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D’Arcy Harris – From the Trenches November 22, 2005
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So is the market going down? Well, predicting market downturns is like predicting snow in Alaska in winter. It's a no-brainer. Markets go up, markets go down. Woo-woo, big surprise. How much and how fast, who knows.
So the question becomes, what to do? Well, keep buying if you're an investor. Sharp buyers who work with savvy brokers and look at all inventory in their neighbourhoods, will always do well. They will find and buy the 1/50 that actually makes sense, whether the market is cooling or heating up.
Same goes for homebuyers. If you're home shopping, DON'T STOP. In a cooling market, you can put those sellers over a barrel and get your revenge for the last four years of them being complete jerks. Now it's THEIR turn to bite the bullet. Remember, only 1 out of 50 will represent a great buy, so do your homework.
If you're considering selling at all in the next few years, it's a good time to do so now. Remember when prices started going up, how long it took Joe Public to catch on and decide to buy? Well, selling works the same way. Beat the herd.
D'Arcy R. Harris
Real Estate Broker
Sutton Group - Westcoast Realty
P.S: Here's a thought: "I'm waiting until after the holidays to buy/sell." That might not be such a good idea. During the next 2 months, there will be:
-Less competition for buyers and sellers both
-More time to look
-Emotional and motivated buyers and sellers. A good negotiator can max that to your benefit (that would be me).
-Houses show better when decorated for the holidays!?
P.P.S: 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, and much more that DOESN’T fit in this newsletter:
http://www.vancouverrealestateinfo.ca/redir.asp?page=gold_newsletter.asp&t=list1
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Success Story of the Week
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I may be getting a listing in Burnaby shortly; asking will be around $260,000 for a two-bed/2 bath. If you’re looking for HUGE views, then this is the place to see. The building also has $400,000 in the contingency fund AND it’s all concrete. No leaky condo here people.
This is the kind of place that will be worry free (and assessment free!) for years to come. Hopefully I’ll be listing it this week. If you want to get in BEFORE it’s on the MLS, just reply to this email and I’ll set it up.
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Market Tidbit
----------------------------------------------------------------- This from a Realtor "how-to" book:
"If you are selling, if prices are declining, your sellers must actually price their property under the comparable sales. If they don't get ahead of the decline, they will be "chasing the market down." Losses can be substantial. To assist your seller in obtaining the highest price possible in a declining market, you must first identify how much inventory is on the market and how quickly it is selling. Second, you will also need to identify how much their price is declining each month. You then have the actual cost of holding the property each month. When sellers see the true numbers, the shock is stunning. Back in the disastrous LA market in 1990-1993 where prices declined 33% in just 18 months, almost all of my sellers (I represented REO for 15 different banks), sold their properties because they were willing to take a slightly lower price to move the inventory immediately. Sadly, most residential agents are not trained to have this critical conversation that can maximize the seller's return in a tough market."
Something to think about, especially as more and more people are talking about a downturn, or a correction, or a bubble bursting. The psychology of the masses set markets in motion, so if you’re thinking of selling anytime soon, DON’T CHASE IT DOWN. Price accordingly. Oh, and list your house with me.
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Weekly 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. Want to get them before they’re even in the newsletter? Sign up for the VIP Buyers Program. (http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list1) If they don’t load, cut and paste the links into your browser.
Vancouver Lofts:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1784204662&s=BRC&t=BRC
Investment and Revenue Properties:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=481839578&s=BRC&t=BRC
Vancouver House Foreclosures:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1893023140&s=BRC&t=BRC
Vancouver Apartment Foreclosures:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1260046586&s=BRC&t=BRC
If you see any listings that interest you, simply reply to this email with the MLS number and the time that you’re available to view it and we’ll set up a private tour just for you. Or have them emailed to you daily rather than weekly, sign up for the VIP Buyers Program:
http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list1
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Insider Secrets Revealed!
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Wondering what your home is worth? Probably more than you think! Find out with an Over the Phone Market Evaluation, sign up here:
http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list1
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? Tired of leafing through hundreds of listings to find what you’re looking for? 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=list1
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From the News
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Serves them right:
Slope Unstable After Clearcut.
65 trees illegally removed from property, city says, leaving 'potentially unsafe condition'
In British Columbia, Real Estate is King Forget politics, forget the Olympics. All anyone talks about here is real estate and the great building boom ushering in the 21st century. ...
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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 do 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 this newsletter 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=list1
Comments and suggestions are always welcome, thanks for reading!
D'Arcy R. Harris
Real Estate Broker
Sutton Group - Westcoast Realty
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