Richmond BC Realtor
By ebizniz on December 20, 2007 - 9:01am
Can anyone buy real estate online?
The answer is yes, but with qualification. Buying real estate online has many limitations and it is not for the average home buyers. Such purchases are mostly confined to new condo purchases by oversea or out-of-town buyers. These buyers usually get help from their relatives or realtors.
After purchasing the properties, these buyers may use the services of local property management companies to manage the properties for them.
Online real estate sale transactions is a very small percentage of the sales. Most home buyers are just not comfortable making such major commitments online...without personal physical inspections.
The normal process of buying a property involves viewing the property, checking out the neighborhood, home inspection, etc. Virtual tours and audio/video shows can help, but ultimately buyers want to physically view the properties before buying.
Click here for the current housing market activities in Richmond.
By ebizniz on November 10, 2007 - 2:06pm
Historically, early spring and mid-summer are the active periods and good time for sellers listing their properties for sale. These time periods coincide with better weather conditions and home buyers planning to make a move before the start of a new school term in September.
Autumn is perceived as slower months with less buying and selling activities. This may be the best time to buy a home. With lesser activities, sellers may be more motivated and willing to compromise on their selling prices. If you are looking for a home, autumn may present some buying opportunities for you.
Your local realtor can provide you a list of properties meeting your requirements. You may find the home that is just right for you. Click here for info on current housing market activities in Richmond.
If you like to have the most recent Richmond or South Vancouver real estate information, you can contact James Wong 604-721-4817 at Re/Max Westcoast.
By ebizniz on October 21, 2007 - 11:40am
A decade of capital appreciation in the residential market has convinced many middle-aged consumers to make real estate investing not just about the home they are living in, but about a second property. Some housing experts have suggested as much as 25% of the condominiums in Toronto and Vancouver are owned by investors.
A Statistics Canada survey shows real estate investing has been on the upswing over the past six years. The housing market has been good, so there are a lot of people buying second homes now. These second homes include investment properties for rental and recreational properties which buyers can use for a few weeks, and for the rest of the year professionally managed in a rental pool.
Financing second properties by the banks can be difficult. But if you have plenty of equity in your main residence, it is easy to use that cash for second property investment. If you like to find out more information on second property investment, you should do your research and talk to a few experienced Realtors to discuss your plan.
By ebizniz on October 14, 2007 - 11:12am
A posting by James Wong at RE/MAX Westcoast.
According to the Greater Vancouver Real Estate Board's August 2007 report on house prices and sale activities, the demand for housing continue to be positive. The average sale prices for apartments, townhouses and detached homes are:
Apartments: $367,944
Townhouses: $446,577
Detach homes: $726,067
With the average Greater Vancouver household income at $63,300, home buyers are squeezed out of the home ownership market. Or, they are forced to buy the most affordable apartments as shelters for their families.
While Vancouver house prices are consistent with pricing trends for the above types of dwelling, there is a market disconnect with "affordability" and "average prices" in other major Canadian Cities. If you take a look at the various charts as presented by Brian Ripley here, you'll find that Vancouver home owners are bearing a much heavier cost in home ownership.
Our average detached home prices are twice as much as that in Calgary and Edmonton and Toronto detached home prices are only around 40% of that in Vancouver. Ottawa and Montreal prices are at about one-third the price in Vancouver, have the most affordable detached homes in the country.
By ebizniz on October 6, 2007 - 8:02pm
A posting by James Wong at RE/MAX Westcoast.
In Greater Vancouver and Fraser Valley, home sellers pay 7% for the first $100,000 and 2.5% on the balance selling price of the homes. Using the above commission structure, the sale commission for a $600,000 home is $19,500 or 3.25% of the selling price. Real estate commission is not fixed and can be as low as $5,000 available from discount Brokers.
The real estate industry argument that the seller is paying the commission is a myth. The fact is that real estate commission is already included into the sale price. So the truth is that it is the market pricing mechanism that provide for the payment of commission in a real estate transaction.
As a buyer, you aren’t really getting the service for free!
BC Real Estate Agency Law
Legally speaking, the real estate agency law in BC specifies that all realtors work on behalf of the seller of a home and not the buyer? But in practice, a buyer’s agent represents the buyer.
When a home buyer has a realtor representing him in the negotiation of an agreement of purchase and sale, he has the full fudiciary and legal duty of the realtor. The buyer’s realtor is looking out for the best interests of the buyer, and he is not legally obligated to the seller in any way.
