Tuesday, May 15, 2012 Seven tips for selling a home fasterby Amalia Liapis on Tue, May, 15, 2012 11:53 PM There are things you can do to help sell your home faster.
1. Check your curb appeal
Drive down your street and view the front of your home. Make sure the outside is as attractive as the inside. Weed, cut the grass, edge the beds and drive, trim the hedges and plant flowers. Next, paint or power-wash your siding to give it a fresh appearance.
2. Make a great first impression
When it comes to selling a house, a good first impression can actually mean more money, so make sure the entryway is impeccable. Sweep the porch, dust the door, wash the windows, vacuum the mats -- give potential buyers a warm welcome.
3. De-clutter
There should be no clutter. All miscellaneous items should be removed or stored on shelves in attractive baskets. In the kitchen, clear the refrigerator of pictures, drawings and magnets. In fact, remove everything personal -- family photos, keepsakes, tchotchkes. Leave surfaces empty, with maybe one dramatic decorative piece as an accent. Your home will appear more spacious and open, which are key selling benefits.
4. Clean and/or paint
Walls should be freshly painted or, at a minimum, the trim should be touched up and clean. Chipped and peeling paint, scratches and dings on the walls can give the impression the home is not well cared for.
5. If it's broke, fix it
Ensure it is all in working order, especially when it comes to faucets, fixtures and drawers -- anything that's easy for people to test.
6. Tidy behind closed doors
Clean and organize your cabinets, drawers and closets. Yes, people will open them, and they'll form an opinion.
7. Look at it through a visitor's eyes
Be prepared to do the work on your home before listing it. After that, a critical eye is your best tool. Walk through your home and check every room to make sure it's clean and uncluttered.
And, when it comes to an open house or private tours, step aside and allow your Realtor to show the home and answer any questions.
Excerpt from Real Estate Weekly Friday, August 5, 2011 July Market Stats for Vancouver Housingby Amalia Liapis on Fri, Aug, 5, 2011 12:00 PM FOR IMMEDIATE RELEASE – From the Desk of AMALIA LIAPIS
While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.
The Real Estate Board of Greater Vancouver reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.
We’re seeing less multiple offer situations in the market today compared to the last few months, but homes priced competitively continue to sell at a relatively swift pace. It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.
Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July. At 15,226, the total number of residential property listings on the MLS increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.
The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions. The MLSLink Housing Price Index benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.
Sales of detached properties on the MLS in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and a 31.9 percent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.
Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.
Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.
Moving forward to our Fall market, I expect an increase in housing/land prices and a stable condo/townhome market. The exception will be view properties, which will see a significant spike in demand and pricing in an increasingly competitive market.
Thursday, July 21, 2011 14.8% Drop in Vancouver House Prices Predictedby Amalia Liapis on Thu, Jul, 21, 2011 12:00 PM On July 13, Economics issued a report predicting a 10.2% decrease in the housing market over the next two years.
The economists specifically focused on Vancouver and Toronto saying that they will experience an even larger decrease ...with a whopping drop of 14.8 % for Vancouver.
Among the twelve major markets profiled in this report, Vancouver and Toronto look poised for larger-than-average declines over the next few years, reflecting in part their exposure to the condominium segment, which appears particularly ripe for a correction.
The rationale for this prediction is ...
A combination of more subdued job and household income growth, rising interest rates, the recent tightening in borrowing rules for insured mortgages and fewer first time home buyers are expected to be the chief culprits behind the slowdown. With most of these drivers expected to remain supportive to housing demand in the very near term, we anticipate that the brunt of this adjustment will take place in 2012 and into 2013.
A section of the report focused specifically on Vancouver with the title reading:
VANCOUVER - THE HOUSING MARKET THAT HAS ALL EYES WATCHING
With Vancouver consistently making all the Top 10 best city lists, it is little wonder that our housing prices are amongst the highest in Canada.
The predictions focus on the higher than average housing prices, condos and foreign investment factors that have driven the prices up.
Vancouver has been the poster child for those individuals worried about a real estate bubble here in Canada. We expect that Vancouver will post modest economic growth accompanied by subdued job and income gains. Interest rate hikes will be felt in Vancouver likely more than other places due to the fact that household debt levels are the highest across the country.
With this economic climate, we foresee a 25.4% peak to- trough decline in sales and 14.8% in prices over 2012-13, by far the worst fate of any urban centre. Still, the path to correction will likely transpire over seven to eight quarters. What's more, just as some of the recent increase has reflected a shift in the composition in sales towards higher priced homes, normalization in the sales mix going forward will disproportionately weigh on average prices. At the expected through in 2013, the average resale price is expected to sit at $675,000 - nearly double the national number and that of most other urban centres.
I hope you find this information beneficial! Please feel free to call me any time.
Regards
Amalia Liapis
Tuesday, July 12, 2011 Homeowner Tipsby Amalia Liapis on Tue, Jul, 12, 2011 12:00 PM
Exterior Renovations:
If you’re thinking of selling your home, or you simply want to spruce it up, exterior renovations can significantly increase its value and curb appeal. Aside from more expensive undertakings such as new roofing and siding, there are some projects you can take on yourself, such as creating attractive flower beds or purchasing a new front door. With each project completion, you will be happier with your home, and increase its appeal to buyers when it comes time to sell!
Wednesday, April 27, 2011 10 Often Forgotten Costs to Include in your Budgetby Amalia Liapis on Wed, Apr, 27, 2011 12:00 PM
Interest Adjustments
This covers any costs in the gap between closing dates and first mortgage payment. Avoid or minimize this by arranging the closing date and first payment to be exactly one month apart.
Mortgage Insurance
This is often required by lenders if your payment is 20 per cent or less.
Home Inspection
The average cost is roughly $100 per hour, but some inspectors may charge by size or flat fee packages.
Survey Certificate
If there is not one available and your bank requires one, expect to pay anywhere from $750 - $1500.
Legal Costs
These will vary greatly, depending on who you choose to use, but expect to pay anywhere from $1000 to $3000.
Property Appraisal
This may be required by your lender, however it is often included as part of the mortgage package (or broker service). If it is not, expect to pay $100-250 dollars.
Home Insurance
Cost will vary greatly, as will the services offered.
Vendor Reimbursements
This covers the costs of items paid for in advance by Seller, such as taxes or hydro.
Land Transfer Tax
Property purchase tax must be paid for any property to be transferred to a new owner.
Condo Costs
Parking or storage may incur a seperate monthly fee. There are often move in or elevator fees. Review the bylaws and minutes beforehand. Thursday, April 21, 2011 Don't Forget About Closing Costs!by Amalia Liapis on Thu, Apr, 21, 2011 12:00 PM In addition to having a sufficient down payment, you will need to ensure you have enough savings to cover the additional expenses to complete the purchase (lawyer/notary fees, property transfer tax and disbursements).
As a guideline, expect closing costs to about 2% to 2.5% of the purchase price, though this can vary greatly, especially if HST is applied. You may also need to budget for extra costs such as appliances, utility hook ups, renovations, moving fees and more.
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