houses for sale

A FAIR WAY TO ACCESS YOUR HOME EQUITY

Homes for sale

Fraction started with a simple idea: could there be a fairer way to help people access the equity in their homes? The answer is yes and with a program uniquely available only to BC, Ontario and Washington residents at this time. Access up to 50% of your hard-earned equity in tax-free cash without selling your home. Their motto is “spend a little, invest a lot, and save some for a rainy day.”

Coming from a technology background, the Fraction team approached the problem in a completely different way compared to the financial veterans who dominate the industry. They looked at the problem through your perspective as a home owner. Learn more HERE .

Burnaby realtor

The Secret to Finding Pocket Listings:Never Miss A Great Off-Market Property

Pocket listings are sold off-market homes before the property is officially listed, and many people consider this to be the inside scoop of the real estate world. Regardless of whether you are a buyer or a seller, you may be wondering how to find these listings, and the following guide will provide you with more information.

Pocket listings really come down to word of mouth or private listing networks, which is why this is considered an off-market listing. This generally occurs whenever a listing agent sells a home through their connections with other real estate agents as opposed to selling it on the open market. A pocket listing would allow potential buyers to view and buy a home before it goes on the market and is not marketed like a traditional listing, so staging or professional photography are not part of the process.

You must weigh the pros and cons of pocket listings because there are benefits and disadvantages to this method, and being aware of this information will help you decide whether or not an off-market listing is right for you. If you are a buyer, you will experience less competition because fewer people will know about the home, which would be great for you and your offer. You would also experience less stress and more privacy. If you are a seller, there would be less traffic through your home and no need for an open house, and you would be able to leave your house as-is because its condition would not matter, so you wouldn’t have to repair your roof or update your landscaping.

As a seller, you also have to consider the disadvantages, and less traffic may mean fewer opportunities for more offers to come in. A lot of pocket listings are also a dual agency, so the same agent may be acting for both the buyer and seller and you may not feel like they have your best interest in mind.

You must work with a real estate agent you can trust because they will guide you through this process and help you find your dream home. They need to have connections to know the inside scoop as this is the only way you will come across pocket listings. You can also do your own research online, so get on your laptop or computer and hunt for off-market listings because some homeowners will feature their homes through different websites, and you can get lucky if
you look online. Pocket listings are limited, so contact your agent right away and act fast if you see something you like.

If you are looking for a hidden gem, Cherry Yeung can help. Our office has access to the houses and condos for sale in the Richmond, Vancouver and Burnaby areas, and you can contact us regardless of whether you want to buy or sell. You must work with a reliable realtor, so if you are looking for a reputable and experienced real estate agent, contact my office today!

Houses For Sale In Richmond

The Right Way To List And Sell Your Home in Richmond

Many homeowners simply wish for a smooth sale when they list their home, find a qualified buyer, collect the payment and hand over the keys. However, the reality is that selling a home can include multiple moving parts, some of which you can control and some that will be out of your control.

For example, the location of your home can influence how long your house stays on the market and how much you can get away with marking up the price. In the housing market, if the inventory is low, you will have better odds that you will sell your house faster and be able to do so at a higher price point. On the opposite end of the spectrum, homeowners will need to put in more work to find the right buyer in places where some sales have cooled down.

Here are some tips you need to know when listing and selling your home in Richmond:

Hire an Agent that knows the Housing Market well

With the help of the internet, it’s easy to look into a real estate agent’s sales history and their professional certifications. This is helpful so you can choose the right person to work with. You should look up your potential Burnaby real estate agent’s online profiles to learn about how long they’ve been working in the industry, how many sales they have made and what certifications they have earned. Pay more attention to how and where they market their listings, and if they do so using professional photos or not.

Set a Timeline

Selling a house in Richmond is a major task that can take a few months from start to finish, or even much longer depending on the conditions of the market. Once you decide to sell your home, you should start immediately looking for Burnaby real estate agents so you can find someone with the right experience quickly. In fact, at least two to three months before you list you should consider getting a pre-sale home inspection and work on identifying any problem
areas in your home. Especially those that have to do with structural or mechanical issues which might need fixing in order to sell your home. So, you should leave enough time before you list to make the necessary repairs.

Conduct a Pre-sale Home Inspection

A pre-sale home inspection can be a good upfront investment choice to make, although it is optional. Getting a detailed inspection report can help you find any structural or mechanical issues before you list your home up for sale on the market. It could cost you a couple hundred dollars, but this inspection will give you advance notice of any issues that buyers might flag

when they do their own inspection later on in the buying process. You help yourself by being a few steps ahead of the buyer, and you might be able to speed up the selling process if you can do the repairs along with other home preparation activities. This means that by the time your house hits the market, it should be able to be sold relatively drama free and fast.

If you’re looking for real estate in the Vancouver area, realtor Cherry Yeung can help you find what you’re looking for. She’ll stick with you every step of the way and her excellent sales track record speaks for itself. Thanks to her extensive knowledge in home decorating, Cherry can help give your home that extra flair that can make it really stand out from the competition. Connect now at cherryyeung.com or call 604-338-9966 today.

Burnaby real estate agent

Mortgage Deferrals Are Done. What Should I Do Now?

The past year has been very challenging for many Canadians because of the COVID-19 pandemic, which caused a lot of uncertainty and panic. A lot of people lost their jobs and are still unsure of the future, and the experience has been very stressful and overwhelming.

To help alleviate some of the stress, the government released a mortgage deferral program, which allowed Canadians to defer their mortgage payments for six months. This helped people get through financial uncertainty during an unpreceded pandemic but this program has now ended, and homeowners will be expected to start making mortgage payments again.

Many Canadians are still facing uncertainty, so if you do not feel as though you are in a position to start making your mortgage payments again, it is best to reach out to your lender to see if there are other solutions or options they can offer. They may not be able to offer you an extension but they will work with you to offer you some flexibility until this pandemic is contained. Reach out to your branch directly because even if they cannot offer you a full deferral, they may be able to offer you lower monthly payments, so it is definitely worth asking.

Seek Additional Financing

One option you can discuss is refinancing your mortgage because interest rates are very low at the moment. This would make a very big difference, especially if you are currently locked into a fixed mortgage at a higher rate, so ask about this option because it may allow you to significantly lower your rates. Make sure you understand all the details surrounding this option because in some cases, penalties may exist, so you may have to pay a fee if you decide to break a fixed-rate mortgage. Even with these penalties, you may still end up saving a big portion, so it may be worth it, and this is why you need to look at all the details to make an informed decision.

Ask For An Extension

Additionally, you can also ask your lender about the possibility of extending your amortization period, which would add to the number of years you have to pay off your mortgage. You may end up paying more in the long run, but it will make your individual payments easier to manage, so this, too, is an option you can look into.

You can also consider selling your home and moving into a less expensive property, which would help lower your monthly costs while still allowing you to build equity. You can buy a smaller property in the city or move further out, where you may be able to get a bigger property for less. If this is something you are interested in doing, Cherry Yeung Real Estate can help. Our realtors can help you buy a condo or can show you all the houses that are for sale in the Vancouver, Burnaby, and Richmond areas, so if you want to work with a reputable real estate agent, give us a call today!

Burnaby real estate agent

Appropriate (And Unreasonable) Inspection Repair Requests

A home inspection contingency is included in most offers because it is a very important step that will alert a buyer about serious problems like broken appliances or cracks in the foundation. The results of this report can help you determine your next steps with the seller and will confirm whether or not you want to proceed with the purchase.

If you’ve never been through this process, you may be unfamiliar with the requests that are appropriate, as well as the ones that are unreasonable. Generally, safety issues are considered legitimate negotiable repairs, as are problems with non-functioning systems. Any structural defects or serious hazards are also legitimate reasons to be concerned and such problems need to be considered carefully because they can cause you to back out of the contract.

Issues that have already been disclosed and minor nickel-and-dime requests, on the other hand, can lead to ill will on the seller’s behalf and may affect their decision to close the transaction. If you are determined to close the deal, it is generally recommended that you pass on the following requests:

Normal wear and tear

This includes some scratches on the hardwood flooring and chipped paint, to name a couple of examples. Cosmetic defects are very normal and most homes will have these issues. Sellers will not want to negotiate on these minor flaws, especially if they were visible when you made the offer.

Minor repairs

You will have to compromise in some aspects and focusing on big-picture items is far more important than worrying about small and inexpensive repairs. As a buyer, it would be ideal to get the seller to fix every little repair but this can affect their willingness to sell.

Smoke and carbon monoxide detectors

This should not be an issue because you don’t want to settle for cheap replacements in the first place and can shop and install a system that meets all of your long-term preferences once you close the deal and move in. This way, you will have peace of mind knowing you chose the system that’s in place and that it satisfies your preferences.

Landscaping changes

You may not love the unevenness of the walkway bricks or some of the plants but it is unreasonable to ask or expect the sellers to make these modifications. These are issues that were likely visible when you toured the home and requesting changes will probably irritate the sellers.

Your real estate agent will provide you with more information regarding the inspection process and the realtors at Cherry Yeung Real Estate will guide you through it. We will ensure all of the important issues are taken care of and will tell you which requests to leave out. Whether you want to buy a condo in Vancouver, need a realtor in the Burnaby region or are looking for houses that are for sale in the Richmond area, we can help, so give our office a call now!

Burnaby real estate agent

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 on 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!

houses for sale in Richmond

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 go 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. 

Houses For Sale In Richmond

Is now a good time to buy a house?

Real estate is a cyclical market making when you buy just as influencing as where you buy to the cost of your mortgage. Once you get pre-approval for a mortgage, you have a few months of flexibility to find a place, but that could go against you.

If the market is moving quickly, you may not be able to wait until the perfect property is listed. It is recommended to start looking as soon as you get approved at what is already listed and pick out of those selections. Although, there is one time of year when prices are lowest.

The holiday season in December has the least amount of buyers looking for homes. The chance of multiple offers or much competition is low, and sellers are more inclined to be generous during this time of year. Fewer buyers also mean fewer listings though, so the selection may not be as plentiful. In a tight market, closing on a home during an unpopular time of year can save you thousands.

Currently, house prices are levelling off after years of being on the rise, and interest rates are on the rise. While prices and listings go up and down month to month, it can be difficult to say with certainty whether buying this year is better than next. It is best to buy a home now if you plan on living in it for at least 10 years. If you cannot afford your dream home now, wait until you can to buy a home. Do not purchase a house with short-term intentions as you will end up paying more substantial real estate tax and legal costs.

It is essential to consider how owning a home will affect your lifestyle. The monthly payment may seem affordable but owning a home is different from renting in that you must also factor in insurance and maintenance. It is better to wait until these expenses are more comfortable to take on.

If you are sure about affording a home and plan on staying in it for more than a decade, then a sizeable downpayment is essential. You should put at least 20% down so that you can eliminate the need for CMHC coverage and a large down payment forces you to save aggressively. An aggressive savings plan is good practice for your future mortgage. Do not feel like you must own home for financial reasons. Buy a house because it will make you happy and continue saving until you can put at least 20% down on a place you see yourself owning for at least 10 years.

The best time of year to buy is in the winter, but if you missed this opportunity, there is no need to fret. It is more important to be sure you can take on the expenses and responsibility of home ownership. Just as it is impossible to time the stock market, it is impossible to know for sure if prices are higher or lower than they will be next year. An experienced real estate agent can help you navigate this tumultuous market and find a home that works for you.