properties

How to Time the Real Estate Market

Timing the real estate market is about you, not the market. I know that’s not the answer you were looking for but it’s true. Real estate is 365 days a year – there’s no wrong or right time outside of your personal needs, but there are seasonal flows that may impact your decision making.

Winter: Most sellers avoid the market from December to February as the weather is the least favorable and buyers are nestled in their beds. This is when sellers that “must sell” hit the market and bargain buyers remain present.

Spring: From March to June the market is bountiful. This is typically the peak of good quality listings and competition is robust. If you’re a picky buyer this is a great time to get high quality properties. This is always a good time for sellers as most buyers have been trained to shop in the spring.

Summer: July and August are vacation months. Most families are focused on experiencing the beauty of BC or travelling abroad rather than the hustle and bustle of real estate. During this time you’ll often find picturesque vacation homes for sale, waterfront properties, and properties that didn’t sell during the spring market. Summer is a great time to buy as there are fewer buyers to compete with and everyone tends to operate on a more relaxed pace.

Fall: September to November is a busy real estate season. For many sellers this is the preferred time to sell as opposed to Spring. They have had the time to reflect on their needs over the summer and possibly make some improvements to their homes that can only be done over the summer months. This is also a great time for buyers looking to make a purchase before the winter kicks in.

In general, there is no wrong time to engage in real estate. Real Estate is not rocket science and I encourage my clients to feel in control of the process rather then operating on the illusion of a crystal ball.

ALWAYS operate on your terms and then decide if the current market conditions support your needs to achieve your real estate goals.

Click here to view my recently SOLD properties.

Vassi Balatico 778-688-4948

Grandview Woodland Community Plan – The Drive

For decades Commercial Drive has remained one of Vancouver’s most iconic and desirable neighbourhoods. Known for its inclusive vibe that welcomes everyone from the most traditional Italian and Portuguese families to free-spirited artists and indigenous groups – it’s also where I spent most of my childhood and continue to enjoy on a social and work basis.

As a Realtor, I am incredibly enthusiastic about the area’s future growth. In 2018, the City approved the Grandview Woodland Community Plan encompassing several distinct neighbourhoods from Clark Drive to Nanaimo, and 12th Avenue to the Port. It’s a plan that strives to meet the needs of low income families, working professionals, and will supply much needed inventory for future generations.

Further to the Outright Duplex Policy across all of Vancouver, this plan provides for broad densification along Broadway, 1st Ave, Nanaimo, and specific “transition areas”. As baby boomers naturally age out of their oversized homes, oversized lots and Land Assemblies provide for Townhome & Condo developments as well as Purpose Built Rentals.

Many areas of the the plan have been “pre-zoned”, providing for relatively faster development timeline than sites that require typical commercial rezoning applications.

If you live in this community and are curious about your options or future developments, contact me for details at 778-688-4948 or via email at vassi@vassibaltico.com.

Land Assemblies

What To Know & Common Misconceptions

Cambie Corridor

Land Assemblies have been an integral part of Vancouver’s Real Estate landscape for the past 10 years. The Cambie Corridor continues to be the most iconic area consistently breaking records and making the news but many homeowners remain skeptical to take the leap or have had bad experiences in the past.

  1. Why I’m a fan of Land Assemblies:
  • Land Assemblies are truly a win-win for everyone. Sellers make significantly greater profit on the sale of their homes relative to selling alone.
  • Land Assemblies are currently the single greatest source of increased density to support growth & opportunities for homeownership.
  • Land Assemblies fulfill much needed supply for housing of various types (rental, market, social).
  • Essentially, without land assemblies housing prices will continue to climb to unsustainable values.
  • They provide a highly profitable outlet for elderly people looking to downsize and avoid the ongoing maintenance of an older home.
  • Profit is solely based on land value and not the cosmetic features of a home.
  • Developers are often very understanding and patient with a seller’s needs and will provide extended periods to rent the property after it’s sold. This allows the seller ample time to make their next move.

2. Common Misconceptions:

  • The most common misconception is that sellers think they can demand unreasonable prices based on emotional value attached to the property. This is 100% incorrect. Developers operate strictly on a numbers basis rooted on lot size, development potential, and sellable market values. Cooperating with the developer will achieve the best result.
  • “If I hold out for long enough I will eventually get what I want!” The answer is NO! We have seen several examples of “orphaned” properties in which developers have successfully built around them. This drastically reduces the value of the property below market value and creates an unnecessary obstacle during construction. It also creates a visual disconnect with the desired community vision. Alternatively, some neighbours will simply lose patience and sell to avoid the ongoing stress of a difficult neighbour and pressure from developers to sell.

3. How to succeed:

  • ALWAYS have a qualified agent represent your needs. NEVER go unrepresented unless you have a strong background in real estate development. The cost of your agent is well worth avoiding the potential mistakes.
  • Work collaboratively with your neighbours, agents, and the developer to come to a mutually beneficial result.
  • Starting off with a positive approach will help you along the way should you need to amend the contract or extend your free rent period. It also just feels good!
  • If you need to buy a new property, use the same agent and lawyer to support you. It’s much easier to coordinate the closing and possession dates when using the same agent. Rely heavily on your agent and let them do the work for you! A good agent will take pride in doing so.

Contact me to learn more about Land Assemblies and the maximum market value of your property. You can also visit my Land Assemblies tab and explore various Community Plans throughout Greater Vancouver.

Vassi Balatico: 778-688-4948