The Truth- Real Estate Commissions

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This article highlights the rates of residential properties in areas of trade of Pitt Meadows. It clarifies variation between two brokerage rates. These are brokerage and total commission respectively. It also seeks to put in plain words whether these rates are variable, cut-rate and a few examples of how rates affect the sale price of any property in Pitt Meadows. It will show effects that commission rates have on the amount of money you get.

Pitt Meadows commissions are set to be a percentage of sale prices of assets being sold. Usually, there is a lack of fixed rates because it’s not even legal to preset any price. Overall fees are mostly charged ranging from of 3.0% to 3.5% and up to 5% or in some cases higher and in some cases One Percent Real Estate exists. That is utmost a normal amount. Usually, the end profit is split into half between the two brokers who participated in any transaction, but you must also keep in mind that sales intermediaries frequently receives 2 to two point five and remnants are used to pay to the other party. These amounts differ broadly, but there are many exceptions. The intensity of services you get can or may be diverse according to on the fee charged to various businesses.

Therefore this calls for exploration before selecting a brokerage.
Some agents advertise a maximum of two point five or in some cases; you will find some signs showing 1% Realty. Some even have enough guts to advertise with 0% or “0.1% commission”. That is enough to trap those unaware of what it means. Reason for this conclusion is because they are usually referring to one side of things. The listing party to be precise. Also, the side which sells should be considered and paid in a transaction of this caliber. To avoid being misled by such ads, it’s important to read fine prints carefully and consider services that you will benefit from in comparison to lower charges.

First of all, it’s important to understand terms used in property management. The middleman who deals with the listing is the one who signs your assets and represents your interests. The other agent represents an offer on your home and also represents buyers. So with that in mind, it ‘s good to know that.There are two sides of any asset management transaction, first one being salaried to listing realtors and another one being what is usually remunerated to the seller who presents the offer.

In Pitt Meadows area, most MLS listings are usually remunerated to the agent who sells. This amount is however not fixed and varies from 0% and above. In some cases, an amount given to a sales broker is more than 2.5%, and it’s considered an incentive to the middleman who performs the transaction and manages to sell that particular property at a slightly high fee than they would get from a sale of a property that offers the required charge or lower. Also, the latter can be paid to the broker for listing. Which would make your complete charge payable the same as that of the seller which is five percent. That’s how rates work in some property transactions for Pitt Meadows.

I have used “some transactions” on a large variation of such figures. Particularly due to elasticity in the two point five figure concerning Pitt Meadows. Other areas might be different. The chargeable rate is never rigid and is always open to discussion. Some companies try to be a full discount property agents while still trying to offer a price cut. That is quite impossible. Therefore before you do anything essential, ensure you have read and understood ads about what you are signing. Also, request for all details in writing. It’s true some companies offer rates with some money off, but not all do so it is important to explore options offered before coming to a conclusion.

Some companies in Pitt Meadows and others in Greater Vancouver trading area do offer a fee which is inclusive of a discount. They are full-service enterprises that provide you with a substitute choice of brokerage. Just like my statement suggests ( I have used “some”)what does that suggest? It shows there are other companies which do not. So be extra careful and have full information before committing yourself to any brokerage.

Maple Ridge’s Housing Market Update- Cooling Down

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This is the kind of question that will be heard at Metro Vancouver, when the Real Estate Board of Greater Vancouver released a report that the residential property sales had amounted to 3,226, in the Month of July. This represents an 18.9% decrease in sales as compared to the month of July 2015, which had 3,978 sales, that is also a 26.7% decrease as compared to the sales of last June, which summed up to 4,400.

Actually, since January, this is the first time whereby house sales in the locality recorded a figure below 4,000 in 30 days.

Looking at the July sales of detached homes, Pitt Meadows and Maple Ridge were ranked as the leaders in the 16 neighborhoods that are covered by REBGV.

126 houses were sold or bought in Pitt Meadows and Maple Ridge area. After these two neighborhoods, the community that followed was Richmond, which is covered still by REBGV, had a total of 123 sales of detached houses in July.

Though that was the case, the total homes that changed hands in Pitt Meadows and Maple Ridge neighborhood in the past month, exceeded by 100 the number sold houses in June, which summed to 234 houses.

Still, with the cool housing market, the price of detached houses in Pitt Meadows and Maple Ridge neighborhood, are seen to be shooting up.

The standard price that a detached house in Maple Ridge ranged was $705,900, in the past month. This price is 1.9% more than it was in June and 38.1% higher that it was in July 2015.

This same pattern was noted in Pitt Meadows, in that the cost of a detached house was $767,200, a figure that is 0.9% higher that how it was in the month of June, and 33.5% pricier than it was in the past July.

Though being residents there, they are not certain how the latest passed 15% tax for the buyers in Metro Vancouver will alter the faraway neighborhoods like Pitt Meadows and Maple Ridge.

According to Edge, the effect will be felt in Vancouver, because foreign buyers prefer to buy houses in the center of the city. For this reason, Pitt Meadows and Maple Ridge are not going to be affected because no such serious buyers come there to buy homes.

Though being the case, he concluded that there had been uncertainty in the entire Metro Vancouver, regarding taxes.

Speaking, Maple Ridge realtor said that it was in Vancouver that all things are triggered from. According to him, any notable activity in the real estate business starts from Vancouver, then propagates outwards like a wave towards other parts.

For Edge, he sees that even the advancing development of the Albion region and East Maple Ridge, the local market is still determined by supply and demand, more so with the vending of detached homes.

Speaking, Edge said that there is a lack of sufficient product in new starts construction, which can maintain the buyer’s demand. Also, the number of real estate buyers has increased as compared to the property to be sold in the market.

Another factor that is determinant is the affordability. Though there has been an abnormal increase in prices in the last year, Pitt Meadows and Maple Ridge have still maintained to be the affordable neighborhoods in the REBGV covered regions.

Edge confessed that there is a considerable effect of the spin-off, on what’s happening in the larger regions.

On the other hand, Dan Morrison, the president of REBGV, said that there was some leveling in the market.

Morrison said that after many months in which the sales activities broke the records, the demand for people to purchase homes came down to the normal rate in July.

He continued saying that even with the leveling out; the past month recorded a 6.5% increase, as compared to the average monthly sales of the past ten years.

According to Justin Hennessey, a Maple Ridge Realtor there were some signs of moderation of home sales towards the end of June, which maintained till the month of July.

The BCREA, (British Columbia Real Estate Association), revealed that there were 9,900 residential sales recorded by MLS (Multiple Listing Service) in July, which is 3.4% lower as compared to July the past year.

In July, the total sales amounted to $6.57 billion, which is 5.4% higher as compared to the past year. It was noted that the residential MLS price in that particular province was $663,411, which 9.1% higher as compared to the previous year.

Cameron Muir, the chief economist of BCREA, said that nearly in all parts of the province, there was a moderation in the demand for homes, though a record breaking was witnessed earlier during the year.

Also, he quoted that the slow rate of home sales could provide the required advancement to the catalog of homes for vending. Also, he said that there were expectations that the appreciation rate would slow down in the present spring period.

Currently, the volume sales of British Columbia residential sales had shot up to $56.5 billion, which is 45.5% as compared to the same duration of time, but in 2015.

As for the unit sales of residential homes, they shot up to 77,261 units, which is an increase of 25%. Meanwhile, the residential price of MLS rose to $731,189, which is equivalent to 16.4%.