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3 tips for buying real estate in a sellers’ market

Oleg For Buyers, Opinion, Tips October 11, 2015January 21, 2016

BuyingYourHomeinaSellersMarket

Vancouver has a very strong sellers’ market at the moment. Houses (pretty much in every Vancouver neighbouhood) and condos in Downtown and the Olympic Village area are selling within days. Other Lower Mainland cities such as: Burnaby, Coquitlam, Port Coquitlam, some parts of Richmond, some parts of Surrey (Fraser Valley), North and West Vancouver have incredibly strong sellers’ markets as well. It isn’t uncommon for properties to have multiple offers and to sell over the asking price.

Some people argue that Vancouver is a real estate bubble. I am not going to argue that point. Although, my personal opinion is that we aren’t in a housing bubble. In fact I believe that the market has still quite a bit of room to come up before a small correction. More on that subject in another blog post.

So what defies a strong sellers’ market? Basically, if the sales ration (number of properties sold vs the number of properties listings) is over 20% we have a sellers’ market. According to the latest real estate statistics current sales ratio in Greater Vancouver is around 31%. The are a lot of buyers on the market “fighting” over a limited number of available properties.

It is certainly very frustrating to be a buyer in such market conditions. All of the power is in the hands of sellers. Here are my top 3 tips on deal with sellers’ market (as a buyer):

Find a good real estate agent. It is a good idea to have a real estate agent representing your interests in any market condition. Sellers’ market makes working with a realtor much more important. Real estate agents have access to listings 2-3 days before general public. A good real estate agent will be able to tell you how much the property is worth (it’s very easy to overpay in a sellers’ market). Most importantly a good realtor will be able to guide you though each offer presentation. Be prepared to “lose” some multiple offer “bidding wars”.
Get pre-approved. I usually advice my clients not to get pre-approved. However, searching for properties in a sellers’ market with a mortgage pre-approval is a good idea. First off, you will know your exact budget. Being pre-approved takes away a certain amount of stress. And lastly, you could always play the “no subjects offer” card. Although, you should be very careful with strategy. Make sure to talk to your agent about making offers without subjects. If you don’t have an agent feel free to call me 604 565 7052.
Look at as many properties as possible. In the sellers’ market there isn’t a lot of inventory to preview. That makes looking at as many properties as possible even more important. Looking at many different houses or condos will get you familiar with the market. It will also make you more confident about making an offer on the property that you do like.

I hope you find these tips useful in your home search. Drink a cup of tea, take a deep breath and relax. Buying a property is a little stressful, sellers’ market adds a little to that stress. Be prepared for multiple offers. Be prepared to make offers on multiple properties. And be prepared to let some properties go. It is all part of the real estate buying process.

For more real estate related content follow me on social or check back on this blog. Please, share this with people that you think might find it useful. For real estate advice email me at [email protected] or call 604-565-7052.

Selling your Vancouver home in a “down market”

Oleg Articles, Tips September 17, 2014February 16, 2015

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.

Furnished strata rentals in Vancouver

Oleg Articles, Tips August 12, 2014February 16, 2015

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.

3 common mistakes real estate agents make

Oleg Articles, Tips July 28, 2014February 16, 2015

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 my Vancouver house before selling it?

Oleg Articles, Tips July 21, 2014

“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]

[VIDEO BLOG] What’s the difference between a REALTOR ® and a real estate licensee?

Oleg Tips, Videos July 9, 2014

7 Must-Dos on the Day You Show Your House

Oleg Articles, Tips July 8, 2014July 8, 2014

The “For Sale” sign is up. You’ve completed the big projects and the little tweaks, so you’re hopeful your efforts will pay off with a quick and profitable offer. But now comes the most critical part of the home-selling cycle: the day of a showing or an open house. A negative first impression can directly translate into dollars off a full asking price. Before opening the door to potential buyers the day of a showing, follow these tips from top Realtors and stagers all over the world.

Gary J Ahern, AIA – Focal Point Design

1. Detach from the stuff. Home experts agree the first and most important step to a successful listing is to emotionally separate from the house and the objects within it. “Many clients I work with battle to let go of their property and refuse to take down family photographs and religious items,” says Gregg Churchill, owner of Mr. Home Staging & Design in Perth, Western Australia.Letting go of the emotional connections to the items inside the home will make you more objective about any necessary changes and more open to Realtor and buyer feedback. To ease the selling process, embrace the idea that your house is a commodity that needs to be sold, and transfer any emotional connections to your new destination, Churchill advises.

Don’t forget: Foyer tables, fireplace mantels and refrigerator doors are popular display spots for loads of personal items like holiday cards, children’s artwork, pictures and trophies. Pare down or clear off these spots for showings.

Blackband Design

2. Make sure it looks clean. Cleaning seems so obvious, and is inexpensive, but the lack of it is one of the biggest complaints agents hear. Hopefully, you’ve done the big scrub leading up to open-house day: carpets steamed, floors mopped, windows wiped, appliances scoured. But on the day of a showing, don’t overlook little details like crumbs on the table from breakfast, toothpaste remnants in sinks, half-full trash cans on display and dust bunnies in rooms you don’t frequent. Do a quick walk-through with a duster, reaching into recessed lights and corners, suggests Charlie Buckley, associate broker at Mr. Waterfront Team at Long & Foster Real Estate in Annapolis, Maryland.Straighten the bedspreads in all the rooms, put away loose shoes in hallways and tuck away pet beds and bowls, Buckley says.

For added visual appeal and a more spa-like vibe, switch to new, clean towels just before a showing, say Liz Larson and Jan Poulain of Perfectly Placed for You in Chelmsford, Massachusetts.

Don’t forget: Wipe down surfaces that people would naturally touch, such as stair banisters, hand rails and items that have inviting textures. “People love touching things. Textures change everything, as they propel people into various good spots in their memories. Candles. Shells. A leafy houseplant that says, ‘Touch me,’” says Mathieu Nakkach, CEO ofSignature Stagers in Dubai, United Arab Emirates.

Polhemus Savery DaSilva

3. Make sure it smells clean too. Besides a home’s visual appeal, nothing triggers more comments than scents. Diffuse cooking, pet and musty odors by airing out the home with open windows or air purifiers.Comforting smells, like baking bread or brewing coffee, can be appealing to most potential buyers. “I always recommend fresh flowers. Cider on the stove in the colder months is a nice touch,” says Travis Gray, an Annapolis, Maryland realty agent at Coldwell Banker.

But beware of strong spray scents, candles or other products. “Don’t leave plug-in air fresheners around your home. Some people are allergic to scents, and it only highlights that you have an odor problem,” says Monique Shaw, chief designer atHomes Sold Beautifully in Calgary, Alberta.

Don’t forget: Pet foods, toys, litter boxes and blankets may have distinct smells. Stow these items or take them out of the house during showings.

James McCalligan Architect

4. Remove sight-line impairments. Artists, architects and designers are well versed in the simple trick of drawing the eye to something appealing, whether it’s a unique color, the next room or a special view. Eliminate items such as knickknacks, toys, small appliances and bath products that stop the eye, or worse, make spaces look smaller. “I am selling the space and finishes of the house, not your personal property,” explains Beth Tyler, a Realtor at Long & Foster in Annapolis.Though many rugs add warmth and color, consider rolling them up if they break up a room disjointedly or if they obscure attractive selling points like stunning hardwood floors or beautiful tilework. “Bathrooms, especially small ones, will look bigger without the rugs. If it’s a huge master spa bath with a coordinated rug, then it can stay if it warms up a big, cold space,” Tyler says.

LiLu Interiors

Have bins or baskets on hand to clear off countertops, floors, tables and desks. “It’s a lot easier to put away one or two small bins than it is to have to find a spot for 15 different toiletry items,” says Annie Pinsker-Brown, owner of Stage to Sell in Los Angeles.

Don’t forget: Store tablecloths and dish towels to accentuate a kitchen’s workspace and appliances. “Kitchens look bigger if your eye does not stop at the dishtowel on the oven, dishwasher and sink,” Tyler says.

Claudio Ortiz Design Group, Inc.

5. Improve traffic flow. Over time, homeowners become desensitized to what their possessions look like and where they are placed, note Laura Grindrod and Carolyn Kibby of Annapolis Staging and Design. The coatrack by the kitchen door, for example, might be practical for your family, but it can look like poor storage to a potential buyer.

Walk through each room and determine if the furniture arrangement contributes to a comfortable flow and use of space, or if it simply is that way because that’s how it has always been, Grindrod and Kibby advise.Don’t forget: Too little furniture can be just as bad as too much. A tiny couch in a largefamily room might prompt buyers to worry they’ll never be able to furnish the whole space. If needed, repurpose pieces from spare rooms to comfortably fill out an area.

SLC Interiors

6. Create the “Goldilocks Effect.” No matter what time of day or year, the home’s temperature, lighting and noise levels should be just right during an open house. Room temperatures should be not too hot and not too cold. Blinds, shades and drapes should be open, and lights should be on, says Margaret Melvin, a Columbia, Maryland, associate broker at Prudential PenFed Realty. “A dark house may work when filming a vampire series, but not for selling a house,” she says.

AMS Landscape Design Studios, Inc.

Don’t forget: Let in pleasant ambient sounds, from birds chirping outside to a soothing water feature. Calming music in the background, high enough to hear but low enough to not overwhelm, can do wonders, Nakkach says.

Katie Leede

7. Be strategic about handouts and valuables. Documents about the home, especially with attractive photos, should be readily accessible. “I prefer that property brochures and information are in the foyer area, located on a console or table with some fresh flowers. Buyers can pick up that information upon entering or leaving,” says Melvin.Whether it’s an invitation-only showing or a large opening for the masses, it’s important to safeguard valuables, personal information and sensitive items. Stow small items like electronics, jewelry and prescription medications, and protect financial statements and documents, recommends Pinsker-Brown.

Source: http://www.houzz.com/ideabooks/24719288/list/7-Must-Dos-on-the-Day-You-Show-Your-House/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+houzz+%28Houzz%29

3 best ways to find buyers for Vancouver house

Oleg Tips July 8, 2014July 8, 2014

If you are considering selling your Vancouver house, you have probably wondered “where will the buyer come from?”. Although there is no sure way of knowing how the right buyer will find you or how you will find them. There are 3 common ways to find a buyer for your Vancouver house.

Number one: multiple listings service or MLS. MLS is by far the best way to find a buyer for your Vancouver property (there are certain exceptions). Having a great well written ML S listing with professional pictures goes a long way. Most buyers start their search for Vancouver houses online on websites such as realtor.ca. Craigslist is another popular website for advertising properties although its not nearly as effective as multiple listings service.

Number two: mail out in your neighborhood A lot of times your neighbors or your neighbors’ family will be a perfect buyer for your Vancouver house. Think about it. Your neighbors already live in the area. They like living there or they would move. If they are looking to up-size or downsize their current home your house could be the one they choose. Maybe they are looking for an investment property or one of their family members is looking to move into the neighborhood

Number three: “for sale” sign on the lawn. Your house itself is the best selling feature. When people are visiting someone in your neighborhood or just driving by and see the house they like for sale – 8 times out of 10 they will call for more information. Having for sale sign in front of your house is one of the best ways to sell it.

Follow these 3 ways to find a perfect buyer for your Vancouver house. Although there are a lot of other things involved in finding a buyer and selling your house. This article should give you a good idea of some of the things you can do. For more information about selling your Vancouver house call or email Oleg at 604-565-7053 / [email protected]

3 tips when selling your Vancouver downtown condo

Oleg Tips July 6, 2014July 8, 2014

When you are in the process of selling your Vancouver downtown condo things could get a bit overwhelming. Here are some easy to follow tips to get you started on the right foot.

Number one: try to find out as much information as possible about your strata bylaws and rules; upcoming works with the building, any lawsuits filed against strata corporation etc… You can find all of that information by speaking with the strata council. If you have a records of strata minutes pull these up as well. When you put your property on the market your real estate agent will request all of strata documents but it’s a good idea to give him/her a head start.

Number two: think about why you bought your condo in the first place. Chances are that the buyer for your condo will buy it for all the same reasons. Finding out reasons for purchase will help your real estate agent come up with a right marketing plan for your downtown condo and increase chances of selling it. It is also a good idea to try to think for a perfect buyer for your condo. Who is the person who’s most likely to buy your condo?

Number three: do some research on the condos in the area that your condo will be competing against. Your real estate agent will most likely bring you competitive analysis with condos in your area. However it’s always a good idea to do your own homework. Your real estate agent might miss something or disregard a property that can help you with the pricing.

The are a lot of other things to be considered when selling your Vancouver downtown condo. For more information please, contact Oleg at 604-565-7052 / email [email protected] or talk to your real estate agent.

3 ways to find out if your real estate agent is a professional

Oleg Tips July 4, 2014July 8, 2014

When trying to sell your Vancouver house or a condo you want the best person for the job. Even if you know your real estate agent personally or know someone who has done business with him or her already. It is still a good idea to test and see if he or she are really up for the job.

Number one: ask about current market conditions in your neighborhood How many units sold? How long were they on the market? What is the average price of real estate in your n neighborhood It is important that your real estate agent knows current market conditions and knows how to intelligently explain them.

Number two: this is quite possibly the most important question to ask. What is the marketing plan to sell your property? Selling a house or a condo in Vancouver take more than MLS listing. By knowing how strong the marketing plan for your property is you will know if the agent has what it takes to sell your house or a condo.

Number three: your real estate agent will be the face of your property. I know you shouldn’t judge a book by it’s cover but real estate agents are en exception. Make sure the agent you choose to work with dresses and acts in a professional matter. You might think that it’s not very important, but remember that your agent has the responsibly to sell your property and if he or she don’t put much effort into their appearance what else do the take shortcuts on?

Selling a house or a condo is an art, choose your real estate agent carefully. If you need help with your real estate in Vancouver call Oleg at 604-565-7052 or email [email protected]