What Does an Agent Mean When There is Low Inventory? If you're on the hunt for a house, you probably heard about how the housing inventory is in dire straits. It's not just the Vancouver real estate market; across Canada, the real estate inventory is in a crisis situation. We're still far from stories of buyers selling kidneys as listing real estate agents field dozens of offers over the asking price. But, it's the real estate market, you never know. There are quite a few reasons for the situation of the housing market right now. Home prices have been on the rise for a while fewer and fewer houses go on sale. With record-high home prices and near-historic lows when it comes to new real estate listings, it's not just home buyers scratching their heads but real estate professionals as well. Low inventory means is more demand for homes than there are houses. In a seller's market, one where the most active buyers beat out other buyers, it's normal to see new listings vanish quickly. However, when it comes to low inventory situations, the market simply does not have more sellers willing to part with their homes, even at Vancouver real estate prices for a small suburban home. Active listings don't stay that way for long with offers pouring in even before an open house. A well-connected agent can still find potential deals early on but even they will have issues when the housing supply runs truly dry. Is this a good thing for sellers? It might seem like it at first glance but unless the sellers have another home to move into, they will probably be reluctant to sell. Even the luxury market has been hit by skyrocketing prices. Regardless of the market they're looking in, even active buyers spend months trying to find the right home. Determined buyers will be willing to put down a lot more than the list price and waive conditions on their offers in order to get better chances but like mentioned above, you need to be ready to do the same thing for when you're on the buying end as well. Low inventory creates an extreme seller's market. Anyone in the market for a house wants to deal in a buyer's market or a neutral market. Either of those types of markets means that the homes sold have been sold at a reasonable price. A low housing inventory, however, creates a situation where you will get "less house" for the most money possible - if you can even find a house. It's not so much that there aren't many houses for sale but that many markets find themselves in a situation where even a good agent will have a hard time finding upcoming listings that won't be swarmed with offers even before it lands on a multiple listing service. How to find the best property deals when inventory is low. Just because it's very hard to find a property when the inventory is low, that doesn't mean that sales don't happen. The good news is that if you're in the market for an apartment then you're more likely to find something if the housing inventory is mostly lacking in properties that demand a mortgage. Rental listings, in Toronto for example, boomed at the beginning of the pandemic. Of course, this was before the market adapted to the new reality of people trying to move away from dense population centres. Although you'll need to cooperate with an agent closely, you might even find a condominium that fits your needs while the attention of other buyers is fixated on homes. If you're set on buying a home, even when the housing market is facing an inventory crisis then your best bet is to get a real estate agent early and get your documents in order. The truth is that, even in times where the housing inventory is low, there is a delay between sellers contacting an agent and the home going on the market. During that lag time, real estate agents working for buyers can secure what's called a pocket listing. A pocket listing is a property that is not actively being marketed and is instead only made available to a select few buyers. There is no way to guarantee that you're the best person for the property, especially in a volatile market but having a good rapport with your agent can't hurt. What can be done to help buyers? Now that the pandemic is receding, the total inventory of houses should increase as construction projects resume and pick up the pace. The truth though is that many Canadians have been priced out of purchasing homes are a reasonable level and that will force the market to correct itself. There are a few theories about why more buyers showed up at the beginning of the pandemic and one of them is that real estate makes for a great investment even in the face of a financial crisis. With the hype building about a type of asset, it generates huge amounts of demand. However, it's unsustainable in the long term when housing starts to dry up. It's something of a bubble and crash scenario where the bubble is about to pop. Your local real estate agent can guide you through what the burst of the bubble means for you but it's going to hit home sales across the country. It will be up to each local real estate board to mitigate the effects of the bubble burst but real estate tends to be a very resilient asset type. Low-interest rates, meaning a lower mortgage on average, contribute to creating a buyer's market but that's far from the only factor that can make things better. What are the signs of the bubble bursting? The first few signs of the low inventory crisis coming to an end will be when you find stories where homes failed to sell far above the asking price. Make no mistake though, homes will still be expensive and will sell above asking - but the typically larger margins seen in a low-inventory environment will be emaciated and brittle. Homes will start selling at a record pace, especially for smaller homes and more affordable homes. Pocket listings will still exist, as brokerage firms will still try to bump up the price on properties that are worth it but these will not be one of the main surefire ways for buyers to secure a house.     View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter

Should You Use a Real Estate Agent To Find an Apartment? It's common for people to say that you should use a real estate agent when buying a house but should you use one if you're looking for an apartment? Finding an apartment can be a gruelling process. Finding the next apartment or, if you're in for a challenge, the perfect apartment is complicated in a competitive market - where there is a high demand for apartments - prospective tenants will need to navigate a variety of financial questions and configurations for each place they come across. Apartment hunting is a marathon with the lease agreement as the finish line and your real estate agent like your coach. Pros and Cons of using a real estate agent. No one is going to pretend that all real estate agents offer up the same value, some may even waste your time and money but before you make the call, let's go over some of the pros and cons of using a real estate agent for an apartment search. Pros of using an agent for an apartment. Possibly no cost. This is something many new renters don't usually know about. In many cases, your future landlord will be covering the cost of your agent's commission. As a prospective tenant, this does not come with no responsibility but this is something to come back to later. The commission amount varies from case to case but it can be equivalent to one month's rent, a percentage of the yearly rent amount, or a specified amount. The rules are not set in stone from city to city so do some research if you are moving to a new city. In Toronto, for example, using a rental agent costs the tenant nothing. The cost is shouldered by the property owners. Familiarity with the process. This is especially important if this is your first go around the rental market or if you're looking to scale up in terms of rental properties - small apartments don't obey the same rules as bigger ones or ones in more desirable locations. When asked, many real estate agents will give you a good idea of what an apartment's market value in the current is and how to temper your expectations. They will also help you calculate how you can save money in the long term. Cons of using an agent for an apartment. Potentially not getting an agent. An agent gets paid based on the monthly rent of a property but new renters choose the cheaper options. For real estate companies, many renters who are looking for the cheapest possible rentals are not worth the time and effort. Rentals require time from an agent and it's just a matter of deciding whether the potential commission is worth it or not. Possibility of extra fees. On top of a security deposit, first month's rent, and move-in costs, you may have to pay an agent's commission. This tends not to be the case, since the landlord usually shoulders the cost but if you do use an agent it's definitely something worth taking into consideration. Before panicking, take a moment to look into the local practices since most rentals in big cities tend to mean that the renters will not be paying the fee. What about apartment brokers? An apartment broker is an agent who specializes in finding apartments for rent. They have a large database of apartments and can help you find the perfect place to live. They typically have a deep knowledge of available apartments and the pros and cons of any local apartment complex. Most apartment brokers have good relations with local property managers and management companies which means that they can be aware of apartment listings before they make their way to a multiple listing service. Keep in mind that a broker's fee needs to come out of someone's pocket and it's best to make that clear before going much further in the transaction. Tips for finding an apartment on your own. Should you set out to find an apartment on your own, if you're looking for something relatively cheap in the current market for example, here are some things to keep in mind. Compare, compare, compare. An apartment might look very cozy from the pictures but you need to look at other properties that offer similar value for your dollar. Housing supply is in a stranglehold because of the pandemic and that automatically pushes the price of real estate upward. Without a realtor on your side, it's up to you to find the hidden gems in the market. Use a spreadsheet. No, it's not overkill. If you're not using a real estate agent and you will be looking at more than three apartments then it's a good idea to create a simple spreadsheet where you can check for crucial details. You can note down commute times, features of the buildings and units, and even add a couple of pictures. This will help you balance out what you need and what you can do without - all while avoiding the allure of the way the units are presented online. Go straight to the management company. One thing that most people don't know about is that you can get in touch with a property management company directly. This means that they will show you around the rentals that they own, whether that means a new apartment or a slew of new listings. This could greatly cut down your search time if you do the research. Of course, you need to be on your guard and well-informed to know if an apartment is worth what the property manager says. Prospective tenants going through this option need to be armed with knowledge before being lured in by big promises. Get familiar with the terms, the market, and the company itself. The more work you do, the more value you will get. How to find the right type of rental property that meets your needs with a real estate agent. An agent is there to save you time and help you sniff out the best properties available. This doesn't mean that they're mind readers. When working with real estate agents you need to communicate clearly. You don't want to find yourself in an expensive two-bedroom that's fine with pets when you're living alone and trying to save up for a home where you will have no pets because of your allergies. Most renters make the mistake of being led by the agent when in fact all this does is burn up time. Searching for a new home is about finding the right fit and it's best done when you tell your agent things like whether you need a unit on the ground floor or require an indoor parking space. The bottom line is simple: communicate. What's the final answer? Using an agent as a renter is a good idea. Take a look at your local real estate practices, or better yet just ask, to find out who pays the agent's commission. Whether your lease renewal is coming up or you're moving to a new neighbourhood, it's never too early to find an agent to help you find an apartment. A lease is something you should sign with eagerness, and an agent can help you find the right apartment for that - possibly for no cost to yourself. View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter

What is Billionaires' Row? In New York City, 57th street is a sight to behold. It's a beautiful facade full of relatively new construction, a place where ultra-luxury meets towering heights, and a stretch of real estate that is all but half-empty. With views of central park, the skyscrapers are not housing middle-class families and they are probably not even housing hedge fund managers. The city's avenue of excess is strictly not so much a place for living but a created string of investment property after investment property. While people may inhabit these buildings, the highest and more extravagant floors of Central Park South and 57th street exist to solidify wealth. Why are these apartments so expensive? The first thing to note is that for some of those buildings, an apartment will take up an entire floor if not two. When dealing with these homes, luxury means having an elevator that leads straight to your great room. Anyone who lived in NYC will tell you, square footage is absurdly expensive. A million in Manhattan will fetch a couple of bedrooms, a nice kitchen, and maybe - just maybe, some outdoor space. But what truly makes a building stand out from another is the view. Buyers who intend to live in the city will typically search for high floors to prevent starring at the neighbours across the street - or the neighbour's window just inches away from their own. To build skyscrapers that cost more money than most will ever dream of, real estate developers bought the buildings surrounding the skyscrapers to preserve the views that command a high price. That may seem confusing to some after being told that these luxury units are often unoccupied but at the end of the day, those properties still have a physical value. To part a billionaire's money from them, these buildings are still desirable to people that would like to live in them. The luxury of these buildings is paid for with expensive air rights, the creation of affordable housing in the city (even if it is a different borough far from Central Park South) to obtain the required permits, and the prestige of the location itself. Some of the most expensive apartments in the world are not simply expensive because they are assets to be traded. Still, they are far more often used as assets rather than homes. NYC is an inflection point in the west, it's where people stop to do business at the highest level. The cities' towers are not merely symbols, they embody what real estate can become. The row is a brand, but other neighbourhoods in the city don't carry nearly as much prestige. In the same way but on a completely different scope, it's the difference between a Gmail email address and a Google email address. Is Billionaires' Row fair? This would be, put lightly, a divisive issue. Is it fair that there is a market where homes are bought and sold for hundreds of millions and never lived in while thousands of people are homeless throughout the city? Some of the local laws put in place force developers to create affordable housing properties to get the permits for the air rights around 57th street do help to ease the sting for the many living in New York City. However, New York is more than its skyscrapers. There are vibrant communities that spend their lives in places that build a sense of community over the years and all of that time can be destroyed by a single building. New York City is incredibly dense in terms of population. One of the most populous areas in the world, it is home to over 8 million people, over 1 million in Manhattan alone. According to the New York City government website, that means that 1 in 38 people living in the US live in New York City's five boroughs. Not many of them live in million-dollar homes. Many share small apartments with roommates, others follow their friends and make for the suburbs or rural areas but in the east of the United States no other city in the east can measure up. The second most populous city is Los Angeles on the West Coast. Toronto is nearing three million people and, far further down the line of populous Canadian cities, Vancouver proper is yet to reach its first million. New York is bursting at the seams with people. Yet, new construction near Central Park or 57th is hardly ever built for people to move in. Billionaires' Row is a symptom of wealth concentration at the top. A black hole of residential properties regurgitating a few affordable housing projects and a pittance in property taxes. Would things get even more extreme, that apostrophe could eventually shift and create a Billionaire's row - but, thankfully, we are still far from that situation. Could Billionaires' Row end? Never say never but the market is far too powerful now. What could end is the construction of new buildings. Ultra-luxury is still limited by things such as the drying up of construction materials but the biggest barrier to the continuation or expansion of Billionaires' Row could be a big change in the way the US tax code works or a drastic change in the value of NYC as a place of business. The New York skyline is iconic and so are the buildings lining Central Park South and 57th Street, there is not a chance that the area will become desolate in the next twenty or so years - even rising sea levels can be dealt with with a big enough wallet. Nevertheless, change is inevitable even for the real estate market of what some might call the great city in the world. What could happen is a repurposing of Billionaires' Row where the units in the buildings become much more affordable if the billionaires move on to a different location. In that, unlikely, scenario more of the buildings on Billionaires' Row could fill up with living breathing homeowners rather than the ghosts currently occupying entire floors of Manhattan's 57th Street. Two great resources to learn more about the topic. If you want more information and insight on Billionaires' Row then take a look at the following. This video from The B1M goes more in-depth into how these buildings are built and why they tend to get thinner and thinner. The host also interviews people that live in the city to know what they think of the row and how it could affect other areas of NYC. "Icebergs, Zombies, and the Ultra Thin" is a book by Matthew Soules looking at the phenomenon that birthed Billionaires' Row and the future of capitalism through the lens of real estate. It explores the interplay between luxury, society, architecture, and our daily lives.   View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter

Social Media and Real Estate Social media is an inescapable part of our daily lives, and it's no surprise that modern real estate agents are often on multiple social platforms for a multitude of reasons. In 2021 the American National Association of Realtors released a study that pointed out that social media accounts for the generation of more than half of the highest quality leads, more than Multiple Listing Service sites and Customer Relationship Management. What are the dos and don'ts for a real estate agent when it comes to social media platforms? Is there one set of rules applicable to everyone? All of this and more, down below. Identify your target audience on the platform. Knowing who you're talking to is how you know what you need to talk about. The quickest way to run your engagement numbers into the ground is to post the wrong thing to the wrong people. Recovering from that is tough. Take a look at the people following you and at who you are following to see how you can deliver real value to them. Before we go into each of the major platforms let's first talk about some overarching best practices. Social Media Best Practices Absolutely no astroturfing, ever. People can sniff out fake accounts and fake praise extremely easily. Even 'good' bot services barely manage to create believable engagement or even engagement on a decent volume. If co-workers or past clients follow you and leave a nice comment from time to time, treasure it but keep the relationships authentic - well, as authentic as they can be on social media channels. Buying followers falls in the same bucket. Having a lot of followers but low engagement (likes, comments, shares, and so on) tells people, and the social media platform, that others are not interacting with your content. Don't just sell. People skip ads, that's the nature of the internet. On a social media feed, it's a quick swipe - less than a second's thought. If the only thing you do is sell, sell, sell then people will see you as someone who only cares about selling, branding, or promoting something and they won't wait to look at your post. They will just swipe up. This doesn't mean that you should make your real estate business account into a personal account but there's a balance that you need to find. A good balance of selling, providing free resources, and personal things. Real estate agents are meant to be approachable and friendly - that's what gets clients. A walking advertisement does not attract people. However, if you feel forced to post about your personal life, don't do it. It all needs to feel authentic, a social strategy can't fix an awkward selfie or a trite caption. Authenticity reigns. Being useful by talking about real estate trends, for example, is a great way to build social capital and you use a little bit of that capital with each post meant to generate leads. Your social presence should not be one-dimensional. Another way to look at your social capital is to see it as social proof, replacing the testimonials that site on a website. A way to prove that you are more than just an entity designed to facilitate the buying and selling of a home, a person. Facebook takes the lead by far (for agents). The study mentioned at the beginning shows that Facebook was the social media platform that most realtors use. However, it does not break down further whether Facebook was the source of a proportional amount of leads. While younger generations are abandoning the platform in droves, many still have accounts either because they cannot be bothered to delete it or they use it as an address book of sorts. The platform is still very popular among older millennials, Gen Xers, and Boomers who are more likely to be in a financial situation where they would be looking for a new home. How should you use Facebook? Facebook allows you to easily create a page separate from your personal profile that you can use to manage your presence on the platform as an agent. That separate page allows you to keep a measure of separation between your professional and personal life. The rules outlined above (no astroturfing and doing more than just selling) still apply but there are a couple of further things to consider. Don't turn your real estate agent page into a 'link graveyard'. Some people adopted a social strategy that gets summed up by "small caption and a link" and they repeat the formula ad nauseam. For realtors, Facebook is a gold mine. It makes it easy to keep in touch with previous buyers, find new home buyers, and cement your presence in a local market. The significant benefit that Facebook offers is that your business page can act on the pages of local businesses and post success stories that are local to the area you serve. This makes reaching new clients who are looking to sell and buyers for open houses extremely easy. Real estate businesses and agents that are not on the platform miss out easily creating a name for themselves in their local community. For this reason and a few others, lead generation on Facebook is constant. Facebook's early investment in 360 videos also creates the possibility of making virtual tours where potential clients can look around a property while the agent walks around and talks. Potential buyers are not all on Facebook though and most of the younger ones do not frequent the platform at all. In that case, where else should real estate agents look? Instagram is a must-have platform. Instagram is great for real estate because of the visual nature of the platform. Instagram users devour vast amounts of content and you can multiply your gains from investing in professional photography by posting the pictures on the platform. Real estate Instagram is flush with beautiful content so make sure your professional photos stand out from the crowd. A beautifully curated feed, what people see when they visit your profile, creates a level of expectation for who they are dealing with. This is where careful planning is necessary. If you plan to use different Instagram accounts then it's important not to mix up their purposes. A personal Instagram account does not have access to the business features available to business accounts but it does let you have your own life. Some real estate agents opt to have both their business and their personal lives on one feed. While this doesn't let you create as much of a beautiful feed compared to a purely business-oriented page, it does show a more amiable side to potential clients. While the platform has historically been about photos, the recent shift toward short video content (reels) means that real estate professionals will also have to adapt. The big catch with reels though is that if they feel forced, they can seriously negatively affect the perception of an account. The most important word with social media in 2022 and beyond is authenticity. What kinds of content can you put out for Instagram? Real estate Instagram is varied and diverse. Property photos take up a large chunk of the space but there is a very common type of post that does well on the platform. The announcement of a completed sale has everything you want in a social media post. It usually features listing photos of the sold property discrete but still noticeable branding of the brokerage but the magic happens in the caption. This is what the great real estate Instagram accounts are built on. In the caption, you will find a story anonymized story about how the deal was closed along with a quick lesson about the real estate industry or the real estate market when the photo was posted. As always, it ends with a call to action. This post conveys three things to real estate Instagram: happy clients, a well-versed real estate agent, and an invitation. Most of these posts barely make use of even half of Instagram's 2200 character limit but contain real estate hashtags that help these stories and others like it spread like wildfire. Real Estate Instagram Stories. Stories serve two purposes for real estate agents on the platform, they help push the social media performance of a post for 24 hours but more importantly, the highlights feature lets people keep stories around for the long haul in separate categories. This can be used by people who visit your profile to look at real estate listings, search for real estate tips, and look at positive reviews. Highlights are flexible and are an easy-to-navigate feature for users to decide if they want to work with you. Real estate content is plentiful on the platform with many real estate businesses recognizing the platform's uses and the fruitful gains generated by some of the by-products of traditional real estate marketing. Before you hop on your phone and think more leads will just fall from the sky, it's important to spend some time to understand just how the ecosystem works. Remember, you don't want to be associated with annoyance. LinkedIn's multiple purposes. The real estate business, according to some, is the business of connecting with other real estate professionals. Between signing up for networking events and collecting client testimonials, you can also find a way to brew enough curiosity to the point where it turns into lead generation. The interconnected nature of LinkedIn means that even if most of the people reacting to your posts are other real estate agents then people in their network are seeing the posts too - after all, the platform needs to create its impression and engagement numbers in one way or another. Given that it is a professional social networking site first, the definition of quality content on LinkedIn is different from other platforms. As such, the completion of a sale story format we looked at for Instagram can work as well but on LinkedIn, you can get away with flexing your know-how, it's part of the reason why the platform exists. It is not a real estate website and though it may be tempting to talk about a new listing, it's best to talk about the different things that that listing can teach about the real estate business. Whether it's your past clients taking a peek at their next possible move or people using the 3 pm lull to satisfy their curiosity, LinkedIn is amazing at setting you up to build relationships. By talking about the business of real estate or the intricacies of real estate marketing, you will mark yourself as someone knowledgeable and that can be enough to intrigue new clients. If you need a few examples of posts that do this well, you can follow the trail of relevant hashtags you see on your timeline. The bottom line... If you have been neglecting your social media profiles then the start of the year is the perfect time to build up some credibility, increase your reach and maybe try a new tactic or two. While the real estate business is all about buying and selling homes, creating a human relationship is the foundation of what makes this business last. It's a give and take, and if you strive to give more than you take, you will see a massive increase in interest for your services. View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter

Impact Of Current Events On The Housing Market Government regulations and policies Government regulations and policies can have a significant impact on the housing market. For example, government regulations and policies may affect the availability of affordable housing, the cost of housing, or the type of housing that is available. Local governments enact ordinances that affect zoning, housing and building codes, and other related laws. Policies that subsidize people that are engaging in continuing education for example mean increasing the number of potential buyers. This can in turn change an area close to a university from a buyer's market to a seller's market. This strong demand can raise the asking price while maintaining the same level of home sales. In our current times, things like social distancing can influence people to move out of highly populated areas since they can work from home. Open houses will also have to adapt until the pandemic recedes. Housing markets are greatly affected not just by policies touching upon the Bank of Canada, what our American friends know as the Federal Reserve, but also policies that change the way people live. With the country having more than one industry severely impacted by COVID, the housing inventory can also increase as people are unable to pay their mortgages. Local markets will react differently and even residential real estate will behave differently from commercial real estate - office buildings, shops, etc. The state of the economy Speaking of changes in economic activity, the overall state of the economy will affect the real estate industry significantly. If interest rates rise, so too will house prices since most prospective buyers will need to pay higher mortgage rates. If interest rates remain high for a long time then it can create pent-up demand as people wait for lower interest rates to purchase a home. Real estate markets can greatly differ, some people may be looking for a primary residence while others are browsing new listings for investment opportunities. Over time, real estate prices tend to rise if other factors remain stable which means that if you can secure a home at a lower cost now then future increases in the home's price can mean a great return on investment in the future. Unemployment rates and foreclosure activity Real estate trends also tie to unemployment rates and foreclosure activity closely. Whether someone is not able to keep paying rent or if they need to foreclose on their homes can mean that the once high price growth slows down. Properties affected by unemployment rates vary greatly in terms of price, so even single-family homes can become available for lower prices. With remote work becoming more and more common as well, a property close to a city centre nay bit commands the same price as before. The evolution of business after the pandemic can mean that selling homes in in-demand areas become more common, flattening the price curve based on location. Foreclosure activity can have a significant impact on the real estate market. It can take some time for the real estate market to recover after a period of high foreclosure activity. If you can retain your home when the local market starts looking up then you can benefit from rising prices when you are selling. Then again, many people do not get to make that decision given their income and whether or not they have other assets to sell or borrow against. Homeownership rates and demographic shifts Millennials do not live the same way as baby boomers. While real estate research is still trying to pin down the key questions that each demographic asks themselves when looking at home buying, you can observe that there is a disconnect between what each group values. While many young people pursue continuing education to stay competitive in the job market or simply want to live a different kind of life, one where children are delayed or do not happen, this changes how they behave as a buyer. Between economic inflation making it hard to acquire a house and the limited supply of housing in large cities, millennials move into their own homes much later in life. Migration patterns Canada's population growth is strongly affected by immigrants and that means that new buyers come into the market regularly. The increased or decreased flow of immigrants can change the level of demand in the market and if there are not enough buyers, then sellers will eventually have to lower their prices to remain competitive. There are also internal migration patterns where people move across Canada for a variety of reasons: their industry offers more opportunity in one province, there is less risk of drastic climate events in another, and so on. The differences in mortgage rates between provinces and territories can cause buyers to flock to different housing markets. Given what people value and their income, moving to different parts of a province or even across province lines can be beneficial. Construction costs and availability of materials for building new homes The cost of materials and the availability of workers can affect how much homes cost to build. If the construction industry is booming and there is a lot of demand for workers, then the workers will be able to demand higher wages. This will be reflected in the prices of new homes. The cost of materials will also go up if there is a lot of demand. This can cause the price of an existing home to go up if the homeowner decides to sell since there is a limited supply of houses. Home construction is a long and very involved process that not every buyer wants to go through. Talking to a real estate agent before deciding on building or buying can have lasting effects on the property you end up going with. Finding the land, paying for it, and buying the materials and labour is a big endeavour and before making a decision, it's a good idea to contact some real estate agents to get an idea of what the status of home sales are like in your area. Changes in the local climate Climate change is something we are all dealing with and in the real estate market is means that some homes are not valued as much as before since their purchase comes with new risks. Prices for beach-front properties, if they are close to a zone being eroded or eaten up by rising sea levels. More violent storms or harsher winters also have potential buyers and real estate agents second-guessing the viability of a home. The risk involved for the buyer to find themselves with a home that is dangerous to live in increases and as such real estate markets that incur a high risk will mean a cost reduction. Local housing policies and politics The housing market in Canadian cities is a hot-button issue. While major centres like Toronto and Vancouver come with their share of newsworthy issues around shortages, homelessness and affordability for locals, the same problems are present elsewhere in these big cities. Since housing costs are based on what people can afford to pay in an area, problems with low-income housing, poverty reduction and homelessness have repercussions for real estate markets. People unable to pay rent or purchase homes will reduce demand for properties, putting downward pressure on prices. Related to the policies we looked at earlier, housing policies can help people get back on their feet and become actors in the real estate market instead of needing to live in the streets. More affordable housing, or rent-geared-to-income housing, can create more movement in the real estate market, allowing people to move into their first homes and allowing sellers to move on to better opportunities as well. Crime rates Even if mortgage rates are low, the sale of properties in high crime rate areas can be a difficult task. Sellers in those areas will often have to sell at a loss when crime rates have risen since they initially bought the home. While the home itself may have appreciated, either through renovations or something else, the location being undesirable can mean a new sale price that is lower than expected. Real estate is a location game, maybe more than anything it is the factor that can change the price of a single square foot. View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter

How To Read Real Estate Buzz Words in Listings. When you're browsing real estate listings, whether you're a first-time home-buyer or looking for inspiration for listing your property, there are some keywords that real estate agents use to grab your attention. Let's take a look at what these terms mean and how a listing agent uses those details to secure enough intrigue to the point where it can lead to a sale. What are the most important buzz words to look for in a property listing? "A great location" As the age-old saying goes, this is one of the most important aspects to consider when buying or selling a property. The neighbourhood in which a house is located can make or break a deal. If you're looking for a family-friendly area with good schools and plenty of amenities nearby, be sure to press your real estate agent about the specifics of what you're looking for. Just saying that it's a great location doesn't mean that it matches what you want. Don't let your mortgage payments go to waste for something that isn't right for you. Make sure you get more details as soon as possible to see if it's worth pursuing. "Spacious" Space is important but it's worth mentioning that space is not simply square footage. The word is a great way to entice buyers but it's important to see the layout of the house too. You have to look at whether the house is more of an open floor plan or leans more toward the design of traditional houses. Don't rely on a simple description. Realtors will be glad to let you visit but a picture of the property can give you a rough idea early on. However, do pay attention to the details in the listings like where the pictures were taken from and the little half-truths concocted by nifty camera tricks. "Walking distance" This is another one of those phrases that can be easily abused. What does it mean? A five-minute walk or a thirty-minute walk? The only way to know is to ask your agent and see if they have the specific distances for you. Sometimes, what might seem like a short distance on paper could be an exhausting trek in reality depending on your physical health and the intensity of a walk. "Upgrades" There is a tendency to look at an older house with a critical eye when it comes to upgrades. Some people might see renovations as something negative but there are always going to be updates that need to take place on any property, even brand new ones. Think about it this way, if you're the one who buys a fixer-upper, you'll be the one who reaps all of the benefits from doing the labour yourself. It's important to know what kind of work has been done to budget for it and also to get an idea about how much time and money you'll need to spend to make the property livable for you. Make sure you understand how much this will add to the listing price. "Potential" This word is a bit of a catch-all because it can mean so many different things. Sometimes, it means that the house needs some work before it becomes livable while other times, it could be hinting at the possibility of re-zoning. It's important to ask your agent what they mean specifically by potential and whether it's something that you're interested in pursuing. "Nanny suite/in-law suite" This is a great term for those who are looking for a multi-generational home. If you have parents or grandparents who you would like to live close by, this could be the perfect term for you. Again, it's important to ask your agent about the details. Sometimes, an in-law suite is just a bedroom and washroom but other times, it could be a full living space with a kitchen and separate entrance. It all depends on the property and what's available. "Renovated" This is a word that can go either way. It could mean that the house has had a full renovation with all new finishes and appliances or it could simply mean that one or two rooms have been updated. Try to find out what has been renovated. As a potential buyer, it's your right. If it's just a new coat of paint, that might not be worth the extra money that you'll be spending. However, if there is a new roof or hardwood floors that add value to the property, then that should pique your interest. If the listing description is not very detailed, it's worth digging a little deeper, especially if you're a first-time home-buyer. "Original owner" This is another term that can be both good and bad. On the one hand, it could mean that the seller has taken care of the property and updated it as necessary over the years. On the other hand, it could also mean that they never did anything with it and it's been sitting untouched for ages. It's important to ask your real estate agent about the specifics and whether they have any insight. If it's an older house, you want to make sure that any updates are done in line with the age of the property and won't require completely redoing everything again in a few years. "Cozy" This is probably one of the most subjective terms on this list because what might seem cozy to some people might be cramped for others. Make sure to ask your real estate agent for specific measurements of the property so that you have a good idea of how much space you'll be getting. A cozy home could be perfect for those who like to spend their weekends curled up on the couch with a good book but it might not be ideal if you're someone who likes to entertain or have a big family. "Garden level/walk-out basement" This is a great term for those who are looking for extra storage or want to have their own little space separate from the main house. A walk-out basement means that there is a door or window that leads directly out to the backyard and it can be a great way to squeeze a little extra storage into a tight space. Again, make sure you understand exactly what the listing is referring to because it might not always be as simple as it sounds. "Motivated seller" An agent will generally use this term to denote that the seller is looking for a fast sale. They might even try to attract potential buyers by offering other incentives like paying closing costs or property taxes. This, of course, means that they are willing to accept an offer lower than what they're asking which can be good if you're looking to get the property below market value. On the other hand, it can also mean that they are in a hurry to sell and don't really care whether you're the right buyer or not so keep this one in mind when you go to make an offer. "Leasehold improvements" There are some houses that have what is known as a "leasehold" which means that there is another party involved. This could be anything from condo owners to partners in a business. If the terms of the lease are coming up, it might be time for them to move on and they may or may not wish to sell the house directly to you. If the leasehold is something that you're not comfortable with, it might be best to move on and find a property that doesn't have this extra layer. "As-is" This term is usually used when the seller doesn't want to be responsible for any repairs that need to be done after the sale. In the real estate industry, it's important to do a home inspection for any new house. Whether you're a seller or a buyer. Most buyers tend to ask for a professional home inspector when a listing contains these words. The sales process being faster might be tempting but think of the potential issues down the line. Remember that you are the client and your real estate agent is working to get you the best house possible at the best price possible. Even if the listing uses all the right words in other places, all buyers should be careful when it comes to those two innocuous words. "Serious buyers only" This is a term that's often used to weed out buyers who might not be serious about purchasing the property. It could mean that the seller has already had their eye on another property and they're trying to speed up the process by only talking to those who are interested in making an offer. It could also mean that the seller is dealing with a lot of offers and they're only interested in talking to those who are serious about putting in an offer that's close to their asking price. In any case, don't let this term discourage you from making an offer if you're genuinely interested in the property. Just be prepared to go in with your best offer right off the bat to show that you are serious about buying. How do you know if a listing is overpriced or underpriced based on the listing? The descriptive words of a listing can do wonders to attract potential buyers but people don't live in a listing description. You won't be able to tell directly from a listing if the properties are priced right, but when you catch some of the buzz words and understand what they mean, you can eke out the true gems from the other listings. Look at the proximity to public transportation, whether the terrain around the property is hilly or flat, figure out if the location is good for you specifically. The real estate market changes often and values differ from person to person. Sellers overeager for a sale, for example, can make any kitchen into a chef's kitchen if they get just the right picture with the right words. Whether you find yourself with the buyers or sellers, it's important to discern the truth in the houses and the property listings. View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter

What Does it Take To Be a Real Estate Agent? How to become a licensed real estate agent Get your pre-licensing education Agents must complete a province-approved course before they can take the licensing exam—and that means you'll have to choose your education provider carefully. In most provinces and territories, real estate companies can initiate pre-licensing courses for their agents. In fact, if an agent has a specific company in mind as a partner or sponsor of their future business, there's a good chance the company is running the pre-licensing course that agent must complete. Be sure that your pre-licensing course is taught by instructors that are approved by the licensing board. In some provinces and territories, instructors must have been licensed agents for a set number of years. The school may require you to attend classes in person, but online courses are available in most provinces and territories—check the requirements before signing up. Take the exam Agents must be licensed by their provincial or territorial licensing board to sell real estate in that province or territory. (Most provinces and territories use the term "Real Estate Council" to refer to their licensing board; other terms include Real Estate Board and Real Estate Commission.) Licensing examinations take place at regular intervals throughout the year. You'll take the licensing exam after completing your pre-licensing courses, which typically require between 40 and 80 hours of class time. To pass the license exam (which varies by province or territory), you must answer at least 70% of the questions correctly. That will earn you a "pass" on your real estate license—but remember, it's just the first step. Become a member of a real estate brokerage firm Once you've earned your license, you can start working as an agent for a real estate brokerage. The licensing requirements don't change if you're self-employed or work for a small firm. But if you're joining the team at one of Canada's major realtors—a large national company with hundreds of agents—you'll likely have to meet additional requirements. Most large real estate brokerage firms require their agents to complete an interview and/or training program before they can start working. And in order to maintain your membership in the company, you may be required to complete continuing education and/or professional development courses on a regular basis. Be warned: many large real estate brokerage firms require agents to work a minimum number of hours per week. If you're not prepared to put in this time, be sure to investigate other options. Start networking with other agents, homeowners, and potential clients so you can build relationships for future business opportunities Many people are hesitant to start networking, but it can be a great way to build relationships with other professionals in your industry. Start by attending local real estate events and meet-ups, or join online groups related to real estate. You can also reach out to agents in your area and ask for referrals. Building relationships with homeowners and potential clients can also be a great way to grow your business. Start by providing valuable information and resources on your website or blog, and then follow up with them periodically to see if they have any questions or need help with anything. You can also offer free consultations to help them understand the home buying or selling process. Networking and building relationships take time but can be really beneficial if done correctly. By starting to network now, you will have the chance to get ahead of your competition and meet potential clients before anyone else. Begin working on listings that are already available or go out there and find new listings to list yourself! One of the best ways to get more business is by actively working on listings. If you have your realtor license, start looking for homes that are for sale or rent, and contact homeowners to let them know about your services. If you don't have a license yet, offers to help with tasks such as taking photos or making repairs, so you can be the first one homeowners think of when they're ready to sell or rent. You can also go out and find new listings to list yourself. There are many websites that offer lists of homes for sale or rent, so start browsing through them and get in touch with the homeowners to see if they're interested in listing with you. It's also a good idea to start creating your own personal list of homeowners—those who may want to sell or rent in the future. Referrals are another great way to get business. However, you can't just sit around and wait for homeowners to give you referrals—you have to go out there and find them yourself. Start by sending emails or making calls to past clients, friends and family members who may know someone else who needs your services. Simplify the process by using referral software that allows agents to track referrals and follow-up with homeowners. Networking and referrals can be hard to get started, but once you start getting a steady stream of them, they will most likely continue as your business grows. To be a good agent, you need current knowledge of the real estate business You should get familiar with how the real estate market and how it works. Your potential new clients will have a lot of questions for you from legal questions to mortgage advice and where to move the couch for an open house. It's important to be as knowledgeable as possible so that your career in real estate is a long and beneficial one for everyone. Read local and national news about the real estate industry. It will allow you to stay informed and know what's going on in your market, as well as alert you if there are any new laws or regulations that may affect home buyers and sellers. You can also read up on other related topics such as mortgages, refinancing and seller financing. Even better, find and talk to a mortgage broker to understand the current and finer points - you two could even work together to get each other leads! If in doubt, you can leverage your network and ask questions to more experienced real estate agents. Build your network by getting involved with other real estate agents and being active in industry events. Refine your negotiation and people skills As you've seen so far, you need to interact with people a lot. But more than that, you also need to be a good negotiator to be a real estate professional. Your clients want to know that they are getting the best deal possible when they're working with you. To improve your negotiation skills, start by studying the art of negotiation. There are many different books and articles that can help you, so find one that best suits your needs. You can also attend workshops and seminars to learn more about the topic. Be knowledgeable about different neighbourhoods, including their crime rates, schools, and public transportation options One of the best ways to be a successful real estate agent is to be knowledgeable about different neighbourhoods. This way, you can better advise your clients on which neighbourhood is right for them. You should also be familiar with the crime rates, schools and public transportation options in each neighbourhood. This information will help you when it comes time to market the property for sale or rent. You should do your best to remain up to date on how neighbourhoods evolve and how that might affect what buyers and sellers expect. Attend open houses for potential clients in your area, or host one yourself When you're starting out, going to open houses is a good way to glean more information about how others do things like stage a house, distribute contact details, and deal with inquiries (about the asking price, square footage, amenities, and more). Seeing successful real estate agents in action is a great way to learn how to become one yourself. There's much more but this should get you started! A new real estate career is both daunting and exciting. It's a chance to not only make money but have a job that allows you to work your own hours and eventually start your own company, unlike some other careers where you'll perpetually be working for someone else. Though it will eat up your free time in the beginning, and you may have to think about working weekends, the good news is that it's more than just getting to sell houses. If you work hard and polish up your transferable skills, you can start a fulfilling career where you can work independently, find success, and help people start their own life with a great new place to live. View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter