Every market holds opportunity, the key is to know where to look for it… Today’s greatest market opportunity resides in purchasing detached homes.
The detached market has been the most impacted both value, and activity wise across the board. The causes of this have been discussed already at great length; but in short they stem from the B20 stress test mortgage rule changes, a lack of consumer confidence, and other government intervention into the real estate marketplace. This has resulted in an excellent time for two real estate moves, first to upgrade from condo, or other strata property (which are still very active), or second to purchase detached as an investment property. The rental market remains strong, and we have had some clients secure amazing deals on detached homes, and rent part of the home or all of the home and get excellent monthly cost coverage, and some are cash flow positive.
We have also helped a number of clients recently upgrade from strata property to detached houses, as the price gap is smaller than it has been in years. (See the graph below- looking at Vancouver East for Example) So the marginal mortgage increase in property price is not a large as it once was (especially when you consider basement rental etc.), in fact it is smaller than it has been in years. When the market confidence returns, as it always does, this gap will grow/spread again, and this opportunity will pass.
We would be happy to meet with you and discuss how you could take advantage of this market opportunity to upgrade from your strata property to a detached house, or to purchase an investment detached house.
Current Median Prices as of March 31, 2019
VS. Median Price as of January 31, 2016Source: REBGV
Buyers often look at a home’s bathroom as a measure of its quality and livability. Along with bedrooms and the kitchen, it is one of the most important factors when viewing a home.
To make your bathroom not only memorable but downright stunning to view during a home showing, consider giving it a professional touch. Spa-like bathrooms are becoming trendy, especially amongst affluent buyers.
Now that Vancouver Westside real estate prices are climbing higher than ever, help give your home an edge in the pricing game by adding these features to your master bathroom. Continue reading →
On the long list of things on your mind when buying a home, title insurance probably falls near the bottom — if it makes an appearance at all. However, buyers should be aware that title insurance could end up being one of the most important aspects of a home. Without it, you could potentially end up in a costly legal battle with no end in sight. Continue reading →
The air is getting colder, Halloween is approaching and families are starting to turn on their furnaces to enjoy the longer autumn nights. Even though Winter is a officially 2 months away it’s best to prepare for it well in advance – especially when it comes to saving on your Hydro bill. Mid October is the best time to winterize your home because there are still some sunny days to get the outdoor work done.
On behalf of Team Marty Pospischil we put together these 5 tips for making your home more energy efficient and keeping your home warm.
5 Tips to Winterize your Home
Leaks Nobody likes a cold draft in the middle of winter. Now’s the time to run your hands along doors that are on an exterior wall to see if you can feel any cold air coming in. You can do the same practice for baseboards and even on electrical outlets that are on exterior walls. If you feel any air coming in through your outlets we recommend purchasing some small insulation inserts from your home improvement store.
Windows This is an especially good tactic for those that have single-pane windows. The next time you’re at the home improvement store purchase a window insulation kit which consists of plastic sheeting and double sided tape. Run a strip of tape along the outside perimeter of the window and stick the plastic to the tape and use a hair dryer to shrink wrap the plastic sheeting around the window’s perimeter.
Pipes and Gutters Now is the time to mind your gutters because they can become clogged with the fallen leaves. This creates build up in your gutter and can lead to ice dams, which can cause water to back up, freeze and seep into your home. Next, make sure your gutters, pipes and downspouts are aligned to provide a clear path with no holes or debris. Do this by running water from your hose into your gutter and following the flow of water and ensure the downspouts are disbursing the water a fair distance away from the foundation.
Furnace Since you’ll be depending on your furnace for the majority of your heat it’s recommend to make sure its operating at peak performance. We recommend changing the furnace filter at least once a year but twice a year is optimal for increased energy efficiency. Scheduling a professional furnace cleaning and inspection can also reduce your heating costs as your furnace will now burn cleaner and save energy.
Reverse the Fan We saved the best for last because this tip is absolutely painless and quick to implement with instant results. By reversing your ceiling fan from its normal summer position you can recirculate the warm air that rises. In the winter your ceiling fans should be turning clockwise.
We hope you found these tips useful for winterizing your home. Whether you’re buying or selling real estate, feel free to contact Team Marty Pospischil with any real estate related questions.