Vancouver, BC – April 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2020, an increase of 17.2 per cent from March 2019. The average MLS® residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019.
“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”
“While we don’t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low interest rates when it does,” added Ogmundson. “The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.”
Year-to-date, BC residential sales dollar volume was up 37.1 per cent to $12.9 billion, compared with the same period in 2019. Residential unit sales increased 21.7 per cent to 16,866 units, while the average MLS® residential price was up 12.6 per cent to $763,031.
For more information, please contact:
A total of 608 properties sold in the Victoria Real Estate Board region this March, five per cent fewer than the 640 properties sold in March 2019 but eight per cent more than the previous month of February 2020. Sales of condominiums were down 9.2 per cent from March 2019 with 178 units sold. Sales of single family homes decreased 5.3 per cent from March 2019 with 305 sold.
“Last month, we stated that we saw the spring market kicking off,” says Victoria Real Estate Board President Sandi-Jo Ayers. “The start of March continued that trend and we saw higher year over year sales for the first weeks of the month – spring had officially sprung with multiple offers, new listings and sales. And then the world changed. Since the COVID-19 pandemic was declared, we have tracked a predictable downturn of sales in our market. Moving forward it is hard to predict what our spring market will look like, but it will likely be very different than recent years as our entire community slows down to stay healthy.”
There were 2,252 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2020, 7.5 percent fewer properties than the total available at the end of March 2019 but a 5.9 per cent increase from the 2,127 active listings for sale at the end of February 2020.
“Right now, it is not business as usual,” adds Ayers. “Our REALTORS® are working to ensure that services for clients who need them are delivered in a healthy, safe and secure way. Our industry is working with government stakeholders to make sure that transactions that were underway before the pandemic was declared are protected and that homeowners are able to complete sales and purchases. This is a time to ensure our clients are safeguarded as well as to ensure that our community stays healthy. Many Realtors are leveraging new technologies including video home tours and virtual showings. Our message is – if you need us, we are here.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2019 was $836,100. The benchmark value for the same home in March 2020 increased by five per cent to $877,700, 1.1 per cent more than February’s value of $868,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2019 was $507,700 while the benchmark value for the same condominium in March 2020 increased by 4.8 per cent to $531,900, 0.9 per cent more than the February value of $527,400
There's a reason why there are "kitchen and bath" stores, and even design magazines devoted to these rooms. A well-staged kitchen and bathroom can make the entire home look better. So, it's no surprise that professional home stagers pay particular attention to these spaces.
What do these pros have to say about bathrooms?
Professional stagers advise that you start by taking a picture of the room. Looking at that picture will give you a better sense of how others see your bathroom and reveal what needs to be changed.
Then, de-personalize it. When you’re showing your home to buyers, you want the bathroom to resemble a guest bathroom. So, no shaving kits, toothbrushes, sticky notes to self on the mirror, etc.
Stagers also recommend that anything worn be replaced. This will likely include the shower curtain and mats, which tend to wear and stain quickly.
Hang fresh new towels on the rack. (If you’re buying new towels for this purpose, choose white.) Put an unused bar of soap or hand cleaner next to the sink. Make it look like a freshly stocked hotel bathroom.
If required, paint the walls. Off-white colours, including beiges and light greys, work well.
As you can see, it doesn't take much to stage your bathroom and make it look its best for buyers.
Looking for more staging tips? Call today.
If you're thinking of listing your property, one thing that might be holding you back is concern about preparing your home for sale. You may be wondering how much work there will be. Is it going to take a couple of months? A couple of weeks? A few days?
That, of course, depends on the state of your property.
However, regardless of how close your home is to “show time” ready, there is plenty you can do to reduce how long that preparation takes. Consider these ideas:
• Sell stuff online. The less cluttered your home seems to buyers, the better it will show. So, make a list of items you want to sell, and then list them on one of the many local online market websites. Price items fairly and, chances are, you'll get rid of everything in a day or two.
• Have a repair day. Go through your home and make a list of everything that needs to be fixed. Then, schedule repair people to all come on the same day. Voila! In one day, all needed repairs (or, at least, most of them) are done.
• Get staging advice. Instead of guessing at what changes you need to make around your home to make it look its best, get expert staging advice. You’ll find out exactly what the experts suggest you do, and you'll save a lot of time and money. (By the way, I can provide you with that advice too.)
• Ask before making big improvements. Are you planning to convert a wood burning fireplace into a gas unit to help sell your home? Before doing any big improvements or renovations like that, talk to me. You don’t want to spend thousands of dollars on an unnecessary project.
• Hire help. You don't have to do everything on your own. Get the help you need. For example, hire a painter, a cleaner, and/or a junk removal service. Those will significantly shorten the time it takes to prepare your home for sale and save you a lot of work. Also, the costs of those professionals may
be off-set by the increase in the sale price of your home.
Bottomline: Preparing your home doesn't need to be overwhelming and time consuming. Contact me for more ideas to help get your home ready for sale, quickly.
No matter what you think of snakes, you must agree that they have a unique way of dealing with worn-out skin. When the time comes, they simply shed it — like an old jacket — revealing a fresh new skin underneath.
Your home's roof doesn't have that advantage! So, when the shingles wear out or become damaged, you need to have them replaced.
Unfortunately, it's not always easy to determine whether your shingles need replacement right away, or whether you can hold off for another year. Assuming your home has the most common type of shingles — asphalt —here's what to look for:
• Corners upturned on some shingles.
• Missing shingles.
• Shingles lifting during high winds and not settling back into place (flat) within a day or two.
• Heavy accumulation of shingle debris (particles) in the gutters.
• Shingle bits and pieces found on the ground around your home.
• Spots on your roof that still look wet a day or two after a rainfall. (This
could be a sign of water infiltration into the felt or even the roof deck.)
If you have any of these signs, be sure to have a roofing contractor take a closer look.
Before investing in a new roof, be sure to check with the retailer or contractor who supplied the original materials. Your shingles might still be under warranty.
Bottomline: Don't delay. You don't want to wait until you hear drip drip drip before taking action!
Let's face it. Planning events, even exciting ones like an overseas vacation, be stressful. So, it's not surprising that some homeowners — even those thrilled about moving — can slip into "worry mode" when putting their property up for sale.
Unfortunately, this anxiety can make the process of selling an unpleasant experience. Who wants that? So here are some things you can do to reduce selling stress and enjoy the adventure.
• Understand the selling process. The more you know about the steps involved in selling your home, the less mysterious — and, therefore, less stressful — it will be.
• Give yourself the time you need. Feeling rushed and stressed comes from trying to do too much in too little time. Even if you're selling quickly, it's important to block off sufficient time in your calendar for the things you need to do.
• Take care of yourself. As television psychologist Dr. Phil often points out, you can't give what you don't have. When it comes to selling your home, that means you need to eat well and stay healthy, so you have the energy you need throughout the process.
• Make your home attractive to buyers. That not only means tidying up and doing a little home staging, it also means setting the right listing price. Nothing eliminates the stress of selling more than having flocks of qualified buyers interested in your home.
• Get the help you need. You don't have to do everything on your own. That's why working with me is so advantageous. I take care of the many details for my clients so that they can enjoy the journey.
Sure, there are going to be a few stressful moments. However, the process of listing and selling your property, while looking for your next dream home, can be an exciting experience.
Let me help you. Call today.