How to get started in the housing market

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Spring is traditionally a busy time for the housing market and Metro Vancouver has got a head start already with the Real Estate Board of Greater Vancouver reporting that sales in February 2015 were 20.2 per cent above the 10-year average for the month. If you are getting Spring fever, but are a first time home buyer or new to Vancouver, here are two suggestions to get you started:
1. Work with a realtor
Working with a great realtor can be very beneficial. If possible, work with a realtor that you trust or has been referred to you by someone you trust. Many realtors specialize in certain cities or neighbourhoods. If you are looking in a specific neighbourhood, it may be best to find a realtor that does a great deal of work in that area. That means they will know the history of some of the buildings or offerings, know the other realtors and salespeople, know what questions need to be asked and if there are any special circumstances. For instance, a realtor in a certain area may know what strata councils are extremely proactive or whether a building is planned to go in front of that amazing view. Realtors also have access to other professionals you may need such as inspectors, lawyers, mortgage brokers, etc. They will be able to negotiate on your behalf and help you understand the cost implications such as property transfer taxes, HST/GST and maintenance fees. All of these details would take quite a bit of research if you were working without one.

2. Tour Presentation Centres
Another great way to get your spring shopping started is to tour the sales centres that developers set up for their pre-sale multi-family projects. You don’t need to have a realtor yet to start seeing what’s out there. The project sales team can walk you through all the features of the future building and show you options for floorplans. Buying a home “off-plan”, i.e. before it is built, can be a great investment in a busy real estate market as the value of your future home can increase before you even start paying a mortgage. Another benefit of buying new is that you avoid getting into a bidding war with multiple offers. Most sales centres are open every day except Fridays from noon to 5 pm and will include a display home so you can experience the layout of the home and see the actual finishings and appliances.
Happy home hunting and enjoy the Spring season in our fantastic City!
By Cameron McNeill – owner of MAC Marketing Solutions, one of B.C.’s and Alberta’s leading real estate sales and marketing firms. Cameron also co-founded TAC Real Estate, a resale firm, and MPC Intelligence, a real estate market-research firm. Together with his experienced and dedicated team of sales, marketing and administration professionals, he has transacted more than 14,000 new homes and $5 billion in sales. Email him at cm@macmarketingsolutions. com or follow him on Twitter @mac_marketing
Original source: NEW CONDO GUIDE MAR 20 – APR 3, 2015
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