Next to a major kitchen renovation, replacing appliances is the mostexpensive way to upgrade the space. So if you’re purchasing a new refrigerator, stove or dishwasher in order to make your home more attractive to buyers, you want to make wise purchasing decisions.

The most important consideration is how the appliances will look in thekitchen. Ideally, they should match in colour and style. They should also bethe right size for the space. The last thing you want is a fridge that’s so largeit dominates the room, or a stove that’s a completely different style andlooks out-of-place.

Appearance is important, but so are the features. Buyers viewing your homewill scrutinize the appliances. They’ll notice if the fridge has a cold water andice dispenser. They’ll ask if the dishwasher has noise-reduction features.Double ovens and quick-heating burners (which are now available onelectric stoves) will also get a buyer’s attention.

Power consumption is also a big issue these days. Increasingly, buyers areinterested in the energy efficient features of a home — appliances included.So, as your REALTOR® I would point out appliances with energy-savingfeatures, such as a dishwasher with a slow-run cycle that saves power.

Kitchen appliances may seem minor compared to the overall appeal of yourproperty, but they do make a difference. Purchase wisely!

June 1, 2016 Victoria, BC

A total of 1,289 properties sold in the Victoria Real Estate Board region this May, an increase of 42.4 per cent compared to the 905 properties sold in the same month last year.  Inventory levels remain lower than the previous year, with 2,406 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May, 40.5 per cent fewer than the 4,043 active listings at the end of May 2015.

“These are very interesting times in local real estate,” notes Mike Nugent, 2016 President of the Board. “The market we are experiencing has exceeded our expectations. There are influences in the marketplace that we do not fully understand yet, like the impact of out-of-town buyers and millenials moving into the market, and the seemingly sudden international attention our island city has started to receive. And some folks may be buying now because they are concerned that the market is going to continue to increase in value. Traditionally spring is the most active season for real estate, so it will be interesting to see if this feverish pace continues into the summer months.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May, 2015 was $593,200. The benchmark value for the same home in May 2016 has increased by 19 per cent to $706,500.

“We define months of inventory as the number of months it would take to sell our entire inventory of active listings at the current rate of sales if no new listings became available. In May last year we had 4.5 months of inventory and in May 2014 we saw 6.5 months. This year, May had 1.9 months of inventory. Last year in June we saw 4.4 months of inventory, so if the pattern continues we may see less inventory than in previous years.

Current low inventory dictates that pressures moving prices up could well remain strong, particularly in the core region. It can be a challenging time to get into the market,” adds Nugent. “As always, a local REALTOR® can help buyers with a strategy to get into a home and can help sellers to create a pricing plan to best reflect the current value of their property. Our Realtors have access to regular education on best practices, including how to navigate multiple offers, which is something many buyers encounter as they shop for houses in some of our more popular neighbourhoods. I think the key right now is to be patient, consider options like different neighbourhoods or types of housing and to prepare with your Realtor as much as possible ahead of time so that you are best positioned to make your move.”