It can be tough to make the decision to sell. In fact, for many homeowners, it's overwhelming. If you're considering making a move and struggling with the decision, here are five helpful questions to ask yourselves:

1. "What are our practical reasons for selling?"

This question refers to what you'll get by moving to a new home. The reasons could include a bigger backyard, shorter commute to work, an extra bedroom, a more desirable neighbourhood, etc.

2. "What are our emotional reasons for selling?"
This question refers to how you'll feel about living in a new home. For example, you might feel safer, less cramped, less worried (because the local schools are better), or happier (because the shorter commute means more time with your family.)

3. "What type of new home can we afford?"
This question involves finding out how much you'll likely get when you sell your existing home and how much of a mortgage you qualify to receive. With that information, you'll have a price range within which you can comfortably shop plus a clear idea of what your mortgage payments will be.

4. "In what ways will our lifestyle be better in a new home?"
This ties in closely with emotional reasons for selling. It relates to what your life will be like in a new home. Try to paint a picture in your mind. For example, you might want to be able to spend Saturday afternoons relaxing in your bigger backyard or Sunday nights entertaining friends and family in your larger living room.

5. "What else do we need to know before we decide to sell and move?"
Sometimes people are hesitant about selling simply because they have unanswered questions.So, if there's any part of the selling and buying process that’s not clear, be sure to ask me.

Did thinking about these questions help make the decision easier? If you need more help or want to talk about your decision, call today!

A total of 696 properties sold in the Victoria Real Estate Board region this April, 10 per cent fewer than the 774 properties sold in April 2018 but an 8.8 per cent increase from March 2019. Sales of condominiums were down 9.8 per cent from April 2018 with 203 units sold but were up from March 2019 by 3.6 per cent. Sales of single family homes were down 12 per cent from April 2018 with 369 sold.

"Spring has been a non-traditional real estate market thus far,” says Victoria Real Estate Board President Cheryl Woolley. “Consumer purchasing power continues to be negatively impacted by the B20 mortgage stress test, causing many buyers to step back while they save more money for a down payment.”

There were 2,751 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2019, an increase of 13 per cent compared to the month of March and a 37.4 per cent increase from the 2,002 active listings for sale at the end of April 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2018 was $874,800. The benchmark value for the same home in April 2019 decreased by 3.4 per cent to $845,100, higher than March’s value of $843,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2018 was $506,900, while the benchmark value for the same condominium in April 2019 increased by 1 per cent to $511,700, higher than March's value of $506,500.

“Prices have remained reasonably flat across the region and are expected to stay that way,” adds President Woolley. “Presently, REALTORS® are busy showing homes and bringing new listings to the market, but with few new options to view, we are still seeing multiple offer situations when that right property does become available. Given the current dynamic and evolving market conditions, it’s a good time to chat with your Realtor about a personal plan for buying or selling a property.”

On moving day, you'll have a big task. You’ll need to get your possessions from your old property to your new one — ideally without delays or damage! Surprisingly, many people underestimate the time and costs involved in doing that. Careful planning and budgeting are crucial to ensuring moving day goes smoothly.

You basically have three options:

1. Hire a moving company to handle everything.
2. Hire a truck and crew, while doing some of the work yourself. (For example, you can pack and help with loading.)
3. Do it all yourself by renting a moving van and getting friends and family to help.

If you're going with option one, get quotations as early in the buying/selling process as possible. Services, costs and quality vary widely among fullservice moving companies.

If you're going to do some or all of the move yourself, the best place to start is by making a list of what you'll need. In addition to renting a moving van, or hiring a truck and crew, there are many supplies you may require. For example, you’ll need boxes, protective fill and/or wrapping (i.e. bubble wrap), markers for labeling boxes, packing tape, and more.

You may decide to rely on friends to help load the truck on moving day. That's
fine. Just be sure you have enough people to do the job within a reasonable
timeframe, and confirm everyone's attendance at least a couple of days before.

A total of 640 properties sold in the Victoria Real Estate Board region this March, 7 per cent fewer than the 688 properties sold in March 2018 but a 52 per cent increase from February 2019. Sales of  condominiums were down 7.1 per cent from March 2018 with 196 units sold but were up from February 2019 by 51.9 per cent. Sales of single family homes were down 4.5 per cent from March 2018 with 322 sold.

“We continue to see a somewhat static local real estate market through March,” says Victoria Real Estate Board President Cheryl Woolley. “Like in February, REALTORS® have been busy showing properties and discussing strategy with buyers and sellers, while the sales numbers themselves continue to be relatively flat when compared with last year. These market conditions are not a surprise. Consumers continue to adjust to the B20 mortgage qualification rules and the long-term, low inventory of homes. The good news is we have seen a month-over-month increase of active listings on the market - though we remain well under the ten-year average of 3,403.”

There were 2,435 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2019, an increase of 14.3 per cent compared to the month of February and a 37.9 per cent increase from the 1,766 active listings for sale at the end of March 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2018 was $867,900. The benchmark value for the same home in March 2019 decreased by 2.8 per cent to $843,600, lower than February’s value of $845,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2018 was $501,500, while the benchmark value for the same condominium in March 2019 increased by 1.0 per cent to $506,500, slightly higher than February's value of $502,800.

“The mortgage stress test continues to put further pressure on lower-priced properties by reducing the borrowing power of many prospective buyers and pushing a lot of buyers into an already compressed price bracket with limited inventory,” adds President Woolley. “This means that even though sales are slower than the peak in 2016, many buyers can expect to encounter multiple offer situations as competition increases at lower price points. The federal government recently announced a CMHC shared-equity mortgage program, which aims to reduce first time home buyer payments. However, this program applies only to properties $480,000 or less, and will put even more pressure on lower priced homes and condominiums. These current market dynamics make it increasingly important for our region to continue to find ways to create more affordable housing options to avoid price pressure on the lower-priced properties.”

A total of 421 properties sold in the Victoria Real Estate Board region this February, 22.8 per cent fewer than the 545 properties sold in February 2018 but a 28 per cent increase from January 2019. Sales of condominiums were down 25.9 per cent from February 2018 with 129 units sold but were up from January 2019 by 16.2 per cent. Sales of single family homes were down 15.8 per cent from February 2018 with 219 sold.

“Buyers and sellers appear to be looking at the current real estate market from different perspectives,” says Victoria Real Estate Board President Cheryl Woolley. “Buyers are hoping to see reductions in prices because governments have told the public that policies like the mortgage stress test and the speculation tax will improve affordability. However, the actual result of some of these policies seems to have softened the higher priced end of the market and increased competition for properties at the lower priced end. Conversely, sellers may be holding out to see if prices increase in the spring, and those hoping to up-size may be unable to qualify for the funds needed to move up because of the stress test.”

There were 2,131 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2019, an increase of 3.6 per cent compared to the month of January and a 37.9 per cent increase from the 1,545 active listings for sale at the end of February 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2018 was $848,600. The benchmark value for the same home in February 2019 decreased by 0.3 per cent to $845,900, lower than January’s value of $847,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2018 was $483,700 while the benchmark value for the same condominium in February 2019 increased by 3.9 per cent to $502,800, slightly higher than January's value of $499,700.

“Local REALTORS® continue to be very busy showing listings, so demand is evident in the greater Victoria area,” adds President Woolley. “Currently, we still have very low inventory compared to the long-term average with little having come into the market this past month. As the spring thaw comes, there’s a good chance more listings will come onto the market which will create more options for prospective buyers. Homes in sought-after areas and those that are lower priced remain in high demand. Now is a good time to connect with your Realtor to discuss your goals and how to navigate the current market.”

A total of 329 properties sold in the Victoria Real Estate Board region this January, 23.7 per cent fewer than the 431 properties sold in January 2018 and a 12.3 per cent decrease from December 2018. Sales of condominiums were down 5.9 per cent from January 2018 with 111 units sold but were up from December 2018 by 7.8 per cent. Sales of single family homes were down 29.3 per cent from January 2018 with 152 sold.

“It’s already an interesting year for local real estate. REALTORS® are keeping busy showing homes and writing offers, however actual sales are slower than we would expect in an average January,” says 2019 Victoria Real Estate Board President Cheryl Woolley. “There are many reasons consumers are hesitant to purchase. For instance, changes to mortgage lending rules have decreased the amount of funds buyers can qualify for by up to twenty-five per cent. In turn, some consumers are re-evaluating their expectations and looking at condos and townhomes rather than single family homes; or they are looking at single family homes further outside the core. As well, many buyers appear to be waiting for new inventory to open up, while sellers are watching the market closely to see what their homes are worth and what the spring market may bring.”

There were 2,057 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2019, an increase of 3.5 per cent compared to the month of December and a 38 per cent increase from the 1,491 active listings for sale at the end of January 2018. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2018 was $840,100. The benchmark value for the same home in January 2019 increased by 0.9 per cent to $847,800, lower than December’s value of $858,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2018 was $471,300, while the benchmark value for the same condominium in January 2019 increased by 6 per cent to $499,700, slightly lower than December's value of $502,400.

“Over the past few years, demand in Greater Victoria has outstripped supply, putting upward pressure on pricing. While many of the new developments proposed for our region are being built for much needed rental and social housing units, it will provide little relief for buyers who are caught in the pinch between tougher lending rules and higher prices,” adds President Woolley. “Moving forward, we anticipate continued interest in our region as people gravitate towards our mild climate, beautiful amenities and the lifestyle Greater Victoria offers.”