Be Prepared!

Those Boy Scouts & Girl Guides have it right! As words to live by, ‘Be Prepared’ are equal to the more popular ‘Just Do It’ – in fact thorough preparation enables us to just do it. Nowhere is this more true than in today’s real estate market where the difference between winning and losing is preparation, both in buying and selling.
When buying in a multiple offer situation, the winner and losers are clearly defined. The winner successfully purchases the home of their choice, while the others move on to make, often many, more offers on different homes. Aside from the price, which has to be strategically decided based on asking price (Is it unrealistically low inviting a full on auction situation? Is it at market with the reasonable expectation of buyers bidding up the price? Or is it drastically overpriced?). The best strategy a buyer can employ when competing is to ensure that her offer is subject free, so that when a seller accepts this offer, there is no uncertainty – no waiting to see if the financing comes through or the buyer doesn’t like the inspection report. Often a seller will accept a lower price based on the sure thing. This strategy employs full preparation and due diligence before the date that the seller is reviewing offers. It starts with the prequalification for mortgage, which many buyers assume means talking to the bank, telling them their income and asking how much money the bank would loan them for a mortgage – this is not adequate and would certainly pose a large risk if relying on a conversation to put forward an offer without a financing clause. You need to have submitted every document the bank requires in order to give you a precise written approval in terms of spending power in order to move forward. The building inspection can also be completed ahead of offer – the moment you know “this is the one” – small price to position yourself as the successful buyer of the home you really love.
The seller’s strategy is often one taking more time & effort – starting early is the secret. Decluttering, getting rid of the items you are not taking with you, all required handyman items done, furnace serviced , staging to showcase your space, sparkling clean and landscaping looking its best. This is the preparation which makes the home sell more quickly and at the top of its price range.
If you have questions about any of this, we’ll buy the coffee! We are always happy to be your resource and even more happy to make our clients winners in every sense of the word.
Remember no matter what our real estate market is doing, we have you covered. No umbrellas this weekend – just parasols.

Enjoy – Michelle & Sheila

PLAID FOR DAD!

No coincidence that thousands of Canadians are wearing plaid today and on Father’s Day to help raise awareness and funds for prostate cancer research. Actor Eric Cormack (of “Will and Grace” fame) is sporting his best plaid as ambassador for the national campaign organised by Prostate Cancer Canada. “With men’s health, we don’t talk enough about it”.

Prostate Cancer Canada says that 1 in 8 Canadian men will be diagnosed with prostate cancer in their lifetime, and it is the most common cancer affecting Canadian men. McCormack’s Dad was a cancer victim, so the cause is dear to his heart as to many of our hearts. “We men need to be looking out for ourselves” (Eric Cormack) and we need to support them!

Participants can register their workplace, encourage colleagues to donate and wear plaid today and Sunday. You can even share photos of your ‘Go Plaid’ moments on social media. For every photo shared until June 18th with the hashtag #PlaidForDad, $5 will be donated.

“I believe that every human mind feels pleasure in doing good to another” – Thomas Jefferson

Happy Father’s Day to all our Dads and grandfathers – enjoy your day!

Whatever the day, we still have you covered – Sheila and Michelle

All Eyes Are On Port Moody’s Horizon!

Another Friday is here, and all eyes are on Port Moody’s horizon!

With the departure of some industry – and the arrival of our waterfront Skytrain station – our city is considering some major residential projects. Last week, the city was managing 30 development applications; of which, 23 were in Moody Centre. With the majority of these plans aiming to develop our older industrial sites into high-density residential neighbourhoods, the growth would be astonishing. It’s expected that if these plans all win approval, our current population of 33,500 could grow by approximately 15,000 more residents!

Also in the headlines continues to be our ever-scorching real estate market. May 2016 was a chart-topper, and we’re still experiencing a very active market. Even as we head into summer, inventory hasn’t slowed over the last few weeks –buyers and lenders are being cautious; resulting in more time on the market for product, less multiple-offer situations, and conditional offers. We continue to see an influx of buyers migrate to the ‘burbs – many seeking a more urban, affordable lifestyle by opting to purchase condos and townhomes.

Housing prices continue to rise in the Tri-Cities, with the benchmark price of a detached single-family home in Port Moody reaching $1,430,100 in May, a 4.6% increase over April, and a 5.7% increase over May 2016. Similarly, the benchmark price of a Port Coquitlam home last month was $967,600, which was up 5.6% from April, and 6.8% from May 2016. Coquitlam’s home prices rose to $1,231,200, up 3.7% from April, and 3.7% since the year prior. (Curious about the stats in other neighbourhoods? Don’t hesitate to ask!)

You’ve likely heard that inventory is low, BUT it’s still an ideal time to get into the market. We’ve had some great success landing our buyers into their dream properties.

Ask us how we can help make your home ownership and investment goals a reality – in every market; we’ve always got you covered.

And one more thing? Don’t forget – Father’s Day is right around the corner. Lucky for us, there’s no shortage of great local places to dine and shop for the special Dad in your life. Comment below, and tell us what you’ve got in mind!

Your Partners in Real Estate,
Sheila and Michelle