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May a strong month for real estate sales in qathet region

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May 2021 was another strong month for property sales in the Powell River area, with more than $ 27 million in transactions.

Neil Frost, president of the Powell River Sunshine Coast Real Estate Board, said the market is still active. However, he added that real estate agents will see if changes in mortgage rates will affect the local market.

Frost said the change will likely be more difficult for younger and first-time buyers. The mortgage stress test is performed by borrowers to determine if potential buyers can keep their mortgage payments amid rising interest rates.

“We’ll see if that affects our market,” added Frost.

First-time buyers are now looking at home prices, which have plunged into the $ 500,000 range, according to Frost. The real estate transfer tax threshold, which exempted first-time buyers up to $ 500,000, can now be penalized for first-time buyers.

Frost said the average and mid-range price ranges for May 2021 may be a bit misleading as some high-end properties have been sold that could skew the ranges.

Frost said there are some concerns as home sales displace local tenants. He said a number of investors are currently selling.

Frost said while home sales were down from April 2021, brokers are still seeing healthy activity and multiple bids.

“We’re still seeing houses sell pretty quickly,” said Frost. “We see offers coming onto the market. There is a little more choice. It’s still a strong market. “

In terms of single family homes, 28 homes valued at $ 15,256,665 were sold in May 2021, compared with 17 homes valued at $ 6,012,400 in May 2020.

Of single-family homes and cell phones, three were sold for $ 677,900 in May 2021, compared to two for $ 188,900 in May 2020.

In the condos, apartments and maisonettes category, 10 properties valued at $ 3,773,600 were sold in May 2021, compared to four properties valued at $ 600,900 in May 2020.

A total of 41 units valued at $ 19,708,165 were sold in May 2021, compared to 23 units valued at $ 6,802,200 in May 2020.

On the non-residential side, eight units of vacant land were sold in May 2021 for a value of $ 7,776,400, compared to two units valued at $ 133,000 in May 2020.

A total of 49 units valued at $ 27,484,565 were sold in May 2021, compared with 25 units valued at $ 6,935,200 in May 2020.

The median sales price for May 2021 was $ 544,881, compared to $ 353,671 in May 2020. The median home price in May 2021 was $ 589,900, compared to $ 340,000 in May 2020.

In May 2021 there were a total of 87 new advertisements in the combined living and non-living categories compared to 52 in May 2020. At the end of May 2021, 130 advertisements were active in all categories.

Buyer statistics show that as of April 2021 this year, 60 percent of buyers in the Powell River area were outside of the city. This is slightly above the statistics for 2020 as a whole, according to which 55 percent of buyers came from abroad.

In terms of sellers in 2021, through April, 84.5 percent were local while 15.5 percent were local.

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Are There Fees for Canceling a Real Estate Agent Contract?

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You did your research, found a real estate agent who you thought was right for the job, and signed an agreement for the professional to list your property. But when time goes by – and your house isn’t sold – you may be wondering: Can you terminate this real estate contract – and if so, at what cost?

In a perfect world – where we all read the fine print before we sign a legally binding document – you already know the answers to these questions because they are in the listing agreement you signed.

But this is the real world – a world where many of us sign things up in a hurry and don’t expect there to be any problems. If that’s the case for you, here’s what you need to know about terminating a listing agreement.

What is in your listing contract?

Of course, nobody can force you to sell your home, but real estate brokerage contracts are legally binding contracts.

Listing agreements vary between real estate companies, property managers, and cities and states. In general, however, they all typically include a time frame that they cover for a particular property. If the contract doesn’t include a cancellation fee, you can cancel at any time and you’ll be off the hook. However, many list a fee that will be billed to the seller if the contract is canceled before that expiration date.

The fee often covers the agent’s time and expense. This may include the costs incurred by the agent to have your property listed on the multiple listing service in your area, as well as forms, photos, videos, brochures, and other means of promoting your home. In some cases, the fee is a percentage of the list price.

If there are any fees, you can always wait for the contract to be completed to avoid the possibility of having to pay them. In many cases, however, even if you cancel early, you can make arrangements with your real estate agent.

“If you quit early, chances are the broker will let you off the hook for the rest of the contract – at least most of us – especially if the homeowner requests that termination,” says Maria Jeantet is a real estate agent at Coldwell Banker C&C Properties in Redding, CA. “It all depends on what you do when you tell them you want to cancel.”

Reasons for terminating a listing agreement – and alternatives

The reasons why people want to terminate a listing contract vary. If you’ve decided not to sell your property after all, that’s one thing. But if you want to cancel the listing because you’re not happy with your agent’s advertising, or disappointed that they’re not getting as many views or offers as you hoped, that’s another matter. The latter can often be worked out with your agent through clear communication about what you are dissatisfied with and what changes you would like to see.

Jeantet says it’s best to always be direct with your agent.

“Keep it clean. Either speak heart-to-heart to your current agent about the resignation or talk to them about getting more out of their service for you,” she says.

If this is not effective, you can also consider contacting a broker’s brokerage firm (if your broker is not the broker / owner) to discuss the issues and possibly reassign a different agent.

If nothing can be resolved, it may be in your best interest to cancel, even if you have to pay a fee.

Make sure you get the cancellation in writing because if you are listing your home with a new agent within the time period covered by the listing agreement and there is no written cancellation from your current agent, your current agent may charge commission fees to sell the home. Look back at your listing agreement to see what it says.

Not all real estate relationships work, people change their minds, and circumstances change. This is why it is so important to do your research when it comes to choosing a real estate agent and carefully examine what is in a listing agreement before signing it.

The post Are there any fees for canceling a brokerage agreement? first appeared on Real Estate News & Insights | realtor.com®.

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What Community Associations Should Know From HOA Attorneys – Real Estate and Construction

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Servicing, repairs, upkeep and rule enforcement include for a. daily business Community association – now one of the most common forms of housing in North Carolina.

To date, nearly 27% of the state’s population lives in some type of single family home, townhouse, or condominium managed by a homeowners association known as an HOA.

With its explosive growth and abundance of housing options, from affordable new homes to multi-million dollar neighborhoods, the Triangle has become a hotbed for these types of planned communities. In response, the company recently announced a dedicated team to assist new and established boards of directors and managers of associations in Raleigh, Durham, Chapel Hill and the surrounding area in addressing the challenges of running an HOA.

The Triangle Team consists of litigation attorneys Amy Wooten, Lawyer for business and community associations Madeline Lipe, Real Estate Lawyer James Toddand creditor attorney Thomas Wolff. Each has a unique perspective to serve and guide a community organization at all stages of development and through all kinds of disputes and conflicts.

I recently asked my colleagues to share the most important things about HOAs. This is what they had to say:

“I would say that risk management is one of the most important things that community associations need to know and appreciate!”

Amy Wooten, Litigator

It is vital that community associations take a proactive approach to managing risks that they may face for many reasons. One of these reasons is that proactive risk management can reduce the likelihood of litigation against a community association or enable the community association to defend itself in the event of a legal dispute. It can also better enable a community association to cope with the financial difficulties and other stressors that often arise when a community association finds itself in a situation where it is the party to litigate. In short, an association’s risk management strategy should include seeking legal advice and advice early on when a potential dispute or legal problem arises. This requires the community association to invest in legal fees. In my experience, however, these dollars are mostly well spent. Whereas, skipping this investment, among other negative consequences, will result in community associations incurring significant legal fees that could be avoided or significantly reduced if they had been proactive in finding an attorney.

“When it comes to a community union question, the starting point is almost always the same … start with the administrative papers.”

Madeline Lipe, Lawyer for business and community associations

The relevant documents of a community association (declaration, statutes and statutes) form the basis for understanding the role of the community association. The purposes of the community association are set forth in its administrative documents which, along with the applicable North Carolina bylaws, outline the association’s responsibilities, define the rights and obligations of owners, and generally set the framework of the community. Accordingly, it is important to know what is in the relevant documents so that the powers, duties and limits of the association are understood.

“Community associations are empowered, governed, and constrained by the real estate contracts that create their communities.”

James Todd, Real estate attorney

It is important that ward associations understand the authority and limits of their covenants. We often come across church associations that “for as long as everyone can remember” have been operating in a certain way without understanding why. We can help analyze and change the covenants – whether it be a review of decades-old covenants that do not meet the current needs of the fellowship, or proposed changes to bring the covenants into line with longstanding practice. A community association’s covenants are the framework in which it operates – we can help ensure that this framework meets the needs of your community association. “

“One of the most important things to keep in mind when dealing with overdue accounts is taking action early and being consistent in enforcing a homeowner’s payment obligations.”

Thomas Wolff, Attorney for creditors’ rights

Homeowners can find it much easier to pay off their arrears when they are still manageable and relatively small. Contacting them early and being ready to work out an appropriate payment plan can help prevent major problems before they arise. However, there will always be accounts that can prove to be disruptive and ultimately require legal help. In these cases, it is still important to contact the association’s legal advisor to take swift action to maintain the repayment claim and mortgage the defaulting homeowner’s property. In most cases, the lien covers not only the overdue reports, interest and other charges but also the legal fees of the association. Acting quickly helps the association to achieve an optimal repayment position and makes the growing debt difficult for the homeowner to overlook – especially if he wants to sell or refinance his property. By acting early and dealing consistently with overdue accounts, an association can help increase its chances of recovery.

Not every community association conflict may need an attorney, but having qualified legal representation can go a long way towards ensuring the health and peace of your HOA. Our triangle team, supported by our full service, nationwide Practice of community associations, is ready to support your community association.

The content of this article is intended to provide general guidance on the subject. You should seek expert advice regarding your specific circumstances.

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Cushman & Wakefield Echinox Adopts Yardi to Manage Commercial Real Estate Portfolio

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The independent and operated subsidiary of Cushman & Wakefield will use fully connected cloud-based software to manage commercial real estate

AMSTERDAM, June 22, 2021 / PRNewswire / – Cushman & Wakefield Echinox, a leading real estate company in the Romanian market, has selected Yardi® as its technology partner for commercial property management in. elected Romania. The platform will offer investors, developers, owners and tenants a full range of services. Cushman & Wakefield Echinox manages around 50,000 square feet of office buildings in Bucharest.

Cushman & Wakefield Echinox launched Yardi® Voyager Commercial to streamline property and financial management. Yardi Voyager combines real estate management and accounting with property, finance, budgets, forecasting, construction and maintenance and offers a holistic view of an entire commercial real estate portfolio.

“We chose Yardi Yoyager Commercial as an integrated platform for real estate, finance and ancillary cost management, tenant settlement, accounts receivable, accounts payable and budgeting. Yardi gives us the ability to provide improved access to data, which will improve the quality of reporting to our customers and will help us meet our growth goals, “said Mihaela Petruescu, Partner Asset Services Cushman & Wakefield Echinox.

“We are excited to have Cushman & Wakefield Echinox as our newest customer in Romania, “said Neal Gemassemer, Vice President for International at Yardi. “We look forward to working with Mihaela and her asset services team as their passion for exceeding customer expectations and their experience guarantee adaptable customer-centric solutions.”

Learn more about how Yardi supports real estate and property management clients in all areas Europe.

About Cushman & Wakefield Echinox

Cushman & Wakefield Echinox is a leading real estate consultancy in the local market and the exclusive subsidiary of Cushman & Wakefield infield Romania, owned and operated independently, with a team of over 60 professionals and employees offering a full range of services to investors, developers, landlords and tenants. You can find more information at www.cendunginox.com

About Cushman & Wakefield

Cushman & Wakefield is one of the world’s leading providers of commercial real estate services with 50,000 employees in over 60 countries and a turnover of 7.8 billion euros. More information is available at www.cushmanwakefield.com

About Yardi

Yardi® develops and supports industry-leading investment and real estate management software for all types and sizes of real estate companies. Yardi was founded in 1984 and is based in Santa Barbara, California.and serves customers worldwide from offices in Australia, Asia, the middle East, Europe, and North America. Visit Yardi.com/EU for more information.

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SOURCE Yardi

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