As a seller, your #1 goal is to sell your home in a timely fashion, at the best possible listing price.  In today's market, where there is much more competition, it is important to put your best foot, or in this case, home forward because first impressions are critical.

Many of today's prospective homebuyers have busy lifestyles and are looking for properties that don't require a lot of work.  Therefore, a home in move-in condition is much more attractive.  Before placing your home on the market, you may want to invest in making needed repairs, and preparing (not necessarily 'staging') your home for sale.

Did you know ?

•ALMOST A THIRD (28%) OF BUYERS ARE MORE WILLING TO ‘OVERLOOK PROPERTY FAULTS’ WHEN A HOME IS STAGED

•Staging can save you from a costly price reduction

•A staged home will sell for 17% more on average than a non-staged home, and 95% of staged homes sell 87% faster than non-staged homes

•EVERY ONE OF OUR SELLERS RECEIVES A FREE CONSULTATION WITH A QUALIFIED DESIGNER TO HELP THEM PREPARE THEIR HOME TO ITS BEST ADVANTAGE

•With our complimentary designer’s service, you will receive a written plan that outlines typically a small investment of time and money, and the results will have huge payoff for you!

To get started yourself, inspect both the inside and outside of the home.  Take inventory of practical and aesthetic repairs.  You may want to apply a fresh coat of paint on the walls, doors, and shutters.  Clean the carpet and buff and polish wooden floors.  Tighten and polish hardware.  Repair cracks in sidewalks and driveways and clean any stains on them.  Replace missing or warped roofing.  Clean or re-grout kitchen and bathrooms.  Repair dripping faucets and drains or plumbing fixtures that aren't operating.

Fix sticking doors and replace old locks and doorknobs.  Replace old bulbs and broken electrical sockets.  Replace cracked windows and torn screens.  Repair broken fencing and reseal the deck.  Clean up stains on tiles and countertops.

Some experts also recommend hiring a certified home inspector to thoroughly and impartially evaluate the property.  (For a list of inspectors in your area, visit the Canadian Association of Home Inspectors website, www.cahpi. bc.ca, or click here).  A standard report will review the condition of the home's heating system, central air conditioning, plumbing and electrical systems, the roof, attic, walls, ceiling, floors, windows and doors, the foundation, basement and visible structure.  

If there are recommendations for improvement, consult with your real estate professional in prioritizing the list of repairs.

Depending on your goals and budget, you may want to repair only items that could cause significant deterioration to the home, such as a leak.  In addition, your local market conditions may dictate how extensive your repairs need to be.  Let your budget and your real estate professional guide you.

However, be careful about major items.  Sellers rarely recoup money on major remodeling projects, and you may want to save funds for your new home.

A home in good condition demonstrates pride of ownership.  Taking the time to make small repairs to your home can go a long way in making sure your home is presented to potential buyers in its best possible light.  They also just might make the sale.

2019 marks our 8th year participating in the Ride to Conquer Cancer!  As proud members of Team Finn, we will be Crew Support for our 50 teammates on August 24 as they begin a challenging 2 day journey to Hope. 
 
Nothing, however, compares to the challenge of a family facing cancer. We know we are not alone in the experience and heartbreak of cancer as it affects our families, friends, colleagues & clients - and have been very motivated to support the cause since our first ride in 2012.  Through our association with Team Finn, we really see your dollars at work and making a tangible difference in the lives of children, their families, and others with cancer – here in BC, across Canada and around the world.
 
Thank you so much in advance for your contribution - every little bit helps!  We promise your dollars will go to work and be a tremendous gift to so many people who are living with Cancer.
Jasmine & Grant Botto

Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners wanting to upgrade from their current house.

According to Royal LePage's President & CEO, Phil Soper, "Some of the most desirable regions in Greater Vancouver are seeing home price declines. Properties in the region’s higher-end markets like West Vancouver, North Vancouver, Burnaby, and the City of Vancouver are all declining in price offering buyers seeking luxury housing a rare window of opportunity to enter some of Canada’s highest priced markets"

A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.

While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.

Luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, it could be a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent find you the home of your dreams.

Bottom Line

If you are debating upgrading your current house to a higher priced, premium or luxury home, now is the time!

Typically, Strata Corporation insurance policies “insure against all risks of direct physical loss or damage

to the property insured”. This is subject to exclusions and deductibles.

The insured property is the building as handed over by the developer once construction has completed, and includes the building, permanently installed original fittings and fixtures, mechanical equipment, fire system and common assets.

What Doesn’t the Strata Insurance Cover?

 Contents: The Strata Corporation’s Insurance does not cover your personal belongings in the

event of a loss, regardless of the cause. All Owners and Tenants must therefore have their own

Personal Insurance Policy for their personal belongings (“Contents”) such as furniture, clothing,

electronics, etc. Further, in the event there is damage to your unit, your contents may need to be

removed during the repair. The Strata Corporation’s Insurance does not cover the move out or

storage costs – this is covered under the Contents provision of your Personal Insurance Policy.

 Additional Living Expenses:

You may need alternate accommodation during repairs to your unit,

such as a hotel or rental unit. In the event of a significant loss, your unit could be uninhabitable

for one year or greater. “Additional Living Expenses” are included in a Personal Insurance Policy

to cover these out of pocket expenses.

 Unit Upgrades:

The Strata Corporation’s Insurance does not cover unit upgrades, whether made

by yourself or a previous unit owner. It is therefore imperative you insure any unit upgrades under your Personal Insurance Policy (sometimes known as “Unit Improvements and Betterments”).

Examples of upgrades could include: hardwood or laminate flooring and upgraded appliances.

 Loss Assessment:

In the event of a Strata Corporation claim resulting from your unit, you will likely

be assessed the Strata Corporation’s Deductible. Please review the Notice of Annual General Meeting to obtain a copy of the Strata Corporation’s insurance policy (“Summary of Coverages”). You must ensure your Personal Insurance Policy will cover an amount equal to the Strata Corporation’s Water Damage Deductible. This is extremely important as a Strata’s Water Damage Deductible is often $10,000.00 and greater.

 Unit Additional Protection:

One component of this extension under a Personal Insurance Policy

is to provide coverage in the event the Strata Corporation’s Insurance is not effective. This is very

important as there could be damage to your unit which does not exceed the strata corporation’s

policy deductible, and therefore does not trigger the strata corporation’s policy.  You'd be best to ensure

your Personal Insurance Policy includes coverage for in-suite damages that are under the Strata

Corporation’s Deductible for which you are responsible.

 Earthquake:

Given the exposure to the lower mainland it is generally recommended that  you ensure your Personal Insurance Policy includes coverage for the peril of Earthquake. Some Insurers may offer a specified

limit for Earthquake Deductible Coverage, for your unit’s assessed portion of the Strata Corporation’s Earthquake Deductible. 

 Other-Repairs and Maintenance Within A Strata Lot:

Owners must make sure that they keep everything within their strata lot in good working order and in good condition to prevent a water escape etc. This includes but is not restricted to dishwashers, washers, refrigerators with ice makers, garburators, toilets, sinks, bathtubs, water filters, hot water tanks and any copper pipes or taps and fixtures located within the strata lot, or from any alterations done by the Owner or previous owner to the strata lot etc. Owners should make sure cold and hot water shut off valves work properly and know the location of the valves, and how to operate them.  Owners may wish to consider employing a professional contractor to carry out regular inspections and maintenance of these in suite items.

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but may instead have multiple buyers fighting with each other over the house.

HGTV gives this advice:

“First impressions are everything when selling your home. Studies have shown that the first two weeks on the market are the most crucial to your success. During these initial days, your home will be exposed to all active buyers.

If your price is perceived as too high, you will quickly lose this initial audience and find yourself relying only on the trickle of new buyers entering the market each day. Markets are dynamic, and your price has an expiration date. You have one chance to grab attention. Make sure your pricing helps you stand out on the shelf — in a positive way.”

2. Use a Real Estate Professional

Some sellers may believe that he or she will make more money without having to pay a real estate commission, but studies have shown that homes typically sell for more money when handled by a real estate professional.

Research by the National Association of Realtors (USA)  in their 2018 Profile of Home Buyers and Sellers revealed that, “the median selling price for all FSBO homes was $200,000 last year. However, homes that were sold with the assistance of an agent had a median selling price of $264,900 – nearly $65,000 more for the typical home sale.”  This translates to the Canadian Market as well.  

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the money you get for your house.  

Whether buying or selling, you’re involved in an intricate process requiring many specialists. One of these specialists might be a REALTOR®, who’s responsible for and comitted to making the transaction as easy as possible for you!

Here We Go Again -

By now you should have received your 2019 Assessment Notice.

Here are the things to know about your assessment -

Your Assessment is BCA's estimate of your property’s value as of July 1, 2018, and for new construction or substantially renovated homes, the physical condition as of October 31, 2018.

BCA’s assessment and a REALTOR’S® assessment. Why the difference?

Both BCA assessors and Realtors calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location such as on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.

The main difference is the time the assessment is made.  BC Assessment's value is as of July 1 of the preceding year.  So, their valuation could be vastly different from current market value.

For property tax purposes only

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction, and BC Assessment is the most equitable way of allocating taxes across the over 2 Million properties in the BCA Database.

When you view your assessment

Property owners can look up their assessment details on BCA's e-valueBC website.

If property details are incorrect, property owners are directed to complete and submit an e-valueBC Data Validation Form.

Deadline to appeal assessment is January 31, 2019

Disagree with your assessment?   Do some homework first! 

• Compare your assessment with neighbouring properties;
• Contact BCA at 1-866-valueBC (1-866-825-8322) and talk to staff who can make adjustments if there's an obvious error, for example if BCA included a complete renovation when there was merely a spruce-up.
• Review information on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form. (Step 7)
• And, you can always call us for an up to date market evaluation of your home !  We are here to help.  604-984-7253