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D’Arcy Harris – Weekly Real Estate Update October 3, 2005
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Bubbles. Yes, that’s all we’re talking about. Are we in a bubble or is it just frothy? Is it going to burst or will it be a dead cat bounce? Bubble bubble bubble bubble bubble. So much lingo, and rhetoric, it’s time for some more.
Who REALLY knows? People will always have strong opinions about such a topic, but let’s be realistic: Will the real estate market plummet like the NASDAQ? No, it won’t and here’s why. First off, the real estate ‘market’ is not national. It has no ticker symbol. What is relevant to the real estate market in Toronto will have little bearing on the market in North Vancouver. When you read about real estate numbers, most if not all are taken on a federal level, so what’s the relevance to us here in Vancouver? That’s the real question.
Secondly, the real estate market doesn’t react with the same speed as the stock market . In fact, the most traumatic real estate drop was roughly 20% (again, some areas weren’t affected by this drop at all!) in the early 80’s, and it wasn’t a headline in the paper- it wasn’t caused by one single event, it took time to play out. And in most cases it took years to finally bottom out.
But what of interest rates? Again, let’s be realistic. Keep in mind that the people who make the decisions know very well how the interest rates affect the real estate market. They certainly won’t raise them catastrophically, but slowly over time. Yes, maybe they will, but the odds are good that they don’t want the real estate market to ‘crash’ anymore than you do. Besides, the real estate market is run on supply and demand. Will it affect demand? Maybe. But it didn’t happen in London when they raised their rates, contrary to what everyone thought. (http://news.bbc.co.uk/1/hi/business/4076194.stm)
Now I know what you’re thinking, I’m a real estate agent, so I want the market to continue to rise. Of course that’s true, I want all 2000 people who read this newsletter to call me to buy or sell their home, and in 5 years, I want all of you to have made money on your investment. What I don’t want to have happen is for you to use the ‘bubble’ as an excuse not to take action in your life and move into that home you’ve always dreamed of. Real estate is a long-term investment, in a market like this, it’s easy to over pay for a property don’t be one of them. Deals exist, and that’s where I come in. The real estate market will go up and down, but if you’re on the sidelines watching, that’s all you’ll be doing. Realistically? You’ll still be paying a off a mortgage, just someone else’s.
As for realistic, we all know that it can and will eventually go the other way. It’s an historical inevitability. If I were thinking of selling, now would be the time to do it. However for me it’s nice to know that regardless of what happens I’ll have plenty of warning, and if you keep reading this newsletter, you will to.
Call me to get started!
D'Arcy Harris Real Estate Broker Sutton Group - Westcoast Realty
P.S. 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
P.S.S Do you have any feedback about this week’s newsletter? I would love to hear from you. Feedback@darcyharris.com
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Success Story of the Week
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Congratulations to K. who just closed on her first apartment! She’s on a roll, having also purchased a new development a year ago. (yes, that was a good move too.) It’s a one bedroom in the heart of hot hot hot mount pleasant. Once she rolls through it with a toolbox, it’s going to look great. Fixer uppers are out there if you’re willing to look. Congrats to you K. and here’s to many more!
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Insider Secrets Revealed
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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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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, hit refresh. If you’re using FireFox, the above links won’t work; but I’m working on it!
Vancouver Lofts:
http://mlslink.mlxchange.com/EmailView.asp?r=910319106&s=BRC&t=BRC
Investment and Revenue Properties: http://mlslink.mlxchange.com/EmailView.asp?r=24492991&s=BRC&t=BRC
Vancouver House Foreclosures: http://mlslink.mlxchange.com/EmailView.asp?r=1689510588&s=BRC&t=BRC
Vancouver Apartment Foreclosures: http://mlslink.mlxchange.com/EmailView.asp?r=344668627&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
----------------------------------------------------------------- Market Tidbit
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The property purchase tax (also known as the PTT) applies when one purchases a home or condominium in our province and is a standard and integral part of the costs to a Buyer.
Read more about it here:
http://www.rev.gov.bc.ca/rpt/ptt/ptt.htm
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From the News
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House prices keep rising
Existing Home Sales Set Record New listings jump 5.4% in August, while prices continue to climb, CREA says http://www.theglobeandmail.com/servlet/story/RTGAM.20050929.whomes0929/EmailBNStory/Business/
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Contact Info
----------------------------------------------------------------- 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
To be removed from future mailings simply hit reply with REMOVE in the subject line.
----------------------------------------------------------------- Quick Over-the-Net Home Evaluation: http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list1
Become a VIP Buyer and Beat Other Buyers to all the New Listings: http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list1
Access Vancouver Real Estate Information at: http://www.vancouverrealestateinfo.ca/redir.asp?page=default.asp&t=list1
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