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Vancouver Real Estate Blog

Increased Hurdles Proposed for Residential Landlords – Renovations and Rent Freezes
On March 1, 2021, the provincial government announced proposed legislation that will increase the hurdles faced by landlords wishing to complete renovations in tenanted residential property.
 The proposed legislation seeks to both prevent “renovictions,” and to extend the current provincial rent freeze to December 31, 2021. If passed by the B.C. provincial government, this legislation will come into effect on July 1, 2021. According to the provincial government’s press release, significant effects of the legislation will include:

 1) Landlords will be required to apply to the Residential Tenancy Branch before they can terminate a tenancy agreement for the purpose of making renovations;
 2) Landlords will be prohibited from ending tenancies for renovations that are not “substantial,” or that do not require the rental unit to be vacant;
 3) As the Province has already extended a rent freeze during COVID-19, this legislation will permit tenants to disregard notices of rent increase taking effect between March 30, 2020 and January 1, 2022, that tenants have already received; and
 4) From 2022 onward, rent increases shall be capped at the rate of inflation.

The market prices are higher than they've ever been even surpassing the super hyped Vancouver market of 2016-2017

For a FREE market evaluation for your rental property Click HERE

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How Vancouver-area home sellers are getting full price or more without using a traditional selling system..

Selling a Vancouver-area house, townhome, or condo the traditional way with a traditional system has 2 painful problems:

1 - Homeowners never know if or when their home will sell
2 - And, if it does sell, homeowners never know for sure if they got as much as they should have.

So, we fixed all that.
The Ikonomou system lets homeowners know the exact day their home can sell...
...and also the likely bare minimum it's going to sell for. The only question is if they'll get even more than they hoped.
Homeowners love this because they who know how much they're getting and when they're getting it. Homeowners can relax and plan for the future instead of feeling stressed and wondering if or when they'll be able to move.
The way we get home sellers these amazing results is by completely changing how a home is sold. Specifically, we add these 2 things to the mix:

1 - Competition
2 - And A Deadline
When we add these two things, something miraculous happens... puts the seller in full control and serious buyers are forced to take action immediately or lose out.
What we're doing is creating an auction-like bidding environment.
Although we're not actually auctioning homes, this home-bidding model works for exactly the same reason why luxury auction houses like Sotheby's and Christie's work...
...they start with a fair price for a valuable item and, because buyers can see that competition is all around them, buyers expect that the they wait, the HIGHER the price goes.
This is in stark contrast to the “traditional way” of selling a house where buyers expect that the longer they wait, the LOWER the price goes.
Plus, when we add a deadline to the mix, the results get even better.
That's because a deadline demands action... and no one wants to miss out.
 The bottom line of how this all works:
 We compress all your showings into just a few days
Then give buyers a deadline to make an offer
This puts you, the homeowner, in complete control
Buyers know they will be competing and bring stronger offers. 
Just choose 2 to 4 back-to-back days buyers can see your home…
...then receive multiple offers on “deadline day!”
It's very simple and remarkably effective.
Then, if you want, we can even share with you what day your house can sell.
 ✅ Find out how much more you can get with this system by clicking HERE:
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Average sales or list prices will tell you where the market is currently at but to determine where the market is going you need to watch a few other numbers.

As an example from the Monthly Report for February 2021 of all detached homes in Greater Vancouver. The following indicators (numbers give you a greater picture of the direction home prices will be in the near future.
# Active Listings = 3,507
# Listings Sold = 1,248
Median List Price = $1,599,000
Median Sale Price = $1,650,000
Av Days on Market = 32
List/Sale Price Ratio = 103%
# Months of Inventory = 2.8
Market Type (sellers) = 35.6%

To see how these numbers affect your homes value.,
Call Tom direct 778.879.8366

For a full Stats Package join our VIP list at:
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5 Benefits of using an Airbnb in Vancouver

Airbnb has taken the short stay world by storm. Whereas in the past you had to contend with commercial outlets like hotels, motels, and lodgings, today you can easily “Airbnb” when traveling. How convenient is Airbnb? Why is a world with Airbnb so much better than a world without it? 

Cost Savings

Airbnb’s cost structuring is very different from that of a hotel, says Elias Markos. A hotel, when costing its services, must factor in numerous costs. These include the cost of servicing the entire property (including empty rooms), staff costs, goods used in the hotel, licenses, taxes, food, security, and many others. An Airbnb, on the other hand, only has a handful of costs to absorb, allowing it to charge way less than a hotel. These costs savings are passed on to travelers, instead of being soaked up as extra profits as is the case with hotels and other commercial establishments.

Local Experience

Airbnb is an amazing link to the local community and culture, which to Elias Markos is a fantastic benefit. When you visit a new country, staying at an upscale hotel will tell you nothing about the locality. In most cases, such places are deliberately insulated from the local culture to offer visitors a neutral experience. If you want to immerse yourself in the local culture, he says, an Airbnb will give you just this, letting you leave with rich memories of a new place.

Extra Perks

Of late, Airbnb has been adding new services that hosts can offer guests. In some areas, you can purchase an accommodation plus city tour package from a local host. With this arrangement, you get to see a new place through the eyes of a local. Comparatively, when you visit a hotel and book a local tour, you will be taken about by a professional tour guide who is only there to show you what is on the itinerary. In this way, an Airbnb helps you experience the world in a whole new way.

Wide Standardized Selection

Airbnb has over six million places to stay worldwide. That’s a staggering number. What’s amazing about this statistic is that all six million listings are standardized listings. That is, they are all privately owned properties that offer the same experience. 

Extensive Filters

When looking for an Airbnb, you can use a wide range of filters to find just the right place to stay. With filters that include location, home type, number of rooms, number of beds, amenities (kitchen, shampoo, heating), facilities (pool, gym, free parking), house rules, neighborhoods and a host of others, you can easily filter down to a few choice properties. This, is a massive benefit Airbnb has over traditional hotels.

To View homes in Metro Vancouver that allow AirBnB Call Tom Direct at: 778.879.8366

Or meet Tom at: Best Vancouver Listings

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Let’s change the meaning of YOLO from “you only live once” to “you only list once”.

When you decide to list your house for sale, list it like it is the first, last, and only time you are going to.

Because, if you list it more than once…it’s going to hurt you.

Selling your home begins in a hopeful manner.

When you decide to list your home for sale, you probably don’t expect it to not sell the first time you list it for sale.

Quite the opposite…

Most people think their house will sell quickly. And hopefully in a bidding war.

You hire a real estate agent. Pictures are taken. The house is entered into the multiple listing service. Open houses are scheduled for the first weekend. Ads are run…

…and the house gets put on the Internet in more places than you can ever imagine, with just the click of a few buttons.

How could it not sell?

Avoid withdrawing or expiring.

But a lot of times, homes don’t sell quickly. Or at all…

If a house doesn’t sell quickly, many homeowners start to get discouraged, even after just a few weeks.

It gets worse if it starts stretching into months and months.

Many homeowners start to wonder if their real estate agent isn’t getting the job done. And they start considering either “withdrawing” their listing, or letting their contract with the real estate agent “expire”, and plan on hiring a different agent.

Some homeowners have total faith in their real estate agent. They want to stick with the agent they have hired. But they think it would be good to withdraw their listing, and pop it back on the market so it looks like a new listing, hoping to get buyers’ attention.

This is a mistake. Back in the day, this little trick could work. But, it isn’t fooling anyone anymore, and it can have a less than desirable effect.

Big brother is watching.

Remember this from earlier? With just a few button clicks, your house gets distributed all over the Internet…

In some ways, this is great. Your house is exposed to the entire market quickly and efficiently.

In some ways it’s bad, though…

Not too long ago, it was pretty difficult to figure out if a home had been listed more than once, or for how long it was on the market. Real estate agents had access to the information, but consumers did not.

Now, everybody and anybody can see:

  • If a house has been listed before.
  • How many times it has been listed.
  • How long it’s been on the market.
  • And even more information…like if there’s any pending foreclosure, for instance.

Basically put, more information is available than you would ever want made available. And you have no control over it. Nor does your real estate agent.

All of this information is “scraped” and aggregated by real estate websites, like Zillow and Trulia.

Back in the day, it was no big deal to withdraw your listing, or let it expire, and relist it. Few people would be aware of it, unless a real estate agent dug up the information and chose to share it with their client.

Now, a buyer would almost have to deliberately avoid seeing this information.

So, what’s the big deal?

Whether it’s right, wrong, or somewhere in between, the number of times your home has been listed, and the length of time your house has been on the market, affect how buyers perceive your home and its value.

This stinks, because you can have absolutely valid reasons why your home isn’t selling quickly…

Perhaps it’s a supply and demand issue. (Too many houses available and too few buyers buying houses.)

Or maybe you have a high-end home, and there just aren’t many sales in the price range, so it takes quite some time to sell.

Those sorts of reasons are valid. There’s nothing you can do to affect that.

And it’s awful (for sellers at least), but the Internet and available information can cause buyers to sense that the house isn’t selling because “something is wrong”.

Or buyers may feel like, “since the house has been on the market for so long, the owner has to be negotiable or desperate.”

There’s plenty of other legitimate reasons a house may linger longer on the market…

But way too often, the reason houses linger on the market is because homeowners list their home for way too much money. And, quite often, don’t reduce their price to be in line with the market and actual value.

That you can, and should control…

Otherwise, you’re causing buyers to dismiss, overlook, or undervalue your home…because the Internet.

So, here’s what you do…

Control what you can control.

  • Make sure you hire a real estate agent who gives you an honest assessment of your home’s value.
  • Do not hire an agent that simply says your home is worth the amount you want to hear. Or one who agrees to list your house for a higher price than they recommend, just to appease you and get your listing.
  • Price your home appropriately within the market. Price it to sell…not to linger. (This does not mean “give your house away”. There’s a fine line and balance. A good agent will help you find that perfect balance.)
  • Don’t withdraw your listing, or let it expire, if at all possible.
  • If your home is not selling, assess whether the price is reasonable for the market. If it’s, be patient. Keep it on the market. Stay the course.

Ignore this advice if…

If you have hired a good real estate agent, and he or she disagrees with this, listen to them.

Real estate is “local”. Your agent will know what may help or hurt you in your area, more than a general article.

But, if you and your agent are discussing withdrawing or relisting your property, maybe you should bring up what you have read here. Your agent may never have even thought about this angle.

At least it can lead to an in depth conversation about the pros and cons of withdrawing or relisting your home, before just doing it because it seems like a good thing to do.

Again, there are valid reasons a home can linger on the market. Things you and your agent can’t control. It’s not the end of the world. It doesn’t spell doom for your sale.

A good agent isn’t going to let a buyer get your house for a steal, just because of some information the buyer has seen on the Internet.

However, what they find and see on the Internet will certainly fill their mind with thoughts. So, try not to give them anything to think about, other than making a full price offer as quickly as possible.

For a FREE Sellers checklist PDF - Text or call Tom Direct at 778.879.8366

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.