The statistics for November are in. There were 55 sales of detached homes. That’s down from October’s total of 63 and last November’s total of 83. The Benchmark Price – that is, the price of an average home in an average area – declined 2.2% to $863,700, marking the first such decrease since July. Year-to-date sales total 777, a large increase over the 710 sales last year. Apartments and townhome sales thus far this year total 249, well up from the 186 sales this time last year. With the increasing popularity of attached homes and the decreased supply, we expect prices to rise. Land sales remained relatively steady in November, but the 193 sales year-to-date is significantly up from 143 this time last year. In spite of the decrease in supply, the price of vacant lots appears to be holding steady at the moment. We feel this may be due to uncertainty over rising construction costs. Are you thinking of selling? There’s never been a better time to market your home. Call US FIRST!

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All real estate contracts contain a standard clause: “Time is of the essence”. This little phrase has a big effect on real estate contracts. It means if the contract calls for one party to do something by a certain date, that date must be met or the other party may terminate the contract. However, it’s important to note that written terms in a contract can be unintentionally nullified by the actions of the parties. For instance, if the parties first agree that something must be done by a certain date and they later extend it, their action implies that time is no longer of the essence. This is a problem, as there can’t be uncertainty about whether dates need to be met or not. Thus, when there are changes to the contract involving dates, we add the phrase “Time remains of the essence”. This reintroduces the stipulation that dates must be met or the contract may be terminated. Do you have real estate questions? Call Us FIRST!

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Today’s competitive market means more buyers are making subject-free offers; i.e. offers with no subjects for financing, inspections, etc. In effect, the home is sold ‘as is’ the moment the seller accepts their offer. This is inherently risky, but there are ways buyers can ensure they know what they’re buying and avoid problems at closing. First, if the seller if delaying the presentation of offers, there may be time for a building inspection before making the offer. The buyer can also preview the title search and the seller’s Property Disclosure Statement. Terms can be added allowing appraisers and insurers access to the property prior to closing. This is prudent, because even though a buyer is pre-approved and the home is currently insured, the lender might want an appraisal and the insurer may require an inspection. Your RE/MAX Oceanview Agents are familiar with subject-free offers. Call Us FIRST!

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A potential buyer may be satisfied with the condition and location of a home, but they may avoid purchasing it because of an event or circumstance occurring in or near the property. Perhaps the home was the site of a suicide or there’s a known party house next door. These are examples of a stigma, which can affect market value and makes the home harder sell. The significance of the stigma is impossible to determine, as it will vary with a buyer’s values, perceptions and beliefs. That’s why in BC a seller is not required to independently disclose a stigma. However, disclosure is required if a potential buyer asks about a specific situation. For instance, if the seller knows there was a suicide in the home they do not need to independently disclose. But if the buyer asks about it, then the seller must disclose what they know. Do you have real estate questions? We have real estate answers. Call US FIRST!

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The statistics for October are in. There were 63 sales of detached homes. That’s down from September’s total of 70 and last October’s total of 104. The Benchmark Price – that is, the price of an average home in an average area – rose 1.7% to $882,900, representing yet another all-time high for detached homes on the Coast. Year-to-date sales total 722, a large increase over the 627 sales last year. Apartments and townhome sales thus far this year total 225, well up from the 163 sales this time last year. With the increasing popularity of attached homes and the decreased supply, we expect prices to rise. Land sales remained relatively steady in October, but the 182 sales year-to-date is significantly up from 121 this time last year. Land prices appear to be holding steady at the moment. While the supply is down, we feel rising construction costs may be capping any immediate price increases. Are you thinking of selling? There’s never been a better time to market your home. Call US FIRST!

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Besides the fact that I love being in real estate and helping people, I’m interested in helping/bringing in new possibilities for housing here on the coast. Sustainable, healthy, affordable housing options are so needed in both for sale and rentals. It will take a group of like minded people that have the ability together to enact change. I feel strongly that it’s possible so just spreading the word! 

Thanks, Doug

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Long time no chat... saw your smiling face in the newspaper with Diana Starbuck.  So you are back in the fold good for you. Your are amazing at this house selling. I remember how supportive you were to  Grant and I when we were getting our place at the lake.
Hugs ileana
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Under current real estate protocols it is common for sellers to complete a Property DisclosureStatement (“PDS”) with respect to their home and property. The PDS has over 40 questions which the sellers answer to the best of their ability. From insulation to water supply; from encroachments to heating systems; from pest infestations to the age of the roof, and more. The main purpose of the PDS is to provide the buyer with information about the property and premises. It also protects the seller by establishing what they are, and are not, disclosing. However, it may surprise some to learn that sellers are not required to complete a PDS. Such disclosures are optional, unless it involves a material latent defect. Also, sellers don’t alwaysknow all the answers on the PDS, so buyers should do their own due diligence with their own inspections and research. For all your real estate questions, Call Us FIRST!

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.