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Mid Jan 2023 Market Report - It's not how it looks.
Land Title fraud
Land Title fraud has been in the news a lot recently due to a high-profile case in Ontario. BC’s Torrens Land Ownership System helps alleviate many of these issues.
Land title in British Columbia is based on the principles of the “Torrens system” of land title registration. Torrens devised a method of making the land registry conclusive, as the government or its agent guarantees an indefeasible title. The system eliminates the need for historical searches to prove validity of title.
This type of land title system provides an up-to-date official and public record of who owns the land, and the charges and interests that relate to land titles. The modified Torrens system, as it is called in BC, provides the foundation for all real property business and ownership in the province. It makes land ownership and transfers simple and certain.
It provides certainty to both the seller and the purchaser.
The system, because it is conclusive, also allows title to be “assured”. Such assurance is provided through a guarantee that, should an error be made in a title, individuals who suffer a loss will be compensated. While it can't prevent you from becoming a victim of fraud, it is the single most important thing to mitigate its consequences.
In addition to the Torrens assurance, Home Title Insurance can be purchased which protects you, the home owner and buyer, against challenges to the ownership of your home or from problems related to the title to your home. If a buyer unwittingly buys a home that's been fraudulently listed, the insurance should also protect them. In cases like that, the true owner will likely get their home back and the unwitting buyer will get their money back.
The policy also provides coverage against losses due to title defects, even if the defects existed before you purchased your home.
Lee-Anne MacPherson | Dexter Realty
Listings@lee-annemacphersone.ca | (604) 816-3047
Land title in British Columbia is based on the principles of the “Torrens system” of land title registration. Torrens devised a method of making the land registry conclusive, as the government or its agent guarantees an indefeasible title. The system eliminates the need for historical searches to prove validity of title.
This type of land title system provides an up-to-date official and public record of who owns the land, and the charges and interests that relate to land titles. The modified Torrens system, as it is called in BC, provides the foundation for all real property business and ownership in the province. It makes land ownership and transfers simple and certain.
It provides certainty to both the seller and the purchaser.
The system, because it is conclusive, also allows title to be “assured”. Such assurance is provided through a guarantee that, should an error be made in a title, individuals who suffer a loss will be compensated. While it can't prevent you from becoming a victim of fraud, it is the single most important thing to mitigate its consequences.
In addition to the Torrens assurance, Home Title Insurance can be purchased which protects you, the home owner and buyer, against challenges to the ownership of your home or from problems related to the title to your home. If a buyer unwittingly buys a home that's been fraudulently listed, the insurance should also protect them. In cases like that, the true owner will likely get their home back and the unwitting buyer will get their money back.
The policy also provides coverage against losses due to title defects, even if the defects existed before you purchased your home.
Lee-Anne MacPherson | Dexter Realty
Listings@lee-annemacphersone.ca | (604) 816-3047
Best ways to Sell your Home in the Winter
Winter can still be a good time to sell a house, but you may have to work a little harder to make the space appear cozy, warm, and inviting against the dreariness of the season. Here are some helpful insights from top agents about how to sell a house quickly in cold weather.
1. Snow removal is important.
Snow is one of the biggest nuisances when you’re trying to sell a house. It’s important to take the time to clear any walkways so that buyers and agents can use them safely. If there are icy spots, sprinkle rock salt or sand so that no one slips and gets hurt.
2. Illuminate rooms and outdoor areas with lots of light.
Winter isn’t known for consistent sunshine, but let in what natural light you can. If you don’t have the best view from the windows, close the blinds or curtains and turn on the lights in every room, closet, and even the basement and/or attic. If you have a dark corner, use a spotlight or accent lighting to brighten the area.
Turn on exterior lights early to illuminate and make the home feel warm and welcoming to buyers arriving later in the afternoon or evening. Make sure to properly light up the address so they can easily find the correct house.
3. Make sure everything is sparkling clean.
This should go without saying, but if you want to sell your house, it has to be move-in ready. You’ll want to scrub every surface, remove any cobwebs or dust bunnies, and declutter closets and cabinets. If you need to, consider hiring a professional cleaner to do a deep clean every few weeks. It’ll be worth it when the offers start rolling in.
4. Keep your home at a comfortable temperature.
Do you like to keep the thermostat above 72 degrees during the winter? Maybe you’re okay with the cooler weather and prefer to keep it closer to 65 degrees. However, when you’re expecting people to come by to see the home, you don’t want it to be too hot or too cold. A comfortable temperature would be about 68 to 70 degrees.
5. Create an environment that’s cozy and inviting.
The winter is all about soft, fuzzy blankets, a cozy fire, and an atmosphere where you just want to curl up with a good book. You can create a welcoming vibe that’ll entice buyers by doing a few simple things:
- Lay a soft throw blanket across the arm of a chair or on the back of the sofa.
- Set your dining table as though you’re preparing for a nice dinner.
- Create a reading nook complete with a chair, side table, and a few good books.
- Have a few decorations for the holiday, but don’t go overboard!
- Consider hiring a home stager who can ensure rooms flow nicely into one another, position furniture, and make sure features are spotlighted.
6. Identify the Property Borders and features
To make sure there are no surprises in the spring consider outlining the property borders as much as possible. Consider using coloured rope along the borders or around features such as pools and gardens. In addition to driveways and sidewalks up to the property shovel off decks and patios so buyers will get a sense of what to expect in the other seasons.
7. Make it look great online
When it’s cold outside, buyers may spend more time investigating a property online before they venture out into the cold to see it in person. It may take more to lure a buyer out than it did in the warm, sunny days of summer, but they’ll likely take more time researching a property before they commit to a viewing. Properly staging and photographing a home intentionally is especially important in the winter. Hire a good photographer to take photos that highlight your home as a beacon of warmth in the snowy months and include detailed language that highlights what makes your home stand out. Consider including photos from summer months so that buyers feel confident imagining themselves living in this home throughout the year.
Benefits:
There Are Fewer Buyers, but They are More Motivated
In the winter, it won’t surprise you to find out that there are fewer buyers in the market actively looking for a new home. However, of those few buyers who are looking, they are much more motivated to take action.
Winter buyers are typically looking for a quick sale. They might be working with a job change, relocation or lifestyle changes that require them to find a new home ASAP.
Sellers can use this urgency to their advantage, negotiating more favourable terms, closing and even a higher asking price for buyers who are eager to make a move.
Fewer Properties For Sale Also Means Less Competition
In addition to having fewer buyers in the market during the winter, we also see reduced inventory.
Many people will either list in the fall or wait to list in the spring. So if you decide to sell during the winter, you are not only capitalizing on highly motivated buyers, but you are also going to stand out because of the limited available inventory at the same time.
Sales and Listing Report December 2022: A year ends with a flourish and a new year begins with confidence.
We will all remember the 2022 housing market as one of the most volatile that Metro Vancouver has ever seen, rising to unprecedented highs early in the year only to fall to a near 40-year low by December. Along the way the year crushed every cliché in the residential market. January and February sales, normally the slowest sales months of the year, were among the strongest. September, traditionally a stellar month, posted lower sales than August.
Follow the link to the Dexter Realty Full December Sales and Listing Report:
https://dexterrealty.com/blog.html/sales-and-listing-report-december-2022-a-year-ends-with-a-flourish-and-7833169
8 Mistakes to Avoid When Buying a Home
8 Mistakes to Avoid When Buying a Home
You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?
It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups are inevitable. But be careful: learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes.
- Searching for houses without getting pre-approved by a lender:
Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford. Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier. - Allowing “first impressions” to overly influence your decision:
The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a home as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work. Likewise, don’t jump at a home simply because the walls are painted your favourite colour! Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions. - Failing to have the home inspected before you buy:
Buying a home is a major financial decision that is often made after having spent very little time on the property itself. A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. Your Realtor can suggest reputable home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract. - Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:
Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs. These problems may even lead to a void contract. So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer. With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations. - Making an offer based on the asking price, not the market value:
Ask your Realtor for a current Comparative Market Analysis. This will provide you with the information necessary to gauge the market value of a home, and will help you avoid over-paying. What have other similar homes sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the home you’re looking at under-priced, over-priced, or fair value? The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips. - Failing to familiarize yourself with the neighbourhood before buying:
Check out the neighbourhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing. - Not looking for home insurance until you are about to move:
If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you. Make sure you give yourself enough time to shop around in order to get the best deal. - Not recognizing different styles and strategies of negotiation:
Many buyers think that the way to negotiate their way to a fair price is by offering low. However, in reality this strategy may actually result in the seller becoming more inflexible, polarizing negotiations. Employ the knowledge and skills of an experienced realtor. S/he will know what strategies of negotiation will prove most effective for your particular situation.
Benefits of Using a Realtor to Sell your Home
Benefits of Using a Realtor to Sell your Home
Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way. Consider the following benefits of working with a Realtor:
Professional Experience:
With knowledge and training in marketing strategy, negotiation tactics, and the workings of the current real estate market, a Realtor will be able to guide you through the steps of the home-selling process and be able to explain exactly what to expect. S/he will make you aware of your rights and responsibilities, work with you to strategize the best moves according to your own goals, discuss financing options, and point you in the direction of other specialized professionals who will aid you in different stages of the process.
Best Price:
Realtors have their fingers on the pulse of the current real estate market, and will know what comparable properties in your area are selling for. They have the resources and knowledge to establish the best asking price and to attract the highest selling price. With access to their company’s professional marketing resources and connections, they will ensure potential buyers are immediately made aware of your home and market the property to sell as quickly as possible and for the most money.
“Showcasing” Experience:
Your Realtor will know the importance of a property’s first impression. S/he will have experienced first-hand, for example, the impact a property’s “drive-up appeal” has on the rest of a potential Buyer’s experience of your home. Your Realtor will be able to offer you tips and information on how to get your home in the best selling shape possible, in order to sell your property quickly and for top dollar.
Access to Qualified Buyers:
Realtors save time and effort by dealing only with qualified buyers. They have access to a pool of pre-screened and pre-qualified buyers who are serious about buying a home in your neighbourhood. Realtors work hard to develop this base of qualified buyers which will become an invaluable resource for you.
Negotiation Skills:
Realtors serve many functions, but perhaps the most important is their role as primary negotiator on your behalf. Your Realtor realizes your goal is to sell your home as quickly as possible, and for the most money possible, and will work closely with you during the negotiation process to facilitate this goal. Realtors bring to the process the knowledge and skills to draw up legally binding contracts, to assist in negotiating offers and counter-offers, and to offer counsel and perspective as you work toward your selling goals.
Lee-Anne MacPherson
Dexter Realty
Office Address:
560 - 2608 Granville Street
Vancouver, BC, V6H 3V3
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.