Selling Your Home

Tips to help to Downsize or Resize!!

Mon, 17 Apr 2023 20:30:21 GMT

Tips and advise on moving into your new condo home.

Downsizing or Resizing? What's Your Next Move?

Fri, 03 Mar 2023 22:16:27 GMT

The other day I came across an awesome quote, "Aging is an Opportunity Not a Problem to be Solved! I thought to myself, what a positive refreshing way to look at being a baby boomer or a member of the SCC (senior citizen club). Like all stages in life one is experiencing it for the very first time, and each phase of life offers different challenges and rewards. One starts to wonder what the future will bring. As, a realtor I have had many conversations with clients about such topics especially concerning housing. Is it time to downsize?

I find the concept of downsizing a bit misleading. It implies giving up something which is somewhat negative. I mean typically, homeowners don't sit around daydreaming about living in a smaller house!! So, I think resizing is a much more positive term. What do I mean by resizing. Simply put, it moving to a smaller home than the one you currently are living in. I like to compare resizing to buying your first home. It is exciting and scary at the same time. This is a big move. what if I don't like it?

The first decision to be made, is, is resizing right for me? I suggest that one thinks of the following reasons to consider resizing before making a decision.

#1. If you have been in your current home for a while chances are it has likely increased in value. You may have paid off your mortgage or have a very small morgage left. This means ,you can probably buy a smaller home for cash, and have money left over for your retirement. Keep in mind, the sale of the personal residence is tax free.

#2. Resizing to smaller home often results in lower property taxes, utilities and home maintenance.

#3. Choosing to resize is eco-friendlier. The environment will thank you, as a smaller requires less energy for lighting, heating and air conditioning. Living small is the new living large.

#4. A smaller home can be designed with aging in mind. Wider doorways, walk-showers, enhanced security and don't forget NO stairs to fall or trip on. These things will help reduce the stress of aging and keep you more comfortable.

#5. Resizing can free up time and money that can be used for travel,hobbies or new activities. It is an opportunity to get rid of clutter. It can be a fresh start in a modern, easily maintained home equipped with conveniences and luxuries you have worked for.

This is your time. If resizing is in your future, give me a call. As a Certified Relocation Transition Specialist, I have the experience and expertise to help make this smooth transition.

Cooling Off Period and Other Changes ??

Tue, 21 Feb 2023 22:24:08 GMT

Since the BCFSA has taken over all things realtor how has this effected you the consumer?

Terms Realtors Use

Wed, 04 Jan 2023 01:51:00 GMT

Have you ever noticed that experts in many professions speak in a language which is sort of familiar and understandable but not really?Real state agents do the same thing. We take for granted it is common knowledge what we are talking about.

For example MLS what is it and what does it do?

Well is the Multiple Listing Service. It is a coperative marketing system owned by realtors that helps the public buy and sell real estate. It's a system for sharing information between realtors on homes for sale, and it has become the most powerful real estate marketing system in the country. For over 65 years housing information originating from it has long been reconized as the most reliable and comprehenssive data available for those looking to buy or sell a home.

But what other terms do realtors like myself use taking for granted that you understand what I am talking about?

Well lets look at three of my favorites:

1. MLS Home Price Index (HPI)

2.Sales to listing ratio (SAR)

3. Days on the Market (DOM)

The MLS Home Price Index (HPI)tracks changes of the "middle -of-the range or typical homes and excludes the extreme high-end and low-end properties. It uses various quantittive property attributes such above ground living space in sq.ft,# of bedrooms ,# of bathrooms and qualitative housing features such as distance to schools,shopping,transportation.Using these features together it establishes a BENCHMARK price. The benchmark price could be for specific segment i.e. condos, townhomes or for an entire community such as Vancouver or Burnanby. It can also be a mixture of both type and neighborhood.The benchmark price is the most reliable . It is important to keep in mind that the Lower Mainland real estate market is highly dynamic and benchmark prices can vary drastically by segment and location.

2. Active sales to listing ratio (SAR)

Unlike the HPI the active sales to listing ration measures supply and demand of the market. It does that by looking at the total number of homes for sale compard to sales during the month. It is considered a sellers market if the SAR is 20% or better. A ratio of 13-19% is a balanced market and below 12% it is a buyers market. So it is a very good ration to pay attention to whether you are buying or selling.

3. Days on the Market(DOM)

I always pay attention to days on the market because the number of days a home spends on the market directly affects the price of the home. The longer the home sits on the market can work to the buyer's advantage. On the opposite end of the spectrum the shorter time the house is on the market is usually a indicator that the seller will get his asking price or better.

I hope this blog is helpful as you traverse the process of buying or selling a property.