Please visit our Open House at 1347 37TH AVE E in Vancouver.
Open House on Saturday, May 20, 2017 2:00PM - 4:00PM
Come for the View, stay for the neighbourhood. This family home is an amazing opportunity, located at the top of the hill with FOREVER views of the North Shore mountains. Your future home is situated on calmed no-through street-bike lane just minutes to Downtown, Richmond and Burnaby. This home was built with care and maintained beautifully by its 3 owners. The fully-finished basement with separate entrance is a great mortgage helper. You also have a spacious, lane-access 2-car garage and fenced garden front. This home is in East Vancouver's highest-ranked school catchment and is walking distance to Kensington Park, Hillcrest Community Centre, QE Park and Main Street shops and restaurants. Open House Sat - Sun, 2-4
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Please visit our Open House at 1347 37TH AVE E in Vancouver.
Open House on Sunday, May 21, 2017 2:00PM - 4:00PM
Come for the View, stay for the neighbourhood. This family home is an amazing opportunity, located at the top of the hill with FOREVER views of the North Shore mountains. Your future home is situated on calmed no-through street-bike lane just minutes to Downtown, Richmond and Burnaby. This home was built with care and maintained beautifully by its 3 owners. The fully-finished basement with separate entrance is a great mortgage helper. You also have a spacious, lane-access 2-car garage and fenced garden front. This home is in East Vancouver's highest-ranked school catchment and is walking distance to Kensington Park, Hillcrest Community Centre, QE Park and Main Street shops and restaurants. Open House Sat - Sun, 2-4
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Join me for an open house at my new listing at 1347 East 37th Avenue in Vancouver this weekend! Stop by between 2-4pm this Saturday and Sunday, May 20-21 and have a look.

 

Hope to see you there!
 

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I am honoured to have been chosen to receive the 2017 Corporate Good Neighbours Award by the Kitsilano Neighbourhood House.

 

Kitsilano Neighbourhood House 2017 Good Neighbours Award Recipient Michael Tudorie - Vancouver Luxury Real Estate Specialist

 

I always love to give back and help the community I live and work in. Thank you to the Kits Neighbourhood House staff for everything you do everyday to help others who cannot help themselves.

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So far this year, Vancouver’s real estate market is experiencing a serious lack of inventory. Fewer homes are being listed for sale, and buyer demand is increasing steadily. What does this mean for the buyers and sellers who are actively in the market right now?

 

Sellers Are in the Driver’s Seat

When there are few properties on the market, and there is an abundance of buyers, sellers are in a put in a position of power. With many properties selling for above asking price, and moving quickly, homeowners can often afford to be more particular about the offers they accept than they might be in a slower market.
 

In practical terms, this often results in a seller receiving multiple aggressive, condition-free offers – typically with a hefty deposit attached. Interested buyers have to find ways to out-shine the competition and this frequently puts sellers in a position to receive offers well over asking price, and free of subjects like financing or inspection. This type of market scenario is not without its risks, however. A buyer may enter into a contract in good faith, but later not be able to fulfill their end of the deal for any number of reasons. Most often, financing falls through. If a collapse happens on a subject-free offer, the buyer forfeits their deposit, and the seller has to try to attract another buyer.

 

In the current market, some sellers are mitigating risk by looking at back-up offers for additional peace of mind. This means a seller accepts a second offer which is made by another buyer. Should the first offer fall through prior to subject removal, the back-up offer becomes active and the property goes to the second buyer.

 

Buyers Must Keep Pace with the Competition

The basic rules of economics tell us that when supply is down and demand is up, there will be plenty of competition for a product. This means that buyers in a hot market have to find ways to win when multiple offers are submitted on a single property.
 

Buyers must keep pace with the competition in the Vancouver real estate market


The first way buyers try to out-gun the competition is by offering a higher price than other interested parties. This results in many properties selling for amounts far beyond the original asking price. In this scenario, it’s easy to see how Vancouver real estate prices keep increasing as a supply-starved market vies for precious few listings.

Buyers are also upping the appeal of their offers by foregoing typical conditions related to financing and, in some cases, inspection. While it’s always preferable to have a property inspected, the buyer has to decide whether getting the property is more important than the risk involved in skipping an inspection.

Other tactics for winning against other buyers include asking the listing agent what dates the sellers prefer and writing those dates into the offer. You can also include a larger-than-typical deposit to entice a seller to accept your offer over another. A typical deposit is between 5-10% of the sale price. Anything higher can be appealing to a seller. Finally, you can personalize your offer by including photos of your family or a handwritten note about why the property is perfect for your family.

 

Know Before You Go

Low inventory of properties definitely has a strong influence over the behaviour of both buyers and sellers in Vancouver’s real estate market. Educating yourself about what to expect and how to come out ahead in today’s market is a good strategy to help you meet your real estate goals regardless of market conditions.
 

Education is key to success in the Vancouver real estate market

 

Have Questions? I'm Here to Help

Feel free to contact me with any questions you may have about the Vancouver real estate market and how current conditions may affect you as a buyer or seller. You can reach me at 604-910-7777. I'm always happy to chat!

 

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I have sold a property at 202 2190 5TH AVE W in Vancouver.

Kits is not just a neighbourhood – it’s a lifestyle. This unique, two-level townhome-style condo puts you close to the beach and all the sought-after amenities Kits has to offer. This home’s smart, functional layout leaves no space wasted – 2 bedrooms with large closets, 1.5 baths, and French doors that open from your living room onto your private Juliet balcony. Enjoy upgraded stainless appliances, designer shutters and window coverings, and view the fireworks from your own rooftop deck. Includes one parking stall and locker. No pet or rental restrictions open up a world of possibilities. Serious buyers only. Call your agent to schedule a private showing while it lasts!

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Please visit our Open House at 101 1750 10TH AVE W in Vancouver.
Open House on Saturday, April 29, 2017 2:00PM - 4:00PM
Prime Fairview location with potential, potential, potential! You read that right – 932 square feet in Vancouver for $609k! This home offers generous square footage in a prime Westside location at a modest price. Your expansive interior space is supplemented by a whopping 256 square feet of private outdoor space. They don’t make them like this anymore! Here’s your chance to snag a large space in a great area for a fraction of what your neighbours paid! The only drawback (but is it really?) is that this property is ripe for renovation, so bring your design ideas and make this home your own from top to bottom. Features wood-burning fireplace and is located on a quiet one-way street along a designated bike path, only 8 minutes to downtown. Open House Sat-Sun 2-4
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Please visit our Open House at 101 1750 10TH AVE W in Vancouver.
Open House on Sunday, April 30, 2017 2:00PM - 4:00PM
Prime Fairview location with potential, potential, potential! You read that right – 932 square feet in Vancouver for $609k! This home offers generous square footage in a prime Westside location at a modest price. Your expansive interior space is supplemented by a whopping 256 square feet of private outdoor space. They don’t make them like this anymore! Here’s your chance to snag a large space in a great area for a fraction of what your neighbours paid! The only drawback (but is it really?) is that this property is ripe for renovation, so bring your design ideas and make this home your own from top to bottom. Features wood-burning fireplace and is located on a quiet one-way street along a designated bike path, only 8 minutes to downtown. Open House Sat-Sun 2-4
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Please visit our Open House at 202 2190 5TH AVE W in Vancouver.
Open House on Saturday, April 22, 2017 2:00PM - 4:00PM

Kits is not just a neighbourhood – it’s a lifestyle. This unique, two-level townhome-style condo puts you close to the beach and all the sought-after amenities Kits has to offer. This home’s smart, functional layout leaves no space wasted – 2 bedrooms with large closets, 1.5 baths, and French doors that open from your living room onto your private Juliet balcony. Enjoy upgraded stainless appliances, designer shutters and window coverings, and view the fireworks from your own rooftop deck. Includes one parking stall and locker. No pet or rental restrictions open up a world of possibilities. Serious buyers only. Call your agent to schedule a private showing while it lasts!

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Many Questions, Fewer Definitive Answers

Probably the most common questions I hear talking to people in Vancouver are “How’s the market doing?”…”Are prices going to keep going up?”…”Is there a bubble?”

 

Vancouver Real Estate Questions

 

When it comes to the real estate market, especially in Vancouver, there are always lots of questions and not many definitive answers. One thing is for certain, though: nothing compares to the frenzy of activity we saw in 2016. To compare the current market with what happened last year would be an apples to oranges comparison. In truth, the real estate market is affected by many factors including the stock market, the Canadian dollar exchange rate, changes to mortgage rules and rates, among many others.

 

Provincial Election Looming Over Real Estate Market

This year, one factor that may play a part in determining how the market reacts is the upcoming BC Provincial election. There’s no doubt that politics can play a part in shaping the course of real estate markets. Last year, the current Liberal government enacted the Foreign Buyer Tax which temporarily slowed market activity as people waited to see what consequences may result from the new legislation.

 

BC Provincial Election 2017

 

So far in 2017, inventory of properties listed for sale has been lower than has been typical in recent years. My opinion is that many people are awaiting the results of the election to see which party will be governing our province going forward. Who will be the new Premier and what involvement will they have in BC’s real estate industry? Last year’s actions by Premier Christy Clark showed people that the government can take action (ill-conceived as it may be) that affects the market, and people want to feel their investment in real estate is secure. An NDP-led provincial government may influence buyers and sellers to behave in one way while a pro-business administration may inspire more market confidence and encourage investment and upgrading to larger homes.

 

What Does the Summer Have In Store?

Demand is so pent up this year from a lack of inventory that a flood of new listings may make the coming summer a hot one for real estate. Let’s hope the weather is warm, too!

 

Do you have questions about what’s happening in the Vancouver real estate market? Would you like to know what your home would sell for and how it compares to other properties on the market? Contact me at michael@michaeltudorie.com or 604-910-7777 and I’ll be glad to provide you with a current market value of your property.

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