Monthly Archives: January 2016

3 Etiquette Rules Every Home Buyer Should Know

There are etiquette rules every home buyer should know. In This short post we’ll discuss 3 of those rules, including: avoiding excessive multiple visits, removing shoes and considering adjustments.

Below are 3 etiquette rules every home buyer should know:

Avoiding Excessive Multiple Visits

“One, two, or even three visits are typically acceptable prior to making an offer,” Ameer says. “If you must return more than that, make sure this is a home you are seriously considering.”

All those visits are not only an inconvenience, but they could also make a seller extremely anxious, especially if a buyer comes to the house five times and is never heard from again. 

2016 Economic Forecast As It Relates To The Vancouver Real Estate Market

 

 

 

 

I just attended the company’s 2016 Sales Kickoff meeting and heard the yearly economic presentation by Bryan Yu from Central 1 Credit Union.  
 
I’ve attached the pdf for your convenience in the link above, but I’ll summarize the main points from his presentation and from his talk below:
– China economy still weak and slowly recovering (~6% growth)
– Euro economy around 1% growth
– US labour market at 5% unemployment (down from close to 10% in 2011)
– Oil prices low due to too much supply
– Cost to produce NEW Oil for Canada, around $70/barrel
– Canada’s interest rate – no anticipated increase in forecast until at least mid 2017
– BC economy much better than other provinces
– BC labour market incredibly strong
– Increasing # of housing starts in the past few years, but demand is STILL more than supply, developers frantically developing to quench high demand
– Based on economic fundamentals, no bubble in sight
– Year over Year MLS HPI Benchmark Price going up 13 – 28%
– Vancouver Vacancy Rates for Condos at ~0.9%
– Real Estate works in cycles, so there will be Housing Correction in the market eventually, but it’ll likely have to be a recession and will likely be in the 10 – 15% range (Historic:  20% drop during 9/11, 11% drop during 2008 financial crisis)
– Millennials still want what their baby boomer parents had, ie live in a house
– City’s plans are to increase densification and detached housing stock decreasing rapidly, increase multifamily zoning
 
My personal takeaways:
– bidding wars are common now even amongst condos, and by the time a market correction happens, prices will have gone up so much that a market correction won’t help in terms of affordability, 
Example:  when houses are at $1M, having a 10 – 15% housing correction after houses go up to $2M doesn’t really help a majority of buyers
 
My recommendations for buyers:
Housing prices are increasing, faster rather than slower, unfortunately, it is much harder for buyers than it is for sellers.  

The Biblical Principle I Copied From Jeremy Lin To Compete In Real Estate

 

 

Who are you working for?  

 

What drives you?  

 

What vision or mission statement do you live by?

 

When I watched a video on Jeremy Lin’s youtube channel, I made up my mind on what I would be working for.  The video, titled “Jeremy Lin – Episode 1: A Day in the Life” shows Jeremy Lin waking up at 6:30am and working out and playing basketball all day to develop his skills.  

3 Essential Ways to Save on Moving Costs

To avoid additional stress in the midst of your relocation, here are some money saving tips to help your move.

Below are 3 essential ways to save on moving cost:

Packing
Boxes are the building blocks of moving, which is why many moving companies charge exorbitant prices for them. Buying boxes is simply unnecessary when there are so many ways to get them for free:

Bring empty boxes from your office or workplace; printer-paper boxes are strong and large enough for most items.

3 Reasons to Invest on Real Estate

Real estate investments can take on different benefits that make investing significantly profitable, including: cash flow, tax benefits and more value for sale.

Here are the 3 reasons to invest on real estate:

Cash Flow
Rental properties when purchased correctly generate significant cash flow.  If purchased with 100% cash then the cash flow is going to approximate the cap rate and that rate tends to run between 5-10% depending on the type of property and where we are in the real estate cycle. 

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