Port Moody, BC

Should you buy or sell first?

Some of the many reasons for wanting to move include: downsizing; family growing; and, relocating.

The key to your decision on whether you should sell or buy first is planning ahead and we’ll help you explore your options.

For those that don’t have the financial ability to temporarily carry two properties, the options will be limited.

Option #1 Buy first with interim or bridge financing

Getting into an accepted offer on a new home without a subject-to-sale clause can be very costly and is not recommended unless you have made the necessary financing arrangements for the interim.

Arranging temporary funds will allow a seller with an unsold home to proceed with a purchase. This means that they will have the flexibility to move over the period of time between the possession dates of both properties, which can also be used for renovations.

The most important consideration here is that the seller must have a home that is marketable and being reasonably marketed, otherwise carrying two properties could start to get very expensive, especially if the market declines.

Occasionally a short possession date for a new home can be negotiated on behalf of a seller to reduce or eliminate the need for temporary financing.

Option #2 Sell first

Obviously the safest choice but it can also be the most rigorous. Inevitably it means an interim accommodation will be required, and perhaps two moves. This is often the case when someone is relocating and staying in temporary accommodation with their personal belongings in storage.

Focusing on selling your existing property first is often the best strategy in order to maximize your return. With cash in hand it also qualifies you in the eyes of a seller as a serious buyer, and could, depending on timing and local market conditions, strengthen your negotiating position.

If a buyer really wants your property you might even get away with a provisional rental agreement, or a contingency clause allowing you time to buy your next home, although this doesn’t happen very often.

Option #3 Subject to sale clause

In some markets choosing to write an offer with a subject to sale clause will work, but from experience in the Metro Vancouver area, it seems sellers are less open to accommodate this option.

It also requires a solid offer and probably very close to the asking price, which can limit your ability to negotiate.

Trying to match the dates exactly to accommodate both parties can also be challenging.

This balancing act is not for the faint of heart, and one of the many reasons why you should allow a REALTOR® to share some of his or her expertise.

Information for Port Moody Real Estate, and the rest of the Tri-cities and surrounding areas of the Lower Mainland, is now available directly from your mobile device…

Apple iPhone and Windows Phone 7 users, are invited to try the REALTOR.ca app at no cost. The Blackberry® app is scheduled for release in February 2011.

My real estate clients now have the ability to check out houses whenever they want, wherever they want from their smart phone. Then they can simply and directly contact me about a specific property if they have any questions.

Try searching for me on the app; it’s easy. A setup guide has been posted online at the Canadian Real Estate Association website: www.crea.ca

More here: Port Moody Real Estate from your Mobile Device…

Pre-qual for your next mortgage Lew MacDonald, 

Mortgage Broker at Verico Tailor Made Mortgages at www.TailorMadeMortgages.ca

You invited to the 2010 Port Moody Festival of the Arts from September 24^th until October 3^rd.

The festival has featured events and kicks-off with an opening night gala performance at the Inlet Theatre featuring acclaimed Canadian jazz vocalist Denzal Sinclaire.

Family Day is the 11^th and final day of the festival and you’ll have a choice of a performance by the Caulfield School of Dance in the afternoon, or closing night celebrations featuring The New Orleans Ale Stars.

Between these events you can take in: Coquitlam Weavers Guild and Dye Pot Club; the Blackberry Gallery; a skate jam with a live DJ and Hip Hop Dancers at Sk8 Park; a theatre night comedy, “Til Death Do Us Part or Until You Get Fat”; Art 4 U Day activities; a Cultural Fusion Night; Peter Katz In Concert; Comedy Night with Jane Stanton and Charlie Demers; and, even more.

Get the latest information on Facebook.

This landmark festival brings Port Moody a wealth of talented performers, showcases some local talents, and presents many opportunities to engage in the arts.

You can purchase tickets by:

Phone: 604.931.2008 x 0

Online: http://www.pomoartsfestival.ca

In person: Port Moody Arts Centre 2425 St Johns Street

Port Moody, BC is known as the “City of the Arts” and the Port Moody Arts Centre is home to galleries, a gift shop, arts classes of all kinds, volunteers and many different community arts groups.

This event is one of the many reasons people are attracted to the quality of life Port Moody offers as a place to live. If you'd like to find out more about living in Port Moody just give me a call: 778-878-0778 or email.

How to Sell Your Home Faster…

When you visit a model home for a new development what do you notice? You’ll probably find beautifully furnished and decorated rooms that anyone could live in.

The operative word is “anyone”.

Sure, there is a sense of it being a family home, but no specific family… the feeling of personality, but no specific person, and for the most part, all the rooms are anonymous.

My wife Catharine performed “staging” before the term was even coined, and she told me long ago that the professionals who set up a model home make it anonymous for a reason. They want buyers to view it as their potential home, not someone else’s. And based on decades of experience these professionals know that this strategy helps sell houses faster and for a better price.

Why not use this same strategy when showing your house or condo?

It’s actually quite easy. Just pack those personal items that can be seen when a potential buyer views a room.

Put away toothbrushes, collectibles, even unopened mail. Put away that trophy, take down the family photo, and box those souvenirs from the family vacations.

No, you don’t have to completely empty your closets and drawers, and don’t forget the fridge door, which is often a mosaic of personal items in most family homes.

If you have too many personal items, consider renting a storage unit for the few weeks that your house or condo will be on the market. It’s worth the investment.

Would you buy a birthday cake with a stranger’s name on it? Well the same holds true when you show your house or condo. Make it anonymous!

If you need some help, as a client in the Tri-cities of Coquitlam, Port Coquitlam, Port Moody and surrounding areas of Metro Vancouver, I can offer you a complimentary consultation, and there are no strings attached.

You will receive a list of things that should be done to optimize your chances of selling your home. You can then decide whether to do them yourself, hire a stager to help, do only those things that won’t cost money, or none of the above.

Let me know: 778-878-0778, or email.