Real Estate Blog & Resources

I spent part of the long weekend reading strata documents along with my clients.  We did this prior to viewing the property.

Why is it important to do this each time you consider buying a Strata property?

In this case we found the documents to be very revelatory & influenced our assessment of the property when we did see it,  & the subsequent decision not to move forward with an offer, even though there was lots to love in this home.

What important information is in those Strata documents?:

• the usual financial information which indicates how healthy the Strata is financially
• Depreciation Report as an asset management tool.  If they don't have 1 or something similar, it's a red flag as to how well the building is being maintained without that information
• Depreciation Report next steps-are they following recommendations or did they just tick off that box?
• The dynamics of the Strata.  Some have many rules & Bylaws, some have very few, & most fall in the middle.  What's your comfort level?  
• AGM's & SGM's say a lot about overall plans & spending & how current owners vote to support them
• Insurance deductibles can vary a lot & may add unexpected costs to Buyers
• What's the dynamic with the owners?  There can be a pattern of behaviour, unresolved issues, unwillingness or inability to support proper maintenance or...just the opposite in a well run & maintained building.

In recent meetings with clients, they've told me about friends or people on social media who are talking about becoming a realtor or a mortgage brokers as a great way to make money.  Well, it is a job, but...

I'm not aware of any successful realtor who got into it "for the money."  We chose it as maybe like me, we always liked real estate.  I started getting interested at about 10 years old because my Dad was.  I even helped my parents find a house to buy when I was just 13!  Combine that interest with a love of problem solving, using my business experience to create mini product launches with every new listing, & a real interest in helping people find the right home has served both me & my clients very well.  I really love what I do & it shows.

When you get into a business, any business, for the wrong reasons, that shows too.  Clients may feel pressured to make decisions, may not get the attention that they deserve, may not get the expertise that they need, or that generally this  just doesn't feel right, leaving them frustrated & disappointed.

Real estate is actually about relationships.  I spend a majority of my time listening, not talking.

When you're looking for a realtor, look for one who got into it for the right reasons!

some Sellers think that in a Sellers' market, the home sells itself.  Well, it will sell but...

 I've yet to meet a Seller who doesn't want the best results.  That enables them to buy another home, maybe better than what they thought they could afford, or help their children get into real estate, or put more into the retirement fund.

Using a professional & experienced agent to sell your home & one that doesn't cut corners because "it's a Sellers' market" will always get the best results for a Seller.

What does experience bring to the deal?   Here are just a few:

• Knowledge-we know what Buyers want-we've listened to them.  It's helpful for preparing or showing your home
• easy tips to make your home look better
• relationships & trust with other agents built over time.  Negotiations will run more smoothly.
• professional photography & floorplans to make it easier for Buyers to see your home along with Social media
• neighbourhood & building knowledge-we've spent a lot of time in them!

It means we bring something extra to selling your home & getting the best possible price.  Experience counts!

Those January numbers arrived in my mailbox early this morning.

The total number of listed homes on MLS in Metro Vancouver is down 31.8% compared to January/21.  Of course each area of Metro is a little different & sales to listing ratio for single family homes is lower than townhomes which are highest.  Condos fall in the middle so it may be easier to find a home to buy than a townhouse, depending on where you live.

What might change in the next few months?

• interest rates are going up so some Buyers might not find it worthwhile to make a move now
• more sellers tend to think of a "spring" market & usually listings do begin to pick up beginning in March
• snowbirds, at least those that did head south this year, come back in the Spring.  If they have any plans to sell, they'll do it in the Spring.
• some of those Sellers sitting for months with unrealisting pricing will decide to be more flexible on price, at least they will if they truly want to sell.

There is hope for Buyers; we just have to be patient :)