Do you have a renovation project in mind – and wonder how much value it will add to your home? Remodeling Magazine recently did a study of renovation projects, comparing costs to added value. Here are some of the results:

Replacing a main entry door has a return on investment of over 95%. After all, the entrance to a home is one of the first things a prospective buyer notices.

Adding a new deck also adds a lot of value. Depending on the materials used, you can expect to get back three-quarters of the money invested.

Another high-payback project is the garage door. This once again demonstrates the importance of a home’s “curb appeal.”

If you’re tackling a big project, such as a basement renovation, you’ll be glad to know that, according to the study, a project like this adds a lot of value.

Finally, minor improvements to bathrooms and kitchens – such as adding new countertops or cupboards, can also be good investments that mostly pay back when you sell your home.

Of course, these figures are averages and can vary widely depending on location, type of property, and other factors.

Need help determining how a particular home improvement might impact the selling price? Call today.

The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for April 2015. A total of 840 properties sold in the Victoria region this April, a 26.5% increase compared to the 664 properties sold in the same month last year.

“We’ve seen modest sales increases in the area for the past two years, which we’ve attributed to a growing consumer confidence in the market,” Victoria Real Estate Board President Guy Crozier says. “The past three months have been exceptional, and I think have surprised most people watching the market; I certainly haven’t seen forecasts even close to the numbers we see today. It’s possible that consumers who were hesitant to make a move or purchase their first house during the recent economic downturn may have waited to see conditions like we see now – the favourable interest rates, good selection of prices and properties, and increased confidence in the local economy.”

There were 3,945 active listings for sale on the Multiple Listing Service® at the end of April, 10.4% fewer than the 4,404 active listings in April 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $562,000. The benchmark value for the same home this month has increased by 3.5% to $581,700.

“The last time we saw this many transactions in an April was in 2007 when we saw 898 sales,” President Crozier adds. “The market is good, but prices aren’t crazy - despite the activity levels, values in our local market are still recovering from the peaks we saw in 2008 and 2010. Depending on the area, single family property values are as much as nine percent below the 2010 values. It is a great time to buy or sell property in our area.”

If you’re relaxing on a Caribbean beach, or enjoying a bus tour through historic Paris, the last thing you want to worry about is your home. Most people know the basics of keeping a home secure while away. Here are some additional tips that are easy to miss:

• Tell your kids not to boast about your fabulous vacation plans, especially on social media. The fewer who know that the house will be empty, the better.
• Ask a neighbour to pick up any mail and flyers dropped at your doorstep. But don’t rely on that alone. Also call the newspaper and post office to temporarily halt delivery.
• You can buy timers to automatically turn lights on and off. However, most will stop working if the power goes out and restart with the incorrect time when the power comes back on. That’s why you should keep at least a couple of lights turned on continuously, and not connected to timers.
• If you’re leaving in the evening, or before dawn, don’t forget to open the blinds. Closed blinds during the day are a dead giveaway that the owners are away.

Finally, experts recommend creating a home security checklist, so you don’t forget anything. That will give you peace-of-mind.

Usually when you list your home, you would prefer to sell it quickly. It’s like being the first one served at a crowded ice cream parlour. It’s satisfying.

However, sometimes there’s more to it than that. There may be a truly urgent reason why you need to find a buyer for your property as soon as possible, such as a sudden job relocation.

If that’s the case, it’s important to explain your situation to your REALTOR®, who will be able to put together an action plan for selling your home quickly and for the best price possible.

During that conversation, ask what you can do to help the process along. For example, you may be able to:

• Spread the word to your friends and other connections on Facebook.
• Canvass your neighbours and tell them about your listing.
• Stage your home so that it’s more attractive to prospective buyers.

When it comes to price, be prepared to be flexible. That doesn’t mean you must settle for a price far below your home’s market value. However, you do need to be prepared to accept a good offer rather than try to hold out for a great one.

Also be open to as many viewings and open houses as possible. Having many prospective buyers come through your home within a short period of time may be a little inconvenient, but the payoff might be an offer!

Finally, work with your REALTOR®. A good REALTOR® will know the local market well and have many ideas for selling your property fast.

Looking for a good REALTOR® like that? Call today.

April 1, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for March 2015. A total of 734 properties sold in the Victoria region this March, a 27.7% increase compared to the 575 properties sold in the same month last year.

“We saw 393 single family homes in the region sell in the month of March. The last time we saw numbers this high in March was in 2010 when 414 single family homes sold,” Victoria Real Estate Board President Guy Crozier says. “And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year.”

There were 3,769 active listings for sale on the Multiple Listing Service® at the end of March, 6.9% fewer than the 4,050 active listings in March 2014. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $560,500. The benchmark value for the same home this month has increased by 1.64% to $569,700.

“Why the increase in activity? We expect the market to be busy in the spring - real estate has a seasonal trend. Interesting this year was that the momentum we saw in the market over the course of 2014 has continued to increase,” President Crozier adds. “Consumer confidence in local real estate appears to be high, and it’s likely that buyers are taking advantage of low interest rates.”

There are many hidden sources of moisture in your home that can lead to serious problems, such as mould.

To keep moisture levels in check, consider these tips:

• Bathrooms are an obvious source of moisture build-up. Contractor and TV personality Mike Holmes recommends keeping the fan going for at least a half hour after a shower.

• Check regularly for water infiltration around window and door sills, as well as other intakes into the home, such as dryer vents and cablewiring.

• Determine the humidity level in your home. According to the Environmental Protection Agency, it should be 30-60%. (Keep in mind that humidity may vary greatly from room to room.)

• Regularly inspect caulking around sinks, tubs and showers. Even a tiny break can cause water to leak gradually into the wall or floor, causing damage you may not notice for months.

• Clean up wet spills as soon as possible. On hardwood floors especially, water can seep through and become trapped.

• Repair leaking faucets, toilets and pipes immediately. A drip can quickly become a shower. Being mindful of moisture today can help you avoid potentially high repair bills later on.

Being mindful of moisture today can help you avoid potentially high repair bills later on.

If you’re thinking of shopping for a new home, one of the first considerations is price range. You want to know what you can reasonably afford. How do you figure that out?

First of all, you need to determine the initial out-of-pocket costs you will need to cover. There are often more costs associated with purchasing a home than it's actual price. You need to take into account such additional expenses as moving costs, legal fees, and a home inspection, not to mention the costs of prepping your current property for sale.

Experts say you should budget 5-10% above the purchase price for these items. So if you can afford to spend $470K on a new home, you should be shopping in the $425-445K range.

Another factor to consider are the potential proceeds from the sale of your current home. Your REALTOR® can help you determine how much your property will likely sell for in today’s market. Any existing mortgage will need to be subtracted from that amount to determine how much cash will be left.

Of course, you should speak to a mortgage broker or lender who can compute how much of a mortgage you qualify for. Remember, qualifying for a big mortgage doesn’t necessarily mean you should have one. You also need to consider your personal finances and desired lifestyle – and whether or not having a large mortgage is a good idea for you.

Once you have gathered all of your information, you can add any potential sale proceeds to the amount of mortgage you qualify for, add other sources of cash available for this purpose and subtract 5-10% for initial expenses, and you’ll have an idea of the price range you should be considering.

Finally, it’s important to take the time to decide what kind of home you want. Do you want a large backyard with trees? A quiet, family-oriented neighbourhood? Four bedrooms and a finished basement? Once you decide what you want most in a new home, it becomes much easier to find one that’s in your price range.

March 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real
estate activity in the Victoria area for February 2015.

542 properties sold in the Victoria region this February, a 31.6% increase compared to the 412
properties sold in the same month last year and a 54.4% increase compared to the 351
properties sold last month in January.

“The trees bloomed early in Victoria, and so did local real estate. February was a busy month
with numbers closer to what we would expect to see in the spring season.” Victoria Real Estate
Board President Guy Crozier says. “285 single family homes sold over the course of the month.
We’ve not seen that many single family homes sell in a February since 2008 when we tracked
295 transactions. Though buyers are already in spring purchase mode, the amount of available
inventory may not be quite up to the pace. We continue to track the trend of higher year-overyear
sales, and lower year-over-year active listings that we started to see in mid-2013.”

There were 3,480 active listings for sale on the Multiple Listing Service® at the end of February,
7.7% fewer than the 3,770 active listings in February 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in
the Victoria Core this time last year was $549,700. The benchmark value for the same home
this month has increased by 1.33% to $557,000.

“The Board certainly anticipated an increase in sales for spring, but the increase we’ve seen
exceeded my expectations,” President Crozier adds. “The early spring combined with available
low interest rates will likely create more demand for Victoria real estate as the rest of Canada
digs out from winter.”

You have decided to buy a home. You've analyzed your budget, talked to a REALTOR® and figured out what kind of house you want. But, the most important step may have been left until last: picking the right neighbourhood.

Choosing not only the proper community, but also the right neighbourhood, can have a tremendous impact on your family's happiness and the value of your investment.

The first thing many people do when considering a move is drive around various communities gaining a sense of which areas they like. Buyers find out how close the major highways are and if the neighbours keep their yards tidy. Most will make sure they know the location of the closest mall. But what about public transit, colleges, schools, libraries, parks, recreation centres and fire or ambulance stations? Is the local police station close to your prospective neighbourhood? All of these factors can make or break a decision to buy a certain property.

Your REALTOR® can provide you with a wealth of general information on different neighbourhoods. For detailed information, it's a good idea to contact the appropriate agency directly. Here are a few suggestions to consider:

Contact the municipality

Municipalities have a wealth of information on hand. Some distribute brochures and booklets containing the locations of colleges, libraries, ambulance stations, hospitals, parks and transit stops. It's also a good idea to check the location of recreation centres, swimming pools, ice rinks and the like, along with the programs they offer.

Call the local police and fire departments

Ask them how many stations service the community and their locations. Also ask about response time to emergencies.

Contact local School Boards

The Greater Victoria, Saanich, Sooke and Gulf Islands School Districts will be able to give you information on the locations of elementary and secondary schools within their jurisdictions. It's a good idea to mark the routes your children would take and then walk them yourself.

Your REALTOR® and MLS®

Your REALTOR® will be able to offer you general advice and information on many of the above topics. Remember, your REALTOR® has access to the Multiple Listing Service® (MLS®) and can provide you with a customized list of properties available for sale in the neighbourhood of your choice that meet your needs, wants and budget.

Is there such a thing as a best time of year to sell a house? Certainly, seasonal factors come into play when trying to sell a home, but there are other things to consider as well, like the tug and pull of supply and demand, as well as unique local market conditions.

No matter when a home goes on the market, one should take a few things under consideration that will likely affect not just the ability to sell a property, but more importantly the ability to get your asking price. Timing, it seems, is everything.

While the economy does not follow the predictable ebb and flow of the seasonal changes in real estate and in buyer attention, the economy, it’s state and it’s prospects boil down to property values, and consumer confidence. When the economy is under fire, people are nervous about their jobs. There is generally a reluctance to spend, accumulate debt or make major purchases.

The market will tell you what a home is worth. The problem is, during an economic downturn, the market may value your home lower than you had hoped, or than from when you started.

In a country like Canada, where there are four distinct seasons, seasonal influences play a large part in creating good selling conditions.

Wintertime brings with it a series of challenges, among them the weather, holiday distractions and lack of interest from buyers.

When the snow thaws though, and greenery re-emerges from the ground, buyers tend to re-emerge as well. The spring tends to be the peak of the market, simply because the timing suits people in general. The weather is more favourable, properties generally can be better displayed, and moves and property closings can more reasonably be managed through the summer months, so for those with families relocating is less disruptive.

While the springtime may typically be a more optimal time to sell, there will typically be more competition on the market. Sometimes, if a seller is flexible on their dates, it may be advisable to wait until the spring market to list, simply because of the flood of buyers onto the market. Often, a property will sell for more, and sell much faster because of volume.

As there will be more properties on the market, the seller really needs to take time to make their property stand out, using the slow winter months to actively prepare their homes to list. For some, it can take weeks, or even months to de-clutter and re-organize their properties to best reflect the space, and the positive attributes.

Advise sellers that, even though you may list in the spring, the selling process begins now- behind the scenes. Think staging before selling.