Vancouver's Real Estate Market

[6thGear.]

Originally Posted by bcedhk

I think there were about 5-7 private showings? The price was suggested by the realtor and it is already lower than the comparable the ones that sold within the past 12 months.

When does the listing contract end? Switch to another. Have you looked up the realtor and check their active listings? Maybe their just stretched to thin on time which if that's the case time to find a new one.

Originally Posted by GIZZ

There could be something going on there. Maybe they have lots of listings and hers pays the least commision? For sure some realtors steer buyers to the properties that pay them the most.

I had my Burnaby house listed for maybe 6 months with one of the most successful realtors in town. One open house the first week. But they weren't trying to sell it. I dropped that realtor and relisted with another. The sign on the lawn went up on Sunday morning. We had 3 offers from the sign by 5pm and accepted one that night. The listing wasn't on MLS yet!

I later heard from one agent to another then to me the initial realtor had offers that were never presented to me. I think they were trying to wear me down and buy for themself, just another rental/investment property to add to their collection. Shady.

They are supposed to present all offers to the sellers regardless even if it's a slap in the face lowball. Even just a phone call or text will suffice. Obviously you hired a shitty one. Don't be fooled by the "successful" ones. They don't give 2 shits about you or your property.

[bcedhk]

The agent has 15 listings, but her team has 3 assistant realtors so I don't think they are stretched thin.

The contract expires in March, but I'm hoping she won't have to wait that long...

[6thGear.]

Assistances are only allowed do open houses with the licensed realtor. Can't do them by themselves. They however are allowed to do private showings. So possibly just lazy or maybe they're using the new outbreak as a reason not to do open houses?

[sonick]

Originally Posted by 6thGear.

( how flexible is your sister?).

[PeanutButter]

Not sure why an open house would be even needed anymore?

Everyone needs to book an appointment now anyway.

[Alpine]

I went to a couple of entry detached houses in the burbs on the weekend with friends. You need an appointment or you need to stand in line for an opportunity to squeeze in between appointments. I think only 3-5 groups were allowed in the house at each time.

It's such a strong seller's market right now that it's incredibly difficult to buy. There's so little inventory out there and house prices are rising 50k a month (seems like that anyways). It's tough to enter such a hot market with a logical frame of mind and attach a value or worth to a house. You might be dipping your toes in and putting in your first or second offer, but someone else is putting in their 8th and they're going to over-extend because they have finally given up on logic/value/worth.

[donk.]

It blows my mind how many lazy realtors there are....
I always see listing on REW with a single photo or better yet no photos, or a single line of info

If I had a 2mil house, and my realtor posted it with a single photo taken from Google street view, I would absolutely lose it

You would figure, how desperate most realtors are to get a listing in their first x years of work, they would go the extra mile for every listing. And especially once you have a reputation built.
Maybe too many stay at home housewives just looking for something to do after their 6week online realtor program

Maybe realtors lurking this thread can chime in, I'm just a dumb plumber

[quasi]

Originally Posted by bcedhk

How often should a 'good' realtor do open houses? My sister has a condo in Brentwood that has been on the market for almost 2 months now and her realtor only did one weekend of open house..

Mine was on the market for 6 months they did two open houses, this was spring/summer of 2019. Now you did say good realtor so not sure this applies, they were popular Realtors with lots of listings but I wouldn't call them good realtors, at least not from my experience.

They did make it available for agents to bring their clients through, easy had 40+ private showings in the time it was on the market. If I ever list again I'm offering up a two hour window once a week for showings and that's it, you want to see it come during that time or don't buy it don't care.

[Bonka]

Open houses will depend on the listing. My preference for a typical listing is to always do open houses on the first weekend of the listing going live. Realtors should be providing feedback after all showings/open houses so the sellers get a thorough overview of activity and interest and whether or not adjustments are necessary. Second and third weekend open houses will depend on interest moving forward. It's a waste of time prepping for an open house if you're getting 1-2 groups through, almost always not buyers. Open houses after a price change or collapsed offer also makes sense. Going forward, showings by appointment. Showing activity tends to ride waves - even from the last 2 years it's not unusual for activity to ramp up on a stale listing but few Realtors know how to our system to track listing activity.

Showings by appointment and/or would need to be pre-qualified before showing (ie: financing) is totally fine - if it's a good listing the time slots booked up would end up being like an open house anyways, but with mostly interested buyers. Anyone earnest will go through the hoops.

Frankly it's more important that Realtors are doing their own showings - it's amazing what you can pick up from the buyer just standing there. Lockboxes should be utilized sparingly if not avoided entirely, even on vacant homes. Too many teams where there is a ton of disconnect between lead agent and the assistants chasing for info on a listing.

I think it's great that COVID has forced open houses to be booked in 15min slots - so many time wasters and nosey neighbours asking a million questions on the listing when they weren't forced to schedule a time.

With that said, floorplans should be mandatory given all the unauthorized renovations and floorplan changes.

[6thGear.]

Originally Posted by donk.

It blows my mind how many lazy realtors there are....
I always see listing on REW with a single photo or better yet no photos, or a single line of info

If I had a 2mil house, and my realtor posted it with a single photo taken from Google street view, I would absolutely lose it

You would figure, how desperate most realtors are to get a listing in their first x years of work, they would go the extra mile for every listing. And especially once you have a reputation built.
Maybe too many stay at home housewives just looking for something to do after their 6week online realtor program

Maybe realtors lurking this thread can chime in, I'm just a dumb plumber

Realtors there's lots but never seems like anyone knows one personally or has had a long relationship with one. As for the program they made it so it's minimum 6 months to hand in all assignments, maximum 2 assignments a week. If one understands the material 8-12 months including passing the exam. I understand the fail rate is quite high believe it or not ( like 90%). Lots of previous realtors use those "tutors" hence why theres so many shitty ones but since then the program has progressively become harder

[sonick]

Not sure how commonplace it is, but when we sold our place we used a different realtor than our buying one, as we wanted one who understood our neighborhood and knew all the benefits of it to really sell.

We also met with several realtors to get an understanding of their vibe, their marketing plan, etc. which I heard is not very common to do.

We ended up with a realtor that went above and beyond; had a video, floorplans, staging, all included. Was not any more expensive than the competitive realtors we interviewed, many of which did not include any of the above mentioned materials.

Our realtor was super attentive and helpful, even though ours was 'just' a condo in a low-rise wood frame building in Richmond, that likely wasn't his most valuable listing.

But at the end of the day, we got an amazing offer above and beyond what we expected, and set a high water mark for unit prices in our building and area.

[rb]

Originally Posted by donk.

It blows my mind how many lazy realtors there are....
I always see listing on REW with a single photo or better yet no photos, or a single line of info

If I had a 2mil house, and my realtor posted it with a single photo taken from Google street view, I would absolutely lose it

So after talking with a sketch agent last week. The no pictures is a tactic for some. Once the listing is updated with photos, it apparently sends a second email blast or notification in the MLS systems of a new or updated listing. Not sure how true it is but this jackass seems use this as part of his listing strategy

[donk.]

^ I bet that guy also leaves his listing up for weeks or months after it sells, to get phonecalls and network

This should be going in the "what grinds your gears" thread

Almost on par with car ads from dealships with no price, no kms, just so that the guy has an opportunity to talk to you and waste each other's time

[CRS]

It seems as though a lot of are sharing stories of "the one that got away". I certainly have my own and can share it with you guys.

When my spouse and I were looking for our first home back in 2017, we looked at a few different places ranging from condos to detached houses. We found a duplex in Coquitlam that we absolutely loved. It was a newly built duplex that was close enough to everything. It would have been our forever home. Everything about this place we loved with the exception that it was sunk in a little as it was on a hill.

The other duplex sold for $1.14 million and this was pretty close to our max mortgage. We did the math and we'd be essentially house poor. While we could afford it, there wouldn't really be any money left to do anything. We liked the place so much that we viewed it on 3 separate occasions.

We ultimately decided to pass up the place and never forgot about it. Although we can't predict the future, by buying this place, it would have really put us in a bind. If one of us lost our job for an extended period of time, it would have potentially ruined us.

Fast forward to now, we regret it immensely. Although I still believe it was the right call, it doesn't help knowing that both my spouse and I have done well professionally. We were promoted and progressed in our respective fields and doubled our previous income.

At the end of the day, I'm still happy we made the decision we did. If we didn't, chances are that we wouldn't have our first child together. Looking at him every day and holding him reassures me that I would make the same call every day of the week.

I suppose it is all about perspective and what we look for in life?

[68style]

Can't move forward while looking backwards wondering what could have been... there should never be such a thing as a forever home, bad thinking to get attached to things that are material like that and aritificially impose limits on your future/life

[westopher]

It's not a material possession, it's a place to live. We aren't talking about a forever purse.
Either way I wouldn't look back in regret. You never know what could have happened. Being house poor isn't worth it but 90% of people in the GVRD seem to disagree with that.

[pastarocket]

INSANE. The owner wants 11 million bucks for this house.

“Land value only”




https://www.straight.com/news/vancou...sLrqJKuVLmC6S8


Going back to 481 West 40th Avenue, the single-family home has a 2022 assessed value of $3,866,000.

On January 13, the property was listed for sale as “Land Value only”.

The listing explained the value as thus: “Cambie Corridor Phase 3. Possible for apartments 13+ Storeys. Possible Land assembly with 2 other adjacent properties.”

The seller wants $11 million.

That’s almost three times the assessed value, or 2.8 times to be exact.

The property was last sold in July 2013 for $1,698,000.

Phase 3 of the Cambie Corridor Plan designates the area where the property is located for new tower developments.

These highrises can go up to 15 and 18 storeys.

Sent from my iPhone using Tapatalk

[whitev70r]

Maybe we should have an insane Real Estate posting thread ... 1011 sq ft, 2 bedroom 2 bath coach house for $1.5M. Except this will probably sell in a week. There are high rise condos that are 1000 sqft with 2 Bd and 2 Baths that sell for $1.5M so might as well have a little piece of land.

Tiny Vancouver coach house going for nearly $1.5 million (PHOTOS)https://www.vancouverisawesome.com/r...photos-4961074



The 2-year-old house is up for sale right now, for $1.475 million. That's about $1,460 per square foot of living space, which is maybe to be expected in the Shaughnessy border area.

[Harvey Specter]

Nearly half of British Columbians say they're $200 away from insolvency: poll

Nearly half of British Columbians say they are not confident they can cover their expenses over the coming year, a new poll has found.

According to an Ipsos survey conducted every quarter on behalf of the national accounting firm MNP Inc., the number of people who don’t think they can cover the cost of living has surged 10 percentage points since the last quarter.

Meanwhile, over 40% of British Columbians said they were worried about how much debt they were in, and 21% said they think that situation has gotten worse over the past year.

“Now, as we near two years into the COVID-19 pandemic, British Columbians are becoming increasingly worried about their household debt,” said MNP’s Lower Mainland-based licensed insolvency trustee Linda Paul said in a written statement.

Paul added that people often have a grim outlook on their finances over holiday bills. But this year, the Omicron variant, rising inflation and potential interest rate hikes all appear to be taking an added psychological toll.

Less than a third of respondents said they were confident they could cope with “life-changing events” without going into deeper debt.

British Columbians also appear to be less confident in their ability to weather relationship turmoil: whereas last quarter 32% said they could handle a change in relationship status, that proportion has dropped to 26%.

Another 19% said they could cope with the death of a family member (down 3%), while only 17% said they could pay for education (down 6%).

When it comes to British Columbians’ confidence in how they would financially cope with an illness that put them out of work for three months, a third said they wouldn’t be able to handle it.

“For households in B.C. whose budgets have been stretched thin during the pandemic, it’s getting harder and harder to see the light at the end of the tunnel,” added Paul.

“As we weather another wave of business closures, reduced working hours or job loss, and health concerns related to COVID, many could find themselves vulnerable to any change to their budget.”

The poll comes amid rising projections on the cost of rentals in B.C.’s biggest city.

A national rent report ranking the most expensive cities to rent in Canada put Vancouver at the top of the list, with the average cost of a one-bedroom apartment climbing to $2,176 in January, up over 13% over the previous 12 months.

The rentals.ca report put the cities of Victoria and Coquitlam in 14th and 15th place on the Canada-wide list, with single-bedroom apartments averaging over $1,560 for both communities.

Those rising costs contribute to a situation where roughly one in two British Columbians surveyed by IPOS said they were $200 away or less from not making ends meet.

British Columbians are the most likely in all of Canada to believe their debt situation has deteriorated: Since September, the number of B.C. residents who said their debt situation was worse than a year ago climbed six points up to 21%.

But that hasn’t stopped many from spending freely. More than any province, 15% of British Columbians said deals and Black Friday offers lured them—a near doubling over last year.

[Tapioca]

Originally Posted by CRS

Fast forward to now, we regret it immensely. Although I still believe it was the right call, it doesn't help knowing that both my spouse and I have done well professionally. We were promoted and progressed in our respective fields and doubled our previous income.

At the end of the day, I'm still happy we made the decision we did. If we didn't, chances are that we wouldn't have our first child together. Looking at him every day and holding him reassures me that I would make the same call every day of the week.

I suppose it is all about perspective and what we look for in life?

My wife wanted us to upsize in 2014/2015 before we had our first child. I didn't agree as I wanted to be financially cautious as we didn't know what being parents would bring. In hindsight, had we upsized at that time, we would probably be ahead by several hundred thousand had everything stayed the same.

In 2016, with our first kid several months old, we finally decided to upsize. Well, as some of us may recall, the market was crazy at that time. Super low inventory, multiple offers on anything with no subjects, etc. It was a horrible time to buy. We had to settle for a shitty townhouse in a part of Metro Vancouver that people on this thread snickered at. Today, townhomes in that neighbourhood are now over $1 million.

Over time, we renovated that townhouse and we significantly raised our household income. Finally in 2020, we decided to upgrade to detached and we found another fixer upper that had good bones in the summer of 2020 before the market took off again.

There are always other opportunities around the corner. Hindsight is always 20/20; the main thing is to continue to look forward.

[PeanutButter]

It comes with an attached garage.

$1.5M doesn't seem that out of the question... It's essentially a small townhouse

[PeanutButter]

Originally Posted by Tapioca

My wife wanted us to upsize in 2014/2015 before we had our first child. I didn't agree as I wanted to be financially cautious as we didn't know what being parents would bring. In hindsight, had we upsized at that time, we would probably be ahead by several hundred thousand had everything stayed the same.

In 2016, with our first kid several months old, we finally decided to upsize. Well, as some of us may recall, the market was crazy at that time. Super low inventory, multiple offers on anything with no subjects, etc. It was a horrible time to buy. We had to settle for a shitty townhouse in a part of Metro Vancouver that people on this thread snickered at. Today, townhomes in that neighbourhood are now over $1 million.

Over time, we renovated that townhouse and we significantly raised our household income. Finally in 2020, we decided to upgrade to detached and we found another fixer upper that had good bones in the summer of 2020 before the market took off again.

There are always other opportunities around the corner. Hindsight is always 20/20; the main thing is to continue to look forward.

May I ask what area RS was snickering at?

[twitchyzero]

it's in a good neighbourhood too
kinda bonkers few years back but nowadays totally 'reasonable'

[6thGear.]

I've read that article a few days ago and at first thought it was crazy but I then realized not much different than a townhouse.

[JDMDreams]

What's the difference between a lane way and a coach House? Or just a way to make it sound fancy ??? Profit