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Selling Unique BC Properties

Michele Talks about Selling Tips and More

Posted by Brad Fry on August 17, 2021
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Warning! ;) This is a digitally automated transcript of the show so there will be mistakes throughout - including the spelling of Michele's name!

 

Curtis Pope: 

Saturday morning, which can only mean one thing, it's time for another edition of the Cummins Real Estate Group show with Michelle Cummings and myself Curtis Pope. Good morning, Michelle.

Michele Cummins - PREC: 

Good morning, Curtis, how are you?

Curtis Pope: 

I am wonderful. How are you able to get through all this smoke that's been going on?

Michele Cummins - PREC: 

I am surviving. I'm looking out my office window right now. And it is. It's pretty dense. It's pretty thick. I sit. It's hard to like, go and do anything outside right now. And obviously, they're saying don't do too much strenuous stuff. So how to cancel some of my early morning bike rides I was gonna do and I haven't taken my motorcycle out the last few days because of the smoke. I missed that.

Curtis Pope: 

Yeah, I would imagine so because you are now the official badass biker Lady of the real estate industry. So

Michele Cummins - PREC: 

that's right. I went out for 13 hours a few days ago. 13 hours I said, heck with it. I'm taking my advice all day. So I went to listing appointments, evaluations showing I showed houses home my bike, I picked up three different lock boxes at three different listings of mine that I had to pick up all put into my backpack. It was so much fun. I did errands I had meetings off. It was great. 13 hours on my bike. I got home before dark. So I'm good.

Curtis Pope: 

Wow, that's that's a that's a lot of time in the saddle.

Michele Cummins - PREC: 

It was right at dark actually. It was it really shows me that I truly love it. And I think I'm hooked. I don't think I know it. I love it

Curtis Pope: 

when I go. So now you don't need to get those horses you've been wanting to get because now you've got a mechanized one.

Michele Cummins - PREC: 

No, I still need my Friesian horse that I want.

Curtis Pope: 

I thought maybe it found a replacement. That's all

Michele Cummins - PREC: 

great. It's the heart wants what the heart wants. That is

Curtis Pope: 

true.

Michele Cummins - PREC: 

Okay, I've got to keep an eye on time this time. This time, no pun intended. Because otherwise I just go forever.

Curtis Pope: 

Yeah, we do tend to get a little off topic here and there. I think that's my attention span coming to bite us. So you know, that's just the way my mind works.

Michele Cummins - PREC: 

And I first want to say in the beginning of the show, is you know, there's gonna be a few lucky what listeners who really want I have a giveaway. Yay. Chris, we have a giveaway. We have

Curtis Pope: 

a giveaway.

Michele Cummins - PREC: 

Yes. And if you text me any one of my listeners at 778-885-4659 you may get some tickets. I have tickets to the bandit. First pro basketball playoff game in Abbotsford tomorrow. That's Sunday, the 15th. Tomorrow at 1pm. You could be in air conditioning. It is air conditioned in there. And it's the Fraser Valley bandit. So hurry up, text me during the show and you can have some tickets.

Curtis Pope: 

Alright, well, once again, in case people weren't paying attention, this is radio. Sometimes we have to give that number out a couple times. What's that number to text again, if people want to try to win some bandit tickets?

Michele Cummins - PREC: 

778854659.

Curtis Pope: 

Very good. There we go. We took care of that.

Michele Cummins - PREC: 

And you can just google Michelle Cummings and you'll find my cell phone there. So okay, I had a question, a real estate Question of the week. And I thought I'd mentioned that on this show. Because if it's one person's question, I'm sure it's a few others as well. So this was regarding land assembly versus strata wind up.

Curtis Pope: 

Okay.

Michele Cummins - PREC: 

Yes. So there is a difference for land assembly is when you assemble more than one parcel of land together to create an assembly of properties to sell to a developer who can give a better use of the land. And once they combine all the lands, they then don't have any lot lines. And the setbacks are as they just opened up their world of what they can actually develop on the land. So land assembly, again, is the assembly of different parcels of land, where strata wind up where strata wants to sell to a developer is different because there are let's say there's 85 units to two strata. The 85 units should do a wind up of the strata creating then one title let's say it creates so that there's not at five contracts have The mean with contract of purchase and sales, it's just one. And you know, with with the strata lineups lined up, there are 80% of the owners need to approve that sale. So as long as 80% of the owners in a strategy that yes, we are interested and we want to sell to a developer, the other 20% unfortunately for them, if they don't want to do it, we'll have to do it. And the way it works is obviously a realtor has to be hired to make sure that the best use and the best price point and to market to the right developers and get the right offer going on. And the lawyer has to be hired to do the wind up. And then when an offer is presented to the strata, which they would like to entertain, it goes to the court for approval and the judge makes sure that they are getting the best terms and conditions and it's fair and honest for all owners. So that is a strata wind up.

Curtis Pope: 

Okay, now we know the difference.

Michele Cummins - PREC: 

So okay, so I wanted to mention because I had a few I went to a VIP events we can have two weeks ago or so for realtors. I mentioned that before on the show. But I wanted to really specify, you know, transit is one of the biggest real estate boosters there is for prices for equity build up for sale. So when you think of area and neighborhood a town getting an amazing transit opportunity to come in their way. That's a bit of a you know, you're speculating if it isn't approved yet, but you're saying hey, this is a great place to invest and buy now for the future because the transits coming now I'm saying this this way, because lamely is a one of those hotspots, the sky train is coming to Langley, it is directed to go from the Surrey area to Langley at Tooele third and there are some pre construction developments that have had some realtor VIP releases, and they're starting to do pre pre sales. So this is a great opportunity for for somebody who wants to invest something, maybe they just have a 15% 10% 20% to put down right now. But they're really, they're speculating for the future for the growth of that buying it at today's prices for tomorrow's game. And then, you know, when this transits come in, and you know, there's an ETA, I've heard of probably around 2025, they've already started the process. But it does take some time. It could take longer than that. But it's coming to two up to two authored in Langley, and it's bound to they've been talking about this for a while, and I do have some inside. insiders that have told me what's happening way before it was really official. But that is a good place a great place to invest in some pre construction condos, townhouses or what have you?

Curtis Pope: 

Absolutely. And I mean, it is yeah, that's there. It's just gonna keep building up.

Michele Cummins - PREC: 

Absolutely. A heartbeat. You know, the whole area of great. Langley is where I moved to, when I first came to Canada in 1998. Do you remember 1998? Curtis?

Curtis Pope: 

I don't remember last week. You're asking What 1998? Yes, I do. Remember 1998? That was when I was I was starting broadcast school.

Michele Cummins - PREC: 

Oh, how cool is that? Oh, how time flies?

Curtis Pope: 

Does.

Michele Cummins - PREC: 

So a little bit of tidbit of information, too. Before we go on break? You know, did you know about half of homes sold in July for still over asking just about? So, you know, people have been saying, you know, if you look at the stats last week, we showed, you know, it's like a ladder coming down just a little bit. But still a seller's market, and prices really haven't come down much. But they're kind of across the board. And they're just, you know, a little bit it's, you know, people just just just so everyone knows, you know, bout half of properties still sold for over asking. So still seller's market?

Curtis Pope: 

No, absolutely. I mean, I keep buying. I know that we used mentioned last week that we had like a low in inventory. And that's got to keep prices still pretty much around asking, depending on what people are asking. Right.

Michele Cummins - PREC: 

Since 1981, the lowest listings we've had,

Curtis Pope: 

yeah, so 40 years, but again, it all comes down to being smart about how you listed because if you go way too high, then obviously you're not going to get over asking. Right.

Michele Cummins - PREC: 

Exactly. You do have to price smart. Absolutely.

Curtis Pope: 

And that's where a professional Realtor comes in handy.

Michele Cummins - PREC: 

so important that you know what it showed you. Yeah, no, I know like

Curtis Pope: 

when we were trying to price our house when we were selling ours with you. I mean, that was it's a bit of a stressful situation. Sometimes you're like, I don't want to ask for too much. But I don't want to go too low and then have somebody just come in and see Oh, right. Give me that and like, and I don't want to leave money on the table. I mean, yeah, I mean, it's a lot of money changing hands. So it can be a little really stressful. And you have to put a lot of thought into it.

Michele Cummins - PREC: 

Oh, absolutely. And then you balance it with how quickly do you have to sell? And what does the real estate market look like? How is it going to change? Possibly, you know, in the near future? How long do you want to be on the market? You know, where are you going to end and timing of everything. So there's so many aspects to pricing your property to get the highest price possible in the least amount of time, with the smoothest transaction dates, everything.

Curtis Pope: 

And that's where you break out, you're eligible, and you go a plus b times c equals d times f equals g equals and you lost me at a plus b, because I can't do algebra. I can do math, you throw it, you throw away your letters, or for spelling, you throw that into the equation for math, and I just, I might as well go back to grade eight summer school.

Michele Cummins - PREC: 

You were pretty good at math. You still pretty good.

Curtis Pope: 

I'm good with numbers. But my mind something in my mind does not click when you throw a letter in there because my mind goes that doesn't belong.

Michele Cummins - PREC: 

Yeah, it's just not right.

Curtis Pope: 

And that's always been a problem for me hence why I went to summer school for grade eight. School Yeah, summer school for grade eight math. What fun that was I got an A in summer school grade eight math, because that was the only thing I had to concentrate on. But it still was not fun. Getting up at eight o'clock every day for part of the summer to go to school again.

Michele Cummins - PREC: 

Oh, come on.

Curtis Pope: 

I learned a lesson. Hopefully, it did. Now speaking of learning something, obviously people can learn from you. But real estate, if they have any kind of questions at all, where do they need to go to get information about you?

Michele Cummins - PREC: 

coming back here.

Curtis Pope: 

All right, we're gonna take a quick break. We'll be right back after these words. It's time for Segment Number Two of the Cummins Real Estate Group show with Michelle Cummins, and myself Curtis Pope. Now once again, Michelle, you have a few tickets to give away to that bandits game tomorrow night? And how can people possibly try to get the name and to win them?

Michele Cummins - PREC: 

Text me right now during our show at 778-885-4659? All right,

Curtis Pope: 

number one more time.

Michele Cummins - PREC: 

778-885-4659

Curtis Pope: 

I'd make you do it again. But that would just be repetitive.

Michele Cummins - PREC: 

Oh my gosh. 1pm tomorrow, and it's air conditioned in there. So Hey, watch the first pro basketball playoff game in the band. And nice cool comfort out from the heat. Exactly, exactly away from the heat and the smoke.

Curtis Pope: 

Alright, so I can't remember what you told me the topic was earlier, what's our topic for the second segment.

Michele Cummins - PREC: 

So the second segment is going to be a lot information for buyers, which is also on the flip side, good for sellers. Because if you're a seller, you may be a buyer most likely you will be. So we have livability factors when buying. So want to make sure that you think of those assets as well as the six most important things to think about when you're buying and mortgage pre approval what you need to know. So let's start off with the livability factors when buying. Okay, so there's many things to consider. Of course, when you're choosing a home, obviously, I mean, there's so much you're thinking of, you have to get down to the basics. And first thing is Location. Location is key when searching for a home. As it is the one thing you cannot change unless you tell it later on if you don't like your location, so try not to get too caught up in the emotional side of the house hunt which is hard to do i know but you don't want to overlook important factors related to location such as how busy the street is, what the noise levels were like in the area and the future of the neighborhood. So those are just some factors. I always say to my buyers want to go knock on the doors of the neighbors and just kind of see how they are. Maybe go and have a look in the evening and sit on Elm Street and just see it as people go By and in the on the weekends and see what it's like. And so really get to know and not just the streets and neighborhoods, but the area as well. And make sure you know things like is there a train tracks close by Is there a race track close by, you know, anything that may cause noise at times that you may not want noise, or you may be okay with it. But just knowledge is important and location, location, location, and then proximity to services and work when house hunting take into consideration the potential home's proximity to different amenities because we're all about quality of life. And we live in what eight second world so but you want to you want to think about you know, what about hospitals, and grocery stores, nice restaurants, other shops, think about how you live your daily life, how you perceive living your daily life, what you want your daily life to look like. And really take that into consideration. Drive the area know where how long your work distance is, you know, and what the changes of traffic may look like on that street or there's some back streets to go, what if you need to pick up some dinners, schools for the kids, you know, there's so many factors, especially if you're a parent, and and you just want to make sure that you know proximity to all the places that you may have to go because sometimes you fall in love with the place Oh, and you fall in love with, let's say the views or the neighborhood or the area, the community. But then you go, Oh, yeah, I can handle that drive? Oh, yeah, that would be no problem. And then you get into it, and you realize, maybe I should have reconsidered this drive is a lot longer than I'd like or whatnot. So really consider that as well. The drive

Curtis Pope: 

is longer, and you plan to just pick up a motorbike. Oh, it's

Michele Cummins - PREC: 

so true. Working wisdom by first, it worked for you. It did. And lifestyle is a huge factor to consider when house hunting. If you're an outdoorsy person, I was asked, you know, what are your hobbies? What do you like? Do you like gold scene ski? Like what are some of your hobbies? You know, do you play basketball? Do you have the, you know, the baseball team you you're involved with? What are those things do like hiking, canoeing, boating, and all that stuff. So you want to think of lifestyle, and choose places that are hopefully close to like like that, like bike trails and green spaces and lakes, you know, because again, time is precious. And if you love doing those things, but they're too far away all the time, you'll never get to do them. So think lifestyle and current status and future plans to taking your current status and your future plans with consideration when house hunting is essential. I usually ask is it's going to be a two year a five year home, it's usually five years or so it's going to be a 10 year 20 year home is this the homie that you want to start raising? They're having kids and raising your kids and like long term home. So that's really important to consider and think about so that those are the livability factors when buying that I wanted to share. Yeah,

Curtis Pope: 

I mean, there's a lot of good tips there. I mean, yeah, there's certain things that you don't think about to like it by moving, are you moving your kid out of the, there's their school catchment and things like that, or you know how things like that gonna play out to?

Michele Cummins - PREC: 

Exactly, and you thought you had to think of that too. And it was a family decision, your you know, your kids, you know, are old enough where they needed to be part of that decision making process. You know, and, and that's really important for everyone to be on the same page and to understand and if you're thinking that, you know, you're going to be going out of place, I have clients right now they're in, they're in a place that is a bit too small for them, and they know they need something bigger, and their kids are just at the age where they do it now. They may not be mad at them later on, if you know what I mean. Because once they get to a certain age, you know, they they have their friendships built up. And there's there's different aspects to the relationships when you moved your kids from a catchment to catchment. So something to consider. If your kids are younger, if you know it's bound to happen sooner than later. It's better to do it sooner than later. That's for sure. Okay, the six most important things you need to know to buy a home in Canada, number one have more than a down payment. So there's a structure that Canada has as far as down payments. And if you are buying under 500,000, you only need 5% down. But a lot of people don't know that. The government has rules about purchase prices and percentages of your down payment, what's minimum provided between 500,000 and a million you actually need 10% on that difference. And if you're buying over a million, you need 20%. So definitely think of that. So Make sure you have that prep and number to get pre approved for a mortgage. We've said this so many times Curtis

Curtis Pope: 

has been one of those incredibly common themes over the years.

Michele Cummins - PREC: 

It sure has, it is so very important because they can hold the best rates for minimum 120 days. And if they go up, you're protected. If they go down, you get the benefit of them going down. I just got an investment property and I got a variable rate five year with 30 year amortization for 1.47%. Down, love it.

Curtis Pope: 

We got ours, I remember we got I think our first approvals for 1.89. And then when we finally did get the house and everything and we went for the final paperwork, I remember Jamie came back and said, Hold on the bank has to come is coming back with a lower interest rate for you. And I was like, excuse me?

Michele Cummins - PREC: 

Like a surprise gift.

Curtis Pope: 

Yeah, I was like, What do you mean, they're coming back with a lower interest rate? What are they gonna pay me to use the bank now?

Michele Cummins - PREC: 

Let's see. And if you hadn't been pre approved, you know, you It hasn't gone up? You wouldn't you would not have been good?

Curtis Pope: 

No, absolutely.

Michele Cummins - PREC: 

And the fourth tip, check out first time homebuyer incentives. If you're a first time homebuyer, they're always changing the incentives and there's a lot of great stuff to be had. So Canadian government offers the first time homebuyers incentive. And it's a loan to encourage and to achieve homeownership for first time homebuyers. So 5% of the purchase of resale home five or 10% of the price of a newly constructed home. And the loan is interest free and repaid at anytime within 25 years or when the home is sold. This is kind of a newer incentive they have as well, of course, you can borrow from your rrsps up to $35,000 interest free as well, to boost your downpayment. So there are some options to really help those first time homebuyers get in the market sooner than later. Because as we said 100 million times on the show to Curtis is, of course, our equity builds up in the Fraser Valley, Vancouver area, very short time short term, do we have a little dip in the market and it always goes up, trajectory is always up. So get in the market sooner than later. And that's the way you can do it. And then number five, work with a real estate agent. And not just any real estate agent, but a tried true one that you can trust and have faith in you know that they are working for your benefit on your behalf. And that they have the support and the education and the knowledge and the and the energy to really work for you like they're working for themselves. So definitely get a real estate agent, one of the first things you do, they can advise you so much so early on for you and save you a lot of stress and hassle and unknown. And number six do a home inspection and isn't in a seller's market, even if it's multiple offers, you can get an home inspection done. Typically, a lot of people who want to do Home Inspections will do them before I've been putting in an offer when it's multiple offers and that way they're prepared and they know and for you as a seller, it makes it more confident offer from that buyer because they know exactly what they're getting. So it works good on both sides. But don't get that as a buyer. My advice. Don't skip it because you never know. You don't know what you don't know until you know it and you don't know it unless you've checked it. So home inspections. So those are the six most important things to think about. And quickly. I think the mortgage pre approval we've really talked about that. And there's just three well three main requirements that you need for pre approval. The lender will check your employment history, the lender will check your credit score, the lender will check your assets and your debts. So those are the those three things that they'll check on. So in preparation for getting pre approved, just know that there was things that they will check on. And so why not we talk about an amazing you will see my god oh my gosh, and it just hit the market literally like couple days ago, day and a half ago. And it's got lake views Curtis's out at Harrison hot springs on Rockwell drive. Very nice. Yeah, and it's it's a gorgeous property. It's almost 4000 square feet of land. It is private. It's gated. It's adorable. It's it has this French French atmosphere it's it's built so well. I mean it's got cement to wrap around Deck, the views. There's a walkway to the to the water. It's not waterfront, it's one property behind it with the raw Rockwell drive in front of it. It's so pretty. I love this one. They used to The downstairs it's two storey plus waffle walkout basement. They used to use the basement as a private little Airbnb that they rented out and they never would see anybody and it was private to them and it was great. So that's an opportunity. But Brent breathtaking views privacy, it's a serene retreat, it's got an outdoor kitchen as well, and to delight the show. So that one's priced at 1,220,000. And it's a three bedroom, three bathroom, a little over 2700 square foot home. gorgeous place, check out my drone video, my cinematography, video photos for kind and everything online is that one Oh, the address 6366 Rockwell drive. And then I've got one in alder Grove that's almost 17,000 square foot of land. It's fully flat and usable. It's got so much driveway and cement that it's amazing on that plus garden and yard space as well. But the reason it has so much cement and and driveway is because it's got this gigantic shop. It's like a 40 by 34 shop with tall doors and high high ceilings and it's amazing shop It really is. It's almost 2000 square foot ranchers well, which is really unique and it's 1971 built. So three bedroom, two bathroom, and that one's on for 1,275,000. And those are the two new listings and I've got them coming soon. So I'm gonna wait though until next week to share them. So I want to leave everyone with a quote. And this quote comes from an American authors. And it's if you change the way you look at things, the things you look at change.

Curtis Pope: 

That's deep and profound. It's gonna take me a while to, to you know, take that all again.

Michele Cummins - PREC: 

And that's by Wayne Dyer.

Curtis Pope: 

Oh, very cool. All right, well, if people want more information about what you do as a realtor and the services you provide, where can they go?

Michele Cummins - PREC: 

Michele clements.ca.

Curtis Pope: 

And join us again next week and we will talk real estate in order to unlock your real estate potential on the show real estate is maximized. Thanks for listening

 

If you missed last weeks episode where Michele talks July stats and More, please go back and take a listen - it's well worth it!

 

Click Here to listen to the full Episode & Previous Episodes!