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Should I Buy Before I Sell?!

Should I Buy Before I Sell?!

This is an age-old debate. It comes up all the time. You are already in the Real Estate market and now you are looking for a new home. Maybe it’s time to upgrade in the market from a condo to a townhouse. Maybe it’s time to change neighbourhoods as your kids are about to head to school. Whatever the case, when you get to this point you are going to ask if you should buy before you sell.

The true answer to this age-old debate depends on some key factors. Like if you are in a hot market, say you own a condo in Vancouver and are buying a detached house. Odds are that your condo, if priced right and staged well. Plus a key marketing plan, it should have a multiple offer situation and probably in the first weekend on the market.

This is when it’s good to know the market and its trends. As with this scenario, you may be comfortable finding that new house first. Then put your condo up right away afterwards. Here’s some tips and info that may help a bit. But always remember to consult your professional Realtor. They can help you along the way.

Why You May Want to Buy Before Selling:

  • Find That True Dream Home – if you don’t have to sell right here right now, the ball is in your court. Meaning that you can literally spend months or years searching for your dream home. That could be a good thing or an excuse that helps you procrastinate.
  • Buying first can make the house hunting experience more enjoyable – Without a closing date looming on your existing home, you’ll have time to wait until the right home comes up for sale. It can also be less stressful knowing that if your offer is unsuccessful, you have time to wait for the next opportunity to come up.
  • Time for Renovations – having the luxury to replace the electrical and kitchen while you aren’t living in your new home can be a godsend, especially if you have young children
  • You can add a condition to any offer you make – In addition to the highly recommended conditions on financing and inspection, you can also make your offer conditional on the sale of your current home. Please keep in mind that it’s worth pointing out this condition will likely make your offer less attractive to the seller because of the uncertainty for them.

Why You May Want to Sell Before Buying:

  • Know exactly how much money you have to spend – as soon as your property is sold, you’ll know how much you have for the down-payment on the new house. That’s a great thing when it comes down to it.
  • Avoid the stress of your house or condo NOT selling – there’s a huge stress load that you need to prepare yourself for when it comes to this. What if your place doesn’t sell right away? Odds are if you were thinking of buying first before you sell. You are going to be super anxious at this point. Maybe avoiding it is a great thing?
  • Avoid bridge financing costs – this is the money the bank lends you to cover the equity in your house when you close on your purchase before sale, i.e. the extra cost of carrying two mortgages temporarily.
  • Declutter Your Life – as with most moves, you’ll be decluttering your life. But if you sell first you’ll now have that chance to sell off some of those items. Maybe you were thinking of that new couch or new kitchen tables. This may the time to do it. Then when you buy that new home you can add new items that make sense to its layout. There are times when you buy before you sell, that you’ve made the closing and possession dates tight. Meaning that you may be packing and moving close to or on the dame day.
  • Sell For More – this is a key element to most peoples life. You’ve gained memories and equity in your current home. You probably want to make some good money off your investment. If you sell first you have the luxury of negotiating terms and getting as much as you can for your place. The stress of buying first sometimes means that you have no choice but to take that first offer.

There is so much more that can be added to this. But for now, this is a good start. If you are ever looking for some answers to your questions. I’m always here to help. Contact me here.

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4 Tips For Millennials Who Want To Buy Real Estate

4 Tips For Millennials Who Want To Buy Real Estate

It’s the world we live in now. The rental market and housing market in the main cities like Toronto and Vancouver are tough. It’s expensive to rent and it’s hard to find a way to buy. But what if you did things just a tad bit different? Then and maybe only then will you be able to find the way to buy that Real Estate you’ve always wanted.

Here are some tips for Millennials who are trying to save a down payment to enter the Real Estate Market. (None of them require you to abandon your 3 coffees a day completely, though of course it may be smart to also do so.)

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5 Great Things About Living in Coquitlam

5 Great Things About Living in Coquitlam

So Let’s Talk About What I Love In The Area.

Coquitlam is by far the largest city in the Tri-Cities and really this list could have 10-20 things on it. So for now in this first part I want to outline the things I love about Coquitlam. I hope you enjoy!

1. Town Centre Park & Lafarge Lake: A 1.2-kilometre trail loops this popular urban lake in Town Centre Park, offering views of both mountains and the city. This is right in the town centre and is home to many sporting events and activities year round. A great place to walk and clear your head while not having to stray too far away to some of the other local trails. Only steps away from the Lafarge Lake Skytrain Station.

‘Tis the season to mark down this event in your calendar. The Lafarge Lake Lights is a free attraction with community engagement, family fun, and plenty of photo opportunities! Follow the path  around the lake and you’ll go through themed light zones.

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This Is Why Your House Isn’t Selling

This Is Why Your House Isn’t Selling

I’ve seen again and again. Most of the time I’m kind of happy when I see it. Cause it means that what we do is 10 times more than other Realtors out there. I get that the market in Vancouver is hot. But that doesn’t mean your agent can take your asset for granted, nor should you let them.

What I mean by that is, so many times I talk to people who are selling their home. They put it up for sale with an agent who doesn’t know the area they are selling. An agent who doesn’t spend any money on marketing your home. An agent who convinces sellers that iPhone photos are good enough.

I’m here to implore you to consider your options. Consider your home and what you truly deserve in the sale of your biggest investment in your life. Here is why your home isn’t selling nor will it sell for what you want it to.

You Have a MARKETING Problem if…

  • Few people are making appointments to see your home.
  • The photos are terrible or non-existent.
  • There is minimal information on your MLS listing: no room measurements, no captivating description of your home.
  • Your agent’s website gets 50 visitors a month and she thinks online marketing means having your house on realtor.ca
  • Your agent doesn’t have a website at all or a social media presence.

You Have a PRICING Problem if…

  • You’re getting lots of showings and no one is making an offer.
  • You’ve received offers from a few Buyers and they are all clustered around the same price (and it’s not your asking price).
  • The market has declined since you listed your house for sale and you haven’t adjusted your price to reflect the new reality.

You Have a SHOWING Problem if…

  • Potential Buyers can’t get in to see your property when it’s convenient for them.
  • You’ve restricted appointment times to 15 minutes with a 12-hour notice period
  • You’re home during the showings.
  • Your agent doesn’t show the property, they just use a lock box and let the buyers agent do all the work.
  • Your agent’s office doesn’t have a receptionist or answering service, so it’s hard for other agents to book appointments.

You Have a STAGING Problem if…

  • People can’t easily understand how the rooms are supposed to be used or how the TV can face the couch.
  • Potential Buyers are too distracted by the clutter and mess to see the house.
  • You don’t stage at all.
  • Your home is completely empty. You or your agent must put some effort into it.

So now that you’ve heard my rant. Let’s ask a simple question, should you use an agent that does any of this? Maybe you should consider an agent that goes above and beyond. Maybe you should consider an amazing team like ours, Garbutt+Dumas Real Estate Team. There’s a reason we sold over 150 homes and had $120,000,000 in sales last year (2017) alone.

Lets talk today and give your most valuable asset the love it deserves.

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5 Great Things About Living in Port Moody

5 Great Things About Living in Port Moody

So Let’s Talk About What I Love About The Area.

Port Moody is a great city to call home and also to visit. It’s comprised of some amazing mom and pop shops, local breweries and restaurants. A great place for families, young and old couples, plus your family pet. You really will fall in love with what it has to offer and probably will be blown away on your first visit. A visit that may have you considering relocation to the suburbs.

1. The Neighbourhood: Port Moody is set up into different sections of hoods and areas. There’s Newport Village, Suter Brook Village, Brewers Row (not technically a hood per say) but I like to call it one, Anmore, Heritage Mountain, Moody Centre and more. But these are the ones I venture to on a regular basis. What I love most about these areas is that each one has its own character. I’ll write more about it soon but for a quick example.

  • Newport Village has a laid back vibe with Brown’s Restaurant (Great summertime patio), Gallaghers Cafe (Be sure to pick up a stamp card for your coffees, Buy 10 get 1 free), Kin’s Market (Fresh Veggies), St. James Well (The perfect local pub, great food and rotating taps), and The Runners Den (An amazing local shoe store for those avid runners).
  • Suter Brook Village has a Thifty Foods (great grocery store, be sure to get a beautiful bouquet of flowers and fresh sushi made on site), Romers Burgers (Great spot to watch the game), Starbucks (There’s another one in Newport Village too), Sango Sushi (best Beef Yaki Soba I’ve had so far in town).
  • Moody Centre has a lot to offer too, but my favourite is the Original’s Café Mexicano (placed in a house, cool atmosphere), Taps & Tacos (amazing happy hour, must try is the Korean Pork Taco), and Rosa’s Cucina Italiana restaurant (Prepare to wait for a table, but a must in Port Moody) plus Gabi & Jules Handmade Pies and Baked Goodness (you must stop and get one, even just a slice…absolutely no excuse).
  • Brewers Row; please read below at number 3.

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