What Your Vancouver Realtor Can’t Tell You

Buying a home in Vancouver, BC can be an exciting experience. Finding a good realtor to aid you in that process isn’t too hard but there are thing even the most seasoned realtor may not know or legally can’t tell you. How is the school system? How safe is the neighborhood? What may seem like innocent questions can in fact be potentially discriminatory topics for Realtors to discuss. Discrimination laws are in place when selling, renting and financing a house because of race, color, national origin, religion, sex, familial status and handicap/disability. The law also prohibits, among many other practices, that of steering or the channeling of protected class members to certain buildings or neighborhoods.

If a Realtor were to tell one home buyer that the schools are excellent and crime rates are low; yet tell a different home buyer the opposite about the same exact neighborhood, one might suspect steering or discriminating against one buyer over the other for a specific neighborhood. The federal law is very clear and it is taught to every Realtor  and licensed real estate agent in the country and reinforced during provincial licensing courses and exams.

The Right Way to Buy a Home in Vancouver

Buying a home is the biggest purchase you will ever make in your lifetime unless you won the Millionaire For Life lotto like that lucky lady in Burnaby who’s now yacht hunting. Surely you want to make sure it s a smooth process. We are a society that likes to touch and feel. Kind of like trying to buy a car, you want to take it for a test spin before you buy. Unfortunately that is not the way it works in the real estate arena. You will find that most “seasoned real estate” professionals will not jump in there car to show you a home until you have secured financing with at reputable lender. With the current credit crunch and liquidity problems with banks, you better make darn sure you can secure financing. Even individuals with good credit are having issues getting financing secured. Here are the steps to follow:

Get Pre-Approved not Pre-qualified.

Getting pre-approved means you have a lender verify all documents to support the loan approval. Most lenders will run you loan through a automated engine. Pre-qualfied means that someone has taken your information over the phone and has not verified anything other than your credit report. This type of approval does not mean jack hill of beans.

Meet with your lender whom has approved you.

This is an important part of the process, so there is no misunderstanding on loan terms. Make sure you understand your payment interest rate etc.

Find a reputable and seasoned realtor.

Finding a seasoned reputable realtor is so important; the reason is they need to understand the current market, and what to look out for on your behalf. A realtor’s job is to look out for your best interest. Once you have been pre-approved, then the realtor will have a better understand as too what type of negotiation process to start on a home.

This process is the best way to assure your home buying process is as smooth as possible. I am sure you hear of the nightmares out there, typically this is because the proper process in not followed. The end result is not good one. Lenders are looking at your credit scores very close now. Make sure before you start the process you pull a current copy of your free credit score report. That way you already have a idea where you stand.

Buy Yourself Real Estate in Vancouver, BC

Every first time real estate buyer is hesitant to purchase their first home. Most of the time they are uncertain of the real estate market and worried that they might not qualify for a mortgage. There are some people who do not want to make moves because they are still waiting for the market to hit the bottom. But don’t you know that this is the right time for you to look and purchase for a home in Vancouver real estate or any other real estate. You have to know that buying a home is not based on the market but on your needs and your family’s needs. It is also based on your and your family’s capabilities, if you can afford the monthly mortgage payments, why do you need to take away the chance of having your own house that you and your family can call home.

Is It a Good Time to Buy a Vancouver Condominium?

Take a walk through downtown Vancouver, BC and you will see numerous tower cranes almost all are being used in the construction of one, two and three bedroom apartments. It begs the question: Are developers building too many of this type of housing, or is there still a strong demand?

This is question that we will soon have the answer to or will we? It’s projected that several new apartment complexes will be finished in 2008 and 2009. This will ultimately bring a large influx of available real estate in downtown Vancouver. However, not every project has sold out and many pre-contruction buyers are investors looking to flip their new apartment for a profit. It has been stated there could 25% availability in each new apartment complex in downtown Vancouver come the end of 2009.

Part 2: Top 5 Reasons to Invest in Vancouver Preconstruction Real Estate

Here are 5 more reasons to invest in in Vancouver Preconstruction Real Estate

1. Incentives – There are a number of incentives that can usually be had in the preconstruction real estate investment market. Often times a developer will offer extras in order to keep investors or to gain the investors initially. These incentives can greatly increase the value of the real estate that you are looking to invest in. Some incentives may include upgrades on counter tops, appliances or furnishings. All of these incentives can add to the value of the property and in an area like Vancouver, BC can do a lot to attract new customers and homeowners.

Top 5 Reasons to Invest in Vancouver Preconstruction Real Estate

There’s been a lot of talk lately about the problems of buying preconstructed real estate in Vancouver, BC. Due to under estimating costs, a local Vancouver builder has had to stop development of a condominium project which may cost buyers a lot of headache and financial losses. However, don’t let this detour you. Anytime you make a sizeable investment, it’s important to do your research. In this situation, it’s important to research the builder and their reputation. Here are Top 5 Reasons to Invest in Preconstruction Real Estate in Vancouver

Buying Real Estate in Vancouver

In years past, first-time buyers were at a distinct disadvantage in Vancouver’s Real Estate market. It was something close to rabidly competitive among buyers and if you didn’t have all of your cylinders firing, you’d lose out to the guy who saw the apartment five minutes before you. There was even a chance the guy who saw the apartment five minutes after you had a briefcase full of unmarked bills and was just waiting to to pay over the list price.