You’ve seen fire extinguishers in commercial environments, such as schools, stores and workplaces.

Does it make sense to have one in your
home?

According to the experts, yes. In fact, a fire extinguisher can quickly put out a blaze that would otherwise quickly grow out of control.

There are several types of fire extinguishers that are made especially for residential use. That means they put out the most common fires that occur in the home (Class A, B & K fires), and they are easy to handle and use.

Since most residential fires happen in the kitchen, that’s the best place to keep your extinguisher. Make sure everyone in your household knows where it is and how to use it.

Keep in mind that a home fire extinguisher is meant for small fires that are easy to put out, such as a pan of vegetable oil igniting on the stove. If you find you can’t control the blaze within a few seconds with the extinguisher, get everyone out of the home and call the fire department.

Also, never attempt to fight a major fire yourself. Leave that to the professionals.

Setting the right list price for a home is a mystery for many sellers. How do you begin to determine what buyers are likely to pay for your property? After all, no two homes are exactly alike.

Yet, setting the right price is crucial. You need to avoid the two price “tipping points” that, if crossed, can cause you a lot of problems.

The first tipping point is a price that’s low enough for buyers to begin thinking something is wrong. They wonder, “Why is your price so low? What are you not telling us about your property?”

But that’s not even the worst problem with this tipping point. If you do get offers at that low price, you’ll have a bigger issue – leaving thousands of dollars on the table.

The other tipping point is setting your price so high it discourages buyers from giving your listing a second look. When your price is that high, you’ll get few enquiries and even fewer people coming to see your property. Of course, you can lower your price later, if necessary. But experience shows that reduced prices make potential buyers skeptical. Most sellers who price high in the hopes of getting a windfall actually end up selling for much less than they would have if they had priced their properties correctly in the first place.

So what’s the right price to list your property? The answer is somewhere inbetween those two tipping points.

Call today for help determining the right price for your property.

July 4 2016, Victoria, BC

A total of 1,174 properties sold in the Victoria Real Estate Board region this June, an increase of 29 per cent compared to the 910 properties sold in June last year.

“When we look at month over month numbers, sales are down almost 9 per cent in June compared to the record breaking sales we saw in May, which may be due to the very low inventory available,” notes Mike Nugent, 2016 President of the Board. “It’s likely that sales would be higher were there more on the market to buy, but with the current conditions people may be hesitant to give up the homes they have.”

Inventory levels remain lower than the year previous, with 2,289 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2016, 42.8 per cent fewer than the 4,003 active listings at the end of June 2015.

“June marks the halfway point for 2016. By this time last year 4,282 properties had sold,” adds Nugent. “In the same six months this year, 6,181 properties have sold. If sales continue at a similar rate, we may meet the total sales from last year by the end of the summer. However, this may depend on available inventory, which continues to decrease.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June, 2015 was $594,700. The benchmark value for the same home in June 2016 has increased by 21.9 per cent to $724,900.

“Even in this market, price and strategy are important,” says Nugent. “It’s smart to engage a local REALTOR® to identify a price point and marketing strategy to sell your property. We have seen many multiple offer situations and record breaking numbers in the past few months, but there are properties that sit unsold. Sellers trying to test the upper price limits in their specific range will find that buyers are as discerning as ever. Even in this market there is no guarantee of sale.”

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.”

Comedian George Carlin’s most memorable routine was, “A place for my stuff.” In it, he talked about dealing with the increasing quantity of items we accumulate throughout life.

George was funny. The problem is not.

Here are some low-cost ideas for quickly creating storage space for your stuff.

• Attach a cloth pouch or thin plastic basket to the inside of cupboard doors. This is a great way to store Tupperware lids, cosmetics, etc.
• Install hooks inside the foyer closet for loose items such as hats and scarfs.
• Use egg cartons to make effective storage inserts in drawers.
• Fashion stores often put purchases in stiff, high-quality boxes. Placed on their sides, these make effective storage compartments. (Especially shoeboxes.)
• Consider using suitcases for out-of-season clothing. In addition to storage, they also provide protection.
• Never throw out an old wine rack. There are numerous ways these can be used for storage. (Example: for tools.)

By thinking creatively, you can probably come up with many other simple ideas for creating more storage. The reward is a home that looks neater and more spacious.

Imagine if you dreamed of owning a special limited edition vehicle. What would you do to ensure that your dream vehicle would someday be parked in your driveway — with your name on the ownership papers?

You would probably start by doing some research. You’d find out how much that vehicle would cost, what features are available, and so forth. You would likely visit a local dealership and take a test drive if a model is available on site. You would keep an eye on the market for any that come up and let the dealer know you’re looking for just that car.

If you did, then, some day, you’d probably be the proud owner of the limited
edition car of your dreams.

What does this have to do with real estate?

Well, you can take the same approach when there’s a neighbourhood you’d love to live in someday. You can target it, learn what homes typically cost in that area, and keep your eye on that market in case a property becomes available that meets your criteria.

By focusing on a specific neighbourhood, you increase your chances of someday living there, simply because you’re focusing on it.

Of course, neighbourhood targeting isn’t as simple as aiming to own a specific car someday. That’s why you need a great REALTOR® who can keep an eye on that neighbourhood on your behalf and alert you to opportunities that become available.

Then, when there is a listing that’s a good fit, you can decide whether or not to make a move.

Is there a dream neighbourhood you’d like to live in some day? Call me today to make it happen.

May 2, 2016 Victoria, BC

A total of 1,286 properties sold in the Victoria Real Estate Board region this April, an increase of 53 per cent
compared to the 840 properties sold in the same month last year.

Inventory levels remain lower than the previous year, with 2,594 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April, 34 per cent fewer than the 3,945 active listings at the end of April 2015.

“We continue to see extraordinary interest in the Victoria and area housing market. Likely this is because the trends we reviewed last month continue – low mortgage rates, higher employment numbers, diversity of properties for sale and of course the growing international awareness that Victoria is an amazing place to live,” notes Mike Nugent, 2016 President of the Board. “The vast majority of Victoria buyers are from within the local Victoria marketplace. Last year 70.5 per cent of buyers were from Victoria, and this year in the first quarter we see 72.5 per cent of buyers from the area. We’ve also tracked a slight increase in Lower Mainland buyers. Reports from the first quarter of 2016 show that 8.2 per cent of buyers are from the Lower Mainland, and last year we counted 7.4 per cent. It’s also noteworthy that we’ve seen a decrease in buyers from Alberta (last year we saw 5.7 per cent, this quarter we saw 3.9 per cent), a small increase in buyers from the US (from 0.8 per cent to 1 per cent) and an increase in buyers from Asia (from 0.7 per cent to 0.8 per cent this quarter).”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April, 2015 was $581,700. The benchmark value for the same home in April 2016 has increased by 17.7 percent to $684,900.

“If you are shopping for a home right now, there is a good chance that if you’re looking in a higher demand area (Victoria core, Saanich, Oak Bay) you may find yourself in a multiple offer situation when you go to purchase. This is because there are more buyers than homes for sale and so the market is more competitive than we’ve seen in years past,” adds Nugent. “As a consumer it may pay to get creative, consider types of property and locations you may have not originally identified. For example, condos and townhomes may be a great alternative for first time buyers. Some locations in the Victoria area are under slightly less pricing pressure, for example properties in the West Shore or Esquimalt area are close to amenities, share the same amazing weather as other nearby neighbourhoods. Working with a REALTOR® to create a purchase strategy will put you ahead of the game, and ensure you end up with the right property for you.”

No one wants to deal with a burglary. How do you reduce the chances of one happening? Fortunately, burglaries are a well-studied phenomenon — especially by law enforcement. These studies have identified specific things you can do to cut the risk dramatically. Here are some ideas:

• 34% of home break-ins occur through the front door. Experts recommend investing in a door with a top-quality locking mechanism. (The best are those that lock at three points of contact.)

• 50% of burglars will be deterred if your home has some sort of video monitoring system. A thief doesn’t want his face on YouTube!

• Unfortunately, signs and window stickers warning of an alarm system do not deter thieves. However, 62% of burglars will immediately run away when an alarm goes off. Always turn on your alarm system when you’re not home!

• 22% of burglaries occur through a sliding glass door or patio door. Make sure it’s locked and also use a solid metal jammer.

• Some thieves use frequency scanners to gain access to garages. Police recommend changing your remote entry code regularly and putting blinds or curtains on garage windows so thieves can’t see (and be tempted by) any valuables inside.

As you can see, there are many simple things you can do to reduce your chances of a burglary dramatically. The effort is worth it!

If you are considering selling your home, you will need professional help to ensure your home gets maximum exposure and is properly marketed. Enlist the services of a REALTOR® to make sure you achieve your goal.

The listing is the beginning of a selling process that includes a well-thought-out marketing plan, accessibility to a wide range of potential buyers, and commitment to professional service.

Technically speaking, a listing is an authority granted by you to a real estate agent to act as your REALTOR® in offering your property for sale according to the terms and conditions set out in the listing contract. When you list your home with a real estate agency, you are entering into a binding agreement with that firm, so it is important to choose a company and a REALTOR® with whom you will be satisfied. To find the right firm and individual, ask friends and relatives for recommendations and try interviewing three REALTORS® and ask them about the services that they will offer when they list your home.

What you can expect

Your REALTOR® will conduct a thorough inspection of your property and do a comparative market analysis to see what similar homes in the area are selling for. This, along with your individual circumstances, will help you determine a suitable price range for your home. You will also decide how long the listing will be.

Placing your home on the Multiple Listing Service® (MLS®) gives it maximum exposure in today's marketplace because it ensures details about your home are shared with all other REALTORS® in the Victoria area, all of whom are members of the Victoria Real Estate Board.

Your REALTOR® will ask you for information on taxes, surveys, title deed, and the mortgage, if any-- all of which is important to potential buyers -- and will tell you about preparing your home for sale, arranging showings and open houses and what's involved in offer presentations.

Scouting for buyers

Once the listing is complete, your REALTOR® will check his or her contact lists and begin to try and pinpoint and pre-qualify potential buyers for your home. This way, you avoid an endless parade of people coming through your home who are not serious about buying.

If an offer to purchase is made while the listing is in force and you accept it, you will then owe the real estate agency a commission for having used its services. Be aware that that there is usually a holdover clause in listing agreements. This means that a commission is owed to the agent even after the listing expires if one of the buyers who were introduced to the property through the agent buys it within a specified time period.

Determining if you should buy a new home or fix up your current one isn’t easy. In fact, the decision can be steeped in so much drama they make reality TV shows about it!

So if you’re considering whether to move or improve, here are three things to consider.

1. Will a renovation truly fix what you don’t like about your property? If you’re tired of a small kitchen, for example, it might not be possible, given the layout, to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cosy fireplace then a renovation could make that happen.

Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.

2. How much will a renovation cost? How does that compare to the cost of moving to a new home? It’s important to get accurate estimates of each so you can make a smart decision. This is where a good REALTOR® can help. Keep in mind that renovations have a habit of costing more than you originally anticipate. As mentioned earlier, the final result should be a home you want to stay in for quite some time.

3. Beware of compromising versus settling. Whichever decision you make — renovate or sell — you can expect to have to make at least some compromises. That’s normal. For example, consider adding an extension to your house. That’s a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home designed to include the space you need?

Yes, it’s a tough decision. If you’re in the midst of making it, call today, to get the facts you need to make the best choice for you.

April 1, 2016 Victoria BC – The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of March 2016.

A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 percent compared to the 734 properties sold in the same month last year.

Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria RealEstate Board Multiple Listing Service® at the end of March, 30.5 per cent fewer than the 3,769 active listings atthe end of March 2015.

“I think the strong uptick in the market has surprised many of us! The business cycles of real estate areaffected by economic drivers and it’s clear that this cycle has all possible drivers running at top speed. Manydifferent factors may be contributing to this activity,” notes Mike Nugent, 2016 President of the Board. “Pent updemand from the slower years of 2008 to 2013, lower than historic mortgage rates, strong interest from out oftown buyers, a buoyant economy that’s attracting job seekers and the lifestyle and beauty that Victoria andarea offers all contribute to the activity we’ve seen this year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4per cent to $663,300.

“Though we represent a relatively small geographic area, there is variation in price and inventory in different neighbourhoods,” adds Nugent. “Areas near the downtown core continue to see high demand for houses and condos, as do most areas in the Peninsula. The West Shore has also strengthened considerably but pricing remains lower than in the core because there has been more inventory to meet demand. Further out of town there has been less demand, but overall all areas have now strengthened in sales. More than ever I encourage buyers and sellers to connect with a local REALTOR® to develop a strategic approach in this fast moving market.”