Stephanie Peat DFH Real Estate - Sidney

Office 250-656-0131 | EMAIL info@stephaniepeat.ca |


If you need to sell your home in the next month or two, you might be worried. After all, aren’t spring and summer the ideal seasons to list your property? If you list in November or December, you might have difficulties attracting buyers and getting the best price for your home. Right?


Not necessarily.


While it’s true that spring and summer are traditionally busy periods in the realestate market, properties do sell every month of the year.


So, if you’re thinking of selling, you’ll need to know two things:


• What comparable homes are selling for at this time of year.

• How long homes are taking to sell, on average.


There might be a local seller’s market this month. That would mean there are more buyers looking for homes like yours than there are sellers. If that’s the case, your property will likely sell fairly quickly; perhaps you’ll even get multiple offers.


But, even if there’s a buyer’s market at this moment, that doesn’t mean your property won’t sell. It just means your home will need to be staged and marketed effectively to attract the right buyers and pique their interest in making an offer.


Regardless of the market, chances are, there are buyers out there looking for a home like yours. They just need to find out about it, become interested in viewing it, and be wowed when they see it.


So, don’t be too concerned about the month. If you’re ready to sell, there’s a way to make it happen.


Call me for more details.

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When you’re shopping for a new home, you probably want the property to be as “move in ready” as possible. That way, you can... well... just move in!


However, there are a lot of fantastic properties on the market that need some work. For example, you might see a home that has everything you need, but the kitchen is long overdue for a renovation. Or, you might view a property that requires a lot of repairs and painting — tasks that, at first glance, seem overwhelming.


You don’t want to just pass on a property that might be a great buy. On the other hand, you don’t want to purchase a home, only to end up with more renovations, repairs and expenses than you anticipated.


What’s the solution? Here’s an idea.


When you view a home that needs work, make a note of exactly what needs to be done. Stick to the important “must have” improvements and leave “nice to have” improvements for a later time. Chances are, you’ll identify just one or two projects — such as “paint all the walls” or “replace the countertops in the kitchen”.


Once you have that list, you’ll be in a better position to determine how long the work will likely take and the approximate cost. This will give you some needed perspective on whether or not to buy the home.


If a home you’re considering needs $15,000 in work that can probably be completed within two months, that might make the property worth buying. In fact, it probably would!


So, when you see an otherwise ideal home that needs some work, don’t let your imagination make that work into more than it is. Take notes and get estimates.

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October 1, 2020  A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month of August 2020. Sales of condominiums were up 26.7 per cent from September 2019 with 280 units sold. Sales of single family homes were 91.9 per cent from September 2019 with 539 sold.

"Another month has passed where we have seen surprisingly high sales numbers - which included quite a few higher end properties," says Victoria Real Estate Board President Sandi-Jo Ayers. "I don't think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent up demand from dampened sales in April and May would result in this level of market activity. There's no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market."

There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.

"We had some much-needed new inventory enter the market over the course of September," adds Ayers. "But the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods. Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year. That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2019 was $849,100. The benchmark value for the same home in September 2020 increased by 3.5 per cent to $879,200, 1.1 per cent less than August's value of $889,200. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2019 was $512,500, while the benchmark value for the same condominium in September 2020 decreased by 0.4 per cent to $510,600, 0.6 per cent less than the August value of $513.900.

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In the business world, a phrase that’s often used is ROI or Return On Investment. It refers to the regular gain (or loss) you’re getting from a particular asset relative to its cost.


When it comes to your home, the gain may be more than financial. It may include the benefit of the lifestyle it gives you. For example, a spacious backyard deck pays off in countless pleasant Saturdays with friends and family. A home’s location near convenient commuting routes means less stress getting to and from work.


Lifestyle factors are important, not only when considering where you’re living now, but also when considering where you think you’d like to live in the future.


That’s why it’s a good idea to do a Lifestyle Assessment regularly. The exercise is simple. Make a list of all the lifestyle characteristics you want in a home, as well as a neighbourhood. Think about how much room you need, the kind of neighbourhood you want to live in, your hobbies and interests, what’s important to have nearby (such as schools), and so forth.


The next step is to prioritize. Move items on your list around so that the most important lifestyle factors are at the top.


Finally, review the list and check off those lifestyle factors your home is currently providing.


If you’re able to check off most (ideally, all) of the items at the top of your list, you’re in pretty good shape. Your current home is probably giving you the lifestyle you want.


But if some important lifestyle factors are unchecked, it might be worth considering whether buying a new home will give you a better “Lifestyle ROI”.


If, after doing this exercise, you’re curious about how to get into your ideal home, call me.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.