Real Estate Blog & Resources

Vancouver is always a crazy market, often an anomaly compared to the rest of the country but as we sit in our Sellers' market (as of the latest April stats), we find that we're not alone.  In fact, most of the country's major urban centres are in the same position.  We simply don't have anough housing to meet the demand.

Major change I'm seeing in these recent stats is the number of days that a listing is on the market, usually in the 1-2 week range.  That means Buyers are out there & looking at listings at the first opportunity.  It's a "snooze, you lose" situation for Buyers.  

There will still be overpriced listings that will take longer to sell but for the most part, Sellers are pricing sharply to attract Buyers which usually means a fast sale.

We read the headlines that the "luxury" real estate market is doing well but what does luxury mean?  One person's idea of luxury isn't another's.

Luxury in the hottest & most expensive real estate markets is quite different from other markets.  Sotheby's, in a recent article on the luxury market uses the $4million mark but I would push it higher.  Why higher?  Too many homes on the West Side hit $4million, even for just lot value.  Of course it depends on lot size & type of home too.  A $4million home on a 33ft lot might be quite nice but on a 40 ft lot, could just be lot value.

Maybe the criteria should be a number that a reader would instantly know represents a certain type of home.  Maybe that "luxury" number should be more like $7-8million.

So why wouldn't Sellers do that?  Sellers sometimes get it backwards & instead of investing in the presentation of their home, they leave it vacant to save money.  

That means no great first impression when Buyers walk in the door.  That also  means the realtor has to try to provide ideas for furniture layout, furniture choices, & space planning when a good staging company could have done all of that.

Even if a property goes to multiple offers, the sale price will always be better with a great presentation.  It will attract more Buyers & get more of those Buyers interested in paying top dollar.

It works every time-Buyers need the visual!

When the March stats were released last week, there was a lot of doom & gloom around the difference in number of sales versus a year ago.  In fact I was contacted by Buyers thinking there must be some deals.

Unfortunately no.  What those stats didn't tell readers was that we're actually in a Sellers' market in many areas of Vancouver.  Both East & Westside Vancouver, North Van & Richmond all showed sales that were 30-58% of listings available.  The few areas that weren't a Sellers' market were balanced markets at around 20% of listings selling.

Very different information for Buyers & Sellers.  If they read the headlines, they could assume it's not worth listing their homes & for Buyers, deals must be available.

What's more important-the stats or current & local information?  I think we all know the answer & an experienced realtor will know the stats that matter.

I recently receveived a thank you email from a client & she included "and you make real estate fun".  

I wasn't sure what she meant as I'm not making jokes or any of the obvious "fun" stuff so what was I doing to make it fun, or at least fun for them when currently real estate is far from fun.  With very low inventories, real estate can be boring, frustrating, disappointing, & stressful,

• I'll go out with clients to view homes they've requested, even when I know they won't like them
• there is no pressure to write an offer.  This is their decision to make based on the good information I can provide with my experience in the business.
• I view homes through their eyes & needs-not mine.
• we share the emotions of finding the right home
• we're out there for as long as it takes

and..there IS always something to laugh about!

I love working with first time Buyers.  Some realtors may think the first time Buyer budget isn't worth the effort but I really enjoy working with them.  Why?

1. because it's their first home, they're enthusiastic, not cynical
2. they're usually very flexible-they know they have to be to buy within budget
3. they're energetic & willing to get out there for as long as it takes

Because I'm a parent too, I bring a bit of that with me.  If I wasn't a realtor, I'd want my kids working with someone who goes the extra mile to explain everything in detail, to point out the potential pitfalls, & generally ensure they're make a good decision both short & longterm.  I don't mind the parents coming too for that final stamp of approval.  That's important!

Sign of the times is that quite a few investment properties, mostly condos, have been put on the market.  Investors can't raise rents to offset large increases in operating costs & the resale market is pretty strong.  Some are choosing to cash in and/or cut their losses.

The bad news for renters is that these homes are being sold to Buyers who want to occupy them.  With tenants in place at below market rents, there isn't much incentive for investors to buy.

If you're a Buyer purchasing a property to move into, there are rules that must be followed to give proper time & notice to the current tenants or...you may not have a home ready to move into.

Your realtor should know the protocols required but it doesn't hurt to familiarize yourself by going to the government website  where it's clearly laid out.

Timing is everything so when submitting an offer, it's important to find out if the tenant is month to month & the dates.  Usually tenancy runs from the first of every month, so the Buyer must ask the Seller (landlord) to give notice prior to the next 1st of the month & provide 2 months notice.  This is done with Subject Removal.

Once those dates are established, the Buyer knows the Possession date for moving in which will then be in the Contract of Purchase & Sale.  There is a form that the Buyer's agent must submit confirming the names of the Buyers & that they will be moving in, not assuming tenancy.  That authorizes the Seller to give proper notice to the tenants.

If any of this is missed, it can create problems for everyone involved.  Be smart & get informed, both as a Seller & Buyer.

If you're going through Strata documents when buying into a Strata!

Yes, more about those Strata docs.  There can be a lot to read or not, depending on the age & size of the Strata.  What is important is to ensure that all the documents, typically in a 2 year period are there.  That means cross referencing minutes, making notes while reading, & generally playing detective.

Sometimes, Strata minutes or something else may be missing & can simply be human error.  It happens! It's not intentional, but there may be something of value in that missing information, so it's important that the file is complete.

It can also occur when the listing agent relies on the owner to provide the copies.  That's unusual as a professional agent will order all from the Management company, as is required for the Form B, but it does happen.

Heading into March Break holidays so the discussion is about listings during these few weeks.  We're already at historically low inventory levels so will it get worse or better this month?

It matters most to families.  If you don't have children, you're probably staying home.  I mean, why  would you book your vacation when prices are up, & holiday destinations are crowded with kids?

If you're selling, it could be great to list & leave it with your realtor to be able to show your home & not worry about tidying up for every showing.  DocuSign means we can do a deal no matter where we are so business will still get done.

On the other hand, you may think that the potential Buyers are out of town too so you won't get the market exposure you would in April, or you may be one of those who still thinks we have a "Spring" market.  It's sort of true-people like to list their homes when the weather is better, BUT schools close registration early in the year & if you're in 1 of those areas where schools are full, an earlier purchase in the school catchment is needed.

If you're a Buyer without children, it's a part time job, so the hunt continues.  If you're a Seller of a smaller condo, the Buyers are here.

My guess is listings will be down but hopefully that will bode well for April!

to get the Strata docs.  In fact, the new normal is that the listing agent provides them to the Buyer's agent prior to writing an offer.  That allows a review for any red flags prior to writing an offer.  It saves everyone time.

Typically this all goes according to plan but there are some agents who are slow to order them, which only delays the process, & most recently, I had an agent send me a few Strata documents that he'd received from his client & even required her password access!  That's a hard NO!

I've now added to my Strata documents subject "as provided by the Strata Management company".  These still have to be checked for missing paperwork, & often there is, but from the Seller-just not acceptable or reliable.

February is not looking like January-for good & bad.  The good is Buyers are coming back & that's reflected in the sale prices & how fast listings are selling.  The bad is that there aren't enough listings yet.

What could encourage home owners to sell?  Better headlines would be a great start.  Business in Vancouver wrote about the changing market this week.  No one is ready to call this a trend yet, but it is encouraging to see this much activity.

People are more likely to follow then lead so once word gets out that the market is warming up, I'm hopeful that Sellers will be encouraged to think about listing their homes.

Of course Sellers need something to buy too so more listings would also help.  

What areas are most active?  Vancouver, North Vancouver, & Richmond all have Buyers actively looking & buying.  A lot of the headlines refer to Greater Vancouver so important to know what's hot & what's not.

That's what it felt like this week when I set up an evening showing only to find many other Buyers there to see it  & an inspection in process.  Yes, it's a popular area, yes, it was priced just under $1million, & yes, there aren't any listings coming on.  I get it.  This was also the first time in a long time I've seen Direction of Offers with day & time.  It's February 2023 NOT 2022!

Curious to find out how many offers & how much over list for the sale price...or will it?

We won't know until next week when the Buyers' Rescission Period passes & I am curious about this one.  My Buyers decided not to write in a multiple & we also saw red flags in the structure.  What did the others notice?