What Are Closing Costs And How Much Are They?

In real estate we call Closing Costs the costs and fees associated with buying or selling real estate. My fees, legal fees, building inspections, and Property Transfer Tax are all examples of closing costs. There are some costs that both the buyer and seller pay, and some that are specific to each side of the transaction. For example, when I sell a property I make arrangements to pay for the Buyer’s real estate agent. This makes it much easier for a Buyer to buy, and much easier for a Seller to sell their home. Another example is Property Transfer Tax (2% minus $2K) this can be a sizable cost for the buyer (First Time Buyers Fully Exempt up to $425K). These cost can range depending on your situation, before buying or selling I recommend you take some time and find out which ones will apply to you. These costs can jump up at closing time and leave you with a bad feeling, especially if the cost is a big one. I have tones of info on this so let me know if you are looking for more.  

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What Types Of Bylaws Are We Looking For In Strata Homes?

When we are looking at purchases of Strata Properties one of the first questions we look at is: “What types of Bylaws are we looking to find, or looking to avoid?” When beginning on any Strata property search, I ask this question right away. The most common questions about bylaws relate to, pets, rentals, and age. I find that these Bylaws are usually more in-depth in the older buildings. As issues come up inside the Strata new bylaws are adopted to help manage persistent issues and concerns. A good example of a Bylaw in action is No Pets, usually this a choice the Strata makes to help reduce noise in the building, and keep their common areas cleaner which can lower costs related to cleaning the hallways and can reduce grounds maintenance.


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What Is Title Insurance and Why Do We Need It For A Mortgage?

Title Insurance has been a very popular topic lately. 


People are running into Title Insurance as an unknown closing cost, and no-one seems to have all the answers about why we need it or want it. Some lenders now require it on every mortgage, others ask for it on certain types of property. 


My friend Jason Roy (Mortgage Broker) answered a few questions about Title Insurance for us. Jason said there are 2 types, one covers the lender and the other cover the owner. Jason also mentioned that if an owner buys both types at the same time, big savings can be made on the owner’s policy. 


Positive points of buying an Owner’s Title Insurance policy include coverage for unknown encroachments (a deck built over a gas line by the previous owner). 


Jason also mentions that in some cases a lender can offer a more competitive rate due to the lower risk associated with the insured property. In short Title Insurance can work out as a win-win in some cases.


VLOG  post on this: 

http://www.youtube.com/user/aaronhallrealestate#p/a/u/1/z8fQ8ftGaPk

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Why Did The Assessed Values Go Up In Victoria BC?

The news is out about the BCAssessment Values increasing in the Capital Region. With so much media recently discussing how prices are going down, along with the general consensus from the public that prices have gone down, how can it be that BCAssessment raises the Assessed values of properties in our area? Well, I do know that BCAssessment is always looking to keep the assessment close to the current market values. Lately you may have noticed homes which are selling almost always selling for more than their assessed values. This does not happen 100% of the time, but in the case of downtown condos the sale price is typically much higher than their BCAssessment values. The market has been moving at a slow but steady pace for some time now, and I see that continuing for at least the next few months.

VLOG Post on this: http://www.youtube.com/watch?v=zlDcg_FaJbw

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Why Are We Un-Usually Busy This Christmas Season?

This year during the Holidays I have seen a considerable amount of action in my area of the market.

The people I am working with are people who have been thinking about making a move for a long time. These people feel that the selection and prices are at a point where they feel comfortable.

I was just going over this years Market Data with the President of our Brokerage and we both noticed that prices were recorded as being 7% higher than the year before, but we both agreed that we felt current prices were similar to what we were seeing at the beginning of 2010. This shows us how stable our market is.

Some Data we paid close attention to was that the number of sales for 2010 was 18% lower than the number of sales in 2009.

My experience through the year would say the same, the market is slow but steady.

Video Version:  http://www.youtube.com/user/aaronhallrealestate#p/a/u/0/FTqB3tDjRPo 


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Hard To Choose With So Much To Choose From

Buyers are having a hard time these days figuring out which home they want to buy. With so many homes for sale I am finding many buyers are torn between a number of properties and going back and forth between them. This is a great place for the buyer to be in, but causes a little confusion with our local sellers who are accustomed to being highly sought after. Lately I have been spending a great amount of time negotiating offers, and in that I have noticed that the most successful negotiations have been where the seller does not get frustrated with the buyer who is un-sure. I feel it is very important for sellers to accommodate the buyers while they are making these tough decisions, and to encourage the buyers to look around so they feel more confident in the market and in their purchase.

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Sales Are Slow But Steady

Over the past few months we have seen slow but steady sales in the Victoria Real Estate Market (in the 400 sales per month range). In my travels around the city, and in the many Open Houses which I host and visit, I am seeing a good number of buyers looking around for a new home. I believe that today’s buyers are seeing traditional market forces take the lead. I see birth, downsizing, and job transfer as traditional market forces for Victoria. In these traditional sectors of the market, we find ourselves working with people who usually have a better understanding of our local real estate market. Over the past month I have seen the buyers and sellers come closer together in what they think property is worth. In September and October I had a large number of possible purchases which fell away due to sellers and buyers not seeing eye to eye. It has been a difficult Fall market for both sellers and buyers.

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