According to BCREA ( British Columbia Real Estate Association, the residential housing sales in B.C. were up by 28.6% in August.  The Multiple Listing Service showed there were 6,863 residential homes sales happened last month in B.C. which came to a total of $3.66 billion.  This is an increase of 39.7% from August of 2012 sales in dollar term.

Chief economist Cameron Muir noted that during 2012, a lot of home buyers stayed on the sidelines for almost the whole year due to fear of a housing market hard landing, but this year, it's the sense of urgency to lock in a mortgage at a low interest rate that cause a good summer home activity.

BCREA predicted that although mortgage is anticipated to rise, the impact on home sales will offset by the stronger economic conditions and the employment growth.

Read full post

I have listed a new property at 205 9288 ODLIN RD in Richmond.
3 bedroom 2 baths NW corner unit at Meridian Gate by Polygon! Rarely available. This 1195 sf unit is very well maintain with high end finishes, i.e.,stainless steel appliances, granite counter tops, fireplace. There is also a nook/eatingarea heading to the balcony. Very bright corner unit with windows in the kitchen. Meridian Gate complex is equipped without door pool, whirlpool, clubhouse, theater room, pool table, kid's playground, and guest suites. First class facilities in a resort like atmosphere! Also, rental is allowed for investors looking for a good passive income and holding property. Move in condition.
Read full post

 

Thomas Edison once said " Many of life's failures are experienced by people who did not realize how close they were to success when they gave up".

 

This is also true to real estate.  There's no question that real estate investing can be very difficult for anyone, not only beginners.  There are so many things to take into account and might go wrong, the stakes are high as well...  Well, we're talking about one of the biggest financial commitments in our life!

 

When there are so many negative sentiment in the market, it's but natural that we question the soundness of our investments.  Am I making a big mistake in investing in real estate?  Should I cut my loses now? Should I wait to get in the market?  These are the many questions in our mind.  There is nothing wrong in constantly assessing our investments.  In fact, this is one thing that we dont do enough in our investments portfolio.  The trouble comes in when we response to a perceived threat to our investments without thorough and careful consideration of the facts.  Unfortunately, we are all highly susceptible to outside noise and we let ourselves influenced by a few people's opinion, without doing our own research,  We avoid the market or worse, we sell in the belief that we're protecting ourselves from further loses.  Another thing we should consider in investing in real estate is create a back up or second option plan.  

 

What we dont realized is that there are still some layers of market that we didnt take into account...Even in markets that are supposed to be overheated such as Vancouver, there are still some areas that we could go and make profits...we just have to be more creative and yes, there are still properties that could generate a cash flow in this city.  Just remember this saying by Seth Godin " Seek out the difficult, because you can.  Because it's worth it"

 

 

 

Read full post

     
 
header
 

September 2013

 
 

 

Welcome to September!

All corners of the province have experienced unbelievably good weather through the summer, but it looks like we can't escape the wet stuff forever.

For the real estate market, last year's relatively sluggish summer has rebounded strongly this year. It looks like we've entered a period of relative stability, with many areas in balanced - rather than buyer or seller - market conditions. Remember though, real estate is local. It's hard to take regional stats and make inferences about a neighbourhood.

Moving forward, it looks to be a relatively busy Fall market, as interest rates have begun climbing and buyers with pre-approved mortgages look to take advantage of more favourable rates. We anticipate a solid next few months as this wave of buyers ripples through the market. Expect to see things taper off closer to Christmas.

Given this, for those of you thinking about selling, it is important to realize how vital the Art of Pricing is to the sale of your home.

All sellers want the highest price possible for their homes, but the strategies to get there are not always intuitive. In certain circumstances, pricing low can be more effective than pricing high, while in others, pricing above market value can be a winning strategy. In most cases, however, the optimum pricing strategy is to price within 10% of market value and let the market decide. After all, the 'list price' comes with a caveat: Or Best Offer.

Top Reasons for NOT Pricing High:

  1. You lose out on potential buyers who put a price cap on their property searches.
  2. Serious buyers question the motivation of a seller with an overpriced listing.
  3. You provide a strong comparable for your neighbours who are properly priced. You are effectively selling other people's well-priced homes.
  4. Buyers assume that properties which remain on the market for long periods of time have something inherently wrong with them.
  5. Other agents will be more hesitant to show your home.

In a quickly rising market, pricing strategies tend to matter less, as underpriced listings are bid up to market value and overpriced listings simply wait until the market catches up to them. However, in flat or falling markets, pricing plays a pivotal role in how much you may ultimately sell your house for.

In a flat market, buyers have more time to analyze the market and therefore become more educated about value. Houses that are overpriced will simply sit on the market, as well-priced new listings come on to replace well-priced recently sold listings.

In a falling market, the optimal pricing strategy is actually to price BELOW market value. A simple exercise that pricing experts like to use in this situation is to visualize catching a fly ball. The ball represents the market and your glove represents your pricing strategy. If you price too high, the glove will simply swing across where the ball was. If you price at market, there's a good chance you will miss it. But if you price just below market value, there's a greater likelihood of catching the ball. After all, it's better to take a little bit less than to risk having the ball drop in for a double.

Many factors come into play when it comes to pricing your home and a professional can help you through that process. To find out more, please feel free to contact me at the information above.

 
   
  (Click chart to see larger image)  
 
 
*This communication is not intended to cause or induce breach of an existing agency agreement.

*Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal without notice.

**Should you not wish to receive this communication, please reply to this email with "Please Unsubscribe" in the subject line.
 
 
     
Read full post
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.