You've probably heard about "home staging". As the name implies, it's all about arranging each room in your home in a way that will make the best impression on buyers. Here's what you need to know about staging if you're thinking of listing your property.
1. Staging can get you a higher price.
On average, a fully-staged home tends to sell for 17% more than an unstaged home of the same type in the same local market. Depending on the current market value of your property, doing some staging in your home could put thousands of extra dollars in your pocket, post-sale.
2. It can speed up the sale.
A study by the Real Estate Staging Association (RESA) showed that fullystaged homes spend an average of 90% less time on the market. So, if you need to sell quickly – without dropping your price – or you just want the comfort of having offers come in sooner, staging will definitely help.
3. You don't have to go crazy.
Completely staging every room in your home is going to give you the full benefits of this strategy. However, you don't have to go that far. In fact, just implementing a few simple staging techniques to some key rooms can make a big difference.
4. Get professional help or advice.
When it comes to home staging, don't guess at it. Get professional help or advice. As a REALTOR®, I have a lot of expertise in this area and often provide clients with proven, do-it-yourself staging tips and suggestions. I also provide a professional stager as part of my services when listing your home. Contact me anytime.
A total of 708 properties sold in the Victoria Real Estate Board region this June, 29.8 per cent fewer than the 1,008 properties sold in June of last year, and a 6.2 per cent decrease from May 2018. The sales of condominiums were down 25.1 per cent from last year in June with 230 units sold. Sales of single family homes were down 34.7 per cent from 2017 with 357 sold this June.
“June typically signals the conclusion of the busy spring market, and activity lightens into the summer,” says Victoria Real Estate Board President Kyle Kerr. “However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria’s real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out. Even demand side measures that are not yet live, like the Vancouver/Kelowna/Nanaimo/Victoria-specific Speculation Tax, are dragging the market down as many consumers stand aside to watch what happens.”
There were a total of 2,595 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2018, an increase of 8.4 per cent compared to the month of May and 35.5 per cent more than the 1,915 active listings for sale at the end of June 2017.
“The good news is that inventory is slowly being added to the market, though we are still very far off from our ten year average inventory level of 4,100 listings” adds President Kerr. “The slower pace of the market has created more time for buyers who may have been hesitant to jump in during the high pressure market conditions of recent years. Homes are spending a bit longer on the market and there are fewer multiple offer situations than in the past, and if we see more listings over the next few months we may be heading back into a more balanced market situation. Every type and location of property is a separate segment of our market, and there are varying pressures and demands, so if you are buying or selling it is wise to take advantage of the services of your local REALTOR® to help navigate this changing market.”
Online shopping is growing by an average of 20 million new shoppers each year. That's a lot of people clicking and buying! You may be one of them.
However, there's a cost to online shopping that's all too easy to overlook. Shipping fees. Imagine saving $10 on a luxury cookware set, only to be hit with a $15 delivery charge. Ouch.
So how do you avoid those fees?
First of all, always check the fine print on the checkout screen. Notice what the shipping cost (if any) will be before you click the final purchase button. Keep in mind that the base shipping fee shown may update — and become higher — once you've typed in your address.
Some e-tailers offer free delivery for orders over a certain threshold amount; for example, $50. If there's more you can add to an order to get the shipping fee waived, it may be worth it.
There are a few e-tailers, most notably Amazon, that offer yearly memberships where one of the benefits is free delivery on all orders. Those kinds of memberships may be worth checking out if you do a lot of online shopping with a particular company.
A final tip: Always check for multiple delivery options. Some e-tailers, list an express shipping charge as the default option on the check-out screen, but have a free standard delivery option if you choose it.
Takeaway: Shipping fees take the fun out of online shopping. Do what you can to reduce or eliminate them!
When you think about looking for a new home, one of the first questions that probably comes to mind is: "What type of property can I afford?" That's an important question because your price range is a major determining factor in the types and sizes of homes you should be viewing.
You don't want to waste time looking at properties that are beyond your price range. At the same time, you don't want to purchase a less-than-ideal home, only to realize later on that you could have afforded more.
So how do you determine what type of new home you are qualified to purchase?
The first step is to find out what your current property would likely sell for in today's market. I make that calculation for clients all the time. It involves reviewing what homes similar to yours have sold for recently, as well as other data — such as special features your home may have that are likely to boost the selling price.
Once you know the current market value of your home, subtract any outstanding mortgages and estimated selling expenses, and you’ll end up with an amount that can be applied to the purchase of your next home. (You may also have other funds you want to use.)
The next step is to talk to a lender or mortgage broker to see how much of a new mortgage you qualify for. (Call me if you need a recommendation.) It's important to get a Pre-Qualification or Pre-Approval. That makes the offer you make on a new home more credible.
If you want to find out the types and sizes of homes you can get into, give me a call. I'd be happy to show you the possibilities!
Carbon Monoxide (CO) is invisible and odourless, so you can't actually "watch out for it". However, you should monitor for it because an excessive build-up of this gas in your home can be deadly.
Fortunately, there are many types of Carbon Monoxide detectors you can purchase — and most are effective and affordable. Some models simply plug into an outlet. (Many also have a battery backup.)
Carbon Monoxide is caused by the incomplete burning of fuel. It can be released by a faulty gas furnace, kerosene heaters, and gas fireplaces. That's why it's a good idea to install detectors in areas close to these fixtures, as well as near bedrooms.
Experts say you should always follow manufacturer's instructions when installing CO detectors, and test them regularly. You want to make sure you can hear the alarm from your bedroom.
CO build-up in homes is rare. So your detectors may never go off. But, if the alarm does sound, get everyone (including pets) out of the home and into the fresh air. Then call 911. Typically, the fire department will do an inspection and determine the source of the carbon monoxide.
A final tip: Never use your BBQ or outside grill in the garage or, especially, anywhere inside your home. The risk of CO exposure is very high and definitely not worth the convenience of a grilled burger!
A total of 755 properties sold in the Victoria Real Estate Board region this May, 25 per cent fewer than the 1,006 properties sold in May of last year, and a 2.5 per cent decrease from April 2018. The sales of condominiums were down 17.4 per cent from last year in May with 237 units sold. Sales of single family homes were down 23 per cent from 2017 with 406 sold this May.
“It’s no surprise that our current market is very different than it was last year,” says Victoria Real Estate Board President Kyle Kerr. “Due to recent changes in mortgage qualification rules, many buyers’ purchasing power has been reduced. Unfortunately, in our area we have one third fewer single family homes for sale under $750,000 when compared to last year, so we’re seeing pressure from increased competition on a smaller number of homes, which is really pushing the under million dollar market. We have a much larger inventory of higher value homes this year. For listings priced at $1.5 million and above, the number of active listings is almost 50% higher than last year at this time. Arguably, many of these properties may be listed due to new and incoming taxes from the provincial government. The Foreign Buyer Property Transfer Tax, the Speculation Tax, and the increased School Tax are putting pressure on those high value home owners. Unfortunately, these taxes are not resulting in what the government said it intends - to increase the availability of affordable housing.”
There were a total of 2,394 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2018, an increase of 19.6 per cent compared to the month of April and 26.3 per cent more than the 1,896 active listings for sale at the end of May 2017.
“We’re in an interesting time here – we are seeing different levels of price pressure and price relief in micro-climates of our area,” adds President Kerr. “You may find more flexibility if you are shopping for a multi-million dollar estate in certain areas. You may be in for a competition if you’re shopping for a lower priced home or condominium. If you’re thinking of buying or selling, it’s a good idea to meet with a local REALTOR® to understand how the current environment will affect you.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2017 was $820,800, while the benchmark value for the same home in May 2018 increased by 7per cent to $878,100, higher than April’s value of $866,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2017 was $426,900, while the benchmark value for the same condominium in May 2018 increased by 15.7per cent to $493,900, slightly lower than April’s value of $495,100.
A total of 774 properties sold in the Victoria Real Estate Board region this April, 12.5 per cent fewer than the 885 properties sold in April last year, but a 12.5 per cent increase from the month previous. The sales of condominiums were down 21.6 per cent from last year in April with 225 units sold. Single family homes were 8.1 per cent down from the year previous with 420 sold this April.
“We’re now into the spring real estate market, which is traditionally the busiest time of the year for buying and selling homes,” says Victoria Real Estate Board President Kyle Kerr. “Last year, the months of May and June were the busiest, so we may see this pattern again but on a slightly smaller scale than last year, since our sales for the year thus far are down about 18 per cent when compared to 2017. Although January to March was quite far behind last year’s pace, we may see that margin get smaller as we progress through the spring months and people adjust to the new mortgage qualifying rules.”
There were a total of 2,002 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2018, an increase of 13.4 per cent compared to the month of March and 18.5 per cent more than the 1,690 active listings for sale at the end of April 2017.
“We continue to see low inventory in our market, and good homes in desirable locations are still seeing multiple bids,” adds President Kerr. “One interesting development we are tracking is the increase of prices in a market of fewer sales. Part of the reason for this is that there is strong pressure on lower-priced properties. After the new mortgage rule changes this year, many consumers have seen a reduction in their buying power, so more are competing for lower-priced properties and in multiple offer situations, pricing is pushed up. Our area just doesn’t have the supply or mix of homes needed to meet the demand. We are working with government at all levels to identify ways to meet this demand in the CRD.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2017 was $800,100, while the benchmark value for the same home in April 2018 increased by 8.3 per cent to $866,700, higher than March’s value of $859,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2017 was $418,200, while the benchmark value for the same condominium in April 2018 increased by 18.4 per cent to $495,100, which is higher than March’s value of $490,000.
Buying a new pair of shoes is relatively easy. Once you find the style you like, all you need to do is try them on and see if they fit. If they do, you go to the cash register and pay.
When it comes to size, buying a new home can be trickier! Whether your intention is to upsize or downsize, figuring out the right size can be especially challenging.
Say for example, you’re downsizing from a large two-story home to a smaller bungalow. You don’t want to underestimate the space you need and end up in a place that feels tight. If you’re going the other way and upsizing, you don’t want to end up sinking extra money into a property that’s larger than you really need.
So how do you avoid these scenarios?
One of the best ways is to start by considering your current home. Do you use all the rooms in your home regularly? Is there a bedroom that’s rarely occupied? Has the recreation room become simply a storage area? If you’re downsizing, subtracting rooms you scarcely use can give you a better idea of what you need in a new home.
Upsizing is a bit more challenging because you have to anticipate what you will need in the future. For example, if you have young children, and your place is feeling cramped, then a home with a recreation room or separate family and living rooms may be a good idea. You may also need a bigger kitchen with a spacious eating area (in addition to a separate dining room.) Think about the extra room you’ll need and how you’ll use that space.
When I work with a client, I typically sit down with them and discuss the type of home they want in detail — and, based on needs and circumstance, I make expert recommendations. Bottom line, I help clients find the perfect fit in a new home. Contact me if you’d like to learn more.
According to law enforcement experts, a video-based home security system is significantly more effective than a simple alarm system. The reason is obvious. Burglars don’t want their crimes captured on video, which can then be used as evidence in court.
So it’s no wonder that many homeowners have, or are considering, video-based security.
These days, most video-based home security systems are wireless. The cameras either record to your DVR (just like recording your favourite TV show), or to a cloud-based server provided by the manufacturer.
There are many do-it-yourself systems on the market. You simply place the cameras around your property and do some initial setup. Most of these have motion-detection that records automatically when someone comes into the frame of the camera. These are typically installed at your front door, patio door, main floor windows, and garage door.
Some systems will even alert you when a camera turns on, and let you see the action on your smartphone or computer. If it’s a burglary attempt, you have the opportunity to call the police.
Although most of these products are weatherproof, check and confirm before purchasing. The packaging will say something like, “Suitable for outdoor use” or “Suitable for all-weather conditions”.
Also look for night vision capability. Not all security cameras have that feature.
For some homeowners, the process of listing, showing and selling their home can be stressful. Fortunately, there is plenty you can do to make it much less nerve-racking—and even exciting and enjoyable.
Here are some ideas:
1. Make a plan. Decide when you’re going to show your property, search for a new home, view listings, etc. Block out these times in an agenda book or calendar. That way, you and your family can see what’s coming up.
2. Be flexible. Few things go exactly as planned! So, it’s important to build in flexibility. For example, you may plan to see homes for sale on Saturdays, but if an opportunity comes up on a weeknight, give yourself room in your schedule to jump on it.
3. Eat well. There are numerous studies that connect poor nutrition with increased stress. When people are selling and moving, there’s a tendency to rely on quick fixes, such as hot dogs and pizza! Try to plan more nutritious meals that will keep everyone healthy and energized.
4. Get stuff done early. Doing things last minute, such as finding a real estate lawyer or getting rid of clutter, can quickly lead to stress and frustration. Whenever possible, get tasks done early. That way, you won’t have to worry about them.
5. Hire the right professionals. By far, the surest way to a stress-free move is to get the right professionals working for you: everyone from contractors to mortgage brokers to movers.
By the way, a big part of what I do for clients is help make every aspect of buying, selling and moving go smoothly. Contact me to learn how I can help you.
Is your home office the dining room table? Is it anywhere you can sit down undisturbed with your laptop? If so, you might be interested in converting a room or nook into a dedicated home office. Depending on what you do for a living, there could be a tax advantage to creating this space too.
The first step is to pick a spot. Ideally, you want an area where you can work without too many distractions.
Next, make sure the spot you’ve chosen can accommodate a desk and any other furnishings you’ll need. Think about what you want within easy reach of your work area. Will you need a place for books and other papers? An extra chair for client meetings? A flipchart? A filing cabinet? Think about all of the options in advance.
Then, you’ll want to make sure the spot you picked has the electrical outlets you need, especially if you’re going to have a printer, special lighting, a computer and other items that need power.
Finally, you’ll want your home office to be a place where you can enjoy working. So decorate it with that in mind. If you like plants, get plants. If you enjoy golf, have your golf trip pictures hanging on the wall.
With a little work, you can quickly create a home office space that is comfortable, functional and enjoyable. It sure beats the dining room!
A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 per cent fewer than the 929 properties sold in March last year, but a 26.2 per cent increase from the month previous. The sales of condominiums were down 28.2 per cent from last year in March with 211 units sold. Single family homes were 30.8 per cent down from the year previous, with 337 sold this March.
“As we expected, March sales are tracking lower than in 2017,” says Victoria Real Estate Board President Kyle Kerr. “This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government’s new mortgage qualification rules. Combine these factors with rising interest rates and you’ve got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty.”
There were a total of 1,766 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2018, an increase of 14.3 per cent compared to the month of February and 13.5 per cent more than the 1,556 active listings for sale at the end of March 2017.
“Despite all of the above, we continue to see benchmark price increases across our market and demand persists - partly due to low inventory - but also because of our highly desirable location,” adds President Kerr. "Specific areas and price points are experiencing varying pressure on price and demand – which creates micro-markets. We are still seeing multiple offers and above asking price sales in some segments. Active buyers in our market may see some relief as inventory is slowly growing. This showcases why it is important to work with your local REALTOR® in this transitioning market to ensure you have the most up-to-date information to make purchasing and selling decisions.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2017 was $785,600, while the benchmark value for the same home in March 2018 increased by 9.4 per cent to $859,400, higher than February’s value of $840,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2017 was $409,700, while the benchmark value for the same condominium in March 2018 increased by 19.6 per cent to $490,000, which is higher than February’s value of $472,600.
An Open House is an event. And, like many events, it’s easy to get caught up in all the excitement and energy. In fact, when you visit an Open House, you might even end up rubbing elbows with other buyers who are there at the same time. It can feel like a party!
In an environment like that, it’s not unusual to forget to ask important questions about the property. Here are some of the most common:
• How old is the roof?
• How old is the furnace, air conditioner and other HVAC equipment?
• How does the price compare to similar properties in the neighbourhood? (You don’t want to make an offer that’s too high.)
• What are the characteristics of the neighbourhood? (Amenities, safety, traffic, access to public transit, property turnover, etc.)
• What doesn’t come with the home? (Ask specifically about kitchen appliances, gas-connected BBQs, chandeliers, window coverings.)
• Are there any potential impediments to the sale? (Tenants, outstanding liens, etc.)
• Are there any outstanding maintenance issues, or repairs that need to be done? (For example, cracked ceramics on the foyer floor.)
• Are there any issues that impact the full use of the property? (Ask specifically about shared driveways or walkways, public “right of way” through the property, water drainage rights from neighbouring homes, etc.)
Yes, an Open House can feel like a frenzy, and if it’s a home you love, you might feel pressured to make an offer. But, it’s important to take the time to ask the right questions and consider your decision carefully. You don’t want to find out, too late, that there were questions you should have asked.
Want more tips on finding the home of your dreams? Call today.
Next to your home and car, home furnishings represent the most expensive product purchases homeowners make. A mid-quality livingroom set, with sofa and two side chairs, can cost thousands of dollars. That’s why most furniture retailers offer “interest free” and “pay much later” deals to soften the blow.
These are basically financing options.
Say, for example, you want to purchase furniture for the rec room. The cost is $7,200. The furniture retailer may offer you a deal where you “don’t pay a cent” for six months. As long as you pay the balance within that time, no interest is charged.
That sounds like a sweet deal. And it is.
But, personal finance experts will advise you to tread carefully. If you pay off the balance within the “no interest” timeframe, you’ll benefit from the sweet deal, by having deferred the payment. However, if you fall behind on payments, you’ll be hit with a high interest charge. It’s often 20% or more. That can add hundreds of dollars to what you would have originally paid for the purchase.
And, even if you paid down most of the balance within the no interest period, you can still get hit hard. Some “no interest” deals charge interest on the original financed amount — not just the remaining balance.
The best advice, according to personal finance experts, is to read the fine print carefully and pay off the balance as promptly as you can.
March 1, 2018 - A total of 545 properties sold in the Victoria Real Estate Board region this February, 19.3 per cent fewer than the 675 properties sold in February last year. The sales of condominiums were down 15.5 per cent from last year in February with 174 units sold. Single family homes were 24.4 per cent down from the year previous, with 260 sold this February.
“We certainly anticipated that we would see some lower numbers this year compared to last,” says Victoria Real Estate Board President Kyle Kerr. “Right now prospective home buyers are met with many hurdles as they start shopping for their new home. They’re in a market that’s experienced long-term low inventory, which means more price pressure and competition on homes. Buyers are navigating increasing interest rates and the new mortgage stress test. These factors all combine to constrain our market. Like any changes to consumer experience, there is a period of response before consumers adapt to the new rules. We saw an increase in buyers in November and December who bought early to avoid the mortgage stress test, and this likely means less buyers in the current market. However, with continued historical low inventory levels, demand is still outpacing supply.”
There were a total of 1,545 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2018, an increase of 3.6 per cent compared to the month of January and 0.5 per cent more than the 1,537 active listings for sale at the end of February 2017.
“The provincial government recently rolled out its budget, which includes an admirable commitment to spend six billion dollars to build 114,000 units in ten years,” adds President Kerr. “These units will take years to come to market, and it is difficult to predict how many we will see in Victoria. The government needs a long-term approach to supply needs in our area, and that initial commitment is a good start. A reasonable way to bolster their commitment and improve current conditions is for the province to work with our municipalities to reduce the timelines and costs associated with bringing new housing to our market.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2017 was $771,100, while the benchmark value for the same home in February 2018 increased by 9 per cent to $840,300, slightly higher than January’s value of $831,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2017 was $394,400, while the benchmark value for the same condominium in February 2018 increased by 19.85 per cent to $472,600, which is slightly higher than January’s value of $460,500.
Sometimes the reason for putting your home on the market is crystal clear. For example, you might have a job relocation and need to move. Or, you might have decided to downsize because the kids have left the nest.
However, there are many other motivations to list your home that are not as obvious, and yet are still good reasons to make a move. Here are just a few examples...
• You’re bored with your home and are looking for a change.
• There’s something you’ve always wanted in a home that your current property doesn’t have, such as a wooded backyard.
• You want to be closer to work, or to activities you enjoy, such as golf.
• You want to be closer to family.
• The neighbourhood is changing in a way that no longer fits the lifestyle you want.
• There’s another neighbourhood you’ve always dreamed of living in.
• Your tastes have changed and you want to live in a different type of home.
None of these reasons makes it an absolute necessity to list your property and find a new home. Yet, they’re all worth considering, especially if moving will make you and your family happier, and provide you with a more desirable lifestyle.
Want to talk about the possibilities? Call today.
Watch any TV cooking show, and you’ll notice that a chef’s kitchen looks quite a bit different than what you’d find in most homes. But, that doesn’t mean you can’t have one just like it in your home! With a little remodeling, and splurging on some new items, you too can have a kitchen worthy of Gordon Ramsey, Jamie Oliver, or Rachel Ray.
Chefs love counter space. So, when remodeling, plan to create as much as possible. If you have an existing island, for example, you can replace the countertop with a larger one. Just adding eight inches in both directions will make a big difference.
Most chefs have more than one oven. If that’s impractical for you, consider buying a double-oven stove. Also, chefs prefer gas burners for quicker heatup times and exacting control of cooking temperature.
One thing you’ll notice about chefs is they love stainless steel. That’s because it’s easy-to-clean, hygienic and durable (assuming you take care of it).
Finally, because chefs spend so much time in the kitchen, they want the space to be attractive and comfortable. So, when remodeling, keep decor in mind.
Even if you’re just an amateur chef, creating a chef-worthy kitchen will make the foodie in you smile.
A total of 431 properties sold in the Victoria Real Estate Board region this January, 9.8 per cent fewer than the 478 properties sold in January last year. The sales of condominiums were down 30.6 per cent from last year in January – with 118 sold. Single family homes were 4 per cent down from the previous year, with 215 selling in the first month of 2018.
“We expected January to be a bit slower after the increase in activity we saw in November and December, which was likely due in part to buyers entering the market early to avoid the new mortgage stress test,” says 2018 Victoria Real Estate Board President Kyle Kerr. “We have yet to see the full effect of the stress test, as many people attained a 90 -120 day pre-approval before the test became required January 1. We won’t know how much that stress test will affect the spring market until we see the numbers, and spring is also the time when sales traditionally pick up.”
There were a total of 1,491 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2018, an increase of 7.7 per cent compared to the month of December and 1.6 per cent fewer than the 1,516 active listings for sale at the end of January 2017.
“2017 concluded with very constrained inventory levels, which hit record lows early in January. The lack of inventory in our market is maintaining pressure on pricing, especially as high demand continues in many areas of Victoria,” adds President Kerr. “We can also see the effects of headwinds influencing our market in 2018, including attempts to curb demand at all levels of government. The mortgage stress test is the latest to be introduced, and we may learn of further measures later this month when the provincial budget is released. We hope the government takes a balanced approach to our housing market in their budget and offsets any further demand-side measures with initiatives aimed at addressing the ongoing supply shortages for both home buyers and renters. We also encourage our local governments to take some time to assess the effects of demand-side measures like the mortgage stress test and recent interest rate hikes before introducing further restraints on our market.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2017 was $761,100. The benchmark value for the same home in January 2018 increased by 9.3per cent to $831,900, slightly higher than December’s value of $823,800. HPI benchmark valuefor a condominium in the Victoria area in January 2017 was $375,300. The benchmark value for the same condo in January 2018 increasedby 20.1 per cent to $450,600, which is slightly higher than December’s value of $445,000.
Your neighbourhood has a lot of features that can help sell your home faster. Unfortunately, buyers don’t usually notice those features just by driving around. So, you need to make sure they get all the information they need about your neighbourhood.
For example, say homes don’t go on the market often in your area. That’s an indication that the quality of life in the neighbourhood is so good that no one wants to leave! In real estate we measure the area’s “turnover rate”, and it’s handy data to have when listing your home.
Another bit of data that buyers can’t simply see is the local crime rate. But, most police departments keep those statistics. If your neighbourhood has a low crime rate, that’s an obvious plus to sellers.
Demographic data can also be helpful when selling your property. If your neighbourhood has a lot of families, for example, that’s going to be appealing to buyers with kids.
Even local development plans can play a role in making your home more attractive to buyers. If a new ramp to a major highway is in the works nearby, getting to work is going to be easier. That’s a big benefit to commuters.
Other types of data that can help sell your home include:
• Planned local construction.
• Proposals for neighbourhood improvements. (For example, a new playground.)
• Rates at which local property values are increasing.
Any information that shows the advantages of living in your area is going to be useful when selling. By the way, this is the kind of information I put together to provide to prospective buyers when selling your home. Contact me today.
A total of 462 properties sold in the Victoria Real Estate Board region this December, 1.9 per cent fewer than the 471 properties sold in December last year.
A grand total of 8,944 properties sold over the course of 2017, 15.8 percent fewer than the record breaking 10,622 that sold in 2016. 2017 sales came in at 21.7 per cent over the ten year average of 7,349 properties sold.
“Early in 2017 we discussed how the Victoria area housing market would be different than the record breaking year we had in 2016 and that over the course of the year we’d probably see a gradual return to a more balanced market. We did see evidence of this change come early in the year, as multiple offers and rapid price increases leveled out,” says Victoria Real Estate Board President Ara Balabanian. “However, the ongoing low inventory of properties for sale meant that buyers continued to experience competitive situations in high demand areas, and multiple offers were still a common occurrence as buyers negotiated in a tighter market. What we couldn’t anticipate were outside factors such as changes to mortgage qualifying rules that may have pushed people into the market early. The pending mortgage stress test in particular is likely to have caused much of the increased activity we’ve seen in November and December.”
There were 1,384 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2017, a decrease of 21.5 per cent compared to the month of November and 7.3 per cent fewer than the 1,493 active listings for sale at the end of December 2016. This is the lowest level of inventory for the area in the month of December since the statistic was tracked in 1996.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2016 was $753,900. The benchmark value for the same home in December 2017 has increased by 9.3 per cent to $823,800, and is slightly lower than November’s value of $824,600.
“Overall, the low inventory and the continued interest in Victoria real estate meant that well-priced homes were quick to sell in 2017. Moving forward, we expect to see more inventory come into the market, which will continue to move us toward a more balanced state,” adds President Balabanian. “We also expect housing prices to remain stable, without the increases we tracked in 2016, and anticipate steady slow growth. In markets like these, it’s important to enlist the services of a REALTOR® to help you navigate what may be your largest transaction ever.”