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MORE GARY WONG: SHOWS VIDEOS BLOG

Tagged: First Time Home Buyers

Basic Real Estate Bidding War Strategies

 

Do you feel nervous when it comes to bidding on real estate?

Do you shy away from competition?

Are you constantly losing in the bidding wars?

Don’t you wish you knew some basic strategies so that you’ll have the upper hand next time?

 

First off, in this hot Vancouver market, bidding wars are inevitable.  It doesn’t matter whether you’re buying a house, condo, townhome or duplex, you’re going to be buying something that others can’t wait to buy.

When Getting A Mortgage, Don’t Trust Lenders Unless They Do THIS

 

 

Banks sometimes lie…

 

I had been warned by my managing broker when I first got into the industry.  I took note and was careful to advise all my clients of this.  What is it you say?

See, everyone knows that it would be a good idea to get a mortgage pre-approval and pre-qualification prior to searching for a home with their Realtor.  

2016 Economic Forecast As It Relates To The Vancouver Real Estate Market

 

 

 

 

I just attended the company’s 2016 Sales Kickoff meeting and heard the yearly economic presentation by Bryan Yu from Central 1 Credit Union.  
 
I’ve attached the pdf for your convenience in the link above, but I’ll summarize the main points from his presentation and from his talk below:
– China economy still weak and slowly recovering (~6% growth)
– Euro economy around 1% growth
– US labour market at 5% unemployment (down from close to 10% in 2011)
– Oil prices low due to too much supply
– Cost to produce NEW Oil for Canada, around $70/barrel
– Canada’s interest rate – no anticipated increase in forecast until at least mid 2017
– BC economy much better than other provinces
– BC labour market incredibly strong
– Increasing # of housing starts in the past few years, but demand is STILL more than supply, developers frantically developing to quench high demand
– Based on economic fundamentals, no bubble in sight
– Year over Year MLS HPI Benchmark Price going up 13 – 28%
– Vancouver Vacancy Rates for Condos at ~0.9%
– Real Estate works in cycles, so there will be Housing Correction in the market eventually, but it’ll likely have to be a recession and will likely be in the 10 – 15% range (Historic:  20% drop during 9/11, 11% drop during 2008 financial crisis)
– Millennials still want what their baby boomer parents had, ie live in a house
– City’s plans are to increase densification and detached housing stock decreasing rapidly, increase multifamily zoning
 
My personal takeaways:
– bidding wars are common now even amongst condos, and by the time a market correction happens, prices will have gone up so much that a market correction won’t help in terms of affordability, 
Example:  when houses are at $1M, having a 10 – 15% housing correction after houses go up to $2M doesn’t really help a majority of buyers
 
My recommendations for buyers:
Housing prices are increasing, faster rather than slower, unfortunately, it is much harder for buyers than it is for sellers.  

The Biblical Principle I Copied From Jeremy Lin To Compete In Real Estate

 

 

Who are you working for?  

 

What drives you?  

 

What vision or mission statement do you live by?

 

When I watched a video on Jeremy Lin’s youtube channel, I made up my mind on what I would be working for.  The video, titled “Jeremy Lin – Episode 1: A Day in the Life” shows Jeremy Lin waking up at 6:30am and working out and playing basketball all day to develop his skills.  

If You Want To Learn Anything In Life, You Have To Learn THIS

 

 

 

This is the Fundamental Key to Learning Anything in Life

 

If you want to learn anything in life, you have to get this principle down.  

After working in the corporate world for 8 years, I thought I knew a thing or two about business.  When I got into the MBA program, I thought,

 

“How different could this be?  

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