Stephanie Peat DFH Real Estate - Sidney

Office 250-656-0131 | EMAIL info@stephaniepeat.ca |

 

When you purchase a home, you’re hoping it will continually go up in value — just like a good investment.

 

However, there’s something else that you want to see go up in value as well: the neighbourhood. In fact, the neighbourhood plays a key role in what the home will be worth in years to come. If the neighbourhood goes down in terms of desirability, so will the market value of the home.

 

That’s why, when shopping for a new home, it’s important to get a feel for the value of the neighbourhood, and whether or not it’s on the upswing.

 

How do you do that? One way is to simply take a walk. Look at the properties. Are they well maintained? Is the landscaping groomed and attractive? Those are signs of “pride of ownership” — a clear indication that owners value their homes and the neighbourhood.

 

Another way is to do some research. Has crime gone up in the neighbourhood? Are there improvements planned, such as new parks? Is the neighbourhood attracting the kind of people you want as neighbours? How does the neighbourhood school rank?

 

Some of this information may be difficult to get on your own. A good REALTOR® can help you. Call today.

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Are you in the market for a home? If so, do you see yourself in a cozy character home with ornate fireplaces, or does the image of a brand new home with today's state-of-the-art technology appeal to you? Either way, you will find the rewards of buying your own home are many. The security, comfort and peace of mind you get from home ownership, regardless of your preference for old or new, are well worth the investment.


Look and compare

As you start searching for a home, it’s a good idea to enlist the services of a REALTOR®. REALTORS® have access to the MLS® system and can help narrow the search by providing you with a list of available properties in the price range and location that suits you.

Your selection, to a large extent, will be determined by your lifestyle and in most cases becomes a matter of compromise. For instance, you may find an older home that needs some renovation work, but this may not necessarily fit into your budget plans or your schedule. On the other hand, you may find a new home attractive but would have to spend extra money on landscaping and installing some of the amenities that may be a part of the package in an older home.

 

Advantages of an older home

With an older home, you can see exactly what you are getting -- structural faults are generally easier to see and can be or have been corrected. The character of the neighborhood is established and a variety of local services is usually available. In addition, the landscaping around the home has already been completed. There are generally fewer move-in costs because basic features like drapery tracks are already installed. Chattels -- such as special lighting fixtures -- are often included in the sale of an older home.

 

Advantages of a new home

A brand new home also has advantages. You have much more flexibility with a new home in customizing your decor and landscaping to suit your tastes. You get fresh, unblemished walls and you can usually choose the type of flooring, carpeting and cupboards that you want. You usually get much more storage space (such as closets) and larger rooms. In addition, today's minimum standards for plumbing, electrical, insulation and heating systems are higher than ever before.

 

 

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When you’re thinking of selling your home and buying another, you face the inevitable question: Should I list my property first or buy my new home first?

 

Let’s take a look at both options.

 

If you attempt to buy a property before listing your home, you run into a couple of challenges.

 

First, sellers may not take you seriously as a potential buyer. After all, you haven’t put your own home up for sale. As far as they’re concerned, you might merely be testing the market.

 

Second, your property might not sell as quickly as you thought it would. If there is an early closing date on the home you purchased, you might end up owning, and paying a mortgage on both properties, at least until your home sells.

 

If, on the other hand, you list your property before buying a new home, sellers will know you’re serious. That puts you in a competitive position in the event of multiple offers.

 

Also, if your home sells quickly, you’ll have the peace-of-mind of knowing exactly how much of a new home you can afford. You’ll be able to shop with confidence.

 

Of course, like the first option, there is a chance that the closing dates won’t match and you’ll end up owning two properties for a period of time. However, solutions such as bridge financing are available to help.

 

So, there is no perfect answer. A lot depends on the state of the local market.

 

Looking for a good REALTOR® who can help you decide which is the best move for you? Call today.

 

 

 

 

 

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June 1, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for May 2015. A total of 905 properties sold in the Victoria Real Estate Board region this May, a 26.8% increase compared to the 714 properties sold in the same month last year.


“May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties,” Victoria Real Estate Board President Guy Crozier says. “Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. The benchmark value for the same home this month has increased by 3.98% to $593,200.


There were 4,043 active listings for sale on the Multiple Listing Service® at the end of May, 13.5% fewer than the 4,672 active listings in May 2014.


“We’ve not seen this many sales in May since 2007 when we saw 963 properties sell in the month,” adds President Crozier. “Despite the demand, prices remain competitive and there is great variety in what is available. For detailed information on the Victoria and area housing market, connect with your local REALTOR®.”


More information on the May 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.

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