February 2021

All posts from February 2021

Bidding Wars for the B. C High-End Housing Market

by Bevony on February 25, 2021 No comments

With the COVID-19 pandemic, there was a boom in real estate with many offers over asking sale prices. This was the trend for detached homes in North and East Vancouver ranging in price between $1.5 and $2 million. In the Fraser Valley area, prices were lower but the trend was the same. This trend is now seemingly moving into houses that are at high prices, particularly since mid-February 2021. Statistics show one house going for sale $700,000 over the asking price and another going $1.6 million higher. 

In a market where demand is high and there are multiple offers on properties, real estate agents and sellers are being challenged to determine asking prices based on recent sales on similar properties. This leads to asking prices that are higher by even a hundred of thousands of dollars. 

At the start of the real estate boom in 2014 to 2018, a home in Shaughnessy sold for $2 million over the asking price. Later in June 2015, a home in West Vancouver that sold for $1.1 million over the asking price. These were just one off sales but after they word sold they set higher price comparable rates and margins for sales of other houses in their respective areas. 

Real estate agents note that the low interest rates along with “cheap money” are currently driving sales prices. Current homeowners are benefiting by refinancing their properties and cashing in on those lower rates. First time home buyers are benefiting from the low interest rates but many are at a disadvantage when it comes to competing sales with this high oversells. Since they can only bid in smaller increments, they are at risk for losing out on a sale easily by someone with a higher spending power. 

Solution for Home Buyers with Limited Income

If you are searching for your home but are finding it hard to compete with the high over-asking on the market we have a solution for you. Here at SilverBeam Homes, we offer you the opportunity to build the home you can afford from the ground up. We have a team of professionals every step of the way. Contact us, so we can see how we can help you make your dream of owning a home, a reality today. 

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BevonyBidding Wars for the B. C High-End Housing Market

Prioritizing Your Home Renovation

by Bevony on February 19, 2021 No comments

If you are getting tired of seeing those same walls every day, maybe it’s time to get some work done on your house. With many of us staying inside a lot now, working from home, and homeschooling our kids, all we see is our home. For many what used to be a space, you loved coming home to is now a space you’re getting just a wee bit tired of. 

After spending a year at home for many, it’s easy to see all the things you wish about. Are you wishing your kitchen was nicer, or your bathroom was bigger? If you are that we understand, and we understand that you may be tempted to tackle the projects, especially if you can see how you can afford it. But we want to caution you about how to go about your home renovation in today’s article. 

Prioritize Your Renovations

You want to start with renovation tasks that will be the best option for your home in the long term. Before you engage a contractor you want to have an understanding of your home and the best way to keep it strong for years to come. That is the real priority at the end of the day. 

You want to start out by looking around your home, and we recommend you create two separate lists. These will be: 

  1. Need To-Do List

This list will have things that are related to your house’s health and structure. These can address an aging furnace, an old roof, creaky or drafty windows etc. 

You also want to look for anything odd like unexplained water stains or bubbling paints only in a particular area. Make note of these, even if you don’t know the exact issue, these are things you need to get looked at, and they are going to be a priority. 

  1. Want To-Do List 

This list includes those aesthetic overall goals, the dream renovation ideas you have that you saw on HGTV. These can include changing up your kitchen, adding a deck, a pool etc. Here you can also list jobs that you can do yourself or that can be complete in one day. 

If you find yourself with a very long Need To-Do list you are not alone so don’t be discouraged or intimidated by the list. 

Start With Structure

Now that you have made your lists and are ready to act on your needs, where do you start? Structure – you want to start with anything that will affect the structure of your home. So a failing roof, siding that is falling apart or cracks in your foundation are all great places to start. Pay attention to the parts of your home that keep sleet, rain and other moisture out of your home. These are very important to keep in tip-top condition. 

If there is anything you aren’t sure about, get a licensed contractor to look over your list and your home and help you decide where to start. If you found any oddities without apparent cause they may be able to help you figure out the cause so you can determine if these need to be prioritized or if they can go lower on the list or even into the want list. 

Going Through Your List

As you go through your list and get rid of things you may see that these items are affecting the items on your want to do list. So you may find yourself adding to your want list. For example, if you get a new roof, your water intrusion problems will be solved. So now you can add painting to your want list and get it done later on down the road. 

Whatever you want to add to your list, just keep adding and maintaining a priority. If you come up on a problem that has more priority than others that were previously on the list, then go ahead and replace whatever you need to when you rearrange your list. 

When you properly plan and prioritize your renovation you won’t go wrong. Always start with the structural concerns and then continue into your dream upgrades. 

If you are entirely tired of your current home and ready to move on to a new one, give us a call. We are custom home builders who can build your dream home from the ground up. Get the home that is made just for you right here at SilverBeam Homes

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BevonyPrioritizing Your Home Renovation

Good Real Estate Feng Shui for British Columbia

by Bevony on February 10, 2021 No comments

With its generous nature, mild climate and coastal location, British Columbia has a lot of going for it.  These are also reasons it is being touted as having the best feng shui in Canada right now. So we’re definitely seeing good feng shui this season. But what is feng shui anyway? Feng shui is about the implementation of the five natural elements; metal, water, fire, earth, and wood. 

With the lunar new year approaching, many Asian households are now looking to feng shui and good fortune. The word feng shui is derived from the Chinese term for “wind-water”. The system of feng shui is quite complex as it delves into polarity, astronomy, magnetic forces, and also architectural contribution. 

The Chinese consider feng shui to be linked to property and real estate intrinsically. They believe in a strong connection between health, wealth, energy, and estate. Some take it so seriously they only seek out buildings that have been feng shui approved because they want the best home life. 

How to Determine The Feng Shui Rating of a Property

To derive if a property is feng shui approved, a physical survey of the property is done. Also, a feng shui chart mapping is done which is a job done by only a professional feng shui consultant. These professionals are hired the world over to survey and chart different residential, industrial, and commercial properties. They work after construction as well as before and during. They believe that no matter where in the construction journey a building is or where it is located, its energy flow can be improved because that is just how easy it is to implement or improve feng shui. 

The practice of feng shui is logical as it is scientific even though it is often regarded as a psychogenic mystery. In feng shui, a building has a cycle of 20 years, so does their surroundings and so there can be a shift in energy forces even for places that had good feng shui to begin with. Feng shui consultants know the differences in shifts and know how to enhance the energy flow of property for its occupants. The aim is to improve your current living conditions. 

Why Is BC Experiencing Good Feng Shui

But back to BC’s feng shui. Is there a thing as a good real estate feng shui? Well turns out that according to feng shui consultant Yuen, British Columbia is in a good cycle. He explains the reasons he is of this assumption. 

  1. Location – the pacific coast’s beautiful environment with mild climate, fresh air and lush green spaces is key to having a good feng shui rating. 
  2. City planning 
  3. Government programs 
  4. Steady political climate
  5. Inclusive multicultural attitude
  6. The community spirit; the kind nature of the inhabitants. 

Are you considering making British Columbia your home? Do you have a home in mind? Do you have a custom home design you’ve always dreamed of building? Let us here at SilverBeam Homes help to make your dream a reality. Because we are home builders that can help you through every step of the process. Contact us today. 

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BevonyGood Real Estate Feng Shui for British Columbia

Low Supply of Detached Homes

by Bevony on February 3, 2021 No comments

A large number of detached homes purchased in 2016 will be up for the five-year mortgage renewal this year.  

You may be aware of the frenzy in the market re detached homes. With the pandemic on our heels, people want more space for privacy and are looking for home office space. They were met with lower interest rates and a higher supply of detached homes. Now, the supply of homes has shrunk ad prices are rising, so what does this mean? It means that buyers in the near future may get priced out of a home. 

Mortgage Rates in British Columbia

The Real Estate Association for B. C is forecasting in 2021 that we will approach the home sales numbers of 2015 to 2017. BC was placed at the top of a list by Point2Homes as one of the most expensive places to have a mortgage. The study showed the following percentages of income going towards just to mortgages: 

  • Burnaby – 44.7%
  • Richmond – 44%
  • Vancouver – 43.8%
  • Kelowna – 40.8%
  • Langley – 40.5%
  • Coquitlam – 38.5%
  • Saanich – 37%

There is a significant unknown though. This is the impact on inherited wealth for some homeowners. Homeowners with inherited wealth will be better able to put higher amounts of income towards their mortgage payments. 

The SilverBeam Weigh In

Here at SilverBeam Homes, we think the 1st 6 months of 2021 are going to be crucial. This is where the setting for the sales and price trends of the coming years will be set. If you are a homeowner who has been stretching to make your mortgage payment since you purchased your home in 2016, you may want to consider putting your home on the market now. Why now? Because with rising prices you may be able to clear your mortgage and also make a profit. You can then use this money to find a home that meets your needs better. For example, check us out to build the home your family needs to continue living comfortably in the new normal. 

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BevonyLow Supply of Detached Homes