Jessica Prasad

With over a decade of investing in real estate under my belt, I’ve learned a few things about the buying and bidding process. Whether you are a first time buyer, looking for a bigger home, or downsizing, investing in real estate is a smart decision – but only if you do it wisely.  Bidding wars, unfortunately, may be here to stay, so here’s some advice that may help you to secure your next property.

1. Crunch the Numbers
   One of the most important elements in the process of buying a home, particularly if you enter a bidding war, is getting pre-approved by your bank or mortgage company so you know exactly what you can carry - and how high you can go in your offer.
2. Do your Homework
   Buying a property is the most expensive financial decision most people will ever make in their lifetime so spending time to research the neighbourhood is so critical. There is so much emphasis on house inspections, and there should be, but the same amount of care should also be spent checking out local schools, transportation links, parks, crime rates, medical offices, family activities, seniors programs, daycares and even future housing developments.
3. Nail the Timing
   I try to get into properties on a Wednesday so I can put in an offer on Thursday and avoid the weekend open house competition -  or before they are on MLS. By beating out the weekend competition, I might not have to enter into a bidding war. There’s no law that states that you can’t make an offer before the official offer date and a good agent should send you properties as soon as they are available and preferably before they go public.
4. Pick the Right Agent
   Having an agent who has your best interest in mind is key to winning a bidding war. Your job as a buyer is not to seal the deal, it’s your agent’s job and they need to know what your limit it is – and respect it. If your agent tries to up sell you on the price and encourage you to go beyond your budget, it’s time to find a new agent.
5. Keep your offer clean
   Surprisingly, not everyone is after top dollar when it comes to selling their home. I’ve put in a lot successful offers that may not have been the highest, but they were the cleanest. A clean offer with pre-approved financing, especially in a multiple offer scenario, shows the seller that you are serious.  Conditional sales and offers that are contingent on financing just don’t fly when there are other offers on the table.

A new report says that investors and homebuyers in Vancouver will need more than 100 per cent of their household income to afford a property in the city by 2030.

The report, Downsizing the Canadian Dream: Homeownership Realities for Millenials and Beyond, published by Vancouver City Savings Credit Union, said that more and more homebuyers and investors will have to revise their expectations.

Today, for example, the average property requires more than 48 per cent of the average household’s monthly income, but that will climb to 100 per cent by 2030, according to the report.

By 2030, average per cent of income required to maintain a mortgage in various communities will be unsustainable. For example:

• Vancouver will rise from 76 to 108 per cent.
• Metro Vancouver will rise from 49 to 66 per cent.
• Only Langley will remain affordable at 27 per cent

In the past 10 years, Vancouver condo prices have only increased 43 per cent, relative to the 126 per cent increase in the general market.

Currently, the communities where home values are still affordable to the average homebuyer or investor are Maple Ridge, New Westminster, Pitt Meadows, Port Coquitlam and Langley.

Yet, if trends are not reversed by a combination of public policy and changes in financial practices, even these communities will be unsustainable by 2030.

Source: REW

Why Your Realtor Website Must Be Mobile-Responsive

With a third of Realtor website views coming from mobile devices, responsive websites are a must-have, not a nice-to-have, says marketing guru Jeff Kee.

As of March 2015, approximately one-third of Realtor websites were viewed on mobile browsers rather than traditional desktop or laptop screens. Most people will google somebody’s name to find more information on that person before committing, and many others will stumble upon your website while they search for listings or agents on Google.

Mobile-Responsive Sites

Remember that time when you went to a site and you couldn’t find the email or phone number right away? Or the time when you had to pinch and zoom so much for one piece of information? And you hit the “back” button in frustration, or decided to check it out later at your office and totally forgot about it? When websites are mobile responsive, they are configured to morph to different sized screens for different mobile devices. Items will enlarge and reposition themselves for optimal viewing on the smaller screen. Some content can be hidden from mobile browsing views to optimize and speed up the user experience.

Customer Benefits of Responsive Real Estate Websites

• Full-width photos of homes: While many images are shown side-by-side on larger screens, this may be too small on an iPhone screen. Responsive sites will take side-by-side images and put them top-to-bottom for an easier viewing experience.
• Large, easy-to-read text: What used to be double or triple columned paragraphs becomes single column, therefore much larger. Users do not need to pinch-and-zoom to read small text.
• Easier to swipe through content: With a strictly vertical layout, people can easily swipe up & down to go through all your pages.

How Responsive Websites Rank Better on Google

• User bounces: When a user performs a search on a mobile browser and lands on a website that is not mobile-responsive (therefore hard to read), he/she may hit the back button right away. Google logs these bounces, and may consider your website less relevant to whatever search query that was used.
• Google plays favourites! Google has announced that they will be showing mobile-responsive results as a priority over those that are not. Google already shows “mobile-friendly” on search results as it is. Change in ranking based on this factor puts even greater importance on having a responsive website. You can lose a lot of visitors quickly if this happens.
• More traffic never hurts: While Google does not rank websites by popularity & traffic, having healthy traffic on your website as a result of becoming mobile responsive helps indirectly. You may get more shares/likes on Facebook and Twitter if more people stay on your site longer.
• Good website metrics: Having high number of visits & pageviews can also be a factor in winning that next big listing.

Responsive Mobile Websites Are Now A Must, Not An Option

There was a time when responsive websites were a new and fancy luxury item for businesses, when the first Blackberries were used by a few select people. Times have changed quickly, and it has now become a standard. Many users will find it frustrating to use a non-responsive website. Viewing habits have never changed this quickly in history of all media, and real estate agents need to adapt to it just as quickly.

2014 Medallion Club Award

What is the Medallion Award?

For the past 50 years, the Real Estate Board of Greater Vancouver (REBGV) has celebrated the exceptional achievements of its top producing members with the Medallion and President’s Club Awards. These awards recognize outstanding service, dedication and success in the real estate profession. The REBGV represents 11,600 licensed commercial and residential Realtors. Medallion Club qualifiers are recognized for being within the top 10 per cent of Realtors for sales volumes on the region’s Multiple Listing Service (MLS).

Full Vancouver Sun Posting: 

http://www.medallionclub.ca/wp-content/uploads/2015/04/Medallion_Club_2014.pdf

Thank you for all your support in 2015!

You made it happen for me... thanks to you...

I made top 10% of all Realtors in Greater Vancouver & ReMax 100% Club!
Look forward to seeing you at my Customer Appreciation Party!

Click on this link!!
http://www.jibjab.com/view/Rpx_8mknRba9fb7XW5z7ng?utm_campaign=URL+Copy&utm_content=SY_dance_havana&utm_medium=Share&utm_source=JibJab&cmpid=jj_url


Please look out for your offical invite in the mail :)

School Locator!

Need a Catchment Map & School List in Coquitlam, Port Moody and Port Coquitlam?

Want to check out the school locator? Click below

or copy this link to your URL:

http://mybaragar.com/index.cfm?event=page.SchoolLocatorPublic&DistrictCode=BC43

Type your address and your schools will show up!

Approximately 30,000 students attend schools in the tri-cities district in 67 schools!

Each school possesses it own personality and qualities that make each a unique representation of its students, staff, and community. Use the links below to get the specific information you want.

Elementary Schools

45 elementary schools, serving students from kindergarten to grade 5. For most students these early, formative years provide the foundation for lifelong learning.

Middle Schools

13 schools serving students from grades 6 to 8, the middle school acts as the transition from elementary to secondary. Middle school provides an environment where students can gradually be prepared for the requirements and demands of secondary school.

Secondary Schools

9 secondary schools are some of the newest and most innovative in the province serving students from grades 9 to 12. Many of our high schools offer new and renovated facilities and amenities.

Ask about the French Immersion Programs!

Visit http://ilovehomes.ca/schools.html

New Listing Coming Soon in Coquitlam, stay ahead of the game!!

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.

Last month’s sales were 20.2 per cent above the 10-year sales average for the month.

“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.

Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.

The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.

“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”

Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.

Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.

Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.

Source: http://www.rebgv.org/news-statistics/home-buyer-and-seller-activity-outpaces-historical-averages-february

Most Canadians aren’t aware that credit is not just a score or an ability to make payments on time, but is actually composed of a few different categories; hence, the five C’s of credit:

1. Credit shows the lender a snapshot of what the borrower’s repayment history has been over a period of time. This is the only way a lender can predict the borrower’s propensity to make future payments. The credit score is the primary measurement factor.

2. Capacity is the ability to repay loans. Arguably, this is the most critical of the five C’s of credit.  Lenders look at debt service ratios (total debt service and gross debt service), as well as payment history in order to assess a borrower’s capacity, or ability, to repay a loan. 

3. Capital is the amount of money that a borrower has invested in a property. It is otherwise known as a down payment. Lenders want to see how invested you are in a property before making a decision.  Loan-to-value is a measurement used to determine the amount of capital required as down payment, in addition to the rate and terms of the mortgage. 

4. Character can be described as a borrower’s general trustworthiness to repay loans. Factors such as length of employment and the borrower’s propensity to save and utilize credit responsibly all help to establish character.

5. Collateral can be thought of as additional security provided to the lender. The subject property itself – its value, location and characteristics – can be thought of as security, but collateral can also include outside parties that will guarantee the loan. These parties are often referred to as covenant partners.

The goal is to get a “YES” to your deal with a lender. The five C’s outlined above determine a borrower’s ability and willingness to make payments. Understanding what a lender is looking for allows you to set yourself up to put your best foot forward. If your investments are analyzed and planned correctly, every “YES” from your lender will bring your closer to achieving your goals.

Source: Canadian Real Estate Wealth

www.i❤homes.ca can translate to many languages!

The ilovehomes.ca website uses the Google Translator Tool to keep everyone informed from all cultures and backgrounds. Jessica Prasad has made efforts to keep everyone informed about Real Estate in Greater Vancouver. One of the many beauties of Vancouver is the multiculturism and how our Vacouverites embrace all our differences especially language. People come from all over the world to live here!

There is translation toolbar on top everypage on this website!

"going paperless"

Jessica Prasad has made great efforts to reduce paper in her Real Estate business and continues to make changes to become a paperless office work environment. She has implemented ways including online storage, electronic signature systems in which the use of paper is eliminated or greatly reduced. This is done by converting documents and other papers into digital form. Proponents claim that "going paperless" can save money, boost productivity, save space, make documentation and information sharing easier, keep personal information more secure, and help the environment. This concept can be extended to communications outside the office as well! We can do our part!