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Selling a home could be a stressful activity.  A lot of home owners are very uncomfortable with strangers coming through the house, opening closet doors and cabinets but it is a part of the sales process. Another added stress of selling a home in any economy is keeping your Vancouver house in a “show ready condition. A lot of times you will have to get your house prepared for showing within hours’ notice. It isn’t such a big issue in when the market is up and properties sell within days but when the market is slow and your property “sits” on the market for months at the time selling process could get frustrating. Imagine trying sell your property for 8 month.

What is down market? Down market could mean many things. It could mean that there are very few buyers and a lot of inventory on the market (aka. the buyers’ market). Buyers’ market could be a result of many factors. Some of the main causes for buyers’ market in Vancouver are: high interest rates and/or change in immigration policies among many others. High interest rates create buyers’ market due to lower number of people being able to qualify for increased monthly payments. Change in immigration regulations could also be a factor in buyers’ market in Vancouver. Vancouver is known for having a hot real estate market for foreign investors. When immigration policies change international investors would be looking for different real estate markets to invest into and thus Vancouver real estate market will have a decrease in active buyers.

Down market could also mean significant housing price drops. Most of United States and Canada experiences significant real estate price drops and eventually recession in 2008. A lot of people could not afford their mortgages any longer and had to sell their homes or had their homes in foreclosures. When there is a large inventory of houses doe to foreclosures and not enough buyers real estate prices can drop significantly, which creates buyers’ market.

Now that we have a better understanding of what down market is and how it’s created let talk about selling your Vancouver home.

To sell a home in any market there is only one thing that’s required – a buyer!  Imagine going out fishing. It’s a lot easier to catch a fish if the river is full of them. As the number of fish decreases it becomes harder and harder to catch one. It is the same situation with buyers.  When the market is on the upswing there are plenty of buyers and a lot easier to find one for your house. Sometimes you could find a few and even have your house in a biting war. As the number of buyers decreases it becomes harder and harder to find one for your house.

In my opinion the key to selling your Vancouver property in a down market for a reasonable price is making it appeal to as many people as possible.

Why did I say for a reasonable price? You can sell anything if you lower the price enough. If you were to put your Vancouver property on the market for $10 it would sell within minute (your real estate agent would probably be the first one to make an offer).  I know it’s a silly example and you wouldn’t put your Vancouver house on the market for $10 but it gets my point across.

So how do you make your property appealing to as many people as possible?

De-personalize your home. Turn your home into a house. Take down all of the family photos. A lot of times buyers would be uncomfortable with having sellers family photos in the house they are thinking of purchasing. Think of it this way. You want to do everything possible to help buyers envision themselves living there.

Make sure your Vancouver house is in a move-in ready state. Fix up all of the little projects around the house you’ve been neglecting. Paint the walls, fix door knobs, remove carpet stains and do whatever else that needs to be done. A big majority of buyers want to buy a house in move-in ready condition without any added DIY (do it yourself) projects.

Curb appeal. Make sure your house looks good from the outside. You’re not supposed to judge a book by its cover but most people do. Make sure the lawn is landscaped, house has been pressure washed or painted and looks like your buyers’ dream home.

Offer “take-back mortgage”.  As I mentioned earlier one of the reasons for slow market is buyers not being able to qualify for mortgages.  If you are in a position to offer buyer take-back mortgage your Vancouver house will come with an extra added bonus that will make it easier to sell. Please, make sure to consult with your financial professional about mortgage take-back option before making any decisions.

Follow these tips for selling your Vancouver home in a down market and good luck.

Becoming a landlord is exciting. If you are thinking of purchasing a condo in Greater Vancouver as an investment property you are moving in the right direction.

Investment strata properties are very popular in Vancouver. Condo rentals are especially popular in downtown core. As a new landlord you have a choice of renting a furnished or unfurnished suite.

Renting an unfurnished suit it’s pretty straight forward. Usually you would lease it out to someone for at least a year. It would be up to your tenant to furnish the unit.

Furnished rentals are increasing in popularity in Vancouver. They do require a larger upfront investment but the return most of the time is well worth the effort. Usually with furnished rentals they would be rented for a short period 2-3 months at the time. Which could mean that you are able to charge double the rent as opposed to the unfurnished renal unit.

Some strata corporations in Vancouver are becoming increasingly aware of short term executive rentals and are changing their by-laws to prevent them. Strata corporation are changing their by-laws to allow a minimum of 1 year lease thus preventing short term rentals.

If you are looking to get into executive rentals, be sure to double check all of strata by-laws regarding rental restrictions. Also be sure to check any possible upcoming amendments to the rental restriction by-laws.

For more information call or email me today: Oleg 604-564-7052 or [email protected]

Please, keep in mind that I am a licensed real estate agent and not a licensed property manager.

Real estate agents are absolute professionals. We are held to a higher standard of business ethics and care. Which means that we owe our clients fiduciary duty to put their best interest ahead of our own.

What is actually considered best interest of your client? Here are 3 common mistakes real estate agents make when working with their clients.

Number one: overpricing the property. Some of the real estate agent will overprice the property to please their clients. They might want to get the listing and will put a higher value on the property in order to get their client’s business. Or maybe they have a long relationship with the client and don’t want to upset them. Whatever the case might be, overpricing your clients property is a disservice. Property will most likely sit on the market for a long time. Sooner of later price reduction will follow.

Number two: over promising and under delivering. This is a common trend in many service driven business. To get clients’ business some agent will promise a lot. Things like: “will sell in 30 days” or “it will sell for “this” price I guarantee it”. Empty promises are just setting agents for failure and clients for disappointment. It’s very hard to predict where the market is going and how buyers will react to the property you’re selling. Educated estimates based on current market conditions and agents personal experience is what clients are really looking for.

Number three: cutting corners with MLS listing. Multiple Listings Service is one of the best if not the best sources of finding buyers for your property. MLS listing for the property should clearly outline it’s benefits in the description. Great pictures of property’s best features is a must. The pictures don’t have to be professionally take but should showcase the property well. Room measurements and property information are very important as well. Cutting corners with MLS listing ads could cost clients some valuable buyers.

Real estate professionals are great, honest and trustworthy people. Chances are you will be working with a true professional who will not make any of the silly mistakes listed about. Nevertheless,  keep your eyes open for the mistakes outlined above and happy selling.

Please, call or email me with any questions. Oleg 604-565-7052 or [email protected]

“Should I renovate?” is one of the most important questions to ask yourself when you are planning to sell your Vancouver home. Renovations could be costly, take a long time and provide you with a fair share of hassle. On the other hand with investing a little bit of money now you can get a higher return later.

There are many schools of thought on the matter of renovating your Vancouver house before selling it. I am not a professional contractor but I strongly urge you to talk to one before making any concrete decisions. With that being said let’s dive in.

In my opinion if you are thinking of selling your Vancouver house you should keep renovations to a minimum. Cosmetic touch-ups, good property clean up and landscaping will go a long way. Buyers generally don’t care how much money you spent on renovating and will want to plan their own designs anyways.

However if your Vancouver house is in a need of some serious renovations it might be a wise decision to renovate before selling it. For example you have a major crack in foundation. Should you fix it before selling or sell it as is?

If you don’t fix it the buyers will most likely ask for a discount on the property in the amount of renovations of a cracked foundation. The renovations always seem more expensive in the eyes of the buyer than they actually are. It will cost you more money in negotiation than it would to fix the foundation.

One the other hand if you fixed the crack in foundation yourself. Sure it would be next to impossible to make your money back but at least you will not lose more money in negotiations with the buyer. With a little bit of hassle you actually get to save some money.

There is an exception. If land makes a majority (80%) of the value of your property it is probably is not worth doing any major fix ups to the house.

Every situation is different. Every property is different. Contact your local real estate agent for advice on your situation. If you have more questions as to renovations before selling your Vancouver house feel free to contact me directly: Oleg Galyuk 604-565-7052 or email: [email protected]