Nina Campbell : Latest Blog Posts

Multiple Offers

Fri, 04 Nov 2011 23:05:00 GMT

You have finally found the home of your dreams after endless days of searching and your REALTOR® informs you that you will be competing against another offer or offers. What does that mean? What do you do?

A Multiple offer means that more than one party is interested in the same property as you, and would also like the opportunity to buy it. The sellers may want the competing offers to be presented at the same time for convenience as well as to receive the best terms and conditions on their sale.

When REALTORS® are notified that we will be in a competing position; we will not know what the other party will be presenting. We discuss all details of this situation with our clients and then act according to our instructions.

So if you really want the property what do you do? My suggestion to my clients is that they may not get a second chance to present their offer. For example, if the seller has received three offers, they certainly cannot sell the home to all three clients, therefore he or she will only be able to pick one at a time. Which one should he pick first?

As the buyer, you will want to put your best foot forward. Here are some suggestions;

Although the seller is not always motivated by price, in some cases they are.
Offering a solid deposit amount reassures the seller that you are serious.
Having shorter subject removal times, allows the sellers to not have their home tied up too long in case you cannot remove subjects.
Knowing ahead of time and granting the sellers their desired possession dates is sometimes a bonus.
Knowing ahead of time what is important to the seller to keep, for example some appliances, and allowing them to have them.

What I don’t suggest you do in a multiple offer (or any offer);

Not do an inspection. I have seen firsthand the financial ruin of clients that have bought a property without inspecting it and found mould, water ingress and huge structural deficiencies.
Not have in writing that you qualify for the mortgage on the property, and/or the home meets all your lender's criteria including appraisal.
Not make sure you and the home are insurable, otherwise your lender may not advance your mortgage.
Not see a title search of the property to understand what you are buying.
Not know any environmental details relating to the property such as creeks, oil tanks etc.

Over and over I have seen disappointed clients walk away loosing out on a multiple offer only to find another home that is as great or better that becomes theirs.

Do you have a real estate question, Contact me.

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Welcome to my blog. Thank you for visiting and I hope you return often. My blog focuses on topics related to real estate and I provide the blog in good faith based on my experience as a licensed REALTOR® for almost two decades and as a trainer for PRA™ Training, Inc. By visiting my blog, you agree that your use of it is entirely at your own risk. No warranty of any type is given by me as to the accuracy, completeness, reliability or timeliness of the content. Nothing contained in this blog con be construed as financial, investment, legal and/or other professional advice. Please contact me if you would like to reprint content. By accessing, using or browsing this blog, you agree to these terms and conditions of use in full.

What Is Your Home Worth?

Fri, 30 Sep 2011 23:05:00 GMT

Listing your home for sale can be a very stressful process with the biggest factor usually being “What is my home worth?”

Our homes are our castles-no matter how quaint, how small, how old or young or how grand. They are most likely our largest asset, our emotional ties to our community and our family’s haven. Every homeowner can appreciate all the love, effort and endless pennies put into making their house a home.

So why wouldn’t you want a maximum amount from the sale of it?

Consider this when evaluating your home:

Market value is not what mom and dad, neighbours or best friends say it is - market value is what a buyer is willing to pay and a seller willing to accept under the present market conditions;
Market value will be determined by your property’s location, size, lot, proximity, maintenance and desire;
In most cases, upgrades will not pay back dollar per dollar spent. For example, if you install a $75,000 kitchen, your home is not necessarily worth $75,000 more; and
Market value is not based on what you want or need from the sale of your home.

So then how do you determine what your home is worth?

Know all that is listed in your neighbourhood. The house size, the property size, the age improvements, days on market and how many times they have been reduced if at all. These will be your competitors;
Know all that has recently sold in your neighbourhood. Once again know everything about the properties that have sold. Every buyer, their REALTOR® and the bank appraisers will be comparing them to you;
Assess market conditions. Is it a hot market or are listings sitting stagnant for a very long time; and
Hire an appraiser or a REALTOR® who specializes in
your neighbourhood to help you best determine what your home is worth.

Do you have a real estate question, Contact me.

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What to Look for When Touring Homes.

Tue, 27 Sep 2011 23:07:00 GMT

One question that comes up all the time when I take clients out for viewings is “what should we be looking for?” That’s a great question, one that takes some planning.

Start by making a list of the features and details that are important for you. When you are on a tour and may be seeing three or more homes it’s easy to start losing sight of what is really important for you. I’ve had clients completely miss bathrooms and bedrooms.

As you drive up to the properties be conscious of the neighbourhood. How are the other homes maintained? What type and how many cars are in the area. How is the street access-how is visibility to get into and out of the driveway, what is the proximity to highways, busy cross sections and places like rock quarries. If transportation, schools, shopping and commute exits are important, write them on your list and note them.

Around the home notice the condition of sidewalks and any excessive settling. The condition of the siding, wood trim and general maintenance. Note the grass-is there a lot of moss or is it quite wet. If there are wood decks outside, how solid are they. If there are any sheds or outbuildings, get inside them.

When you walk through the front door note any moisture or water smells. Does the home have cracked tiles, are the windows clear or foggy-how many? Do doors open and close or do they jam or close on their own? Check inside tub and shower enclosures, what is the condition of the tiles/grout. Look under sinks for water and mildew. Check window sills for softness or moisture.

You will get a certified inspector to go through the home of your choice once you have made the decision to purchase it, but leading up to that time you can do your part in making sure you get the best home within your criteria.

Do you have a real estate question, Contact me.

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Pets and Your House for Sale

Thu, 22 Sep 2011 23:07:00 GMT

Pets are a wonderful addition to any family. We have two indoor cats that are unbelievably spoilt.

Sometimes we forget just how stressful having our home for sale can be for our pets. Safety, anxiety and being conscious of their hygiene are important factors when selling or viewing a property.

When selling your property and, more specifically, when conducting private viewing or public open houses, you will want to:

Be conscious of pet odours and general maintenance of litter boxes, wet fur and paws, anxiety accidents, and excess shedding;
If running in and out of the home is not a problem or if it is, be sure the buyers and their representative are aware. Notes left in visible areas help viewers know how to best deal with your pets;
Consider having indoor pets that will be home for showings be placed in carriers to prevent accidental take offs. You can help prepare your pet by getting them used to their carriers a few weeks in advance of listing your home for sale. If you are at home and can, take them out for a little walk;
Let the buyers and their representatives know the names of your pets so that they feel a little more comfortable with the strangers entering their home. Even the friendliest of pets have a tendency to be protective; and
Clean up after your pet outside. There is nothing more annoying for buyers and their REALTORS® who really want to walk the property and are dodging or stepping in pet feces.

If you are a buyer viewing a home with pets, some considerations are:

Be cautious of safety. A friendly pet may inherently want to protect its domain. Call their name, don’t make sudden moves and keep little children away until you are certain the pet will tolerate them;
Be sure to know which pet can and cannot get out or if outdoor pets want to come in know if they belong to that property. Be cautious of the little escapers that wait for any opportunity to scoot; and
If buying a condominium, be sure pets are allowed and if so, how many are allowed, how big or how heavy must their maximum be. It is not enough to assume just because the present owner has a number of pets that you will be able to. A strata infraction can cost you weekly fines.

Pets are a large part of companionship and family. Tending to them is important when you list or view properties. As a pet owner, be sure your REALTOR® has all the details of what is important that needs to be relayed to the buyers and their representative.

Do you have a real estate question, Contact me.

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What Should you be Checking Before Buying a Strata Property

Thu, 15 Sep 2011 23:09:00 GMT

Purchasing a Strata Property can be complicated. Why? Simply put, "Units" or "Strata Lots" are purchased individually but you are also purchasing a portion of the total "Common Area" together with other owners.

Imagine buying a house with a group of strangers...Wouldn’t you want to know who they were, how the dynamics of responsibilities and liabilities work, and who was going to occupy which area?

Here's some information you should know:

The financial position of the development. Not a lot of money + upcoming repairs = money coming out of your pocket.

The day-to-day life of the development. Reading the minutes of the meetings helps you understand what is happening on a day-to-day basis.

The big Meeting (Annual General Meeting) of the year. This helps you understand what the strata has done for the previous year and what is coming up for the year ahead. This includes repairs, improvements, and expenses.

The Rules or Bylaws. Can you BBQ? Are you allowed to have children, pets (how many and what size), or even a live Christmas tree? Are there any age or rental restrictions?

Parking space(s) and locker(s). If you have them: Do you own them? Or are they leased? Are they assigned?

Is the development Self-Managed or managed by a Property Management Company.

Do not rely on information given to you as heresay. Be sure to receive the appropriate, current documents and read them thoroughly. If you have questions, contact the managing individual and ask them for details.

In BC you can find out more information under the Strata Property Act.

Do you have a real estate question, Contact me.

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Insist on a Home Inspection

Tue, 13 Sep 2011 23:09:00 GMT

When buying a home, which is potentially your largest investment involving hundreds of thousands of dollars, you owe it to yourself to inspect it before removing subjects. Here are just a few reasons why:

Some insurance companies won’t insure the property if it has less than a 100 amp service or Poly B piping. Without insurance, in most cases, the bank will not give you a mortgage. This is not something you want to find out at the lawyer's office when you expect to close on your new home and now cant. You want to know what you are buying at a time that the buyer and seller can still be in a position to rectify the situation.
Expensive surprises are not fun. Imagine finding extensive mould that could impact your family's health, or a foundation/structural issue that could cost more than your year's salary to repair.
Disclose, disclose, disclose. Which means if you uncover a problem and you disclose it....the next buyer may not want your home or will take it at a discounted amount.
It’s important to know where your main water shut off is as well as other essential elements in the home for future reference.
Having a specialized professional inspect your property helps protect your investment and your family.

I always respect and welcome family and friends that say they can inspect a home, but I recommend that you hire a qualified and reputable inspector. The cost of an instructor is a small price to pay in comparison to a missed deficiency by someone who is not insured or a relationship that has been ruined.

Find out more about licensing requirements of a BC property inspector or contact the Canadian Association of Home and Property inspectors (BC).

Do you have a real estate question, Contact me.

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Where Oh Where is the Real Estate Market Going This Fall?

Mon, 12 Sep 2011 23:12:00 GMT

Forecast for the real estate market

In the last few years, we’ve all read countless news reports that the real estate market is about to crash.

As far back as 2004, the Real Estate Board of Greater Vancouver published factual articles to get to the truth of the matter and to counter continued stories of doom and gloom.

So, once again, we’re trying to determine whether or not we’re in a bubble and if we are, if it’s about to burst.

For some answers, we went to Helmut Pastrick, chief economist for the credit union systems in two provinces – BC and Ontario.

Here’s what he told us.

A bubble requires two conditions:

A large amount of speculation.
Easy credit.

“Neither of these conditions exist,” explains Pastrick. While some speculation exists in some markets, overall it accounts for only a small portion of activity according to expert sources such as Landcor Data Corporation.

When it comes to easy credit – there isn’t any given that lenders have stringent requirements in Canada unlike what we saw in the US leading up to their market crash.

Pastrick goes on to say that high prices are not necessarily a sign of a bubble. “High prices instead signify there is more demand than supply right now.”

What does Pastrick forecast for the next few years?

The market will continue to be active although there will be ups and downs.
The longer term trend in prices remains upwards.
Metro Vancouver will continue to be a prime location for Canadians and overseas investors due to our mild climate, clean environment and great quality of life.

Do you have a real estate question, contact me.

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What is the Best Way to Prepare Your Home For Sale?

Sun, 11 Sep 2011 23:11:00 GMT

One question I get asked all the time is “Nina, what is the best way to prepare my home for sale so that I maximize its value?”

Here is what I tell my clients;

What Buyers see when they drive by will make them decide whether they want to come in… or not. Clean your yard, your windows, your garden and your front door. Have the outside of your home look inviting with pleasing curb appeal so that potential buyers want to see more.
Hire a home inspector. In too many cases sellers find out about the major deficiencies in their home or a number of needed repairs that add up when the buyer does their inspection. At that point sellers are faced with buyers that may want to renegotiate the sale price or simply walk away from the deal. Having a pre listing inspection helps eliminate surprises later, and showcase your home in the best condition possible.
Give the buyers a WOW when they walk through the front door. Be conscious of smells, toys, clutter and general cleanliness.
Update maintenance items that have been on your to do list for a while. Replace light bulbs, fix running toilets, touch up walls, wash carpets or replace portions that really need it.
De-clutter. You are moving so it makes sense to prepare for you move. Pack up all extra "things" to open up your living space.

Taking the time to prepare your home with these few suggestions ensures you maximize its value. Do you have a real estate question, contact me.

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What Does Going Back to the GST/PST Mean?

Fri, 09 Sep 2011 23:14:00 GMT

Unless things change from now until March 31, 2013 when the HST is scheduled to be extinguished and the GST/PST is re-instated, the following may apply;

Restaurant meals (change to 5%)
Local residential phone service (change to 5%)
New homes over $525,000 (change to 5%)
Gym memberships (change to 5%)
Bicycles (change to 5%)
Funeral services (change to 5%)

Basic groceries (No HST/GST/PST)
Previously occupied homes (no HST/GST/PST)

Cellular phones (remains 12%)
Adult clothing (remains 12%)
Building material (remains 12%)
Televisions (remains 12%)

Source : Jonathan Fowlie, The Vancouver Sun

For more information visit HST in BC. Do you have a real estate question, Contact me.

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