Blog

How Do You Pick A Home Inspector?

A home inspector will tell you if there is anything concerning a house you may be interested in purchasing by assessing the property to see if there are any issues related to it. Depending on their findings, the results can affect the purchase because potential buyers do not want to invest in a home that is falling apart.

As it is a very important job that will determine your future and affect the biggest investment of your life, you need to make sure you hire a reputable, knowledgeable and skilled home inspector so that you can receive accurate information regarding the home and any problems it may have.

Choosing a home inspector is not easy because anyone can claim to be in that industry, so don’t let fancy business cards fool you as there are no set rules or regulations as to what exactly a home inspector is required to do. This is problematic because potential home buyers hire this person to inspect the house they are interested in so they can come back and present them with facts in regard to any issues the home may present. As there are no prerequisites or specific education required for this position, it can be difficult to hire a home inspector who is familiar with the plumbing aspects, electrical issues and gas components, just to name a few. These are all individual professions that require extensive training and courses, along with years of apprenticeship to gain the skills and knowledge necessary for each job and a home inspector may not have any of these skills because it is not a requirement. This is why picking a qualified home inspector is tricky as many of them don’t actually have the right training to qualify for the position they are holding.

Asking your realtor is the best place to start because if they have the right experience, they should have trustworthy contacts they refer their clients to. If you’re happy with your real estate agent and trust their opinions, ask them about this topic and see which company or individual they would recommend because they will usually have at least one home inspector they prefer who does the job successfully.

Word of mouth is a powerful tool, so if your family or friends suggest a specific company, you should consider this option too as qualified home inspectors can be hard to find. If people you know and trust were happy with the services they received, their recommendation is definitely something to look into as this will help your selection process tremendously.

If you want a real estate agent you can trust, contact Cherry Yeung Real Estate today. Whether you want to buy a condo or are interested in houses for sale in the Vancouver, Burnaby or Richmond areas, one of their experienced and professional realtors can help, so give them a call now and they’ll take care of every aspect!

Buying A House On A Busy Street

Buying a home should be a strategic process. Many people sacrifice being in a quieter area to be in their preferred neighbourhood, albeit on a busier street. While for others, it may be a deal-breaker despite any pros the home or neighbourhood may have.

The Pros of Buying on a Busy Street

Action

The main roads in any city are the busiest. That means that there will always be cars driving by and people strolling on the sidewalk. If you love being in the middle of all the action, then this would be a plus for you.

Easy Access to Transportation

Whether it is the bus or the train, you’ll have easy access to them in a busier neighbourhood. If you are a commuter, then being in a centralized area will be beneficial for you.

Businesses and Schools At Your Fingertips

There are more businesses and schools for you to choose from in busier areas. If you want to be in a vibrant neighbourhood, a home in a busier area might be a sacrifice that you will have to make.

The Cons of Buying on a Busy Street

Noise

The number one con of buying on a busy street is the high levels of noise. However, you can remedy this by investing in well-insulated windows and doors. While you may still hear the noise, it will be substantially less than if you didn’t have those upgrades.

Lack of Privacy

Anyone walking past your home will be able to see inside, especially in the night time when you have bright lights on. If privacy is at the top of the list of your wants for your new home, then a home on a busy street may not be for you.

Parking

Many people that live on a busy street usually have no other choice than to park on the street. If you have more cars than your garage and driveway can accommodate, you may find yourself struggling with parking. 

If you are considering purchasing a home a busy street, you should ask some questions: 

  • How busy and noisy is the street (ie. peak times of the day) 
  • Is there any possibility for the street to be expanded, which will substantially increase the noise level? 
  • Are there any homes for sale in the area or the same street that can give you an idea of the value of the home? 

If the home you are interested in is located on a busy street, it may still be a good purchase. You should keep in mind that it may be difficult to sell in the future unless it has the potential for commercial use. 

For all of your real estate needs, contact Cherry Yeung Real Estate. Let us help you find the home of your dreams!

Burnaby realtor

Over half of Canada’s GDP Growth Came from Real Estate and Construction

Real estate in Canada continues to look up. Even though Toronto has fallen behind in the race, western provinces are sprinting ahead at a national level.

New data released in October by the Canadian Real Estate Association points out that residential home sales in western Canada registered success for seven months in a row. Metro Vancouver and Calgary registered sales growth of 5.9% to 2.1% respectively. On the other hand, Toronto lagged behind, Montreal remained the same spot and Ottawa expanded at a reasonable pace.

Borrowing costs were less as home buyers adapted to the strict new mortgage rules set in early 2018. New taxes on foreign buyers have impacted the market in both Vancouver and Toronto but real estate GDP in Canada is back to contributing heavily to economic growth, along with construction.

The housing sector had dipped over the past two years before 2019 but has picked-up to lead the country in economic growth, rising by 1.8% from 2018 when only 0.6% growth was registered. Construction and the demand of condominiums are on the rise in Vancouver with a large number of on-going projects pre-sold already.

Real estate experts say that part of the reason is the easy five-year mortgage rates that hover between 2.5 to 2.6%. Condo prices are more affordable in Metro Vancouver with a dip of 10% and home prices are stable now. Employment has gone up over the last year so more buyers are investing in a roof over their heads. Rental growth has meanwhile gone up by 4 to 4.5%. In 2020, the trend is expected to continue in western Canada across Metro Vancouver, Victoria, Abbotsford and Burnaby. 

Though Vancouver, Calgary and other western cities have lower home prices than a year ago, the noose on central Canadian markets is tightening, constricting sales. Toronto’s prices are up 5.6%, while Montreal’s rose 7.5%. Prices in Ottawa are up 10.3%. 

Statistics Canada reveals that gross domestic product (GDP) has been climbing since last May, up by 0.43% from April 2019, and 2.67% from last year. This is driven largely by the sharp growth in real estate and construction touching $1.97 trillion. This was far higher than what analysts expected with real estate, rental and leasing revenues hitting $250.69 billion in May. The GDP does not include the financing and construction aspects of real estate. 

Residential real estate makes up $49.62 billion of the total GDP amount. A record number of constructions represented 27.06% of GDP growth, including 80% of new residential construction. Together, real estate and construction took up as much as 51% of the monthly growth in May, proving to be major drivers of the economy, untouched by slower sales.

Cherry Yeung Real Estate, Burnaby

Market trends keep changing and investment can be time-consuming and complex. Let Cherry Yeung and her team help you make real estate matters simpler, quicker and easier. Whether your focus is on property sales, property buying, home renting, long term investments, furnished accommodation, commercial space purchase or property management, we bend over backwards to meet your goals. Get in touch with Cherry Yeung for rewarding solutions.

Burnaby realtor

How to Buy Your Dream Home During Competing Offers?

You may have heard of buyers house-hunting for a while and when they do find the perfect house for their needs, it may be beyond their budget or they may lose it to a higher bidder. How heartbreaking is that? How do you make sure it never happens to you? 

Well, the truth is that you can’t be sure! In a seller’s market, it’s common to find not just one or two but as many as ten buyers eyeing the same house at once, if it’s a well-staged one in a coveted neighbourhood that doesn’t have many listings at the time. Multiple offers can be placed within minutes of each other. It’s easy to lose out to the highest bidder. Although you can’t change trends, there are a few ways to turn the situation around in your favour. 

5 Steps to Sweeten the Deal

Firstly, don’t feel defeated before you’ve fought the war. Load up your arsenal and think smart with the help of a reliable buying agent. Here are a few tips to sweeten the deal. 

  1. Large Down Payment: Any buyer can attempt to pull the carpet from under your feet with a hefty promise but not everyone is in a position to pay an instant down payment. Seasoned sellers are aware of that and prefer to sell to a committed buyer instead of one who makes promises but doesn’t see them through. Show them that you’re serious. Offer an earnest money deposit right then, instead of later during the closing, as part of your down payment. It might make a difference. 
  1. Pre-Loan Approval Letter: It helps to win the trust of the seller so they consider your offer over others. Request your lender for a loan pre-approval letter to strengthen your case.
  1. Give them Time to Move: Many buyers insist on instant possession, which may not always be possible for the seller. If they are selling and looking to buy at the same time, the challenges multiply. Be considerate and give them some time to move out after closing the deal without expecting any benefits. Waive some contingencies to make it easier for them. Have a word with your agent for suggestions to make the offer more attractive.
  1. Best Offer: In a seller’s market with competitive bidders, it’s wise to avoid negotiating if you really like the house. Instead, make the highest offer possible, perhaps over the listing price if you can to clinch the deal. An experienced buying agent will know the comparative market analysis to determine the price range so you don’t pay over the market value, even if you pay a little extra. Find out how many competitive offers you are bidding against. If there is just one buyer instead of 10, you are in a better position to win the home of your dreams with a slightly better offer. Sell your home before you buy if you have a home to sell so it’s easier to make a better offer. 
  1. Good Attitude: If you are a first-time homebuyer, don’t request for personal items from the seller or expect them to pay your closing costs. Kindness and niceness goes a long way. Encourage your agent to be friendly with the seller’s agent as well. A good attitude wins no matter what the situation. Avoid a bidding war. If you still lose the deal, accept it graciously and trust your agent to find you another home. You never know, that may turn out even better for your needs.

Are you looking to buy, sell or rent a home or commercial space in the Greater Vancouver Area? Real estate matters can be complex and time consuming but specialists can make the process more rewarding. Contact Cherry Yeung and her experienced team for the best solutions for you. We work night and day to meet your goals within your budget.