April 2019

All posts from April 2019

Vancouver House and Condo Price Trends

by Bevony on 24 April 2019 Comments Off on Vancouver House and Condo Price Trends

Are you wondering where house and condo prices in Vancouver are heading? If you are looking to find a new home, then you will be happy to know that these prices are mostly going down. If you are looking to sell your home then this may not be the best news for you. the truth is that house prices have doubled in the last 10 years which equates to price increases of an average of 7% per year while our incomes have only increased on average around 1.5%.

House prices dropped in the summer of 2016 after the foreign buyer tax was introduced but the prices later recovered. The drop back then was a shallow drop and when you think of you, you really wonder just how volatile the market is. The truth is that prices in the Metro Vancouver area have already dropped by 12% which works out to approximately $192,000. While this drop may seem very significant just by looking at the numbers the truth of the matter is that this drop still leaves house prices out of reach for a lot of residents of Vancouver. Residents of the Westside and West Vancouver have been the hardest hit but there have been significant declines in East Vancouver and Richmond as well.

What About Condo Prices?

Within the same timeframe of 10 years, there has been a decline in the prices of Condos as well. This downturn had continued on the downward trend until last summer. While there was a decline in Condo prices it was not as notable as the decline in prices of houses.

What does this Mean for the Market?

With a market like this, buyers have a better chance of getting more house for their money. Sellers, on the other hand, will have to lower their prices to remain competitive and to increase their chances of closing a sale. First-time buyers who have been saving up for buying a home will be happy about the current market statistics but those who don’t have a sizeable amount saved up could still be second guessing buying a home at these prices.

At the end of the day, it all comes down to how much money you make and how much you have saved to help get your home. There are many people who remain in a good position no matter which way the market goes and there are those can just hope and pray that the market continues to show a decline in the price of homes.

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BevonyVancouver House and Condo Price Trends

Reface Your Kitchen Cabinets for a New Look

by Bevony on 17 April 2019 Comments Off on Reface Your Kitchen Cabinets for a New Look

You can transform your kitchen without paying out a load of money to completely renovate the room. The most cost effective and time effective way to give your kitchen a fresh new look is to reface your kitchen cabinets.

What is Refacing?

When you reface your kitchen you still make use of the existing footprint. You will remove the old drawers and doors and replace them with brand new ones. The visible exterior of the cabinets is covered with a material that will match the material on the doors and drawers/. This way the cabinets in the rest of the kitchen will match your new doors and drawers. You will have a fast turnaround time when you choose professionals to do the work.

While refacing is not new as it has been around and in use for many years, it is now becoming a very popular choice because of the affordability of the option. It is a great option for small and large kitchens alike and the process of refacing can be done with a variety of cabinets as well. Once the cabinet’s main structure is sound structurally the refacing can be done successfully. If your cabinets are not structurally sound then you will have to completely redo them as refacing won’t work for such a situation. In such a case it just makes good sense to get completely new structures and not just simply reface.

Image by Solomon Rodgers from Pixabay

Refacing experts note that in around 80 percent of cases there is no need to change the footprint of a kitchen. Even kitchens as old as 40 years old will have good solid cabinet structures. And older kitchens can still look more modern with a simple refacing of the cabinet instead of an entire gutting of the old kitchen.

Homeowners are very aware of the affordability and the aesthetic benefits of refacing and so now refacing are increasing. There are many options for homeowners to choose from including wood grain finishes, over 40 matte colors, high gloss colors, and more than 20 different door styles to provide even the most unique taste with something they can love. With so much variety it is easy for homeowners to find a customized refacing solution which is what most homeowners are looking for – a kitchen outside of the cookie cutter closet.

With homeowners value space and organization these days pull out drawers and cabinets are a big hit. Customers can change their drawers and cabinets and can create their dream kitchen without paying the amount it would cost for them to completely re-do their kitchen. Refacing is no longer about simply repainting or refinishing the old doors and putting them back in place. It is about creating a kitchen space that is aesthetically pleasing and functionally meeting the needs of the family that dwells within the house. You can change to soft close hinges, install pot and pan drawers, extend your cabinet boxes, add crown molding and so much more with a modern kitchen refacing.

When you choose your refacing experts they will allow you to choose your colors and style and typically will have the job done in a week if all goes right on your part. More elaborate refacing and changes can make the process longer and also the schedule of the expert you choose will affect how quickly you can have our new kitchen up and running. Most professionals will provide you with a free in-home estimate to include assessments of the current conditions of your cabinets.

Remember that the professionals know what is in style and they know how to meet your needs once you voice those needs to them. Why not talk to experts on refacing today, so you can get your kitchen looking brand new without the price tag of a full-on kitchen renovation.

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Common Mistakes Homeowners Make when Selling their Home

by Bevony on 10 April 2019 Comments Off on Common Mistakes Homeowners Make when Selling their Home
Home For Sale

When you consider putting your home up for sale you want to also make some other considerations even before you start thinking about what you are going to price it at. There are a lot of steps involved in putting a home up for sale and each is very important to the success of the venture.

The different steps include;

  1. Preparing
  2. Listing
  3. Making Repairs
  4. Finding a Buyer
  5. Navigating the Closing Process
  6. Moving out
  7. Turning over to the new owners

These steps don’t necessarily have to be in the above order as sometimes you may move out prior to doing anything else on the list. There may be times as well where you get to number 5 and may have to go back to number 5 or even number 3. Yes it is a very complex process and there will be hiccups along the way but if you know what the most common mistakes are then you can avoid some of those hiccups.

Mistakes to Avoid!

Underestimating Selling Costs

There are expenses associated with selling your house that you will have to pay upfront. You can expect to pay 5 to 6% in agent fees but your expenses will be much more than that. Estimate expenses to be around 10% of your selling costs and keep this money handy for any costs that may need to be covered.

If you will be moving into a new home prior to selling your home you will need to add those expenses into your selling cost expense category as well.

Setting a Price that is Unrealistic

You will hear the term “fair market value”. This ensures that sellers are listing at prices that buyers can afford. You don’t want to out-price your self of the buyers market.

Considering Only the Highest Offer

The highest offer, of course, is always going to be the most exciting one but not always is the best option. There can be problems with high bidders down the line just like with any other bidder. Consider contingencies that are included in higher offers such as mandatory home inspections etc whereas someone with a lower offer may not have those contingencies. Some contingencies can really increase the amount of time your house spends on the market and can increase your selling expenses notably.

Making Costly Renovations or Ignoring Major Repairs

Buyers will be turned off if you are selling a home with a long list of items and areas to be repaired. On the other hand, you can turn away buyers if you have made too many costly renovations that caused a major increase in the price of your home. When it comes to these two, it really is all about balance.

A well organized home is welcoming and allows a potential buyer to imagine themselves already living in the space.

Not De-cluttering and Staging Your Home

The way your home looks when a buyer walks through it has a huge impact on the buyer’s decision making process. The buyer walks through your home and pictures their lives there. If you have too much going on, too much clutter, too much furniture, too many toys it can be hard for them to make the connection of their lifestyle and your home. This will deter them from wanting to make an offer. Make sure you clean up the house, put some of your stuff in storage and make sure you go the extra mile on open house days.

These five mistakes can make a big difference in the entire process of selling yoru home. When not done right you can find these stumbling blocks can cause your home to stay on the market longer and can even increase your house selling expenses and thereby will decrease your profits on the home sale. Take heed and ensure you don’t make these mistakes when selling your home.

If you haven’t found your new home yet but are considering moving up in home, give us a call here at SilverBeam Homes so we can help you find the home that is customized to meet the needs of your growing family.

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Vancouver Home Prices for 2019

by Bevony on 3 April 2019 Comments Off on Vancouver Home Prices for 2019

We are well into 2019 and the experts and economists have put together a number of indicators for predicting approximate housing prices throughout the rest of the year for the Vancouver housing market.

The year 2018 we saw a drop in housing prices in Vancouver which was a welcome surprise with housing prices being so high for the last couple of years in this general area. It is important to understand that the housing market here is a very beneficial one not just for home owners and construction companies but also for the economy of the city as well. Therefor it is not just the buyers and sellers that are interested in the housing prices but also the analysts and the economists as well as the lenders.

In February and March we saw first time home buyers getting 20% less to borrow to purchase their first home. This affected entry level units and end user units in the condo market showing how some of even the lower end units are more expensive when you take into account the average income of persons living in the surrounding areas.

Buyers wanting to move up in property benefited from the stress test as they now had to re-qualify for a new loan. When they met the stress test standards they found that got some deals and may even get better terms than the current mortgage they are currently in.

Get Re-Qualified for your next home purchase!

On a whole though, we do see that there are a lot of declines taking place for Vancouver’s housing market. There is projected to be a 26% decrease in prices by summer for homes on the west side of Vancouver. In the same area, detached homes are predicted to show a drop in prices as well. This is a good thing as with a rise in price there is typically a drop in urgency to buy. This is good news to us here at SilverBeam homes as we are excited about the new opportunities you have to get more with your money as the market changes in your favor. We have the skillset, all the tools and the expertise to help you meet your dream of owning a home, wether it is your first home or it is time to move up in house – we can help you make it a reality. Check out our process and let us start helping you today!

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BevonyVancouver Home Prices for 2019