Your #1 Agent in all of RE/MAX in the Fraser Valley & Chilliwack *2016-2020 RE/MAX
TOP 1% of REALTORSĀ® Canada wide *2016-2020 REP

Buying and Selling Real Estate Blog

Selling Unique BC Properties

COVID-19 Series #7 Real Estate Weekly Update: Michele Gives us Local Stats & A New Tune From Richard Cummins!

Posted by Andy Boldt on May 5, 2020
Bookmark and Share

Warning! ;) This is a digitally automated transcript of the show so there will be mistakes throughout - including the spelling of Michele's name! 

Click Here if you want to listen to the whole show


Speaker 1: (00:00)
Here we are. It's Saturday morning. It is time for the Cummins real estate group show.

Speaker 2: (00:04)
[inaudible] she,

Speaker 1: (00:25)
well here we are. It's another Saturday morning. And you know what that means? It means it's time for the Coventry real estate group show with Michelle, one L Cummins, no, G and myself. Curtis Pope. How are you doing this fine morning, Michelle.

Speaker 3: (00:35)
Done. Done. Done. Done. Doing great. May 2nd. Can you believe it?

Speaker 1: (00:40)
I'm trying not to think about it. I mean April was a weird month in that it dragged on and flew by at the same time and I'm not sure how that's physically possible.

Speaker 3: (00:49)
Did I know everyone saying that? And it is so true. I blinked and it was gone.

Speaker 1: (00:55)
And then there was times where it felt like it was the longest year of my life.

Speaker 3: (01:00)
Well being Richard's birthday month, but also Willie Nelson had a birthday week. That was Lily. Willie's pretty cool. We got to meet him. I'm sure you've met him.

Speaker 1: (01:11)
No, I haven't met Willie. No.

Speaker 3: (01:14)
Oh, were you there when they were promoting the Dukes of Hazzard movie? Cause that's how we met him. They hired Richard generally for the events and the concert. He, he came to Vancouver and so we, they had it out in front of the thing. And anyways, yeah. You, you didn't get to go to that concert.

Speaker 1: (01:31)
No. Oxidize. That's one of the guys I haven't seen yet and I know he's not getting any younger. So next time he comes through town I will go see Willie Nelson.

Speaker 3: (01:38)
None of us are getting any younger are we? That's a problem. That's an issue. I think we should take that up with some with the good man upstairs. No,

Speaker 1: (01:46)
I think you're right. Can we maybe get a little younger just for a change? It'd be a nice change.

Speaker 3: (01:50)
Yeah. Fountain of youth.

Speaker 1: (01:52)
But you mentioned Richard actually now Richard's been hard at work in his studio as a lot of creative people have been. And I understand we're going to end this segment with a new tune.

Speaker 3: (02:00)
Yes. Very exciting. It is called carry on Canada and yeah, I wanted to share with the audience. It's two and a half minutes long. It's a nice quick, uh, the heartfelt song. And he, yeah, he just was so inspired. So, uh, I want to play that for everyone before the end of the show. And, and uh, may the fourth be with you is coming up.

Speaker 1: (02:23)
Thank you. Thank you very much.

Speaker 3: (02:26)
Exactly. Oh you, you almost had that proper, um, reply, you know there's, there's your and also with you.

Speaker 1: (02:36)
Well and also with you do or do not. There is no try.

Speaker 3: (02:40)
Oh you're good.

Speaker 1: (02:41)
I am a huge star Wars geek cause we've just got stymie nuts. That's, that's my thing. I mean I have watched everything star Wars I think I possibly can and that's the whole reason I have Disney plus.

Speaker 3: (02:51)
Oh that's a good reason know because Disney bought them. And do you know that back in the seventies is when that when they initiated me fourth as the celebratory day for the movie kingdom. I mean it was Margaret Satcher and the United Kingdom, the conservative party that actually coined that phrase named like really got that day to be me the fourth for you with you. Anyways, we try to celebrate it every year cause we like star Wars too. What do you, what do you do on the day?

Speaker 1: (03:21)
Uh, well I usually try to watch one of the movies or you know, or something. I mean, in the last few months, the, uh, the, the Mandalorian came out, which is, I really liked the Mandalorian. It's basically a star Wars Western with a baby. Yoda. It's awesome.

Speaker 3: (03:37)
I don't know if I've seen, no.

Speaker 1: (03:38)
Yeah, it's on Disney plus it's a new a series. They've already green lit, I think season two and season three. And it's a bounty Hunter who ends up with a baby Yoda that he's taken care of. And it is, but it's kind of filmed and feels like it's a Western, even though it's science fiction.

Speaker 3: (03:52)
Oh my gosh. Okay. Maybe a fourth. That is what I'm going to be doing then, is that's what I'm going to do.

Speaker 1: (03:57)
The excellent. You can't go wrong.

Speaker 3: (04:00)
So I would drive it around, uh, delivering flyers this last week. Mind you with my mask and my gloves on and boy did I get hot. Uh, cause I did, it was an hour. I was delivering flyers. I did not knock on anybody's door. Like I usually do or anything. I just was uh, you know, keeping the flyers where they can get them in their mailbox or under their mat or something, um, without touching it. But it's amazing how many, and I drive around all the time being a realtor. That's what we do, right? Driving through neighborhoods. But I've been noticing so many people lately these last, you know, six weeks, seven weeks now doing a lot of work on their properties. And um, usually you know it's, it's very odd to see even one person that Austin, right. It's usually a weekend thing. But this is like during the week I've been seeing this now and yes, we're, a lot of us are home right now, but people are spending money fixing up their properties and doing things that they haven't been able to do.

Speaker 3: (04:57)
It's funny, as the couple that I saw when I was delivering the flyers, I'm like you guys thinking of selling, cause usually that's when you fix up your place. You finally, you lived there 10 or 15 years and you finally, you're going to sell. So that's when you do everything, you do all the work and then you're like, why didn't we do this earlier? So we could enjoy it for at least a couple of years or something before we fell. But each time, Nope. They're like, Oh no, no, no, we're staying. We love it here. So anyways, I find that interesting. And um, you know, yeah. So people are still doing things, spending money on, on, on, on things, uh, for improving their properties, which is always a good idea because it does always improve your equity and street appeal and whatever you're doing inside definitely is helping out. So.

Speaker 1: (05:42)
Yeah, absolutely. And we've done some stuff around our hosts that, you know, I just haven't had time to do in the last, uh, you know, few years. You know

Speaker 3: (05:50)
your fence.

Speaker 1: (05:51)
Yeah. I fixed the fence that Cody's destroyed with hockey pucks. I've done a few other things around the house too, and we did a big load of the dump. Yeah. It's a, you know, we're, we're, we're, we're finding a few things.

Speaker 3: (06:01)
Oh, that's awesome. I was just loving you. Are you loving it? Are you enjoying it? Does it make you want to do more?

Speaker 1: (06:06)
Actually, yes it does. You know, it's funny you mentioned that because, uh, I've, I've learned this wonderful thing, uh, called YouTube tutorials over the years and it's amazing because like for example, my lawnmower was not running and I couldn't figure out why I could get it started but wouldn't keep running. So I went online and I went through there. I found a video with the exact motor that's in my lawnmower, how to take the carburetor apart and clean it. And here I am, I am not mechanically inclined at all. My dad and brother will attest to that. And uh, I, uh, I got him to put it back together, Nate, but it looks like I've got that thing ready to go.

Speaker 3: (06:40)
That's amazing. You've fixed your lawnmower. I'm impressed.

Speaker 1: (06:44)
Well, it's not a hundred percent fixed yet, but it should be. I, I'm 90% sure it's going to be fixed. What all of a sudden done.

Speaker 3: (06:52)
Those YouTube tutorials are amazing and they don't have them for like everything. It's amazing.

Speaker 1: (06:57)
Yeah. And I mean, you can do a lot. It's funny, some of the, I feel bad actually for, for some plumbers and some guys like that and some guys that do like home repairs because some of the simple things that they could come in and make some quick money at that really wasn't taking much of their time. Now you can go on YouTube and figure how to do it and you're taking money out of those dudes pockets.

Speaker 3: (07:15)
Yeah, true. But you know what? Yeah, because how easy is it to, to go, Hey Siri, how do you fix this or whatever, or search YouTube for this or you know, and uh, it's true. I mean, but then, but then they find other areas to spend their money.

Speaker 1: (07:30)

Speaker 3: (07:31)
Money. Money has to change hands. That's how the world works is you gotta spend money to make money and those who spend money help other people make money and you just, money just keeps on changing hands. Right.

Speaker 1: (07:43)
That's right. I mean, I fixed my dishwasher too. Same thing. YouTube tutorial. It was my exact model and it said that, you know, it was making a weird rattle and it said it right away. It said, probably a popcorn kernel. Where did I find once I tore the thing apart? A popcorn kernel.

Speaker 3: (07:56)
Oh, that is, that's hilarious. I've got Kelly popcorn kernel. Oh, I love popcorn. That's amazing. How did they know?

Speaker 1: (08:04)
It just said, you know, often if you're having a sound like this, it's something that's managed to sneak through and got through and it's opted a popcorn kernel because they don't obviously, uh, deteriorate as fast as other things.

Speaker 3: (08:15)
Very interesting. Oh, that's true. They say it for your body to actually popcorn kernels.

Speaker 1: (08:20)
Yeah. So, uh, I, I, I've done a few things thanks to YouTube.

Speaker 3: (08:24)
That's awesome. When talking about, uh, uh, money earlier, um, we, I wanted to talk about some, a little bit about interest rates. Right.

Speaker 1: (08:32)
Okay. Where are we at with that?

Speaker 3: (08:34)
So, well, I actually had an email from one of my mortgage partners Feisal he's with the mini Landia. He sent me this and it's in my email newsletter. Anybody that wants to get my indeed glitter, I got so much good and fun and interesting and valuable stuff in there. It's weekly and you can just obviously just go to my website and the popup window, you can just put your email there for it, but uh, I'm just going to quote him. So he says currently five-year variable rate at 2.45% looks pretty solid and stable as compared to the five year fixed rates, which are volatile and changing all the time. And it looks like that is the variable rate is going to go stay like that for awhile and may even go down further, which would be excellent for new purchase of property. The variable rate is excellent, but for refinance, if you're currently locked into a fixed rate, then to get 2.45% variable, you will have to break the present term that you have and there'll be a penalty on it.

Speaker 3: (09:32)
And his suggestion he says would be remaining in the mortgage term. If you only have one year or less left in your mortgage term, then it would be definitely worth paying the penalty and getting the better rate for the next five years. But like one of my mortgages, um, uh, you know, I, I'm just a year shy of that, so I'm like, Oh, okay. It's not worth it. So I didn't do it myself on one of my properties. But yeah. Um, good advice. And if for some reason during the five year variable term, if you want to break it and want to lock into a five year fixed, which I don't know if I would do that, but he says if you want to do that, the penalty on breaking the variable term will be far less than breaking a fixed rate term because sixth street terms are usually much higher.

Speaker 3: (10:13)
So hope that helps. And then I wanted to talk about how BC has extended the provincial state of emergency. So that just happened this last week. If people don't know or some people might not, it's now until May 12th so not very far away, but premier John Horgan has said he will outline details next this week about how they're going to lift restrictions related to the pandemic. So the premier said also reopening guidelines will be different than other provinces, mostly because BC didn't fully lock down its economy, but also, I mean, they allowed construction and agriculture and other industries to continue operating. So therefore it'll be slightly different than others. But now this is the third extension they've done. And now May 12th. And then lastly, I wanted to mention, um, the federal government also announced, uh, the rent assistance program for commercial leases for tenants and landlords.

Speaker 3: (11:12)
So this is a huge relief for business owners to releasing places. And I always wondered, you know, they did it for residential, uh, tenants, landlords, uh, and businesses are being closed down and they're, you know, how are they going to be able to afford their leases and the landlords of those commercial spaces. You know, it's, it's really, really tough on them too. So, um, yeah, so they, they are expected to have lower rents by 75%, uh, if they've been affected the small businesses. So that's something that is also an announcement for this. Last week I wanted to talk about, and then regarding Richard Saul before we play it. I wanted to just say something about, uh, for him because he's not here with me right now on the phone call. But I asked, you know, w you know, obviously what, what was it that made you write the song?

Speaker 3: (11:59)
If he said he, you know, it's not a comedic song, it's a very heartfelt song. So he said, well, there's a lot of comedic songs out there and they have their place, but he really wanted to try and give people a real boost with positivity and not just not just lighthearted. It's only two and a half minutes, as I said, and he wanted to, he hopes it spreads hope again that we're going to get through this. And as we do get through this, it's a great song to hear on the radio to celebrate through the summer and the rest of the year, um, that we got through this together. So that's what the song is and it's called again. Um, uh, actually carry on Canada and he's got it on his Spotify, YouTube, Facebook

Speaker 4: (12:45)
right here. I'll carry it off. Automobile mechanic is never in a panic. He's got the tools that he needs. Any rolls up his sleeves and gets at it. He gets the motor run and it gets a baby home and and on Friday night and he'd be cruising with his dog and beside him

Speaker 5: (13:17)

Speaker 4: (13:41)
they dig in the soil gives us the fire that we need to keep this country running free. I say, yeah, thank you. Got all the head honcho at the crack of Dawn, so the loony and the tuner stays strong. A carrier

Speaker 5: (14:00)

Speaker 4: (14:22)
we got hockey jeans and cut off jeans and max finishes dry. We got a military that [inaudible] our first responders have a place beyond or, but they know that heaven can wait because they got a job to do when your parole vans and don't we all [inaudible]

Speaker 5: (14:52)
red, white and red and strong is a maple in the center. [inaudible]

Speaker 1: (15:22)
very cool. That's carry on Canada from Richard Cummins. If you're looking for real estate advice, make sure you check out Michelle's website at Michelle Cummins. Dot. CA. We have more right after this. And we are back with segment number two of the Cummins real estate group show with Michelle Cummins and myself, Curtis Pope. Now, Michelle, one thing was going to ask you about, because I know that Remax is a very giving organization as art, what we here at Rogers radio, but on Tuesday of course it is a, it's a big thing that a lot of the charities are doing and, and people are doing for charities and that it's um, it's hashtag giving Tuesday now and uh, I know, you know, the importance of giving to local causes and things like that. Is there something like that that, uh, you, will you guys be taking part in that at all or,

Speaker 3: (16:04)
yes, we've got the local food banks and of course the union gospel mission, uh, that we support and uh, BC children's miracle network, uh, and there's charities that that have had, is usually have events around this time of year and through the summer and they're not able to like the hospice, um, mission and Abbotsford. And there's just so many different places that they need the funding. And the, the, that's why they have the big get togethers or the dinners and,

Speaker 1: (16:35)
or the, or the charity runs and charity walks and all those things that they just aren't gonna be able to have this summer.

Speaker 3: (16:40)
Exactly. And that's so much, uh, that they're going to lose out by not having those. So it's, I'm so happy that whoever who did start this hashtag giving Tuesday now,

Speaker 1: (16:52)
I honestly don't know where it came from, but it's a great idea. And yeah, there's so many charities and you're sailing, you know, we here at Rogers doing everything we can to support food banks, Canada. And of course we're big supporters of the Canuck place, children's hospice and the Abbotsford hospice society. And there's, there's so many ways that people can donate, you know, and it's one of those things that sometimes you think, well, Hey, you know what? I'm not having a great time right now. I don't have a lot of extra cash. It really is a situation where every dollar counts

Speaker 3: (17:18)
really does. Even 25 cents. I mean, everything adds up and it, you guys do so much. And that's why I love that, uh, that I'm family because I really respect how you guys help the community and you guys do so much and Rogers as they're, they're amazing. And so I really do appreciate everything you guys do.

Speaker 1: (17:40)
Okay. So there we go. We're in agreement in that everybody should do what they can on Tuesday for him

Speaker 3: (17:45)
and share it and share it. Share the love because it spreads like, and every, and it encourages others to do it right. Like paying for some of these coffee or doing something like that, it helped me know.

Speaker 6: (17:57)
And it makes you feel good too. Helping.

Speaker 3: (17:59)
Yeah. And we need that. We need that.

Speaker 6: (18:02)

Speaker 3: (18:03)
And especially nowadays because I wanted to talk about real estate isn't, this isn't for the faint of heart and especially as we're going through this pandemic and everything, we're going through a same thing. I mean, we need to help spread positivity and, and love other humans and help other people as much as we can. But you know, selling a vine, you know, it's definitely not for the faint of heart, but it's not even for the average person in, in this type of scenario that we're in. Um, with Cova 19 and everything that's going on, it's always usually a stressful reason why we're, we've chosen to buy herself. And it could be something traumatic like weather, I mean negative or positive, uh, like a death or a birth or marriage or divorce, um, or the potential is being foreclosed on or a huge job transfer and you have to move and sometimes you're separated from your family for things like that.

Speaker 3: (18:59)
So there's so many traumatic reasons and emotional reasons for having to sell and buy. The stakes are high stress levels are high, nerves are high, fears are there and high in real coven 19 on top of all the stressful reasons. And then it's other people's emotional States. So you're negotiating and you're trying to reason and you're working with humans that are going through all of that themselves. So real estate is not to be taken lightly. Buying and selling isn't to be taken lightly. It is important for those who are going through it to understand not only the stress and the trauma you're going through, but that the other parties, the seller or buyer is going through their own set of all that too and understanding why you feel the highs and the lows and why you feel upset and why you feel frustrated and why you feel angry sometimes through the process.

Speaker 3: (19:56)
But try and focus and concentrate on your goal, the joy of getting to a better place because that's usually why you're making the decision to sell or buy, especially at this time. That's why you're going through what you're going through through. It's just the positive change in your life. Um, so just concentrate on that and to get anything positive out of life, there's usually a hardship we have to go through in order to get there. So there's something you have to overcome. There's that mountain you have to climb, there's that rope you have to jump over there or something you just have to go through to get to the other side. And it's usually not fun going through the process, but it's definitely positive, more positive on the other side. In order to be in a safe place, there's something you're going to have to stress through to get there. And just that realize it, accept it, rise above it, be better than it and keep focused and your future is in front of the users. They focused on what's in front of you, not what you're currently going through in the moment, but ahead to where you're going and that will help catapult you to your successful goal. So definitely just wanted to share that with everyone.

Speaker 1: (21:14)
Yeah. And it's, it's one of those short term pain, long term gain. You may be going through a lot right now where you're buying or selling a property, but you're going to get into that property that you, uh, you know, you want, I mean, my wife always says, she goes, ah, I'm getting bored of this house. And you know what, you live somewhere long enough, you know, you do get bored of those and you maybe do a little bit of, you know, Reynolds here and there. That's kind of low, you know, lipstick kind of covers up for awhile, but the fact is eventually you are going to want a new place, a new place to decorate, maybe a new location and things like that.

Speaker 3: (21:42)
Yeah. Some of us, like we do better with change. Others, you know, they'll, they'll stay in their place for as long as they can and they love it. But, you know, especially during this time of, of, of self isolation, uh, we've, we've either fallen completely more in love with our house, our place that we're living or we realize, Oh my gosh, I want outta here. And so it's, uh, it's either way, but exactly. Sometimes we just need a change of scenery and a different lifestyle. But yeah, it's, it's, it's a good thing, but it's very, it's normally as an emotional thing to go through. But now even more so, you know, I'm pretty, uh, I have seen this last week and actual uptick in the real estate industry. Sales. Yeah. I have, um, it's been a bit more positive this last week. So if that's any indication that we are going to be getting out of this or the later ends, of course, May 12th being the new, I really don't think they're going to extend that again.

Speaker 3: (22:42)
Uh, but as we, uh, you know, get out of the state of emergency and hopefully get, you know, get back to opening up businesses and feeling a bit more relaxed. Um, you know, being outside maybe without a mask on all the time, but, uh, I'd be, you know, it's definitely gonna pent that pent up demand for housing is, is gonna. It's gonna get strong, but it's already showing signs of improvement. So I'm going to go through the last seven days of, of sales and new listings and, uh, the areas around us and share with you first starting with jury. So the new listings, in theory, the last week has been 131, so new listings, so that's down from the 158 before, uh, but the last seven days, Surrey sold to in the previous days was seven. So Surrey actually has been a little lower, but, uh, when you look into Langley Ling, they actually sold two properties in the last week and they didn't have any the week before.

Speaker 3: (23:36)
And for new listings, uh, they've had 73 listings this last week, which is up from 54 the week before. So Langley's strong, stronger this week in listings. Ansell's Abbotsford actually had 62 new listings the last week, which is also up from the 40 from the week before and for sold. We're up one more. Abbotsford had two souls in the last week. Previous week was only one mission that has 20 new listings, which is up from the 16 from the previous week and sold. We had two there last week, which is up from the one the week before, so much like Abbotsford. And actually one of the two that sold last week is one of mine. Uh, one of my listings I sold the one that was flyering blueberry on blueberry street, the blue house on blueberry. Uh, so that one was, went for multiple offers.

Speaker 3: (24:30)
Mind you, we had four offers, three were over asking. Oh. And that was within five days of listing and it went for a really good price for the, for the area. So that shows some indication of, uh, stronger, uh, real estate. So maple Ridge had 32 new listings, which is up one from, uh, the week before they had 31. So now they have 32 and sold, they actually sold one last week and they hadn't told any of the week before and chill. The ALAC had 50 new listings, which is up from 40 the week before and sold nine last week in Chilliwack, which is up from four the week before. So see it's, it's, uh, some more soldier happening. So there's the weekly update.

Speaker 1: (25:13)
All right, well I guess that's getting us pretty close to our time. What else do we have to talk about?

Speaker 3: (25:18)
Oh gosh, the weather.

Speaker 1: (25:20)
Well, the weather we are in may now. It's only gonna get better and warmer.

Speaker 3: (25:24)
It's true. And the water has been rising and um, it's been, it's been really, it's been really good. I, yeah, just getting out there and getting the fresh air.

Speaker 1: (25:35)
Well, not all of us live on like 200,000 acres in a palatial estate,

Speaker 3: (25:39)
2000 acres. Oh my goodness. I wish. No, you have to go somewhere like Montana for that or Alberta or something. You know, sisters and hectors and hectors of land,

Speaker 1: (25:52)
but you don't own all of Agassi yet.

Speaker 3: (25:54)
See your dog running from mile.

Speaker 1: (25:59)
All right, well, I guess with that, we should probably, you know, call it a day if people want more information about what you do and what you can do for them, what do they got to do? CA be sure to listen in again next week when we will talk more real estate in order to unlock your real estate potential on a show where real estate is maximized. Thanks for listening.