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“Expect Less,” “Take Responsibility” and Other Buyer Tips from TV Agent Todd Talbot T
he prevailing expectations of home buyers in Vancouver that they should be able to have a large home in a central location are “not entitled, just youthful and naïve,” according to celebrity REALTOR® Todd Talbot. Speaking to REW.ca ahead of the Vancouver Home + Design Show, at which he is presenting two sessions on October 28 and 29, the co-host of HGTV’s hit show Love It or List It Vancouver offered his advice to buyers and his thoughts on the current market.
REW: What are your recommendations to first-time buyers trying to get into the market? Todd Talbot: First-time buyers, especially those who have grown up in a detached home in Vancouver, often have grandiose ideas about how their first home will look. The idea of sacrifice, and of short-term pain for long-term gain, applies to real estate. We don’t have to have everything right off the bat. It’s very interesting when you see how people in other cities view real estate, compared with here in Vancouver. Here it feels like everyone wants a 33-by-122-foot lot, and a back yard, and all that five to 10 minutes from downtown. It’s not so much about entitlement, but more that it is a very youthful, naïve way of thinking – it’s how we used to think – because Vancouver is such a young city. We’re going through an evolution of how we look at real estate in this region.
REW: Many buyers with limited finances – especially with the new mortgage qualification rules in place – will have to adjust their expectations. Should they prioritize buying a central but smaller home, or a larger home further out of town? TT: Generally I’d advise buyers
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to stay as close as possible to the core – wherever that may be – and adjust the space and the creature comforts. That’s my preference over recommending people look further out of town. Generally, if there’s a price adjustment, it happens from the outside inwards. You don’t need in-suite laundry and granite countertops. Prioritize location, dial back on the wish list and put in some sweat equity if you need to make improvements.
To read the full Q&A, go to REW.ca/ News/Buying Todd Talbot will be speaking at the Vancouver Home +Design Show, running October 27-30 at the Vancouver Convention Centre West. He will also be guesting live on the Real Estate Therapist
radio show on Saturday October 29, 9-10am, on Roundhouse Radio 98.3FM and streaming on roundhouseradio.com. If you have any questions for Todd, he will respond on air – email realestatetherapist@roundhouseradio.com or call the show live on 604-449-8983.
REW: What about buyers who are trying to get as large a mortgage as possible, in order to afford a liveable home in Vancouver? TT: Don’t get into a position where you are so heavily leveraged that any shift in the mortgage rate is going to significantly affect your monthly budget. Yes, it’s always a stretch when you first buy a home, and that’s OK, because we grow into that responsibility – but you will probably have to make sacrifices in the short term to make it work.
REW: How should buyers approach investing in a home in today’s market? TT: If you’re looking at real estate how I look at it, from a long-term perspective, then I think you’re in a good position. I’m still a big believer in the fundamentals of the Greater Vancouver market. It’s important to build a team around you who you can trust, including a recommended REALTOR® and a mortgage broker. But the other side of it is about taking responsibility for your decisions. A lot of people, if they don’t know much about real estate, will almost defer all responsibility to their agent or broker. It’s really important that buyers keep asking questions until they’re absolutely clear on what’s happening and can make an educated decision that they can stand behind.
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