Epain Homes

********************* Breaking News *******************

It’s comment moderation time people. Don’t worry, this is just to keep out UN2010. He is done.

Gavin and I are both online frequently so you will not have to wait for long to see your comments appear.

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Great news!!

I have worked out an agreement with the person I had hoped would continue on with the numbers.

We are working out the details, but most importantly, the website will live on.

I am very happy that we can continue on. The new site owner is a fantastic Realtor and most importantly honest and objective. I could not have left the site in better hands.

I will have more details and the identity of our new site manager / real estate expert very soon!

Together we should be able to improve the current site. I would appreciate your feedback on how to remain / become your first choice for market stats and real estate advice.

It is with mixed feelings that I’m typing this post to say “good-bye”.
After over a year of weighing the pros and cons, my wife Sandra and I have made the decision to move our 1.5 (one on the way) kids to Charlottetown, PE.

Why?

We initially were interested in Charlottetown because we have some family there, and after researching it and visiting PEI, the vastly improved quality of life is what convinced us. Sandra and I want to have the time to be very involved in the lives of our children, and PEI is affordable as well as being beautiful.

I will miss the opportunity to work with many of you. I always got a kick out of meeting the person behind the avatar. However, I look forward to selling real estate in a market where I can more easily see value for the dollar. Selling first-time home buyers into a 200k house will feel good compared to the recent speculative mania that has infested BC real estate. And when you toss in beautiful beaches and the best golf in Canada it all made a tough decision a little easier.

I started this blog to document what I anticipated would be the beginning of a Vancouver real estate crash. I enjoyed posting the daily stats, and most of all loved reading the contributions to the blog.

I will be posting the February numbers for month-end. I wanted to give you some notice and not just slip away in the night. The blog will stay up but the website will be done. I will always hover around the Vancouver housing blog scene.

Your friend,
Paul

P.S.

If you need an honest local realtor I would love to refer you to a colleague. I have trusted contacts in the entire REBGV. And if you’re interested in PEI real estate whether it’s for relocation or an affordable summer home, you can reach me at paulboenisch@gmail.com .

I expect to be licensed to sell PE real estate this summer.

Not necessarily my view but some interesting thoughts put forth here. Some bits from the article:

“If you’re still linked through the house, than you’re not really divorced,” says Kelly Lise Murray, a Harvard-trained lawyer and Nashville real estate agent…

But Murray, who describes herself as a “divorce real estate advocate,” says people tend to underestimate the “ghosts” that go along with keeping the house. The place is often so filled with memories, both good and bad, she says, that “it’s not the family home anymore. It’s a huge lodestone…”

Then there’s the even bigger issue of hidden debt. Ideally there will have been no secrets between the husband and wife. But money is a major cause of divorce, and in many cases, one spouse has no clue that the other one has rung up big bills that have become undisclosed liens against the property…

I think the premise above contains two particular advantages.

First, the divorce case is quickened and potentially “cleaner.” I can’t tell ya how many cases I have now that are just sort of lagging because of an inability to sell real estate…nothing too much happening but no final closure either. Of course no one can control market conditions.

Second, there’s way too much guesswork in setting some value on a marital residence at some time fairly arbitrarily plus there’s a lot of unknown and moving factors that have to happen for the typical refinance with buyout or sell in the future and distribute proceeds in some pre-set manner…now that’s messy!

Oh, but I am.

Here’s Wikipedia’s definition:

An earnest payment (sometimes called earnest money or simply earnest, or alternatively a good-faith deposit) is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to demonstrate that he/she is serious (earnest) about wanting to complete the purchase. When a buyer makes an offer to buy residential real estate, he/she generally signs a contract and pays a sum acceptable to the seller by way of earnest money. The amount varies enormously, depending upon local custom and the state of the local market at the time of contract negotiations.

I’ve been working with a long term client regarding sale of real estate over the last months. And won’t go in to many details here but there was a shocker regarding a recent offer and contract (where eventually the buyer’s backed-out of the deal) where the listing real estate agent didn’t require nor take any earnest money from these buyers when they made their offer and subsequently backed-out.

UNBELIEVABLE!

And in the end the result may have been the same but it sure would have been nice if the potential buyer’s had a little skin the game…ya know, I think it’s called leverage.

In January 2008 the Vancouver real estate market was still stable, and offered no major indication that a flood of listings would combine with sliding sales to wash away over 2 years of price gains. Times sure have changed. I wonder what we will see this spring? I would not be surprised to see inventory eclipse that of 2008’s highs, but by how much? Perhaps you can post your thoughts.

Sales came in at 764 v. 1,819 last January. That’s a 58% drop in sales activity. Inventory reached 15,066 listings, resulting in a 51% YOY increase in inventory.

MOI is sitting at 20 months vs. 5.5 months in January 08. We must watch this figure closely. It illustrates the strength (or lack thereof) the market best of all.

I’ve seen 5 year mortgage rates as low as 4.29% lately. That’s a great rate! It will be interesting to watch the action this spring to see the impact (if any) of such attractive rates.

Sales Chart:

Listings Chart:

MOI:

Benchmark Prices: Prices all up!…If you can believe it

Detched: +1.7%
Attached: +.5%
Apartment: +.4%