Definition of housing bubble: A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets. It is characterized by rapid increases in valuations of real property such as housing until they reach unsustainable levels and then decline.

Pre-sales units sold by the developer typically sell at the list price with little or no negotiation room. In the past buyers had two options. For example, if a buyer was interested in a $300,000 pre-sale condo he or she could visit the developer’s showroom and enter into a contract for $300,000 — in this situation the buyer has no representation. Option two was to use a buyer’s agent (REALTOR®), the buyer would still enter into a contract for $300,000; however, the developer may pay the buyer’s agent a commission of 3.0%100k + 1.5%balance* or $6,000. As you can see, developers prefer to generate sales directly from the showroom as they don’t have to pay out a commission. Most developers count on approximately 70% of their sales being directly through the showroom as it is their direct benefit. Take a look at my Pre-Sale Cash Back Offer!

Jeannie and Ernest sold their Saanich home successfully using my Flat Fee MLS® package, also known as a ‘Mere Posting,’ and saved over $8,000 in commission when compared to a commission of 6%100k + 3.0%balance.  Below is what Ernest and Jeannie had say about their selling experience.

Pride of ownership is evident in this Fairfield gem offering 1950 character with today’s conveniences of a tastefully updated home. You’ll appreciate the large and bright kitchen with stainless appliances, newer bathrooms, and a separate dining area. Downstairs you’ll find two generous bedrooms, a den, an updated bathroom, and a media area wired for your home theater! Potential for secondary accommodation if desired. Outside you will find an easy care level yard providing for a peaceful retreat. Fully landscaped with underground sprinkler system and newer garden shed. A fabulous Fairfield location on a gorgeous quiet street close to Oak Bay Village, schools, and numerous parks! 200 amp service, sewer/storm replaced, and much more.

The consumer is smarter and seeking value in a difficult market.  It just doesn’t make sense anymore to spend over $20,000 to sell an average $600,000 home in Victoria!

There is a difference between current list price, original list price, and previous listing list prices.  Important to consider when making an offer.

Looking for location and quality downtown Victoria? Look no further.

If you are interested in a downtown pre-sale take a look at the review I wrote on the Mondrian.  It can be found on www.vibrantvictoria.ca

1216 Pearce Cres, a Mere Posting, recently sold for $542,000!

Flat Fee MLS® listings are also known as ’Mere Postings.’ The Competition Bureau/CREA Consent Agreement defines a ‘Mere Posting’ as “a listing on a Member board’s MLS® System in respect of which the Member has chosen or agreed not to provide services to the Seller other than submitting the listing for posting on a Member Board’s MLS®.”

Essentially what a Flat Fee MLS® listing, or ‘Mere Posting,’ amounts to is a For Sale by Owner (FSBO) with MLS® System exposure. After the home is listed, the homeowner takes control of the selling process. At www.flatfeelistvictoria.com we offer this service for $799+HST. Please follow the links below for more information!

Victoria Tank Service Limited performs scans for free! 

Prospective purchasers may wish to: have the property inspected for fill pipes, vent pipes, feed tubes, etc. or have purchasing offers subject to inspection by a building inspector and/or underground storage tank locator.

My range of service encompasses everything from helping the for-sale-by-owner to complete full service listings. In addition, I offer my buyers a 70% commission cash back program. I believe in a competitive marketplace and real estate commissions should not be an exception.

Open for dialogue!  Let me know what you think!  You can comment here on you can email me to markojuras@shaw.ca.

It is important for your REALTOR® to be familiar with general building practices in order to explain the many differences between old and new.

DESIGNATED AGENCY

When a brokerage designates a REALTOR® or REALTORS® to work
solely on your behalf in real estate transactions, the REALTOR® and
brokerage are bound by ethics and the law to be honest and thorough
in representing you. The brokerage must account for all money and
property placed in its hands while acting for you. The REALTOR® must:
• Provide undivided loyalty to you (Client) by protecting your
negotiating position at all times, and disclose to you all known facts
which may affect or influence your decisions;
• Obey all lawful instructions which you give the REALTOR® to act on
your behalf;
• Maintain the confidentiality of your information (financial, legal,
personal, etc.) (See following PRIVACY section);
• Use reasonable care and skill in performing all assigned duties in
the role as agent.

When it comes to choosing a REALTOR® commission payable should be of high priority.  The more commission you pay, the less equity you walk away with.  There are plenty of effective business models out there so make sure to shop around.