Patrick Weeks Real Estate Team Vancouver Real Estate Updates
Spring has sprung at the Weeks house. Welcome to the world Ryan William Weeks – born April 12th just under 7lbs. Mom and baby are doing great as you can see below! The cherry blossoms are blooming, the weather is heating up, and the real estate market is following suit. With all the buzz about multiple offers being the new norm I’d like to share a few things with you that I’ve learned over 13 year in real estate. Once again the media is late to the dance as I’ve known only multiple offers since I entered the business (with the exception of about 6 months in 2008).
When buying a Condo in Vancouver:
* Get strata documents to review prior to making offers. Depreciation reports will spell out most of what you need to know about the little room in the big house you are buying * Organize an inspection prior to offer presentation. The $500 investment is a fraction of the cost of your purchase so don’t shy away from it.
* Make sure your broker can get your financing approved prior to writing, with the exception of an appraisal which we will put in contract for future access.
* Find out sellers preferred dates.
* Arrange a bank draft for 5% and keep it in your wallet. Your going to need this and the bank won’t give you interest anyways.
* Come in with an offer that represents the best price per square foot in the building if the suite warrants it, every sale we are doing right now is breaking records so it’s likely the next purchase will be too.
When buying a House in Vancouver:
* Get the home pre-inspected, agents allow this and will provide time for you to get in and touch and feel the house for a few hours before making the biggest financial decision of your life.
* Review the title, property disclosure statement, and improvement list.
* Go to city hall to make sure you can do what you want with the property down the road i.e : laneway home, increased square footage etc.
* Get a 5% deposit and keep it in your person, your bank won’t give you much interest anyways right now.
* Make your best offer out of the gate. If you aren’t one of the best 3 offers to begin with you will never get another say.
When selling your Vancouver property:
* Work with a stager to get your home ready for sale.
* Hire a pre-inspection to resolve any of the homes issues that may arise in the buyers inspection and be used to negotiate against you out of the way.
* Make sure you have a property in mind. Selling without buying or being ready to buy in an upwards shifting market is dangerous, nobody can time the market and you don’t want to lose ground and equity by not being able to buy and sell in the same market. With all the negative press out there about the real estate industry it’s never been more important to hire a professional to help buy or sell your home. I pride myself on doing the next right thing at all times, and that gives clients the knowledge and confidence to successfully make the correct decisions in this complex real estate market.