One of the most important terms in any contract is the deposit, i.e. the payment of money by the buyer towards the purchase price ahead of closing. The deposit is usually held in trust with the buyer’s brokerage and provides a kind of guarantee the buyer will follow through with the purchase. Contrary to popular belief, the seller cannot automatically claim the deposit if the buyer fails to close. Remember, the deposit is held in trust for both parties – this means both parties must either agree on how this deposit it’s to be dispersed or settle in court. The amount of the deposit is a matter of negotiation. Obviously, sellers prefer a larger deposit, while buyers like to keep it at a minimum The industry standard is 5% of the purchase price. The timing of the deposit may also be negotiated, but it’s often tendered upon removal of all buyer subject conditions. More questions on deposits?

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Some sellers may be tempted to try a discount brokerage. These companies offer cheaper listing fees, usually on the condition they are not required to provide any agency services or real estate advice. Some don’t even have a real estate license. Wait – isn’t that exactly what you need? Selling your home is likely the most important financial transaction in your life. Who will help you set the price, stage your home, qualify the buyers, proof read the offers, negotiate on your behalf and make sure the terms on the contract are fair and legal? Only a full-service, licensed Agent can provide those services. Red Adair, the famous oil rig fire firefighter, once said: “If you think hiring a professional is expensive, try hiring an amateur!” Our Agents are fulltime trained professionals. They have the knowledge, skills – and the real estate license – necessary to protect your interests.

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Anyone following the real estate market these days knows we’re in unknown territory as far as predictions go. Very few of us could foresee year after year of competing offers, with homes commonly selling for well over the list price. And who knew the average price of an average home on the Sunshine Coast would top $900,000? So any guesses moving forward are just that – guesses. However, there are indications that the market could be poised for change. Interest rate hikes, the ongoing pandemic, inflation and an unstable political environment both at home and abroad are presenting headwinds. But there is another market factor which continues to override these headwinds: demand. It’s undeniable that demand for local real estate remains very strong. Many residents of the Greater Vancouver area would rather be residents of the Sunshine Coast. As long as this remains the case, our local market will not be cooling off. For the latest market information and analysis, Call us first!

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The real estate statistics for February are in. There were 49 sales of detached housing. This is

a large increase over January’s total of 36, but well off the 71 sales in February, 2021. The

Benchmark Price – that is, the price of an average home in an average area – increased a

staggering 8.2% to $973,900. This is the largest single month increase on record and another

indicator of the incredible ongoing demand for local real estate. With attached housing (condo’s

and apartments), there were 18 sales. This is up from January, but 66% down from February of

last year. The average Benchmark price for apartments was $567,400, while townhomes

jumped to $712,400. As for vacant land, there have been 31 sales year to date, down from 50

this time last year. The Benchmark price isn’t available for vacant land, but we feel prices are

still rising. How can prices rise while overall sales decrease? High demand coupled with low

inventory means upward pressure on prices. Stay informed - Call Us FIRST!

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Many homes on the Sunshine Coast – especially homes located outside the downtown cores of Gibsons and Sechelt - use a septic tank and drain field for sewage disposal. This can present a puzzle to some buyers who are relocating from urban areas typically serviced bysewer systems. They’re unfamiliar with septic systems and therefore at a disadvantage. That’s where a local RE/MAX Oceanview agent can help. We know how these systems work and that they’re generally a reliable and environmentally sound way of sewage disposal. However, it is a specialized area of expertise and standards continue to upgrade. That is why we always recommend a professional inspection by a qualified practitioner, just to ensure the system is functioning properly and to identify any repairs that may be needed. By explaining to buyers ahead of time what they can expect we can often set aside any misgivings they may have. Do you have real estate questions? Call your RE/MAX Oceanview Agent FIRST!!!

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The real estate statistics for January are in. There were 36 sales of detached housing. While this is down from both Dec 2021 and last January, it’s still a strong number and a sign of continuing high demand. The Benchmark Price – that is, the price of an average home in an average area – increased again 1.1% to $900,000. This is yet another all-time high for the Coast. With attached housing (condo’s and apartments), there were 9 sales. This is similar to December, but a full 50% off of January of 2021. The average Benchmark price for attached was $600,000, up again over the previous month. As for vacant land, there were 12 sales in January – similar to December, but well short of the 30 sales this time last year. The Benchmark price isn’t available for vacant land, but prices are still rising. How can prices rise while overall sales decrease? It’s the law of supply and demand. High demand coupled with low inventory means upward pressure on prices. Stay informed - Call Us FIRST!!

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Engaging the services of a real estate professional is not the same as hiring any other type of service provider. When you agree to work with an Agent, they not only perform the tasks of listing and selling property, they actually act on your behalf. This brings to bear the Common Law of Agency, which imposes many extra obligations and standards upon the Agent. For instance, it’s not enough to merely assist the client in buying or selling real estate. Real estate agents also owe fiduciary duties – or duties of trust – to the client. These duties include loyalty, avoiding conflicts, maintaining confidentiality, using skill and diligence, following lawful instructions and making timely disclosure to the client of all known material facts. We are well-versed in the laws of Agency and understand our fiduciary duties. 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.