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What Happens When You Make An Offer?
 
If you want to buy a new washing machine, you simply go into a retail store and pay the listed price. Pretty simple.

However, it doesn’t work quite that way when it comes to real estate. Although a home will usually have a “listed price”, you must make an “offer” for that property and then the seller must accept it. In fact, if there are other buyers interested in the property, you may not get the home even if you offer the listed price!
That’s why it’s so important to work with a good Realtor like me, who can provide information and experience to help you determine the right offer to submit.

Once you make an offer, if the seller accepts it, the home is yours. If the seller rejects your offer, it could be because they’ve accepted another buyer’s offer, feel your offer is too low, or have rejected one of your conditions. 

Sometimes, the seller will come back with a counteroffer. If you accept it, congratulations, you’ve bought the property. If you don’t like the counteroffer, you can make a counter-counteroffer!

This back and forth negotiation can get a bit tricky, which is another reason to have a good Realtor like me by your side. Call today.
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I just finished uploading this House for sale, 3200 REGENT STREET, Steveston Village, Richmond, BC

Raise your family in this gorgeous one of a kind, custom built 4 bdrm + den, 4 bath home located on a wide lot in beautiful & quiet Steveston Village! Enjoy your lovely sunny south facing backyard – perfect for entertaining! Over 3200 SF, this home is a quality built by Pacific Coastal Homes and features a double car garage, high ceilings, in ceiling speaker system inside & out, A/C, 3 cozy gas f/p, engineered h/w floor, high-end appl & much more! 2 out of the 4 bdrms have high vaulted ceilings w/ ensuites. The Master is enormous with a spa-like ensuite, huge walk in closet & a hot tub off the private balcony! Steps from beloved Garry Point Park & Steveston Village with its quaint shops & restaurants. Don’t miss the opportunity to own this stunning home! OPEN HOUSE APRIL 8/9TH FROM 2-4PM!

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The stats from the Real Estate Board of Greater Vancouver have been released for April.  Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. However, it’s a different story in our condo and townhome markets. Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.   

Please take a read below and let me know if you have any questions, I look forward to helping you!


    Condominiums and Townhomes in High Demand Across Metro Vancouver

VANCOUVER, BC – May 2, 2017 – Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 per cent above the 10-year average for the month.

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907 in April 2017. This represents a decrease of 19.9 per cent compared to the 6,127 units listed in April 2016 and a three per cent increase compared to March 2017 when 4,762 properties were listed.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 per cent increase compared to April 2016 (7,550) and a three per cent increase compared to March 2017 (7,586).

The sales-to-active listings ratio for April 2017 is 45.5 per cent for all property types. This is two per cent below March 2017 and is indicative of a sellers’ market. 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.

By property type, the sales-to-active listings ratio is 26 per cent for detached homes, 58.2 per cent for townhomes, and 82.2 per cent for condominiums.

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a five per cent increase over the past three months and an 11.4 per cent increase compared to April 2016.

Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 per cent, followed by townhomes at 5.3 per cent, and detached homes at 2.8 per cent.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 per cent from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an 8.1 per cent increase over the last 12 months and a 1.8 per cent increase compared to March 2017.

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 per cent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100. This represents a 16.6 per cent increase over the past 12 months and a 3.1 per cent increase compared to March 2017.

Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8 per cent compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a 15.3 per cent increase over the past 12 months and a 2.4 per cent increase compared to March 2017.

                                              Click here to download the complete stats package.
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Is Your Home In “Move In” Condition?
 
When buyers view your home, they ask themselves whether they like it. Assuming that the answer is "yes", they try to determine how much work would be required before they could move in.

It’s not uncommon for a buyer to be interested in a property but be turned off by the perceived amount of work required. In fact, this can sometimes discourage a buyer from even making an offer.
That’s why ensuring your home is in as “move in” condition as possible is so advantageous. It will help sell your home faster and, often, for a better price.

So what does “move in” condition mean? It means that there are no repairs or maintenance issues that need to be addressed immediately. Buyers can be discouraged by seemingly minor issues, such as a loose closet shelf or a lightly dripping shower head. So it’s important to get those little repairs done before showing your home.

Buyers will also likely want to know the age of your furnace, water heater and other appliances, in order to anticipate when they will need to be repaired or replaced. If you have transferrable warranties for any of these items, be sure to let buyers know.

A fresh coat of paint is one of the best investments you can make in preparing your home for sale. More than any other repair or renovation, a coat of paint can make just about any room look almost new and move-in ready.

Buyers are sometimes worried about having to purchase new window coverings. If your window coverings will stay with the home, make that clear to buyers too.

Generally, the more you can do to make your home seem ready to move in, the better.

Want more tips on selling your home quickly and for the best price? Call today!
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How Much Can You Afford?
 
Why is it so important to know how much you can afford to spend on a home?

Two reasons. 

First, you don’t want to buy a property and then find out, after you’ve moved in, that you can’t financially maintain it. That would mean having to resell it under stressful conditions. 

Second, you don’t want to settle for a property that’s less than ideal, when you really could have afforded the "dream home" you’ve always wanted.
So how do you figure out how much you can afford to pay for your next home? 

The first step is to gain a clearer understanding of how much your current home will likely sell for in today’s market. That amount, together with other financial resources you might have (such as savings), will determine your available down payment. 

The next thing you’ll need to figure out is the maximum amount of mortgage for which you qualify. 

Say, through the proceeds of the sale of your home combined with your savings, your expected down payment is $150,000. If the lender authorizes a mortgage of $375,000, then you can afford a $525,000 home. 

Typically your lender determines your maximum mortgage based on, among other things, a percentage of your income, to ensure you can maintain the property. 

It’s worth doing your own calculations too. Calculate your anticipated utilities, insurance, and property tax, and make sure you have some money set aside for unanticipated expenses. 

Of course, you don’t need to spend as much as you qualify for on a new home. A home that meets your needs in terms of property type, features, and neighbourhood, may in fact cost you less. 

One thing is for sure. As your Realtor, I can work with whatever amount you can afford and show you homes on the market that most closely meet your needs.
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Open House April 29th & 30th 2-4pm 
3200 Regent St, Richmond


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This weekend, Sat/Sun Apr 29/30th, 2:00 PM to 4:00 PM I will be hosting an Open House at 3200 REGENT STREET in the Steveston Village neighborhood, Richmond. This is an opportunity to visit this excellent House for sale in beautiful Steveston Village.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Steveston Village House for sale.

As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.

Alisa Sakamoto
REALTOR® RE/MAX WESTCOAST

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