CENTURY 21 Ace Agencies Ltd. - Blog

Guess what . . . it's a New Year!

len.visser@century21.ca — Fri, 07 Jan 2011 00:00:00 GMT

It is indeed a new year and there is a tinge of excitement in the air when it comes to the Real Estate Market. This goes beyond the normal anticipation felt by Realtors beginning a new calendar year after their year-end review of the frustrations encountered in 2010. Frustration with buyer attitudes. The "well, I know it suits our needs and its about as close to what we want as we are likely to get but . . . ", attitudes that permeated four of the last six months to 2010. Those attitudes are noticably fewer and farther between. The result - sales are up and inventory is down.

What is causing this optimism for 2011 and does the feeling have basis? Looking at factors like ultra low interest rates, job creation, buyer confidence and pent up demand, it would seem to have basis . . . all point to positive reasons to buy. Add to the mix a bit of a shortage of available properties and the pressure on interest rates to rise and you have a whole lot of folks beginning to make decisions to act now while there are still some needy sellers out there.

Parts of the market in parts of Greater Vancouver is, well, sizzling. Burnaby, Richmond, and Surrey are all relatively warm markets with market segments down right hot. Typically those buyer attitudes work their way east and I am already hearing reports of more activity in Langley and Maple Ridge.

So, is there a basis for the optimistic viewpoint? Judge for yourself but don't take too long making up your mind. The market can change very quickly from a buyers market to a sellers market. That happens in an instant when someone else finds that gem you have been looking at and considering and considering and considering.

Talk to your neighbourhood expert, your Century 21 agent, for your private consultation whether buying or selling. Independant, market founded advice will go a long way in making decisions about your housing future.

How's Your Real Estate Market?

len.visser@century21.ca — Mon, 14 Jun 2010 00:00:00 GMT

Always a good question. From what I see the Abbotsford real estate market is pretty much a balanced market. By balanced I mean Buyers and Sellers carry equal momentum coming into a negotiation. Equal momentum is available because the supply of options for the Buyer is equal to the supply of Buyers to the Seller. The number of sales has dropped slightly from a year or even 6 months ago. Combine that with a minor increase in the number of properties on the market and you have balance.

Some Buyers appear to be reading this as some sort of huge advantage to them, offering low . . . very low. In reality, the only advantage to Buyers may be in the number of choices they have. Fooling around with the price by offering too low may cause the Seller to dig in their heals resulting in their number one choice belonging to someone else. My advice - if you find the property that best suits your needs act quickly because there are still a lot of Buyers on the look and all Seller's know it only takes one.

This apply's especially to Buyers choosing a principle residence. If a needed location is available and a suitable product hits the market don't loose that perfect property in negotiation. Weigh the dollar amount in question against the years of life enjoyment.

In any case, happy house hunting. Here's hoping that perfect property comes your way.

What's hot - what's not

len.visser@century21.ca — Mon, 31 May 2010 00:00:00 GMT

Or . . . today's most desirable home features. (taken from Canada Realty News, May 2010 Newsletter).

Taking into account all types of buyers, from first timers to move-up and move-down, the market trend for exterior finish is toward the use of stone and stucco. Bungalows are also more popular as buyers trend toward placing multi-level homes on the 'maybe' list.

The trend to more space continues especially when it comes to three key rooms: the kitchen, family room and master bedroom. At the same time, the importance of living rooms and dining rooms get smaller and may even disappear altogether. We see this with the popular 'Great' room concept that melds living room, dining room and kitchen together.

Four bedrooms is the choice of many especially if they come with two living areas. One of the living areas can be the recreation room in the lower level or basement. Another item in demand is the master bedroom on the main floor for older buyers while a two car garage with storage area and a main floor laundry area is desirable for move-up buyers.

Move-up buyers generally place the most weight on the kitchen. They want an abundance of conter space, a butler's pantry, deep drawers and two sinks. In the upper end market, appliances concealed as cabinetry are very chic. So, large kitchens with an island and easy care, attractive, counter tops that work well with stylish cabinetry and back-splash are in.

Bathrooms: Luxurious bathrooms with a separate tub and multiple shower heads; pedestal sinks and large mirrors that give an over all spa like feeling; attached dressing rooms and a place to sit are all desirable fratures. Soaker tubs and whirlpools are still desirable but not as important as other features.

Energy Efficiency: With the green movement becoming more popular, energy efficient appliances, high efficiency furnaces, high efficiency insulation and windows are sellers. This combined with tech-ready items are a must for todays buyer.

Dining rooms out, home offices in. Many employers are seeing the business advantages of allowing employees to work from home. As well, many people are using work from home opportunities to help suplement income.

Hardwood flooring remains popular as does central air conditioning, recessed lighting and energy efficiency in general. And, of course, there is still location, location, location.

There you have it . . . if your home has all these things it should stand a good chance to sell relatively quickly in your market compared to other properties. If you are thinking of renovating toward selling, keep these suggestions in mind.

Competition in Real Estate

len.visser@century21.ca — Tue, 30 Mar 2010 00:00:00 GMT

To say the least, this has been a hot topic of late and rightly so. I'll begin by stating the simple truth that every person in this country has the right to sell or buy real property without using the services of a Realtor. That might seem a bit obvious but it is, none the less, an important fact.

The real estate industry is, by nature and structure, highly competitive. What commission based employment sector is not? Commission based? That's an understatement . . . pretty much totally commission . . . with payment not due until after the job is done to every one's satisfaction. If you're not happy with what you are paying for a piece of real estate . . . keep looking until you are. I you are not satisfied with what your Realtor's marketing efforts have been able to bring you . . . don't accept the offer. Until you are satisfied, you won't be getting a bill for service from your Realtor.

Come to think of it, maybe Realtor's should have an hourly fee structure. Then, when the client insists on offering a ridiculously low price who cares . . . take all the time you want shopping, offering, looking at properties you can't afford . . . you'll get my bill regardless. Oh, and then there's the seller that insists on getting over market value for their property and wants the information placed in front of the entire world just in case there is a rich idiot out there that just has to have this property. No problem . . . you will get my bill.

Really folks, let's face it, the issue is more the success of the Realtor built, highly successful MLS marketing system. The problem does not seem to be with the general public. The entire issue stems from psudo competitors to the MLS system that find the market position of MLS too costly to catch up to. Their strategy then is to drag the MLS marketing system back, closer to what they offer. In their minds, they will be able to make more money by having more people pay for their services because, they will point out, we are just as good as the MLS system when it comes to market exposure. Of course, there won't be anyone to talk to when what you bought isn't matched by what you got. Sound familiar? Can you say craigs list and buyer beware?

As a long time Realtor who helped build the MLS, I rely heavily on the accuracy of information. Information I and all other Realtor's rely on to advise our clients, buying or selling. The integrity of that information is vital to everyone owning or planning to own real estate. How would it be possible to enforce standards on a non-licensed individual or lets just say the general public in order to protect the base information used for what is likely the largest financial transaction a person will make?

Remember . . . you are allowed to market your property yourself. You are free to use the many existing methods to expose your property to the market like craigs list, kijiji, for sale by owner, etc. However, if you want to take advantage of the millions Realtor's spent building Canada's foremost real estate marketing tool, talk a Realtor.