Are you thinking about finding your next home? It can be tricky balancing what you want with what you can practically afford. Here are some tips that can make buying your dream home more doable:

1. Save for a larger down payment. A larger down payment can lower your monthly mortgage costs and possibly help you get a better interest rate.

2. Look at neighbourhoods that are less “in demand.” Some areas have the reputation of being desirable or exclusive and – as a result – expensive. But, there may be neighbourhoods that are not as in demand and yet ideal (and more affordable) for you. Explore that possibility.

3. Consider a fixer-upper. A home that needs some work may be more affordable, and you can save money by doing some of the renovations yourself.

4. Think about buying a smaller home. A smaller property can be more affordable and easier to maintain, especially if you’re downsizing.

5. Research mortgage options. Shop around for the best mortgage rates and consider different types of mortgages. A better mortgage rate and terms may make an out-of-reach home affordable for you.

Any of these tips will help increase the probability that you’ll be able to buy your dream home at a price that works for you.

When it comes to selling your home, preparing the exterior can be just as important as preparing the interior. The outside of your home is the first thing potential buyers see, and it can greatly impact their first impression of your property.

Luckily, there are several low-cost outdoor improvements that will make your home more appealing to buyers.

First, consider adding some potted plants or flowers to your front porch or entryway. This can help add some colour and life to your home's exterior, and create a welcoming atmosphere for potential buyers. Even in winter, small potted evergreens can have an impact.

Next, consider cleaning up your landscaping. This can include trimming overgrown bushes and trees, mowing the lawn, and removing any dead plants or debris. By doing so, you can make your home look well-maintained and attractive to potential buyers.

You may also want to consider adding some outdoor lighting to your property. This can include adding some solar-powered lights along your driveway or walkway, or even adding some outdoor string lights to your patio or deck. Outdoor lighting can create an inviting atmosphere, and make your home look more attractive to potential buyers.

Finally, consider giving your front door a fresh coat of paint. Your front door is a focal point of your home's exterior, and painting it will make a big difference. If you’re changing the colour, be sure to pick one that complements the façade.

These outdoor improvements don’t cost much, but will increase your home's curb appeal, which is proven to help sell your property faster and for a better price.

Need more advice on how to create the “wow” factor in your home when you sell? Call today!

A total of 595 properties sold in the Victoria Real Estate Board region this July, 16.7 per cent more than the 510 properties sold in July 2022 and a 15.6 per cent decrease from June 2023. Sales of condominiums were up 16.3 per cent from July 2022 with 200 units sold. Sales of single family homes increased 15.4 per cent from July 2022 with 293 sold.

“We talked about the return to seasonal norms last month,” said Victoria Real Estate Board Chair Graden Sol. “The July numbers reinforce the re-establishment of seasonal patterns with a slow-down in activity as the summer season set in. This dip in activity doesn’t come as a surprise — it aligns with the familiar and expected seasonal patterns that have been observed in our market over the years.”

There were 2,419 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2023, an increase of 3.3 per cent compared to the previous month of June and a 11.9 per cent increase from the 2,162 active listings for sale at the end of July 2022.

“The good news is that, despite a slowdown in sales, we did witness an increase in inventory coming to the market in July,” Sol notes. “These new listings are quite encouraging, as they indicate a growing movement in our market and show that consumers are becoming more willing to take action and make a move. The additional inventory translates to more choices for buyers and makes it easier for sellers who are looking to make a property change. Another positive aspect of a typical summer market is that there may be fewer active buyers due to people taking vacations during this time of year. Although we continue to see well-priced properties receive competing offers, there might be less competition compared to previous months. If you are contemplating a summer move, it would be wise to connect with your local REALTOR® for assistance. Your Realtor possesses up-to-the-minute information for Victoria and knows how to navigate the market efficiently.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2022 was $1,366,100. The benchmark value for the same home in July 2023 decreased by 3.5 per cent to $1,318,800, which is up from June’s value of $1,310,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2022 was $600,000, while the benchmark value for the same condominium in July 2023 decreased by 3.7 per cent to $578,000, which is up from the June value of $573,800.