Vancouver’s hot real estate market is a boon for both buyers and sellers. Anyone seeking to invest in property or sell real estate can expect a positive outcome. Buyers can expect the odds to be stacked against them, while sellers are in a position to take advantage of the growing sales. Either of these two groups would benefit from the expertise of real estate professionals who understand market conditions and can inform clients about any changes that could significantly affect their deals. Continue reading
When it comes to extremes in the real estate market, there’s essentially only two directions to which things can go—it’s either a seller’s or a buyers’ market. To be in a seller’s market essentially means high demand and limited supply, thus leading to an increase in housing cost. Continue reading
The real estate industry, like any other industry or field out there, has had its fair share of misconceptions because not too many people are aware of its inner workings. In fact, here are some of them:
New homes are problem-free – Buyers need to get this mentality out of their heads immediately. There’s not one home, regardless of size, functionality, or overall desirability that is ultimately free of flaws or risks. Truth is, even agents know that new homes have their drawbacks, and it is best for buyers to communicate with their sellers or agents to know exactly what to expect. Continue reading
Vancouver is one of the most livable cities in the world. A strong economy and effective transportation links make the city a viable magnet for tourists and settlers alike. However, for people seeking to start a new life, the ‘Couv’s size may be so daunting that they won’t know which suburb to pick. A Vancouver, BC real estate agent will clue you in on some potential areas:
Given the prominence of high-rises, Downtown can present some potential picks if you can afford it. The West End contains a number of the city’s priciest flats and some development is under way in Eastside. Young professionals seeking to be close to the city centre may opt for condos in the Coal Harbour area.
Some choices may be up your alley in the western sections of Vancouver. For instance, South Cambie-Oakride can turn up a variety of listings and it is no more than ten minutes’ travel from the city centre. Be prepared for some tough competition if you’re aiming for properties in Kitsilano, as it has a number of tourist attractions and is also close to the University of British Columbia.
If you’re looking for what makes Vancouver a melting pot, Eastside may be it. Commercial Drive-Grandview, Kensington-Cedar Cottage, and Hastings-Sunrise are attractive locations for multicultural families.
South Vancouver listings will mostly tilt on rental places, given the number of low-income families in the area. A cosy atmosphere also works for retirees looking for peace and quiet.
Vancouver has a lot to offer in terms of residential real estate. The city boasts of many great neighbourhoods that vary from one another in character. However, if there’s one neighbourhood in the city where outdoorsy people want to be at, it’s Kitsilano.
Kitsilano, or Kits, as the locals like to call it, is the active, young urban professional’s paradise. Bordered on the north by Kits Beach and home to some of the city’s most famous parks, residents here enjoy a wide variety of activities throughout the year.
Perhaps due to Kits residents’ love of the outdoors, the area is also the heart of the city’s eco- and hippie-spirited culture. Greenpeace and the BC Green Party were both founded here, and the area is dotted throughout by multicultural restaurants, shops, and organic markets.
However, Kits also has more to offer than just activities for the young and young at heart. The Museum of Vancouver, the H.R. MacMillan Space Center, and the Vancouver Maritime Museum are all also situated here.
Kits is often called Vancouver’s most popular neighbourhood, and from the great number of things to do here, it shouldn’t be any surprise. As many Vancouverites know, if you don’t live in Kits, you go to Kits; so if Kits is your kind of town, it might do you best to simply call it home.
The majority of Canadians who declare bankruptcy or negotiate a debt settlement will want a mortgage at some point after their ordeal. Unfortunately, they’ll soon discover that their previous financial trouble limits their options. However, all is not lost, and it’s still very much possible to get approved for a mortgage even after bankruptcy. Here are some tips to consider:
Find the right lender.
Traditional lenders will be hesitant to approve a mortgage if your credit report reveals that you previously filed for bankruptcy. What you need to find is a lender who would be willing to work with you as long as you can prove that you have the income to support the payments.
Make your credit report spotless.
Lenders want to see how you’ve improved your credit since you’ve declared bankruptcy. As such, it is extremely important that you prevent any negative items from showing up on your credit report after your bankruptcy, which means paying your bills or debts on time.
Re-establish your credit.
After bankruptcy, work on re-establishing your credit, and make sure to make good on your payments this time around. A re-established credit tells your lender that you have new credit and managed it well since your bankruptcy. Remember: a missed payment at this stage provides enough grounds for some lenders to deny your mortgage application.
Selling a home is just as big a decision as buying one. It requires a lot of patience and adequate understanding of the housing market. The fluctuating economy in virtually all of Canada, for example, may become your biggest obstacle to selling your home quickly. However, there are things you can do to speed up the selling process, and let you transition to a new life at the earliest time possible.
First, clean and renovate your home. Like any other product for sale, your home should look presentable enough to attract buyers to visit. It will be difficult to sell or get a good price for a property that is cluttered, or has visible damaged and missing parts.
If possible, include all utility systems, appliances, and furniture in the home for sale. Keeping your home in a “move in” state will attract buyers who do not want to go through expensive remodeling. Make sure, however, that the furniture and appliances you equip the home with are in top condition and comply with safety codes.
Hire a real estate agent to market your home. Such a professional will have the right skills, contacts, and network that can help sell your property to the right buyer, in the quickest way possible.
Buying a house or condo in a major city like Vancouver is probably one of the most important decisions you’ll ever make in your life. Thus, it is only natural for you to seek advice from friends or loved ones before you decide on a purchase. However, it is very likely that they’ll recommend that you first find a trusted realtor to work with.
Just like any other real estate market, the Canadian property market can be volatile and fickle, but those who act smart and fast are sure to reap great rewards. First-time buyers should not be intimidated by the fast pace of the market, and instead try to benefit from the guidance of seasoned realtors. These professionals have a better grasp of the market than most people and can assist buyers not only in finding the right property, but also in identifying the most appropriate mortgages, as well as in finalizing and closing deals.
Buyers should also seriously consider applying for a mortgage or home loan, as this is one of the best ways to secure financing for a home. Looking for the right mortgage should be one of the first steps in home buying, and should be done even before searching for a property. A pre-approval for a loan can set a buyer’s budget. Also, a pre-approval is something that sellers look for in prospective buyers because this indicates that the buyer has excellent and stable finances.
After the pre-approval process, a buyer can then start searching for the right property, and working with a broker is an excellent way to do this. Once a house or condo is found, an inspection of the property should be carried out to see if there are any defects or maintenance problems. Buyers should also consider having a prospective property assessed so that they can be sure that it is valued fairly.
“Good news for potential home buyers or sellers in British Columbia, the state of the Vancouver real estate market seems to be attaining balance, according to the Real Estate Board of Greater Vancouver:
“The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,760 on the Multiple Listing Service® (MLS®) in January 2014. This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013, and a 9.9 per cent decline compared to the 1,953 sales in December 2013.”