TGIF: Community Art and Real Estate

This article was published on: 01/10/19 9:04 PM

Port Moody City of the Arts is continuing to live up to its name and growing reputation by welcoming a new resident artist on staff.  Sara Graham is a talented local artist working her magic in multi mediums from drawings to designing sculptures. Over the next number of weeks, there will be brainstorming on how best Sara can bring her artistic lens to the City on projects large and small. It will be exciting to see her work intertwine with civic events.

For lovers of both art and history, Port Moody Museum is the place to go this year – the museum’s 50th year in existence. Their special year kicked off by being highlighted at the start of Port Moody’s Council meeting last Tuesday with a beautiful hand painted cream pitcher dating back to the late 1860’s. This is the first of a display of 50 such artifacts to be featured over 2019, both in the Museum and by digital display at City Hall. The cream pitcher was painted by Port Moody resident, Jane Murray Raymond – after whom Port Moody named two streets – Murray and Jane.  Look on the Port Moody Museum’s website if you are interested in participating in their call for heritage recipes for a cookbook the museum will produce this year.

WHAT WILL HISTORY tell us about the 2019 REAL ESTATE MARKET?  Without that elusive crystal ball, we can only use educated guesswork.  What we do know as of right now is that this is a perfect market for those wanting to move up the real estate ladder to gain more space and possibly a location better suited to their needs. There are choices in every category of home right now from the condo to the large detached home with more new listings continually coming on stream.  The current fear is that you are not going to achieve the same high sale price for your home as you could have in the past 2 hears – however neither is the seller from whom you are buying.  In absolute dollars you are ahead of the game as you are buying a more expensive home where the seller’s “loss” amounts to more money than yours.  And… even with the past raises in mortgage interest rates, history tells us that they are still incredibly low.

First-time buyers too can benefit this year as long as they can qualify for financing with the more stringent bank rules – this qualification must have the paper trail where all the buyers’ documents have been submitted to the mortgage broker / financial institution and the approval returned subject to having an accepted offer on a property.  On line or phone conversations do not equate to the approval necessary for a purchase. Save yourself from disappointment and frustration!

Yes – we are going to experience a reality check in our real estate market in the next little while, but we are part way there.  Sellers are realizing that sitting for 100+ days at an inflated price is non productive, even annoying,  while buyers are beginning to discern between realistic asking prices and the ones dating back to 2016.  With a bit of luck, our stalemate will end soon and we shall have a more balanced market.

Every person’s situation is different and we are happy to sit down with you, listen to your requirements and tailor our advice accordingly. If this timing is good or not so good for you, we’ll be truthful and work on either a current plan or a more long term one for the future. Downsizers cannot start too early to consult with us – lots to think about and prepare.

We have you covered whatever the conditions and shall continue in our tradition of trust and care.

Best wishes from the Generations Real Estate Partners –  Michelle, Scott, Sheila, Ray and Shane.

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