Vancouver's Real Estate Market

[Mr.HappySilp]

Originally Posted by quasi

I'm in the same boat, I've been looking for a while and the market has softened for sure. Do I sell first and then hope I find something or do I offer with subject to sale? If I sell first I can make a much cleaner offer with only inspection subjects but then I risk being forced to settle for something if I can't find what I'm looking for.

Decisions, decisions.

Depends. I mean if you have a places to live or fall back on for a few months I say sell now. You could also get a bridge loan for a bank. Worse comes to worse sell move to a temp place for a month of two while you look for your place.

I can only speak from experience since I sold my place first before looking for another one. I could always fall back to my parents for a few months so I wasn't worry. What worry me was the fact I didn't put in any financial subject I was banking on the fact the buyer of my current place won't back out. But I mean that rarely happens so is pretty safe IMO.

[punkwax]

Subject to sale offers would likely be considered in today’s market. For a while there they probably wouldn't have been but they were common for decades prior to the insanity.

[ws6ta]

There are a few people on here that buy and sell Real Estate clearly.

I'm curious as to what makes someone choose one realtor over another realtor? There are tens thousands to realtors to choose from. They all claim #1. What makes one a better choice than the other?

Why not go with a flat fee realtor for listing? With a ban on dual agency as long as the flat fee realtor does his advertising one would be in a better position as the local expert that says he has a lot of buyer clients can not have buyer's as their clients if they are the listing agent. Therefore using a full-service discount listing service seems logical.

As far as purchasing if someone offered 50% of your commission back as standard practice what would your initial thoughts be on that realtor?

Seattle based Redfin is doing very well and they are a discount based brokerage. Locally, I see a few realtors around that offer "flat fees" or money back on commission but plenty of stipulations.

Full-service Flat Fee Listings (No upselling just one flat fee)
50% Commission Rebate on Purchases (Exclusive buyer's agent providing all services any typical agent would.)

Would it be effective in this market? Just trying to gather some thoughts thought I'd ask for an opinion on here.

[sam0m0]

I think it's best to have a realtor that made a lot of sales in previous years, I would avoid someone that only sold 2 or 3 units year over year as they are probably not as experienced and would have less connections and good to have one that knows your area.

Luckily I am friends with a pretty good one that hit the top 3 for his company for the past few years, and was willing to split the commission with me 50/50 when I suggested that.

I think its better to have a frd and do it that way than go with a flat fee realtor like 1% realty. Also problem with those is, it is cheap because they take the commission away from the other agent, so when agents see 1% realty lets say, they are less inclined to show their prospective buyers as they would make less money.

[Mr.HappySilp]

When I sell my apartment it was my gf's friend who happen to be a realtor. She was ok not the best and I would have use better ones. I mean was able to get 9 to 10 clients in one open house and got an offer the day after. But I think it have to do mostly with the location of my apartment and the price. When it comes to counter offers she was very inexperience and didn't have any advice or suggestions at all. I mean if she was a bit more aggersive I would have made a few more thousand but that's the past. She also offer 50% off her commission but for the buyer agent I paid full because a lot of buyer's agent would not take a cut or they are less willingly to show clients to place they know they are making their full commission.

I was going to use her as well when buying but after a week my parents and I decided to switch. Basically she did no research so I have to tell her which place I like to see, did not compare price at all. Worse of all when she was showing us around she have no idea where half of the places are!!! We have to help her find the location and she live pretty close to that area as well. What's worse was that there was a place I was a bit interested and was thinking of making an offer and ask her how much I should offer. She basically look up at all the current active listing in that building and said since most units are price higher per sq ft we should just offer what the seller asked. LOL WFT. Everyone and their mom knows you don't compare listing price, you compare to the units that's sold already. Heck I could have ask for 1billion for a 1 bedroom apartment but doesn't mean it will be sold at the price...... Oh and btw most of the units I actually want to see she couldn't make arrangements just saying the other agent didn't answer or she couldn't get a hold of them.......

Dumped her the next day. Went with an agent my cousin use. Not only does he offer 50% commission, he was able to get me a list of place I am actually interested in that fits my requirements. He knows where exactly each places is even though he doens't work in Coq. Guided me through the whole process and was able to close the deal.

[Hondaracer]

It’s alwys a terrible idea to use a realtor just cause their a friend or friend of a friend.

I spoke to a few different realtors when we sold including Doris Gee who’s probably one of the biggest Burnaby realtors. She said a massive incentive for sales are how much buyers commission is on her end as the seller. Some realtors won’t even show you a suite if the buyers commission is little or nothing. Both realtors I talked to and ended up dealing with said the same thing

[Ludepower]

Being a realtor takes no skill or effort anyways. Glorified car salesman.
I did my own research and gave the comission to my one of a thousand realtor friends.

[yray]

I wonder how some of the fobs managed to pass LPI.

Back then LPI was such a big deal and now it seems every fob has a RE license.

[Traum]

Originally Posted by punkwax

Subject to sale offers would likely be considered in today’s market. For a while there they probably wouldn't have been but they were common for decades prior to the insanity.

IMO, unless my listing has already been sitting around for a few weeks, I would not consider a subject to sale offer. Even then, I really wouldn't want it to last anything more than a week.

As far as realtor is concerned, I lucked out with mine because my BIL has been working with this realtor for his last 2 or 3 gradual home upgrades over the past 10 yrs or so. He had received good service throughout these times, so my realtor came into my search on some very good praises. From working with him, I found him to be extremely pragmatic and insightful, with a very good sense of what the current market is like. I am a pragmatic and get-it-done type of person as well, so I appreciate his service a lot. My MIL, on the other hand, does not like him at all because of his pragmatic manners LOL~.

[fliptuner]

Originally Posted by quasi

I'm in the same boat, I've been looking for a while and the market has softened for sure. Do I sell first and then hope I find something or do I offer with subject to sale? If I sell first I can make a much cleaner offer with only inspection subjects but then I risk being forced to settle for something if I can't find what I'm looking for.

Decisions, decisions.

Exactly. You and I both have family's too, so "staying and mom and dad's for a few months" isn't really an option. My main concern right now, is securing a suitable rental, before listing. The money spent on rent is peanuts compared to the buying power. Plus, if the market continues to slow/decline, you will have sold high anyways.

Of course, packing your shit, staging your house and moving twice in a year is a major pain in the ass but for me, the juice is definitely worth the squeeze.

[hud 91gt]

Pack, store, rent furnished, buy, unpack.

Edit: forgot. You need to sell. Don’t forget to sell!

[Mr.HappySilp]

Originally Posted by hud 91gt

Pack, store, rent furnished, buy, unpack.

Edit: forgot. You need to sell. Don’t forget to sell!

Depends how much stuff he have. If he have a family he most likely have a ton of stuff and finding a storage to fit them all is can be very very expensive. 5 x 7 cost like $254 per month last time I check. I say sell what you can, throw/give away what you don't it. For some reason I was able to throw out 3 large garbage of stuff out (still more to come). I am talking about those giant garbage bags that's up to waist. Didn't notice I have so much junk to throw out.

[hud 91gt]

That’s Vancouver storage. Move outwards and storage is substantially cheaper.

[Traum]

As mentioned in the self storage thread, U Haul charges ~$190/month for a 10x10 space, and that's in Vancouver as well.

[Hondaracer]

If you have a paid storage unit outside of moving residences, it’s orovably just filled with garbage you should get rid of.

[kr4l]

Originally Posted by Mr.HappySilp

Depends how much stuff he have. If he have a family he most likely have a ton of stuff and finding a storage to fit them all is can be very very expensive. 5 x 7 cost like $254 per month last time I check. I say sell what you can, throw/give away what you don't it. For some reason I was able to throw out 3 large garbage of stuff out (still more to come). I am talking about those giant garbage bags that's up to waist. Didn't notice I have so much junk to throw out.

You can get a 24’ shipping container storage at mitchell island for $325

[quasi]

Originally Posted by Mr.HappySilp

Depends. I mean if you have a places to live or fall back on for a few months I say sell now. You could also get a bridge loan for a bank. Worse comes to worse sell move to a temp place for a month of two while you look for your place.

I can only speak from experience since I sold my place first before looking for another one. I could always fall back to my parents for a few months so I wasn't worry. What worry me was the fact I didn't put in any financial subject I was banking on the fact the buyer of my current place won't back out. But I mean that rarely happens so is pretty safe IMO.

Living somewhere else unless I rent isn't an option, only family I have here is my brother in law and he has a 3 bedroom house and 4 kids.

We sold our last place the same, we sold before we even looked at anything.

[fliptuner]

I'll let you guys in on how to store shit, cheap.

Go buy a 15x8' trailer or whatever size suits your needs. Pay for a parking stall. When you buy a new place, drag that shit over and sell the trailer. Load and unload once.

[Funnel]

You can always put a subject on the offer to ask the buyer of your current house to rent it back to you while you are shopping for house. By doing so you will have the money in hand so no need to put subject to sale on the offer. It might not help to get you the highest offer but it certainly the least hassle way to buy the new place without moving, or storage.

[DA9ve]

speaking of subject to sell, i recently put an offer down on a detached home and they took my subject to sell. Came in after being shortlisted (3rd down the line), previous 2 failed subjects to finance. Im now scrambling to throw my unit and have open house this weekend.

throwing down offers with subject to sell is such a juggling act. if i were to do it all over again, i wouldve sold back in april but the wife is afraid of not finding the right house before closing.

keep you guys posted next week when we get the offers (if any)

[Mr.HappySilp]

^^ good luck!

[Nabatron]

^goodluck my dude!

I will be listing by town house next week hoping to get a few people looking at it. The market is slower but my realtor said a few of his townhouse listings did go over asking price so that gives me some hope. I think right now it is a buyers market and a bit harder for sellers to move their places.

[Acurapinoy]

Goodluck Funnel! Curious... did you offer them below the asking or over the asking? Just wondering since they accepted your condition to sell yours . Was their property been sitting a while?

And goodluck to you as well Nabatron. I still see townhomes being sold for a solid price indeed.

[Nabatron]

^thanks breh! Yeah hoping things run smoothly and we can get some offers going that's for sure!!

[Energy]

Good luck to you. Townhomes still sell fairly well in this market.

I paid my 2/3 deposit for my presale unit in River District today. Its not looking like a very lucrative investment now unfortunately.