $1 million will now put 10 per cent downpayment. Up from 5 per cent downpayment.

June 2012

  1. For these with less then 20 per cent downpayment, the maximum amortization period was reduced from 35 years to 25 years only.
  2. A new stress test was implemented. To qualify for a high-ratio mortgage, a home buyer’s debt costs could be no more than 44 per cent of their income.
  3. Home owners who are going to refinance their mortgage can now borrow a maximum of 80 per cent of a property’s value, down from 85 per cent.
  4. Government-backed insured high-ratio mortgages were available only on homes valued at less than $1 million.

January 2011

Ottawa is reducing the maximum length of an insured high-ratio mortgage from 35 years to 30 years. Home owners who are refinancing can now borrow  85 per cent, a change from 90 per cent.

February 2010

  1. The maximum amount home owners could borrow when refinancing a mortgage has reduced from 95 per cent of home’s value, to only 90 per cent.
  2. A new rule came out requires owners who are not living on a property. A minimum 20 per cent down payment if they needed government-backed mortgage insurance.

July 2008

The maximum length of an insured high-ratio mortgage was reduced by Finance Minister Jim Flaherty from 40 years to 35 years.  
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October 17, 2017 – “The Stress Test” is now a requirement for uninsured mortgages as well.

Effective January 1, 2018, home buyers who intend to buy a house with more than 20 per cent downpayment, will have to qualify for their mortgage at a higher rate. In other words, they will have to prove they can make their commitment if interest rates rise. This is the Seventh time since 2008 that the federal government has made policy changes concerning mortgages. These actions have a significant impact on the amount home buyers can borrow, or the annual income needed to qualify.


Under the new rules, the minimum qualifying rate for uninsured mortgages will be the greater of Canada’s 5 year benchmark rate or the contractual mortgage rate plus two percent. To illustrate, if a family is looking to buy a property for $1,000,000, using 20 percent downpayment ($200,000), they need to borrow $800,000 in mortgage. Based of these facts, the family requires 140,000 in annual income to qualify. Based on the new regulation, the same family will need 180,000 in annual income in order to qualify. In other words, now they need higher income, or much more downpayment to qualify for the same $800,000 mortgage amount. This new stress test won’t apply to people renewing their uninsured mortgage. Canada’s Office of the Superintendent of Financial Institutions (OSFI) will also require lenders to enhance their loan-to-value (LTV) limits and restrict certain lending arrangements designed to circumvent LTV limits.


While the impacts of these new qualification requirements are unclear, Economic analysis from the BC Real Estate Association (BCREA) anticipates: “The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 per cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we’ve seen home sales decline in the three to nine months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year. However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past,” said Cameron Muir, BCREA chief economist.


Dog Porter, BMO financial group chief economist, predicts that expended stress testing of mortgages will have a “significant dampening effect” on the housing market. The main market it could hit hardest is the “move-up” home buyers. The new announcement could also slow interest rate increases next year if the bank of Canada pauses to assess the impact of new borrowing rules, he said.


Read the government’s full announcement here
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BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the September 2017 statistics.

 
 
 
 
 
 
 
 
 
 
 
“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.  
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Active listings VS sales for all neighbourhoods in Metro Vancouver, includes condos, townhouse and detached houses. Please see link below:

Metro-Vancouver Report September


VANCOUVER, BC – October 3, 2017 – Apartment and townhome activity is outpacing the detached home market across Metro Vancouver*. This activity helped push total residential sales above the historical average in September. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold. Last month’s sales were 13.1 per cent above the 10-year September sales average. “Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.” There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase compared to August 2017 (8,807). “Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.” For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and 60.4 per cent for apartments. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.   The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017. Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272), and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017. Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase from September 2016 and a 1.4 per cent increase compared to August 2017. Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent increase compared to August 2017.



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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.