Good video, I cannot imagine the stress of buyers who are trying to purchase a detached home in the suburbs right now. That market is absolutely insane.
I am 0 for 8. Seems like prices are going up ~10k per week in the Fraser Valley. Since I have began losing bidding wars back in Sep 2020 when my kid was born I started looking at detached bungalows in the 500-550 range... now they are 750-850k. Switched to looking at townhouses with yards in November-ish... they were around 500 at the time and now they are 600-700k. Now I am down to looking for apartments that have 2 bathrooms. There are a few in my price range. My family is demoralized. Thanks Bank of Canada - you guys sure "saved" us with your monetary policy
I picked one up in Surrey last month, I got lucky the listing realtor did not do a great job of marketing the property and they did not take offers on a set day, I made an offer really quickly the same day it was listed and the offer was accepted. Very similar house on the exact same street sold a week later for $150,000 more. Having the right listing agent makes a huge difference when you are selling.
Hi Owen, Big fan of your videos, the simplicity in which you explain the facts, helps me become more informative & aware with each vlog , Been a subscriber of your channel from the last 1 year. Will be moving to Edmonton in August'21, on a student visa, hopefully soon by God's grace, I will contact you for my first home. Just a request plz make a video about the different types of properties available in BC ? Is strata same as a townhouse ? Was surfing point2homes and got confused with all the housing options available in the market ! Thx , I'm sorry if I have asked you a silly question !
I don't know. As a buyer myself, I would not try too hard in a seller's market. The tips might work but seems too risky. I have looked for two years, took my time, placed a few offers but would not get into any bidding wars. And just recently bought my first home, offered the listing price, no counters, no bidding wars. I would suggest to get the money ready but not rush into anything out of fear of losing out.
Its seems that buyers are losing leverage as prices go up. Having to put 25% or 30% down to have a more favorable monthly payment. Must be stressful to be a buyer right now.
Actually there are multiple offers believe it or not. How I know ? I offered 100k over the listing price and still got declined 6 times in a row. Now I am taking a break, hopefully in summer when interest rate is up some pressure is released.
Hi Owen, I must say I generally agree with your point of view. However, suggesting people to go subject free is a bit wild and the risk is massive. Not doing a proper inspection to property before purchasing should never be advised.
Then it's going to be very difficult for you to buy a home if your in competition which on most detached homes ( 6 -15 offers or more) and good quality condos( 5-7 offers) without greatly over paying for the home. Sellers are not going to be interested in your subject offer when they have mostly subject free offers to choose from. Even if you blow them away with a crazy high price the listing Realtor will work and massage the subject free offers first. It's a calculated risk that you way against the cost of having to write an offer with subjects ( Overpay) that's way above what the subject free offers are at. The risks are quite minimal by not having an inspection on condos. Most of the condos i'm writing on are less than 10 years old. Still under warranty. The depreciation report and the strata documents are going to tell you everything you need to know about all the important and major components. You read these prior to offer night. As a bonus most of the condos i'm offering on i have already had many sales in and in many cases as i say in my video have had inspections done on in the past.. so i know the overall condition of the strata. Remember when your buying a condo it's the strata you should be most concerned about.. not so much if the appliances are in perfect working order. On a detached house you can always get a pre-inspection done prior to offer night. I get them all the time on my detached listings. However this can get expensive if you are spending $500 on a pre-inspection and you loose out on the first 5 or 6 homes. Again you do you due diligence ahead of time before you offer. In a perfect world it would be great if we could write an offer , negotiate the price with all the standard subject clauses like Financing and inspection and have 9 days to remove. Unfortunately that's not how it works when your in a sellers market. Finally you can always wait until the market gets more balanced or favours buyers.. Then you will have no problem writing an offer with subjects.
@@OwenBigland Hi Owen, don't get me wrong, I followed your advice and bought our first place 4 years ago, no regrets. My only comment is that maybe when making these videos make a comment about the inspection so people are a bit more informed, that's it. Great content as always and keep up the good work.
Hey Owen can you make a video about the new increase in the stress test? I would love to hear your thoughts.
Best Vancouver realtor!!! 👍
I ordered your book Owen, can't wait to read it. Hope to get your autograph one day.
Excellent book, I have read it multiple times while on a long flight. Highly recommended to anyone who hasn’t read it yet.
Good video, I cannot imagine the stress of buyers who are trying to purchase a detached home in the suburbs right now. That market is absolutely insane.
I am 0 for 8. Seems like prices are going up ~10k per week in the Fraser Valley. Since I have began losing bidding wars back in Sep 2020 when my kid was born I started looking at detached bungalows in the 500-550 range... now they are 750-850k. Switched to looking at townhouses with yards in November-ish... they were around 500 at the time and now they are 600-700k. Now I am down to looking for apartments that have 2 bathrooms. There are a few in my price range. My family is demoralized. Thanks Bank of Canada - you guys sure "saved" us with your monetary policy
@@rahzelwashington6847 Blame the government for discouraging developers to build more.
I picked one up in Surrey last month, I got lucky the listing realtor did not do a great job of marketing the property and they did not take offers on a set day, I made an offer really quickly the same day it was listed and the offer was accepted. Very similar house on the exact same street sold a week later for $150,000 more. Having the right listing agent makes a huge difference when you are selling.
Very helpful, thank you!
Good stuff owen 👍
Hi Owen, Big fan of your videos, the simplicity in which you explain the facts, helps me become more informative & aware with each vlog , Been a subscriber of your channel from the last 1 year. Will be moving to Edmonton in August'21, on a student visa, hopefully soon by God's grace, I will contact you for my first home. Just a request plz make a video about the different types of properties available in BC ? Is strata same as a townhouse ? Was surfing point2homes and got confused with all the housing options available in the market ! Thx , I'm sorry if I have asked you a silly question !
Glad to hear Amrish. Sure stay tuned for a video on the 3 main types of homes. Condo , Townhouse and detached.
Secret bidding is not fare for buyers. If there is bidding it should be open m, and all buyers should be told the prices offered.
I don't know. As a buyer myself, I would not try too hard in a seller's market. The tips might work but seems too risky. I have looked for two years, took my time, placed a few offers but would not get into any bidding wars. And just recently bought my first home, offered the listing price, no counters, no bidding wars. I would suggest to get the money ready but not rush into anything out of fear of losing out.
Its seems that buyers are losing leverage as prices go up. Having to put 25% or 30% down to have a more favorable monthly payment. Must be stressful to be a buyer right now.
All Likes!
Why do realtors keep the multiple offers secret? Why not disclose the offers coming in or conduct the situation like an auction?
Because that’s illegal
It has always crossed my mind, how can buyers know that there was another offer without actual proof of it?
Well if you can't trust your realtor, who can you trust?! Lol
Actually there are multiple offers believe it or not. How I know ? I offered 100k over the listing price and still got declined 6 times in a row. Now I am taking a break, hopefully in summer when interest rate is up some pressure is released.
Hi Owen,
I must say I generally agree with your point of view. However, suggesting people to go subject free is a bit wild and the risk is massive. Not doing a proper inspection to property before purchasing should never be advised.
Then it's going to be very difficult for you to buy a home if your in competition which on most detached homes ( 6 -15 offers or more) and good quality condos( 5-7 offers) without greatly over paying for the home. Sellers are not going to be interested in your subject offer when they have mostly subject free offers to choose from. Even if you blow them away with a crazy
high price the listing Realtor will work and massage the subject free offers first.
It's a calculated risk that you way against the cost of having to write an offer with subjects ( Overpay) that's way above what the subject free offers are at.
The risks are quite minimal by not having an inspection on condos.
Most of the condos i'm writing on are less than 10 years old. Still under warranty. The depreciation report and the strata documents are going to tell you everything you need to know about all the important and major components. You read these prior to offer night. As a bonus most of the condos i'm offering on i have already had many sales in and in many cases as i say in my video have had inspections done on in the past.. so i know the overall condition of the strata. Remember when your buying a condo it's the strata you should be most concerned about.. not so much if the appliances are in perfect working order.
On a detached house you can always get a pre-inspection done prior to offer night. I get them all the time on my detached listings. However this can get expensive if you are spending $500 on a pre-inspection and you loose out on the first 5 or 6 homes. Again you do you due diligence ahead of time before you offer.
In a perfect world it would be great if we could write an offer , negotiate the price with all the standard subject clauses like Financing and inspection and have 9 days to remove. Unfortunately that's not how it works when your in a sellers market.
Finally you can always wait until the market gets more balanced or favours buyers.. Then you will have no problem writing an offer with subjects.
@@OwenBigland the Patina is a fantastic downtown building... well run strata from one of the residents I know there...
@@OwenBigland Hi Owen, don't get me wrong, I followed your advice and bought our first place 4 years ago, no regrets. My only comment is that maybe when making these videos make a comment about the inspection so people are a bit more informed, that's it. Great content as always and keep up the good work.