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.”

There are few things more beautiful than cut flowers in a vase. They instantly brighten any room. That is, of course, until they wilt and die. So how do you make cut flowers last as long as possible? Here are some ideas:

• Cut the bottom of the stems before you put the flowers in the vase. An angled cut is best as this will enable the flower to draw in more water.

• Add a fertilizer to the water. Most flower shops include a pouch with the order. Follow the directions carefully. Don’t use too much.

• Make sure the vase is high enough to support the flowers. Too much strain on the stems will cause the flowers to die sooner.

• After a couple of days, re-snip the stems. This will add an additional day or two to the life of the flowers.

• Flowers last longer if you put them in the fridge (in water) overnight. That’s why florists store cut flowers in cool rooms.

Finally, watch the water level and top off as required. Older cut flowers will die quickly when starved of water — even for just a couple of hours.

Do you ever wonder how most people find the homes they eventually buy? You might imagine them driving by a “For Sale” sign or seeing a home for sale in the newspaper and then calling to enquire.

Of course, many buyers find out about listed properties that way. But, according to research by the National Association of Realtors, there are many other — sometimes surprising — ways buyers find their next dream home.

For example:
• 88% of buyers find a home with the help of a real estate agent.
• 90% of buyers search online as part of the home buying process. (Such as viewing a property’s profile on the agent’s website.)
• 69% of buyers searching for a home using Google, use a specific local term, such as “Whitby-south homes for sale”.
• 29-46% of buyers attend an Open House as part of their home hunting activities.

Overall, the research shows that buyers are using a multitude of ways — combining online and offline methods — to find homes.

What does all this mean to you? If means that if you’re preparing your home for sale, you need to ensure your marketing plan takes into account all the ways buyers are finding properties — so you can be sure that they will find yours.

A house-hunting checklist will help you keep track of the advantages and drawbacks of each home.  Ensure the checklist includes the basic information regarding location, asking price, annual property taxes, mortgage terms and any applicable zoning restrictions.

Exterior

Jot down your impressions of the exterior of the home, note the lot size and shape as well as the position of the home on the lot (facing north, south, east or west). Note the condition of the landscaping and whether or not the yard is fenced.

Check the condition of the siding and note if the home has an attached or detached garage. Take a good look at the roof and note its general condition and age. It's also important to examine the foundation of the home for any visible cracks or holes.

Interior

Note if the home has a separate front hallway. Check windows to ensure they open and close easily and note the general condition of the doors. The kitchen is an important room in any home, so pay attention to its size, the condition of its appliances, sink, cupboard space, counter tops, flooring, lighting and electrical outlets. Be sure to ask if any or all of the appliances are included in the sale.

It may be that a separate dining room, a family room or a fireplace is important to you. Note also the size of the bedrooms and closet space and whether or not there are any window coverings or adjoining bathrooms. Also make note of the flooring and room colours.

Make notes on the number and sizes of bathrooms and the conditions of the fixtures. Check all faucets and flush toilets to make sure they are in good working order and to see if there is adequate water pressure.

Basement

Check to see if the basement is full or partial, finished or unfinished, and if there is adequate room for walking about. Check the utility area and find out if the washer and dryer are included in the sale. It is also important to ask about the type of heating, water service, plumbing (copper or other), electrical amperage and insulation.

Your REALTOR® will be able to help you with questions you are unsure of. It is also a good idea to have a professional building inspector examine any home that you are considering buying.

March 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 February 2016.

A total of 772 properties sold in the Victoria Real Estate Board region this February, an increase of 42.4 percent compared to the 542 properties sold in the same month last year.

Inventory levels are lower than the previous year, with 2,562 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February, 26.4 per cent fewer than the 3,480 active listings at the end of February 2015.

“We continue to see the effect of supply and demand on the market,” notes Mike Nugent, 2016 President of the Board. “Areas near the downtown core have limited inventory, with less new product coming on to the market. As a result we see more pressure on pricing there, and we see multiple offers. The West Shore and outlying areas have new housing developments coming into the market. Sales are brisk everywhere, but less competition is created in areas like the West Shore because of the area’s ability to create supply to meet demand. We’ll likely see more first time home buyers look to make purchases in outlying areas. The West Shore benchmark for a single family home right now is $432,600, which makes the area more affordable than the Victoria core, where the benchmark value is $200,000 more for a single family home.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February, 2015 was $557,000. The benchmark value for the same home in February 2016 has increased by 14.7 per cent to $638,700.

“I’d highly recommend that sellers and buyers who are thinking of making a move in the future engage the services of a REALTOR®,” adds Nugent. “Your Realtor can help navigate the decision-making process and ensure you have access to information and advice based on current market conditions. In a busy market like we see now, your Realtor’s expertise can be the difference between a beautiful new home and a potentially frustrating and costly exercise.”

About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents over 1,200 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

More fires start in the kitchen than in any other room. Those fires can be expensive; since even a minor incident, with no injuries, can result in significant damage. That’s why it’s important to keep up with the latest in fire prevention.

The most recent research tells us:             

1. Never leave cooking food unattended. Doing so is the number one cause of kitchen fires.

2. Make sure cooking appliances, especially deep fryers, are safety certified by the appropriate government agency.

3. When using oil in a frying pan, always heat slowly at no more than a medium heat setting.

4. Always turn off stove burners and other cooking appliances immediately after cooking.

5. Never attempt to put out a grease fire with water. Use baking soda or a fire extinguisher.

6. Never remove or cover up a smoke detector due to nuisance alarms. The one alarm that isn’t a nuisance may save your life.

Finally, experts say that if you can’t put out a fire immediately, get everyone out of the home and call emergency services.

As you’re probably aware, the list price you set for your property has an impact on how quickly it sells — and how much you earn on the sale.

What you may not realize is just how significant an impact it has. Consider the following examples.

Example 1:

You price your property well above its current market value. As a result, many buyers don’t bother to see it because it’s outside of their price range. Those who do see it are confused by the high price tag, (and may even be suspicious.) They may wonder, “What’s going on?”

In this scenario, the home will likely languish on the market for weeks or even months. You might even have to lower the price dramatically to re-ignite interest.

Example 2:

You price your property just a couple of percentage points lower than what is necessary to gain the interest of qualified buyers. That might not seem like much of a problem. How much can a couple of percentage points matter?

Those points matter a lot.

On a $400,000 property, pricing your home just 2% lower than necessary could cost you $8,000 on the sale. That’s a serious amount of money!

So, as you can see, pricing your home right is serious business. Fortunately, a good REALTOR® knows how to set the right price.

It’s been a busy 2015 and our markets have been characterized by an increased demand from Buyers with a decreased amount of properties available on the open markets. This has created an imbalance with the markets which are generally favouring Sellers currently. The trickledown effect of these conditions is that property values are increasing. In fact, overall, the Victoria market values are up by nearly 10% over this time last year.

For Sellers this means that it’s a great time to get your property listed. For Buyers this means that there are a larger quantity of other Buyers out there that are potentially competing with you for the fewer amount of properties that are available. Due to this, we are seeing multiple offer scenarios coming back into our markets.

Many of the specific conditions will be dictated by the geographic area you are working in, the type of housing (single family, townhouse, duplex, condo), and the price point you are working within.

If you are thinking about making a purchase this spring, I recommend you consider these following suggestions before beginning your house hunt. These points will help you to avoid disappointment while setting you up for success.

Get a jump on the new listings: Good properties sell quickly in these market conditions. If you are getting ready to buy something soon, ask your Realtor to change your MLS settings to notify you immediately when a new property that fits your criteria is listed. If you like the looks of it, get in touch with your Realtor quickly and view it as soon as possible.

Be prepared: Have your financing in order so if you see the “one” you will be in a position to move on it. Make sure you are qualified at the price point you are shopping in.

Talk to your Realtor about the possibility of finding yourself in a multiple offer situation: Discuss how you can position yourself strategically. The fewer conditions on the offer, the better. Don’t ask for chattels (furniture, personal possessions of the Seller) or for favours from the Sellers. If possible, try to offer the Seller the closing dates they are looking for and remove your conditions as quickly as possible. Remember you only get one chance to impress the Seller in a multiple offer situation. We recommend that you put your best offer forward, you may not have a chance to negotiate. A short note to the Seller about your family and what you like about the home can also sometimes sway a Seller in your favour.

Price: Think about your upper limit to price. Often in multiple offers, the minimum offer is the list price and sometimes Buyers must go above the list price to secure the property. In a multiple offer scenario the highest price is usually the offer that is considered. Make sure you are comfortable at this elevated price and that you are qualified for it.

Consider a larger deposit: Typically we see deposits in the $10,000 to $20,000 range. If you are in a position to offer a higher deposit at the time of condition removal, your offer will appear stronger. The deposit money forms part of the purchase price upon closing.

If you would like more information or assistance with negotiating the current market conditions, please don’t hesitate to contact me at any time. Ask me for further details on your market area and I will be happy to update you on your own personal situation.

February 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 January 2016. 2016 started with the busiest month of sales in January since 2002. A total of 539 properties sold in the Victoria Real Estate Board region this January, an increase of 53.6 per cent compared to the 351 properties sold in the same month last year.

Inventory levels are lower than the previous year, with 2,471 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January, 24.7 per cent fewer than the 3,283 active listings at the end of January 2015.

“Though the ongoing count of properties for sale is low, the number of new listings entering the market is close to what we saw last year,” notes Wendy Moreton, 2016 president of the board. “The recent month of January saw 934 new listings, where last year we saw 1,027. The good news for buyers is that there are new properties for sale every day. The good news for sellers is that there appears to be more buyers in the market, so well-priced properties in high demand areas (like the Victoria core) are swift sellers.”

“Last year we saw the traditionally busy spring market start early as sales picked up over February and March,” adds Moreton. “This year that spring market may be starting even earlier, as our sales numbers for January are close to the numbers we saw last February. We’ll watch this trend over the next few months. This busy market is the perfect time to enlist the help of your local REALTOR®. Realtors have access to up-to-date trends for all the different markets across the Greater Victoria area and can best assist buyers and sellers to navigate this exciting market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January, 2015 was $561,600. The benchmark value for the same home in January 2016 has increased by 10.2 per cent to $618,600. About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors.

The Victoria Real Estate Board represents over 1,200 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

When you’re out-of-town, there are plenty of kennels and other facilities that will mind your dog or cat. In fact, the pet-care business is booming! However, the same options aren’t available for your houseplants. So what do you do?

First, keep in mind that plants can go for several days or even a couple of weeks without water. This frequently happens in their natural habitats. So if you’re gone for just a few days, your flora will probably be fine.

Flowering plants tend to need the most water. Give them an extra dose just before you leave. Also, make sure they are in indirect, rather than direct sunlight. That will help them conserve water.

If you’re going to be away for a week or more, consider one of the several products on the market that water plants automatically. Many of these allow you to adjust how much water each plant gets — and when.

You’ll find plenty of do-it-yourself instructions for making your own automatic waterer on the internet, from plastic cups with tiny holes in the bottom to upside-down bottles with wicks. These might work, but you’ll want to test
them first.

Of course, your best option might be to have a friend or trusted neighbour take care of the plants for you. Just be sure to give them clear instructions.

Your houseplants will thank you.

Staging your home brings it up-to-date and increases the marketability of your property. These following 10 staging tips taken from a very trustworthy source are inexpensive and easy to do but will help you create a great first impression!

1. Paint
Dollar for dollar, a fresh coat of paint gives you more bang for your decorating buck than anything else. Even if your current palette is relatively new, any scuffs or wear marks will channel an unkempt vibe. And an unusual colour choice – even if the height of fashion – may limit your home’s appeal. So break out that roller and slap on a couple coats of crowd-pleasing warm white or sand paint.

 
2. Improve the lighting
Replace any out of date light fixtures. How can you tell if it has to go? If it’s over 15 years old and looks it – yet isn’t a vintage (50-75 years old) or antique piece (older) – it should probably go. “Retro” is not something most homebuyers are looking for – they tend to substitute the word “dated”. You don’t need to break the bank, just head to IKEA or Canadian Tire.

3. De-clutter
Take the collectibles off the mantel, put the mismatched armchair into storage (or better yet, donate it) and pare your closets down to what you’re actually wearing this season, packing away the rest. Ideally, all this extra stuff would head to charity (if in good, saleable condition), the garbage dump, or into storage. The more you store onsite, the more cluttered and small your home appears.

4. Give dated bathrooms a facelift
A nice bath helps sell a house but, don’t invest in a total renovation. Major renovations are costly, and you often won’t recoup your costs. Bring an out-of-date bath up to speed with gleaming white walls whether via a fresh coat of white bath and kitchen paint or ceramic tile and new lighting (Home Depot excels at affordable, stylish bathroom vanity lighting). Buy neutral new shower curtains, a simple new bath mat and vanity set, and have fresh flowers in the room during open houses.

5. Take down curtains
Dated window treatments need to come down, pronto (if it’s over 10 years old, get rid of it). If privacy isn’t an issue, just leave the windows bare to maximize natural light and make the room’s dimensions seem more generous. Otherwise, buy basic-issue cotton or linen drapes from Linens ‘N Things or another well-priced retailer. Always tie drapes back during viewings and open houses.

6. Put up mirrors
Make small rooms appear bigger and dark rooms seem brighter by adding an attractive wall mirror. A box like dining room will benefit from a leaning floor mirror (Home Sense often has great deals) and an entranceway more welcoming with a console mirror.

7. Update porch hardware
Increase your home’s curb appeal by updating the hardware on your front porch. Buy a doorknocker or bell, mailbox, kick plate, doorknob and lockset in a set or in complementary styles. Brushed nickel is a neutral finish that will never date, while oil-rubbed bronze is another favourite.

8. And the porch light
Update your porch light to coordinate with the new hardware, if needed. They don’t have to be an exact match or even come from the same period, but the finishes and styles should look pleasing together.

9. Spiff up the front yard
Refresh your front yard according to the season. In spring, summer and fall, trim back dead plants and foliage and plant attractive annuals or perennials in flowerbeds. In winter, keep the walkway shoveled and cut back any tree or shrub branches damaged by heavy snowfall. A pair of planters flanking the front door and filled with seasonal arrangements instantly conveys pride of ownership.

10. Tend the backyard
Simple fix-it will make the most of your existing yard layout. Replace any damaged boards on your deck or fence, and apply a fresh coat of paint, or stain and sealant if the finish needs it. Weed and groom your garden and add some perennials for colour when in-season. If kids’ toys are taking over the space, put some in storage. Think “tidy,” “update” and “refresh”: never do anything costly or major like adding a swimming pool or pond, which may put off potential buyers

When you make an offer on a home, it’s a smart idea to have a professional home inspector check it out from top to bottom. This inspection will ensure that the property doesn’t have any unexpected “issues”. After all, you don’t want to buy a home only to discover that the roof needs to be replaced, immediately, for thousands of dollars. That being said, you might question whether you really need to invest the few hundred dollars it costs for a professional home inspection. “The home we want to buy looks like it’s in very good shape,” you might be thinking. “I can’t see anything wrong with it.”

However, a professional home inspector can see things you can’t. When you view a property that’s on the market, you might be able to notice obvious issues, like a crack in the foundation or a dripping faucet. If you’re experienced with home maintenance, you might even notice roofing tiles that look like they’re overdue for replacement. But you won’t pick up all the issues a home inspector can.

A home inspector will, for example, use a special device to check for moisture build-up in the washrooms – which can be an indication of mould. He or she will also inspect wiring to make sure everything is safe and compliant with the building code.

That’s not all.

Like a determined detective, a home inspector will investigate the property’s structure, electrical and plumbing systems, insulation, and other components — and then report the findings to you.

In the end, a professional home inspection gives you peace-of-mind and protects your investment. So getting one is highly recommended — even for recently built homes.

A good REALTOR® can recommend a trusted home inspector for you.

Looking for more ideas on making smart decisions when buying a home? Call today.