Ever wonder why Chinese are buying up properties in Vancouver at exorbitant prices?

The below article will tell you how expensive the property is in China.

"Mr. Li used years of savings to buy his (and his entire extended family’s) first house – a 650-square-foot apartment in a slightly worn-out building.

His flat cost him the until-recently-unthinkable sum of $519,000, or 22 times his salary. On top of that, he borrowed most of the 40-per-cent down payment from a variety of friends and relatives; he, like many of China’s millennials, is leveraged up the wazoo.

His mortgage payments on the little apartment, at 5.3-per-cent interest, are $2,400 a month; his salary is $2,000 a month".

http://www.theglobeandmail.com/globe-debate/chinas-middle-class-dream-on-shaky-ground/article25142239/

FP,

The one flip side would be less foot traffic. Since you are trying to sell without an agent, you probably want to make the most of the first impression.

One trick staging people do is to use mirrors in small rooms. I have seen them use a lot of wider mirrors (horizontal orientation, not vertical), especially around kitchen and corridors. Homesense, Winners, Lowes, Walmart seem to have good collection.

Also, they recommend using new bed spreads, pillows, comforters etc. I would recommend Costco.

I did see some threads in RFD in the past from people who were successful with the FSBO option, please search there.

If you dont think that the unit will have competing offers and offers, it wont hurt to do the inspection done beforehand. It might cost you in the range of 400 to 500.

With regards to listing lower, its your call. If you dont expect multiple offers, it will be risky to list lower. In that case, I would stage the house nicely and list at market value.

Do make sure to consult with your real estate lawyer before you start this process. He/she might me able to give you some valuable inputs.

For reference, I paid 1.5% to my agent (+2.5 to the busying agent) , that included staging and changing all light fixtures with modern ones. I thought that was worth it. They make the money when you buy the house, so if you bargain, it can be brought down to 1%. Some agents even offer cashback from the buying process (from the 2.5% commission).

Good luck.

Feb you already are frustrated with your house not selling fast - let the professional handle it , just find the good one.

Selling house privately is not simple as people think unless you got experience - there is more than just paper work



Main risk: which is not your concern but it affects u directly - Getting mortgage approval will be much tougher on private sale house.

Let's say even if you get private buyer but by chance he doesn't have good chunk to put down or financial history is not strong enough - trust me it will be much difficult to get mortgage

but if house is listed with agent - bank feel more safer to lend money ( and buyers mortgage agent has chance to manipulate paperwork to get him approved which is lot difficult on private sale)

just don't get into mess for little saving - JUST LET PROFESSIONAL HANDLE THIS

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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)

Ideal would be to buy and sell using same agent and you don't pay anything from your pocket to your agent for selling the house. The commission he would make from the house you are buying is all he get for both the job.

You just have to pay to the buyer's agent for your townhouse.

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Originally posted by happywoman36

Poor you, FP..

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Originally posted by Blue_Peafowl

Feb you already are frustrated with your house not selling fast - let the professional handle it , just find the good one.

Selling house privately is not simple as people think unless you got experience - there is more than just paper work



Main risk: which is not your concern but it affects u directly - Getting mortgage approval will be much tougher on private sale house.

Let's say even if you get private buyer but by chance he doesn't have good chunk to put down or financial history is not strong enough - trust me it will be much difficult to get mortgage

but if house is listed with agent - bank feel more safer to lend money ( and buyers mortgage agent has chance to manipulate paperwork to get him approved which is lot difficult on private sale)

just don't get into mess for little saving - JUST LET PROFESSIONAL HANDLE THIS

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Originally posted by febpreet

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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)