When considering whether or not to sell their home, many people think about market conditions. They consider whether it’s a buyer’s or seller’s market. They look at trends. They try to time the sale to get the best price for their property.

While market conditions certainly can play a role in deciding whether you should sell now rather than later, many other factors can influence that decision too.

For example, you might have outgrown your home and need more space. Perhaps you need an extra bedroom or a larger kitchen. If you wait until market conditions are perfect, you may languish for months — or even years— in a home that’s too small for you. The same can be said for downsizing.

Another “non-market” reason you might want to sell your home sooner rather than later is the neighbourhood. Is there another community more suited to your lifestyle that you want to get into? If it’s a particularly desirable area, you don’t want to wait too long to make a move. If you do, you might lose some good opportunities.

There’s also the emotional side of the decision to consider. You might simply want to move for no other reason than you need a change. That’s as good a reason as any to put up the For Sale sign and find your next dream home.

Other non-market reasons for selling include:

- Wanting a shorter commute to work
- Desiring a different style of neighbourhood. (Rural rather than urban.
- A change in family situation.
- Living closer to relatives and friends.
- Wanting a particular property feature, such as a backyard with mature trees.

The point is, don’t just consider market conditions when deciding to sell. Look at all the reasons and then move forward with confidence. After all, you can sell and buy in any market.

October 1, 2021 

A total of 761 properties sold in the Victoria Real Estate Board region this September, 23.1 per cent fewer than the 989 properties sold in September 2020 and 8.4 per cent fewer than the previous month of August. Condominium sales were up 9.3 per cent from September 2020 with 306 units sold. 11.3 per cent fewer condominiums sold in September 2021 than in the previous month of August. Sales of single family homes were down 38.6 per cent from September 2020 with 331 sold. 7.3 per cent fewer single family homes sold in September 2021 than in the previous month of August.

"We are in a situation this month that is very similar to last month," said Victoria Real Estate Board President David Langlois. "We have seen a lot of demand for homes of all types, but very little inventory come onto the market. And just like last month, it would be inaccurate to say that the market has slowed down and certainly an oversimplification to say the market is experiencing traditional seasonal slowing. What we are experiencing is a continued response to long-term low inventory levels."

There were 1,124 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2021, 53 per cent fewer properties than the 2,389 available at the end of September 2020 but four properties more than the 1,120 active listings for sale at the end of August 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2020 was $879,700. The benchmark value for the same home in September 2021 increased by 25.1 per cent to $1,100,200, a 1 per cent increase from the previous month of August. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2020 was $482,000, while the benchmark value for the same condominium in September 2021 increased by 13.3 per cent to $545,900.

"It’s a complex market and it has been for some time here in Greater Victoria," added President Langlois. "We have a lot of people who want to share in this wonderful community, but we do not have the homes to answer the demand at all points in the housing spectrum. Adding more inventory - be it rental or market housing - requires a commitment to building from our community members. If you support more homes, you need to vocally support projects coming through your local municipal council. Many amazing developments never happen or are buried in expense, which adds to the end cost, before they make it through years of permitting because of opposition at public reviews - often by a small but vocal minority. In order to stop our cycle of pressure on pricing due to limited supply, our community must choose to commit to new housing or commit to prices escalating further."

When prospective buyers view your property, you hope they will think it’s the perfect fit for them. It might well be. However, there are things that can get in the way of a buyer recognizing that perfect fit and making an offer.

Take a look at these common reasons why some buyers will walk away from an otherwise ideal property:

1. Poor staging.

Is staging really that important? According to several studies, an effectively staged home will usually sell faster and for a higher price. Staging not only makes your home look good to buyers, it also shows off all the positive characteristics of your property.

2. Clutter.

Psychologists tell us that clutter often makes people uneasy. That’s definitely not the feeling you want to convey when showing your property! Also, clutter is more apparent to visitors than it may be to you. So, if you have a room that seems a bit cramped to you, imagine how it feels to the buyer.

3. Maintenance issues.

Just as clutter does, maintenance issues make buyers uneasy. If they see a dripping faucet in the bathroom, they may worry there are more serious issues lurking elsewhere. Also, maintenance issues are distracting. (Buyers will notice the faucet leak rather than the beautiful tiles.) So, get any needed repairs done when preparing your home for sale.

4. List price.

Setting the list price is both an art and a science. You want the price to attract as many qualified buyers as possible. If it’s set too high — or even too low — buyers who might have otherwise made an offer won’t even bother to see your property. Make sure your home is priced right.

The good news is, these situations are easy to avoid. So don’t give buyers reasons not to like your property, especially if it may be ideal for them. Make sure your home shows its best.

What is it about your property that stands out? What will buyers like most about it? What are your home’s most enticing features?

Answering those questions will help you determine which features to emphasize when selling your home. After all, you want buyers to notice and appreciate your property’s best characteristics.

But here’s the challenge...

It can be difficult to determine which features of your home are particularly desirable to buyers. You live there! So, there might be a fantastic characteristic of your property that you’ve gotten used to. You might not even realize its value.

One way to gain perspective is to ask friends, “What is it about our property that you like most? What stands out to you?” Ask them to be candid. Often, they’ll reveal characteristics about your home that may surprise you. You’ll definitely gain insights that will help you when listing.

Another technique is to compare your property to others in the neighbourhood. Buyers often target neighbourhoods, so realizing how your home stands out can be helpful when marketing it. For example, your property might have a larger backyard than most others on the street, or it might have a lot of recent upgrades.

Another way to discover your home’s most attractive features is to talk to me. I can tell you what buyers will like most about your property.

Sept 1, 2021

A total of 831 properties sold in the Victoria Real Estate Board region this August, 15.1 per cent fewer than the 979 properties sold in August 2020 and 0.5 per cent fewer than the previous month of July. Condominium sales were up 31.7 per cent from August 2020 with 345 units sold. 21.5 per cent more condominiums sold in August 2021 than in the previous month of July. Sales of single family homes were down 29.9 per cent from August 2020 with 357 sold. 9.8 per cent fewer single family homes sold in August 2021 than in the previous month of July.

"Year over year numbers might indicate a slowing of our market, but there are two important factors to consider," said Victoria Real Estate Board President David Langlois. "The first is that our market is starved for inventory. It should come as no surprise that with half the available inventory of last August we sold fewer homes this August. Without the significant lack of inventory we’re experiencing, sales would most certainly have been comparable to, if not greater than, last August. The second factor is that the previous ten-year running average for sales in the month of August is 675 properties, so with 831 properties changing hands this August, it is clear that our market remains very robust and that lack of supply is the biggest issue impacting attainability for our community.”

There were 1,120 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2021, 56.7 per cent fewer properties than the 2,584 available at the end of August 2020 and 11.8 per cent fewer than the 1,270 active listings for sale at the end of July 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2020 was $889,800. The benchmark value for the same home in August 2021 increased by 22.4 per cent to $1,089,400, a 0.7 per cent increase from the previous month of July. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2020 was $483,400, while the benchmark value for the same condominium in August 2021 was $540,600, an 11.8 per cent increase.

 “The federal election will focus on each party’s proposed policies and programs for housing,'' added Langlois. "The primary issue for housing attainability has been and remains one of supply. While increasing a consumer's ability to pay through tax free savings accounts, extended mortgage terms, or altering stress test provisions may assist some buyers to obtain housing, it will do nothing to slow the price appreciation that the systemic lack of housing supply continues to fuel. Specific commitments such as incentivising municipalities with infrastructure grants for density improvements, increasing on-campus housing, supporting co-op and leasehold developments and utilizing surplus federal lands to directly add to housing stock can all provide a path to more supply. Debates about bidding processes and foreign buyers do not offer material solutions to improve supply nor the attainability of housing. The municipal, provincial and federal governments’ failure to support real growth and diversity in housing stocks has created the market conditions we find ourselves in today. Housing policy matters and we hope that all voters consider what each party proposes and the potential impact to our market."

Imagine a kid running a lemonade stand. He’s selling his product for 25 cents a cup. He’s doing okay. Sales are good. Then someone comes up to his stand and says, “I’ll give you 50 cents for a cup. But, I don’t have the money right now. Give me the lemonade and I’ll pay you later.”

Should he take the deal?

Chances are, you’d advise against it. After all, just because the price is high —in this case, double — doesn’t mean the offer is a good one. There’s a chance the customer won’t come back with the promised 50 cents!

That’s a simple example but applicable when considering multiple offers for your home. Yes, the offer with the highest price is often the one to accept, but there are situations when that’s not the case.

For example, you should be careful when considering the highest offer if the buyers’ financial situation is uncertain. Have they attached an appropriate deposit? Have they secured a prearranged mortgage from a reputable lender? Has their current home been sold, or is it at least listed for sale?

It may turn out that the offer is fine, but these are questions that should be considered.

Another scenario involves conditions. The highest offer might have conditions such as your property passing a home inspection or the buyers selling their current home. That would make the second-highest offer with no conditions more attractive — especially if the price isn’t far off that of the highest offer.

Keep in mind that you can ask to have conditions dropped in your counter-offer.

As you can see, deciding which offer to accept is not as straight-forward as it may seem, especially if you anticipate getting multiple offers.

Walk-through videos are becoming increasingly popular. The seller’s agent simply arranges a filmed tour of a home, often including commentary, and then makes the video available to prospects.

When you’re shopping for a new home, you want to get the most out of watching this type of video, especially if you’re relying on it to help you decide whether or not to make a viewing appointment.

Consider these suggestions:

• Remember, it’s a video. So take advantage of the ability to pause, go back and forth, and take screenshots you can review later.
• When you’re watching, look for everyday items that can give you perspective, such as a lamp, sofa or chair. These items will help you gain a more accurate sense of room sizes.
• Although that previous tip will help, it’s still difficult to judge room size on a video. So, don’t be quick to dismiss a listing because you think the rooms might be too small.
• Pay attention to what is not shown. Did the agent leave the ensuite bathroom out of the video? That may indicate an issue.
• When viewing the main rooms, such as the living room and kitchen, try to get a sense of how your furniture will fit.
• Make a list of features and characteristics you want in your next home. Have that list handy as you watch the video. You can use it as a checklist.
• While you’re watching, jot down any questions you have about the property.

After watching the video, if you like what you see, take the next step. Schedule a viewing appointment.

A total of 835 properties sold in the Victoria Real Estate Board region this July, 14.7 per cent fewer than the 979 properties sold in July 2020 and 11.4 per cent fewer than the previous month of June. Condominium sales were up 18.8 per cent from July 2020 with 284 units sold. 16 per cent fewer condominiums sold in July 2021 than in the previous month of June. Sales of single family homes were down 29.2 per cent from July 2020 with 396 sold. 10 per cent fewer single family homes sold in July 2021 than in the previous month of June.

“The real estate story right now continues to be inventory,” said Victoria Real Estate Board President David Langlois. “The market is driven by inventory; and fewer home listings lead to fewer home sales. In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory.”

There were 1,270 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2021, 52.1 per cent fewer properties than the 2,653 available at the end of July 2020 and 7.6 per cent fewer than the 1,375 active listings for sale at the end of June 2021. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2020 was $909,900. The benchmark value for the same home in July 2021 increased by 18.9 per cent to $1,082,000, a 1.7 per cent increase from the previous month of June. The MLS® HPI benchmark value for a condominium in the Victoria Core in July 2020 was $494,900, while the benchmark value for the same condominium in July 2021 was $535,100, an 8.1 per cent increase.

“As a sort of housing gridlock continues to develop, the pressure to create more of all different types of homes in our community of should not be lessened,” added Langlois. “It is important for the long term health of our housing market that a strong focus continue on developing new homes to meet our growing demand. The current market is increasingly challenging for buyers and sellers. It’s important to access the expertise and knowledge of your local REALTOR® to ensure your interests are protected.”

After your home has been cleaned from top to bottom, it’s natural to want it to stay that way. Don’t you wish you could just wave a magic wand and the place would clean itself? Unfortunately, even Harry Potter can’t manage that!

However, when you’re preparing your property for sale, you really do need to keep it clean and ready for showings. There are several ways you can make doing that a bit easier.

Try these tips:

• The one-minute rule. If a cleaning or tidying task takes you less than a minute, consider doing it right away. For example, keeping the foyer clear of clutter.
• One room a day. After you’ve cleaned and tidied your home, maintain it by focusing on just one room a day. That’s manageable for most people.
• Prioritize the floors. If you can keep the floors clean, everything else will tend to fall into place. Consider a routine where you do a quick sweep or vacuum of the floors each evening.
• Declutter as much as possible. Clutter is the enemy of cleaning! When a room is free of clutter, it’s easier to keep it clean, tidy and looking great.
• Get extras. Buy an extra mop or broom so other household members can help with the cleaning. Also, be sure to stock up on cleaning supplies so you don’t run short just before a viewing appointment.
• Hire a cleaning service. Having a professional cleaning service come once a week—or twice a week when you’re showing your property frequently—can take a lot off your shoulders. Think of it as an investment in selling your home.

 Keeping your home looking “guest-ready” makes your home show better and gets more buyers interested. But, the task doesn’t need to be daunting. Try these tips to make it easier!

Imagine you’re viewing a home for sale. You venture to the basement, check out the furnace room, and notice the water heater. Is it owned or rented? As a potential buyer, you’d want to know.

Now imagine a property you’re viewing has a brand-new gas fireplace. Nice! Is it under warranty? Is that warranty transferrable to you if you buy the home? Again, you’d want to know.

So, when you’re selling, it’s important to pull together all the necessary records you will need in order to answer these types of buyer questions. After all, if a particular warranty transfers to the new owner, that’s a selling point.

Take the time to find receipts, warranty certificates, and other documents related to:

• Renovations (such as a bathroom makeover)

• Major repairs or replacements (such as a new air conditioner)

• Service prepayments (such as a lawncare service paid annually)

• Purchases of major appliances and other items

Keep in mind that you may have purchased extended warranties or maintenance agreements at the time of purchase. Those may transfer to the new owner.

Also note that some guarantees or service agreements transfer automatically while others require the new owner to initiate that transfer. These documents could potentially add a few more benefits to buying your home. So, it’s worth the time it takes to dig them out!

As you may know, a fresh coat of paint is an inexpensive way to make your home look great to buyers. But, what if you don’t have time to paint the entire place? Here are three areas you should prioritize—and one you can  potentially ignore.

1. Rooms with bold colours
A red bedroom and orange walk-in closet likely won’t appeal to everyone! Replacing personalized colours with a neutral colour scheme will present buyers with a “blank canvas” to which they can add their own personal touch.

2. Kitchen
When buyers view your home they linger in the kitchen, which makes it a key selling point. A new paint job will instantly make the space look cleaner and more inviting.

3. Interior doors
These become worn due to being touched multiple times a day, yet are often overlooked when painting. A new coat of paint on key doors, such as those for bedrooms and washrooms, can make a significant impact on the look of your home.

By the way, you may be able to pass on painting exterior doors. They’re often coated with a durable weather-resistant enamel and don’t usually need more than a good wash.

A total of 942 properties sold in the Victoria Real Estate Board region this June, 16.6 per cent more than the 808 properties sold in June 2020, but 10.2 per cent fewer than the previous month of May. Condominium sales were up 61.7 per cent from June 2020 with 338 units sold. 4 per cent more condominiums sold in June 2021 than in the previous month of May. Sales of single family homes were down 4.3 per cent from June 2020 with 440 sold. 18.1 per cent fewer single family homes sold in June 2021 than in the previous month of May.

“We are at a point now where we can look at yearly comparisons with a new lens,” said Victoria Real Estate Board President David Langlois. “In recent months we have been unable to glean anything by comparing year over year numbers because of the sudden and unexpected impact of the pandemic on the 2020 market. But June last year was when the market started its reacceleration. Buyers came back into the market in droves even though listings were restrained compared to long term averages.”

There were 1,375 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2021, 49 per cent fewer properties than the 2,698 available at the end of June 2020 and 5.2 per cent fewer than the 1,450 active listings for sale at the end of May 2021. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2020 was $896,700. The benchmark value for the same home in June 2021 increased by 18.6 per cent to $1,063,500, a 2.6 per cent increase from the previous month of May. The MLS® HPI benchmark value for a condominium in the Victoria Core in June 2020 was $490,400, while the benchmark value for the same condominium in June 2021 was $531,100, an 8.3 per cent increase.

“We see now even more sales activity than the return to the market we saw last year,” added Langlois. “And our inventory is much more restricted, with more than thirteen hundred fewer listings for sale than the year previous. We can see the strong impact this shrinking supply has had on year over year prices. There are many factors we need to watch while this summer’s market unfolds, including the change in borrowing rules that may impact first time buyers, declining levels of inventory and demand from outside of the province as tourism and travel reopens. Speak with your REALTOR® if you’d like fresh insight into our current market.”