Whether you find yourself in a buyers’ or sellers’ real estate market, getting the best price for your home requires considerable preparation.  Ultimately, marketing your home effectively starts with a few simple tasks that you should tackle before you put it up for sale.  The following tips on how to prepare your home for sale will help you get top dollar.

Get Things in Order

From cleaning and landscaping to making repairs, getting your home in order is the first step to a good sale.  Even though we’ve been taught never to judge a book by its cover, this adage does not ring true for real estate transactions.  Curb appeal is likely one of the first things your real estate agent will mention because they know you need to make a good impression on potential buyers.  This means your yard must look immaculate – cut your lawn, trim your hedges, and weed your garden.

You’ll also want the exterior of your home to look clean and tidy.  Obviously, you need to remove unnecessary clutter and garbage, but you’ll also want to consider power washing exterior surfaces such as siding, decks, and driveways.  Any noticeable repairs must also be accounted for – this means no broken windows, shabby shingles, or other signs your home isn’t in tip top condition.

Make your Space Comfortable

An inviting home is a home that sells quickly and for a good price.  Just as you would remove clutter from your yard, you should de-clutter the interior of your home.  A fresh coat of paint in neutral colours is also advisable as it gives your home not only a “new” appearance, but also enables potential buyers to visualize their own sense of décor.  Personal items should be neatly organized and out of sight – remove family photographs, keep bathrooms free of cosmetics and personal hygiene items, and remove appliances from kitchen surfaces.  This will help to create the sense of space and will ensure potential buyers aren’t distracted from seeing themselves living in the home.

Clean Homes Sell

Finally, it can’t be stressed enough that your home must be cleaner than ever.  All surfaces must be polished and sparkling, closets and drawers should be highly organized, and anything that emits bad odors must be neutralized.  You want to create the most positive possible atmosphere for potential buyers and make sure not to give the impression that your home is uncomfortable, disorganized, or requiring major work to get it up to snuff.

Often times, homeowners are surprised at the impact that a little preparation can make not only in the speed of a sale but also in the final price fetched; but when you speak to real estate experts, they’ll almost always offer the same advice.  Create a clean slate in your home and buyers will be attracted.

Condominium sales drive August activity

Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.

Last month’s sales were 19.6 per cent above the 10-year August sales average.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

There were 4,245 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2017. This represents a 1.1 per cent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 per cent decrease compared to July 2017 when 5,256 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,807, a 3.5 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease compared to July 2017 (9,194).

For all property types, the sales-to-active listings ratio for August 2017 is 34.6 per cent. By property type, the ratio is 16.3 per cent for detached homes, 44.8 per cent for townhomes, and 76.3 per cent for condominiums.

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

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets," Oudil said. "Detached homes have entered a balanced market. This means there's less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700. This represents a 9.4 per cent increase over August 2016 and a one per cent increase compared to July 2017.

Sales of detached properties in August 2017 reached 901, a 26 per cent increase from the 715 detached sales recorded in August 2016. The benchmark price for detached properties is $1,615,100. This represents a 2.2 per cent increase from August 2016 and a 0.2 per cent increase compared to July 2017.

Sales of apartment properties reached 1,613 in August 2017, a 20.1 per cent increase compared to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800. This represents a 19.4 per cent increase from August 2016 and a 1.7 per cent increase compared to July 2017.

Attached property sales in August 2017 totalled 529, a 22.7 per cent increase compared to the 431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a 12.8 per cent increase from August 2016 and a 1.9 per cent increase compared to July 2017.

Click here to download the August 2017 stats package

If you’re thinking of selling a condo in Burnaby, there are many factors to consider.  From marketing, timing, preparation, and pricing, making a sale that works for you is not always as straightforward as you may think.  Here’s what you need to know about selling a condo in Burnaby.

Marketing Matters

Condos today are as unique as the neighbourhoods they’re found in, so marketing your condo effectively is an important component of selling your condo.  Know your building, know your neighbourhood, and know your audience – these are all critical aspects of marketing, even as important as pricing your condo properly.  Then obviously, you need to display your Burnaby condo attractively.  You needn’t throw a bunch of money into renovations, but a new coat of paint and a clean, clutter-free appearance can make a world of difference.  And finally, you need to have quality photos of your condo for marketing purposes.  If you’re not confident in your photography skills, consider hiring a professional so that your condo attracts more potential buyers.

Timing is Everything

When you’re selling a condo in Burnaby, carefully consider the seasonal changes in the real estate market.  Each seller is going to have different reasons including financial reasons, job changes, or other personal motivators.  That being said, there are seasonal fluctuations in the market.  From January to March, the market tends to be slower and the spring market is when sellers get the most value for their properties.  As the weather heats up and people are on vacation, we tend to see dips in the market – prices come down and sales slow.  The second busiest time for the real estate market tends to be the end of summer to early fall.  So, if you can afford to wait for the spring season, you’re likely to get a great price for your condo.

Preparation and Pricing

Preparing and pricing your condo are also major factors in selling your home.  When it comes to preparation, you have to think of making a good first impression – clean, tidy, spacious, and attractive condos sell faster.  Consider hiring professional cleaners to ensure your property is immaculate.  Also, keep your space organized – beds should be made, clutter should be stored out of view, and you should also remove all unnecessary furniture and knickknacks to give the impression of more space.  Finally, ensure your condo is in good repair so that potential buyers won’t try to negotiate the price based on even minor problems they find in the home.

Speaking of price, how do you accurately price your Burnaby condo?  Clearly, you have to consider the average market price to determine the value of your property.  Your sales goals are also important – you might want to get the best possible price for your home or you might need to sell by a particular date.  Once you understand your goals, you can consider your pricing strategy.  Ultimately, getting top dollar means you’ll sell your home when the market is hottest, and this takes patience.  On the other hand, if you’re in a hurry to sell your home, you probably want to price at or just above market value to attract more potential buyers.

Need more information? Call me 604-499-1996 today!

Secrets for buyer's direct from the horse's mouth!

1. Location.

First-time buyer, investor or existing homeowner, you need to understand the best locations for your investment. If your an investor, a condo near public transit or a university is always good.

2. Know your credit rating.

Do not just assume your credit is in order. Before proceeding with a lender check your credit and make sure there are no outstanding issues that may hold you back after finding your dream property. In addition if there is a mistake with your credit from an old bill for example this can be easily rectified in most cases. You can call either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166 to check.

3. Don't rule out heading out of the city.

Young families are heading out to buy affordable and newer resale homes. Sometimes it pays to go further depending on what you're looking for. If you value the space more and have a strict budget then buying downtown Vancouver most likely wont do.

4. Know your true price range.

Meet with one or more mortgage lenders to get pre-approved and understand what your true price range is. Often times in this market especially under 1 million dollars Condos/Townhomes in the lower mainland, if you go to make an offer the odds are you will be in a competing scenario. A good tip with this market is if your budget is 500k for example then its not a bad idea to also look at properties priced around 50-100k under that budget. The harsh reality right now is that the majority of attached properties are all selling over asking & in some cases well over. Otherwise In a more traditional market it would be normal to look at properties above your budget and try to negotiate lower against no competition.

Also a good tip is when you are in that multiple offer scenario and trying to determine how much your offer should be, I tell all my clients to offer as high as your comfortable with and then use this exercise. Imagine the property sold for 10 thousand more then your highest offer price, Would you be upset and feeling afterward you would have paid that? If the answer is no then you have found your maximum offer for that particular property.

5. Get the best representation.

A home for most people is the biggest investment you'll make so you want to feel comfortable when you go to buy it or sell it. A good starting point is find an agent you feel you can trust and who operates in a sales manner that your comfortable with. Some prefer a more high intensity pressure type sales agent to represent them where as others prefer to work with someone a little more laid back. Regardless find an agent who has a solid marketing plan plus a proven track record of successful negotiated sales.

Need more information? Call me 604-499-1996 today! 

Metro Vancouver sees fewer home sales and more listings in July

Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums.

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 $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.

Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.

Click here to download the July 2017 stats package

A bustling suburb of Vancouver, Burnaby offers its residents all the modern conveniences of city living with access to some of the most peaceful green spaces in the Metro Vancouver region.  Not only does Burnaby combine natural landscapes with urban amenities, but Its populace reflects an eclectic milieu of cultural influence.  Indeed, the global atmosphere of Burnaby ensures its residents enjoy a variety of restaurants, night life, entertainment, and shopping.  So, when it comes to real estate, it should come as no surprise that Burnaby condos for sale are among the most attractive to potential buyers.

Burnaby spans a large geographic region and features four main centres – Metrotown, Brentwood, Edmonds, and Lougheed.  Each of these centres offers an impressive variety of condos for sale, from shiny new high rises that provide incomparable views of the city and surrounding mountains to quaint, comfortable condos that offer more suburban surrounds.  Whatever your personal preference, you’re sure to find the perfect home among the many Burnaby condos for sale.

Metrotown is bordered by Boundary Road to the west, Imperial Street to the south, and Roal Oak Avenue and Burke Street on the east and north respectively.  With a growing population that has more than doubled since the early 80s, Metrotown is generally considered the main centre of Burnaby.  Low and high rise condos are plentiful and with access to the main shopping district of Burnaby, these condos are an appealing choice for those that prefer an urban lifestyle.

Located north of Metrotown, Brentwood real estate includes an impressive variety of high rise condos with stunning views of the North Shore mountains as well as the City of Vancouver.  Brentwood Mall is another popular shopping destination and residents of this neighbourhood also benefit from easy access to Hastings Street where you’ll find a great variety of restaurants and amenities.

In the north-east quadrant of Burnaby, you’ll find the Lougheed centre.  Once again, Lougheed Mall is easily accessed for all your shopping needs and you’re sure to enjoy Korean cultural influences in the many restaurants nearby.  Housing in Lougheed runs the gamut, but real estate is dominated by townhouses and low-rise condos.

Finally, Edmonds is located in the south-eastern corner of the city and represents a younger populace than other neighbourhoods.  Again, Edmonds features a range of townhouse and low-rise condos.  Excellent public transportation with a Skytrain station and several bus routes serving the area make Edmonds a great commuter location. 

If you’re interested in Burnaby condos for sale, look no further.  Check out our impressive listing of condos and you’re sure to find exactly what you’re looking for.  Burnaby is a growing urban centre with first-rate amenities and facilities and some of the finest real estate in Metro Vancouver.