Maria Mak. Burnaby Real Estate Agents. BC Home Sales to rise in 2013

BCREA 2012 Third Quarter Housing Forecast Update

Vancouver, BC – August 30, 2012. 

The British Columbia Real Estate Association (BCREA) released its 2012 Third Quarter Housing Forecast Update today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to edge down 4 per cent to 73,400 units this year, before increasing 7.5 per cent to 78,900 units in 2013. Since 2009, MLS® residential sales in BC have ranged between 74,000 to 78,000 units. A record 106,300 MLS® residential sales were recorded in 2005.

"Despite more robust consumer demand in the Interior, fewer home sales in Vancouver will pull the BC total lower this year," said Cameron Muir, BCREA Chief Economist. "However, a notable growth trend in full-time employment combined with persistently low mortgage interest rates is expected to boost housing demand around the province in 2013."

"MLS® residential prices are expected to remain relatively stable this year and through 2013, with changes in average price statistics largely the result of a differing mix of home types sold and shifting regional demand patterns," added Muir. Average price data for Vancouver was skewed artificially high in 2011 by a wave of detached home sales in the priciest neighbourhoods. Lower Mainland’s share of provincial home sales is expected to decline to 58 per cent this year from 62 per cent in 2011. The average MLS® residential price in BC is forecast to decline 7.8 per cent to $517,500 this year, and remain relatively unchanged at $519,000 in 2013.

For all premium quality real estate sevices, contact Maria Mak @ 604.839.6368 or visit her website www.mariamak.com, You will be smiling too.
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Maria Mak. Burnaby Realtor. Understanding Agency Relationship when working with Realtors

The agency relationship is established through a contract between you, the client, and your agent, the company under which the REALTOR® is licensed. Most REALTOR® use a blue brochure titled Working with a Real Estate Agent to disclose the nature of the agency relationship with their client.

A REALTOR® can act for a seller or a buyer, or to a limited degree, both. Whomever they represent, REALTORS® have a legal obligation to uphold the integrity of their clients, while protecting and promoting their interests.

Seller's AgentBuyer's Agent Dual Agency

•For your REALTOR® to list your property for sale on MLS®, the Real Estate Board of Greater Vancouver requires completion of a listing agreement.

•Signing this agreement with you commits your REALTOR® to uphold the above obligations.

•The listing agreement also states the compensation amount the seller will pay the REALTOR®.

•The contract of purchase and sale is initiated when an offer is made by the buyer to purchase the sellers's property.

•The contract outlines the terms and conditions of the offer, such as offer price and subject conditions.

•The seller may reject the offer or make a counter offer.

•Once all terms have been accepted and both seller and buyer have signed the contract, each party is legally bound to fulfill the conditions of the contract.

•Dual agency is created when an agent represents both the buyer and seller in a single transaction.

•This can happen if a REALTOR® who is representing a buyer, sells one of their own listings to that buyer.

 

•A dual agent must be impartial to both buyer and seller and fully disclose all information relating to the transaction.

•A REALTOR® can be a dual agent only if both seller and buyer agree in writing.

Remember: always read all contracts and disclosure forms before signing. If you have questions about agency relationships contact your REALTOR® or Maria Mak @ Sutton Centre Realty or visit her website at www.mariamak.com , You'll be smilling too!