Bank vs Broker vs Credit Union
Your February 2023 Sunshine Coast, BC real estate update
Recap of the last month
We can’t talk about what happened in January without referencing the December 2022 real estate market.
December saw a lot of Sunshine Coast sellers taking listings off the market. Once you get to the middle of December, buyers and sellers are pre-occupied with the holidays and there aren’t a lot of viewings. Many sellers opt to take December off and remove their listing from the market for a few weeks.
In January, we saw a ton of listings flood back onto the market. January sellers understood that taking a few weeks off for Christmas was one thing but waiting for spring probably wasn’t going to do them any favors, so they relisted their homes.
There seemed to be more buyers in January. Buyers that actually HAVE to buy or are relocating are pulling the trigger on homes. Properties that are getting the most action are priced sharply.
Advice for February sellers
Homes for sale need to be priced ahead of the market as we're seeing a ton of inventory coming online. Spring is typically a very busy real estate season so it’s reasonable to believe that we’re going to see even more homes on the market the further we progress into 2023.
If you’re selling, price sharply and market your home far and wide to as many different buyer pools as possible. If you’re not already working with an agent, call me for a Comparative Market Analysis (CMA) and I can tell you how I’d price and market your property to get it the most exposure and interest possible.
Call Tony today at 604-418-2695
Advice for February buyers
Get pre-approved by a mortgage broker. If you’ve already been pre-approved, circle back to your lender and double check that everything is still in order.
Buyers that were pre-approved in 2022 should know that a lot has changed in the mortgage market. Some buyers don't understand how the interest rate increases are going to impact their pre-approvals. The increase in interest rates that we've seen is limiting how much people can spend when buying a home.
I suspect some recent deals (and deals moving forward, too) are going to fall apart because buyers will be writing offers when they’re not fully up-to-date on what they're actually pre-approved for in this current market. Buyers need current mortgage approvals to have their ducks in a row.
If you haven’t been pre-approved, call me and I’m happy to refer you mortgage brokers that have a deep understanding of the Sunshine Coast real estate market.
Call Tony today at 604-418-2695
Mortgage Brokers vs Banks vs Credit Unions
When shopping for a mortgage, I generally recommend talking to a mortgage broker first.
Banks tend to initially offer you their posted rate, which can be substantially higher than the discounted rates that are available from a mortgage broker. You can negotiate the rate with your bank but it’s an added aggravation you might not want to deal with.
Mortgage brokers work with many lenders so generally, you’ll get a lower rate than you would going directly to a bank. Mortgage brokers typically give you the best rate available without you having to ask or negotiate for it.
Mortgage brokers also have different tiers of lenders. If you have a non-traditional application, a mortgage broker will have access to “B” lenders that specialize in credit issues, divorce, self-employment, etc...
The benefit of going directly to a credit union like the Sunshine Coast Credit Union is that they have some latitude to (very occasionally) make exceptions for some clients.
Exceptions aren’t frequent or a given but if your application is close but not quite there, there’s at least the possibility with a credit union. There’s usually zero chance of an exception when you’re dealing with a big bank.
Call me if you need a referral to a mortgage broker that’s well versed in the Sunshine Coast real estate market. 604-418-2695
FOR SALE: 727 Gower Point Road, Gibsons, BC - $1,595,000
Offering one of the most unique views in all of Gibsons, 727 Gower Point Road is the ideal location for your oceanfront dream home. Inside is a spacious open concept floorplan that maximizes those spectacular views with lots of big windows. The home benefits from the care of long-time owners but would shine with some upgrades.
The east side of the home has incredible ocean views and overlooks Franklin Beach, and Bowen and Keats Islands. On clear days, you’ll also see the North Shore Mountains.
A concrete abutment sits at the water’s edge and is the ideal spot for launching a kayak or enjoying the sunshine. You're only 350 meters from nearby Franklin Beach, a favourite summertime destination for swimming.
It could be years before another listing like this hits the market! Call me for your info pack or to schedule your in-person tour. 604-418-2695
🔗 See the full listing on my website: https://bit.ly/727GowerPointRoad
FOR SALE: 2 5471 Secret Cove Road, Secret Cove, BC - $799,000
Overlooking Secret Cove, this 3-bed, 3-bath, 2,583 square foot stand-alone townhouse has a unique floorplan, two outdoor spaces, and a separate guest space. Dual fireplaces, vaulted ceilings, and an open concept living space make this the perfect property for hosting friends and family or curling up for a quiet evening at home.
You’re only 350 meters from Secret Cove Marina. A 5-minute drive brings you to the nearby Halfmoon Bay General Store. Another 10 minutes down the highway are the amenities of Sechelt.
With three bedrooms and tons of storage, #2 at the Mews would make an excellent family home. Or, thanks to its proximity to the ocean and nearby Secret Cove Marina, it could be your ideal summer getaway.
Call me for your info pack or to set up an in-person viewing. 604-418-2695
🔗 See the full listing on my website: https://bit.ly/2_5471SecretCoveRoad
FOR SALE: 1 815 North Road, Gibsons, BC - $534,000
An end-unit in a small strata complex, #1 had its kitchen upgraded with new countertops, new cabinets, and updated appliances. You’ll find beautiful laminate floors throughout the suite, and the renovated bathroom features heated tile floors, a HUGE vanity, and a ceiling mounted rain shower head. There’s a small fenced yard with a deck and mature trees.
This was a 55+ complex however, the strata recently removed that age restriction. Anyone of any age can now own and/or live in this complex.
An excellent location in Upper Gibsons means you’re walking distance to the shops and restaurants at nearby Sunnycrest Mall. Across the street from the mall is the Gibsons and Area Community Centre with its weight room, racquetball courts, and group fitness classes. Further down Gibsons Way, you’ll find more shopping as well as Gibsons Medical Clinic.
Quick possession available and priced well below tax assessment! Hurry and call me today for more info. 604-418-2695
🔗 See the full listing on my website: https://bit.ly/1_815NorthRoad
Call Tony today!
If you’re not already working with an agent, call me when you’re ready to buy or sell and I’ll guide you through the busy and competitive real estate market on BC’s BEAUTIFUL Sunshine Coast.
Tony Browton - TrueBlueRealty.ca
Personal Real Estate Corporation
RE/MAX City Realty (Gibsons)
Mobile: 604-418-2695
Email: Click here to email Tony
⚠️ DISCLAIMER: This newsletter and its contents are not intended to cause or induce breach of any existing agency agreement.