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D’Arcy Harris Real Estate Update April 20th, 2005
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Some of you may have noticed that the newsletter is late this week, as it was last week and the week before that. There is a simple explanation: The market is HOT. While this is a good thing overall, it does make my job a lot more time consuming. It’s harder and harder to get into a home as a buyer. Every listing that is worth anything seems to be sold before they even start to show it. And offers have to be over asking and subject free to get the time of day. But on the flip side, sellers are enjoying what could be one of the best sellers markets to come along since last summer. If you’ve been thinking of selling your home, and are worried about timing, now is the time…
Call me,
D'Arcy R. Harris
Sutton Group Westcoast Realty
Tel: 604 484 6236
Fax: 604 488 0885
P.S: I supply this information to you free of charge and without obligation with the hope that when you decide to buy or sell your home, you’ll call me to help make it a reality. If I do all this for free, imagine what I do when we’re working together!
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Success Stories
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This week’s success story has to do with a question I’ve been toying with lately: How, as a real estate investor/buyer, does one get access to the deals that a realtor comes across?
Recently, with that question in mind, I’ve been aware of what I do when I find what could be a hot deal, an undervalued property, or a cash flow positive deal. I realized that I have a ‘short-list’ of people whom I call. And what do they all have in common you may ask? It’s not money, because we can all access financing of some kind, and it’s not that they’re friends or family. It has to do with willingness and gumption. The willingness to close a deal and the gumption to do it fast and furious. I ask once: if someone is interested and if they say no, they move down the shortlist. Those that see the opportunity and say yes move up the list. It’s quite simple. I (and all other realtors too) have numerous people that are ‘looking for an investment property’, or ‘want a hot deal’. So when I call them and they say they’re not interested, what happens to their credibility? Who do I call the next time something comes up? I have deals right now. Finding them isn’t the hard part. The hard part is you taking that step into the unknown. And I call the people that take that step willingly.
Congratulations to J, who last week closed on a property that was hugely undervalued. I saw the opportunity and made some calls. He said yes first, and he should make $30,000 for one months work, after expenses. It’s that simple.
Want to get on my short-list? Email me: shortlist@darcyharris.com and include what you’re looking for. When I call, let’s write an offer!
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Today’s Real Estate Listings
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These are all the current listing out right now; in fact, some of them are so new they’re not even posted on Realtylink or MLS.ca. Now that’s an advantage most buyers don’t have! If they don’t load, hit refresh.
FEATURED LISTING:
http://vancouverrealestateinfo.ca/silver_listingDetail.asp?ID=165894
Vancouver Lofts:
http://mlslink.mlxchange.com/EmailView.asp?r=1798364362&s=BRC&t=BRC
Investment and Revenue Properties:
http://mlslink.mlxchange.com/EmailView.asp?r=458378347&s=BRC&t=BRC
Vancouver House Foreclosures:
http://mlslink.mlxchange.com/EmailView.asp?r=803769985&s=BRC&t=BRC
Vancouver Apartment Foreclosures:
http://mlslink.mlxchange.com/EmailView.asp?r=703387514&s=BRC&t=BRC
Tired of leafing through hundreds of listings to find what you’re looking for? Would you like to have access to all the new listings that match your home buying criteria, including area, price range and style of home emailed to you directly? This is a free service and will allow you to view only the homes that you're interested in seeing.
Become a VIP Buyer and beat other buyers to all the hot new listings in Vancouver. How does it work? Visit:
http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list
It’s a sellers market! Find out what your home is worth with a free and confidential market evaluation:
http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list
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Buy of the Week: Land Anyone?
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For all you builders and investors: a plot of land has come to my attention recently that I think could be interesting for the right kind of buyer. It’s a plot with massive views on the north shore and is surrounded by some pretty fantastic homes. It’s ready to go. If you’re interested in building your own home, or want to build and flip, call me or email me, this one is awesome.
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Special Feature:
How Sellers Set Their Asking Price
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This week, I put together a special feature that should help sellers set a price and buyers understand how it happens. Enjoy!
1. Clearly Overpriced.
Every seller wants to realize the most amount of money they can for their home, and real estate agents know this. If more than one agent is competing for your listing, an easy way to win the battle is to over inflate the value of your home. This is done far too often, with many homes that are priced 10-20% over their true market value.
This is not in the seller's best interest, because in most cases the market won't be fooled. As a result, the home could languish on the market for months. This creates problems for the seller in that:
* The home is likely to be labelled as a "troubled" house by other agents, leading to a lower than fair market price when an offer
is finally made
* The sellers have been greatly inconvenienced with having to constantly have their home in "showing" condition...for nothing. These homes often expire off the market, forcing sellers to go through the listing process all over again.
Be wary of homes that have been on the market for a long time.
This occurs most often because the seller's asking price is too high.
2. Somewhat Overpriced.
About 3/4 of the homes on the market are 5-10% overpriced. These homes will also sit on the market longer than they should. There is usually one of two factors at play here: either the seller believes that their home is really worth this much despite what the market has indicated (after all, there's a lot of emotion caught up in this issue), OR they've left some room for negotiating.
3. Priced Correctly at Market Value.
Some sellers understand that real estate is part of the capitalistic system of supply and demand and will carefully and realistically price their homes based on a thorough analysis of other homes on the market. These competitively priced homes usually sell within a reasonable time frame and very close to the asking price.
4. Priced Below the Fair Market Value.
Some sellers are motivated by a quick sale. These homes attract multiple offers and sell fast - usually in a few days - at, or above, the asking price.
Discuss these sales strategies with me. Together, we'll be able to use this information to help you structure an offer that will motivate the seller and potentially save yourself a lot of time and money. If you’re thinking of selling, I hope this helps you to understand the pricing process a little bit more.
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From the News
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I have instituted a ‘New Client Appreciation Program’. If you’re thinking about buying a new development, and want to get some cash back, check out my new offer:
http://vancouverrealestateinfo.ca/gold_customform2.asp
Each month, I publish a series of articles of interest to homeowners- money-saving tips, household safety checklists, home improvement advice, real estate insider secrets, etc. Information that won’t fit in this newsletter, check it out:
http://www.vancouverrealestateinfo.ca/redir.asp?page=gold_newsletter.asp&t=list
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Real Estate Term of the Week
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Pre-Qualification:
This usually refers to the loan officer’s written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower. Not to be mistaken for Pre-Approved.
Get pre-qualified:
http://vancouverrealestateinfo.ca/gold_mortgageapp.asp
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Contact Info
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I supply this information to you free of charge and without obligation with the hope that when you decide to buy or sell your home, you’ll call me to help make it a reality. If I do all this for free, imagine what I do when we’re working together!
I invite you to forward this newsletter on to friends and family.
If you are receiving it from someone else and would like to sign up to receive it directly, please click here:
http://www.vancouverrealestateinfo.ca/redir.asp?page=silver_customform.asp&t=list
To be removed from future mailings simply hit reply with REMOVE in the subject line.
Thanks for Reading!
D'Arcy R. Harris
Sutton Group Westcoast Realty
Tel: 604 484 6236
Fax: 604 488 0885
Quote of the Week:
I can win an argument on any topic, against any opponent. People know this, and steer clear of me at parties. Often, as a sign of their great respect, they don't even invite me.
Dave Barry
US columnist & humorist (1947 - )
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Quick Over-the-Net Home Evaluation:
http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list
Become a VIP Buyer and Beat Other Buyers to all the New Listings:
http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list
Access Vancouver Real Estate Information at:
http://www.vancouverrealestateinfo.ca/redir.asp?page=default.asp&t=list
If your property is currently listed with another broker, or if you are currently buying with another broker, please disregard this email. I do not compete with other brokers, I work with them. This e-mail transmission may contain information that is proprietary, privileged and/or confidential and is intended exclusively for the person(s) to whom it is addressed. Any use, copying, retention or disclosure by any person other than the intended recipient or the intended recipient's designees is strictly prohibited. If you are not the intended recipient or their designee, please notify the sender immediately by return e-mail and delete all copies. This entire email is an opinion and should be treated as such. Investing in general carries significant risk. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. This means that just because a particular investment worked in the past does not mean, in and of itself, that the same indicators will cause a similar profitable effect.
WE MAKE NO REPRESENTATION OF CLIENT PROFITS.
Unfortunately we cannot guarantee you profits. There are no guarantees of profits in real estate or in any other investment for that matter. In fact, in many cases customers suffer a loss of all or part of their investment dollar. INVESTORS CAN AND DO LOSE MONEY. Every trade produces a winner and a loser. Money is not created or destroyed, it just changes ownership. If investing will alter your style of living in any manner to the worse, do not invest. The information contained in this report is a statement of opinion and information contained therein is subject to change without notice. The information has been obtained from sources believed to be reliable but is not guaranteed as to its accuracy and completeness. Charts and graphs are the work product of third parties, and should not be relied upon by investors or others in evaluating market conditions. They are provided to you with a specific understanding that the author makes no warranty or guarantee that the information or figures contained therein are accurate or correct. Moreover, past results are not necessarily indictable of future results. Those using the information contained herein for reading purposes are responsible for their own actions. This is not to be constructed as an offer to sell or a solicitation to buy anything whatsoever. No claim is made that any recommendation contained herein will be profitable or that utilizing such recommendation will not result in loss. Investing is speculative and you should carefully review your plan and speak with your financial advisor or licensed advisor before investing. Properties are offered for sale to qualified purchasers without regard to the prospective purchaser's race, color, religion, sex, handicap, familial status, sexual orientation, or national origin.
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Quick Over-the-Net Home Evaluation:
http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list
Become a VIP Buyer and Beat Other Buyers to all the New Listings:
http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list
Access Vancouver Real Estate Information at:
http://www.vancouverrealestateinfo.ca/redir.asp?page=default.asp&t=list
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