Stephanie Peat DFH Real Estate - Sidney

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

Imagine finding the perfect home, only to discover there is serious interest from at least a dozen other buyers. It’s like scrambling for the last piece of cake at a buffet!


Fortunately, there are things you can do to help get the home you want, even in a highly competitive market. Here are just a few ideas:


• Only view a few ideal properties at a time. If you see too many, and thus spread yourself too thin, you risk homes slipping through your fingers.


• Be realistic about price. Focus on finding a great home that you can afford, rather than trying to find a bargain.


• Consider homes that need some work. They get less interest than perfectly staged properties, yet can turn out to be a dream home.


• Be prepared to make an offer with as few conditions as possible. An offer conditional on passing inspection is usually fine, but in a competitive situation, offers with other conditions will likely be turned down.


• Make your decisions quickly. If there are likely to be other interested buyers, you want to get your offer in early.


• Make the right offer. To win the deal, you want your offer to be as enticing as possible to the seller — especially when it comes to price.


Yes, it can be tough finding an ideal home in a hot market, but I can help. Give me a call and I’ll show you how.

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When you suffer damage to, (or the loss of), your home or its contents, you expect your insurance company to help you out. And, most do a good job of doing just that.


Still, it’s a good idea to review your policy with your insurance advisor and find out what’s covered and what isn’t. You don’t want to discover that your policy will not cover the cost of repairing the damage caused by a flood in your laundry room.


Pay particular attention to coverage in the case of water damage. Some insurance policies don’t cover floods and sewer backup unless an additional rider is purchased.


Also, check liability limits. Ask your advisor to recommend an appropriate level. Finally, make sure you know exactly how much your home is insured for. Are you covered for the full replacement cost? Are you comfortable with that coverage or the actual cash value?


Having the right insurance gives you peace-of-mind and is an important part of enjoying your home. Keep in mind that experts advise you to review your insurance with your advisor. Ask lots of questions. Make sure you understand your coverage fully.


By the way, if you’re looking for an insurance advisor, I’m well-connected in the local “home” industry. I have a couple recommendations of good, reputable professionals located under my website's "Service Providers" tab.

 

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April 2, 2017 - A total of 929 properties sold in the Victoria Real Estate Board region this March, 17.1 per cent fewer than the 1,121 properties sold in March last year.


“We predicted early in the year that we wouldn’t see a continuation of the record sales numbers that we saw in 2016,” says 2017 Board President Ara Balabanian. “However, we are still in a very active market, as evidenced by the fact that this is second highest March on record if you remove that record breaking 2016 data. We saw nearly 200 more transactions last month than March 2015, when 734 properties sold.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2016 was $663,300. The benchmark value for the same home in March 2017 has increased by 19.1 per cent to $790,100.


Inventory levels edged lower, with 1,556 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2017, 40.6 per cent fewer than the 2,618 active listings for sale at the end of March 2016.


“The public and REALTORS® are getting used to the new tempo of the market – with the ongoing historically low inventory levels and high consumer demand - both parties need to be tenacious and have quick reflexes. Sellers need to ensure they have assistance from an experienced local Realtor to help understand current demand and pricing. Even in this market, properties can sit unsold for months without selling because of an inappropriate price,” adds President Balabanian. “We do think we will see a more balanced market in the future as more inventory becomes available. Traditionally, people prefer to list their home when gardens and outdoor areas can be shown to their best advantage. Hopefully, as our warmer weather arrives we will see more listings added into the market to offer more choice for buyers.”

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