(Unsplash)

(Unsplash)

REAL ESTATE: Real estate is the new gold rush

Real Estate columnist Freddy Marks shares his thoughts on this spring for land sales

By Freddy Marks

The B.C. real estate market is moving at a record-breaking pace, and as spring arrives it’s predicted there will be a frenzied rush for rural and recreational property. April, May and June of 2021 could be likened to the spring of 1858 when thousands forged their way into the Interior and Cariboo regions in search of gold and fortune. The only difference is this spring, land is the gold that buyers and investors seek.

In the late 1850s, prospectors competed to stake a claim, driven by a desire to find gold and the security of a better life. Comparably, 2021’s property prospectors are again searching the Interior and the North, competing with thousands of others to purchase desirable land.

RELATED: Chilliwack’s February real estate numbers show homes flying off the market

The property search has become a full-time, day-and-night job for those looking to move locations. Locating saleable property before it is listed and sold is time-consuming, and can become all-consuming. Fraser Valley listings are lasting on average 11 days on market, and this trend of shortened days on market is heading north. Reports that new listings in the Interior seeing accepted offers in less than a week are becoming commonplace. As sellers become buyers, the cycle puts increased pressure on a dwindling supply of inventory that cannot keep up with demand.

With so few listings to choose from buyers are coming up with creative ways to locate listings not yet on the MLS service or under contract. They are driving through towns and neighbourhoods looking for private sales signage. Social media platforms like Facebook have countless location-specific and province-wide groups with for-sale-by-owner post listings.

Lately, there are more and more In Search Of (ISO) posts, where people list their specific property needs, asking if anyone is planning to sell their home this summer. Buyers are even placing property wanted ads on community notice boards and having friends and family keep an ear to the ground in hopes of being the first to hear of an upcoming sale and beat everyone else to the bargaining table.

RELATED: OPINION: Are investors coming to Chilliwack to create bidding wars for local real estate?

These efforts may seems like a great way to bypass the competition, and it could all work out. But there is a chance that private sale could bring headaches and heartaches. There is a possibility that the property you are considering could be misrepresented, and entering into a legally binding transaction without representation can put you at great risk.

Most people who are planning to sell contact a trusted real estate brokerage or a specific licensed Realtor they already know and trust. That makes licensed Realtors a good source for soon-to-be listed properties, as they are hearing from potential sellers daily.

Realtors who list property have an obligation to find out as much as possible about the land and dwelling(s) to ensure that it is fit to be sold as a habitable dwelling. All sellers listing with a Realtor complete a property disclosure statement form listing all the known property easements, hazards, dwelling issues and water damages. The Realtor must disclose the signed list to all potential buyers, so there is no misrepresentation of what is being offered. This ensures potential buyer knows up front about any damages or legalities, and they are informed if they want to proceed.

RELATED: REAL ESTATE: Finding the right property in a low inventory market

In a private sale, the same level of transparency and accountability are not required, leaving buyers vulnerable to purchasing a home or property with a history of flooding, septic issues, or even fire hazards.

As vetting a property can be costly and time-consuming, many buyers are now retaining Buyer’s Agency Services, an exclusive property search team and negotiator. Once your Buyer’s Agent locates a property satisfying all your requirements, they vet and negotiate on your behalf to close at the best price and terms. Working with an exclusive Buyer’s Agency is a great option to get the exact property you want in this extremely competitive market,

In the 1860s, many unsuspecting prospectors were taken advantage of in their naivety, and they were not successful in finding the riches they were seeking. Remember in 2021, all that glitters is not gold and in this fast-paced market working with a trusted real estate professional or exclusive Buyer’s Agency can help you achieve your estate goals.



news@ahobserver.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Environment Canada says the Eastern Fraser Valley will enjoy plenty of sunshine this week. (Black Press News File)
Sunny weather to stay around all week in Eastern Fraser Valley

Chilliwack, Abbotsford and Hope all forecasted for a week free of rainfall

Chilliwack school trustee Barry Neufeld has called for the resignation of B.C.’s Minister of Education, Jennifer Whiteside. He made the call during a speech in Vancouver on April 10, 2021, in a rally for a parent embroiled in legal battles surrounding his child’s transition.
Chilliwack school trustee calls for B.C.’s minister of education to resign

Barry Neufeld spoke at rally for jailed father in Vancouver, calling SOGI 123 a ‘dangerous experiment’

Two-year-old Ivy McLeod, seen here on April 9, 2021 with four-year-old sister Elena and mom Vanessa, was born with limb differences. The family, including husband/dad Sean McLeod, is looking for a family puppy that also has a limb difference. (Jenna Hauck/ Chilliwack Progress)
Chilliwack family looking for puppy with limb difference, just like 2-year-old Ivy

Ivy McLeod born as bilateral amputee, now her family wants to find ‘companion’ puppy for her

Four members with Divers for Cleaner Lakes and Oceans were out at Cultus Lake on March 28 and 29 hauling trash out of the waters. (Henry Wang)
PHOTOS: Out-of-town divers remove 100s of pounds of trash from Cultus Lake

Members of Divers for Cleaner Lakes and Oceans hauled out 470 pounds of trash over two days

People stroll through rows of tulips in bloom during the Tulips of the Valley Festival on May 2, 2017. The colourful spring event, now called Chilliwack Tulips, opens on Sunday, April 11, 2021. (Jenna Hauck/ Chilliwack Progress file)
Chilliwack tulip attraction open this weekend after being closed last year due to COVID-19

More than 6.5 million bulbs in all at this year’s colourful Chilliwack Tulips event

B.C. Health Minister Adrian Dix and Premier John Horgan describe vaccine rollout at the legislature, March 29, 2021. (B.C. government)
1,262 more COVID-19 infections in B.C. Friday, 9,574 active cases

Province’s mass vaccination reaches one million people

People walk past the Olympic rings in Whistler, B.C., Friday, May 15, 2020. Whistler which is a travel destination for tourists around the world is seeing the effects of travel bans due to COVID-19. THE CANADIAN PRESS/Jonathan Hayward
Adults living, working in Whistler, B.C., eligible for COVID-19 vaccine on Monday

The move comes as the province deals with a rush of COVID-19 and variant cases in the community

RCMP crest. (Black Press Media files)
UPDATE: RCMP investigating after child, 6, dies at motel in Duncan, B.C.

The BC Coroners Service is conducting its own investigation into the circumstances around the child’s death

RCMP display some of the fish seized from three suspects who pleaded guilty to violating the Fisheries Act in 2019, in this undated handout photo. THE CANADIAN PRESS/HO - RCMP
3 banned from fishing, holding licences after overfishing violations near Vancouver Island

Mounties seized the group’s 30-foot fishing vessel and all equipment on board at the time

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. Premier John Horgan responds to questions during a postelection news conference in Vancouver, on Sunday, October 25, 2020. British Columbia’s opposition Liberals and Greens acknowledge the COVID-19 pandemic has presented huge challenges for Horgan’s government, but they say Monday’s throne speech must outline a coherent plan for the province’s economic, health, social and environmental future. THE CANADIAN PRESS/Darryl Dyck
Horgan’s NDP to bring in throne speech in B.C., Opposition wants coherent plan

Farnworth said the budget will include details of government investment in communities and infrastructure

Most Read