June 1, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for May 2015. A total of 905 properties sold in the Victoria Real Estate Board region this May, a 26.8% increase compared to the 714 properties sold in the same month last year.

“May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties,” Victoria Real Estate Board President Guy Crozier says. “Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. The benchmark value for the same home this month has increased by 3.98% to $593,200.

There were 4,043 active listings for sale on the Multiple Listing Service® at the end of May, 13.5% fewer than the 4,672 active listings in May 2014.

“We’ve not seen this many sales in May since 2007 when we saw 963 properties sell in the month,” adds President Crozier. “Despite the demand, prices remain competitive and there is great variety in what is available. For detailed information on the Victoria and area housing market, connect with your local REALTOR®.”

More information on the May 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.

Closing day is an exciting time. After all, you’re moving into your new home! However, it can be stressful as well. The last thing you need is to be confronted with something you don’t understand. So here is a quick list of common “closing day” terms.

Disbursements. This is the allocation of funds to the appropriate parties, such as the seller. Your lawyer will take care of this for you.

Possession. This is the moment on closing day when you are legally able to take possession of your new home. It’s usually when your REALTOR® or lawyer hands you the keys.

Title. This is a legal document that identifies the property and its owner.

Closing costs. These are expenses, excluding the selling cost of the property, that are due on closing day, such as legal fees, reimbursement for pre-paid utilities, utility deposits, insurance, and taxes.

Closing adjustments. These are expenses pre-paid by the seller that need to be reimbursed on closing.

There may be other terms you come across on closing day as well. Don’t worry, a good REALTOR® can help make the day go smoothly for you and your family.

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.”

© Johanna Goodyear | Dreamstime Stock Photos

You probably don't think buying a lighting fixture for a room is all that complicated. It isn't. However, it does require you to consider which types of lighting you may need. According to the Lighting Association, there are three types:

1. General lighting. By far the most common, this is the type of lighting that is designed to create a functional brightness that spreads throughout a room. A good example is a main ceiling light.

2. Task lighting. As the name implies, this type provides extra light needed for a specific task, such as working at a desk or chopping onions on a kitchen countertop. A bedside lamp used for reading is another example of task lighting.

3. Accent lighting. This type is designed to set off a particular feature of a room, such as a painting. It creates some practical light, but its main purpose is to add to the overall decor.

When choosing lighting for a room, it's important to consider these three types. First, decide how best to light the space generally. Then think about any special lighting you might need for specific functions, such as reading. Finally, consider how accent lighting might add to the overall look.

Sometimes we don't have much choice about selling our home and buying  another. Circumstances, such as a job relocation, may have made that choice for us.

However, most often the decision to move is discretionary. Sometimes people move simply because they think it's a good idea. They feel that "Now" is the right time to find their next dream home. So how do you make that kind of decision?

There are, of course, many reasons to make a discretionary move. Usually, those reasons fall into one of two categories: need and want. You may need to find a new home, for example, because you've outgrown your current property. Perhaps you have a growing family and require more space. Maybe you're doing more entertaining and need a larger backyard with a more spacious deck. It could be that the commute to work is arduous and you need to move to a place that's closer.

Those "needs" may motivate you to move, but sometimes a "want" plays an important role, too. For example, you may want to live in a quieter neighbourhood or in a newly built home that requires less maintenance. Maybe you simply want a change.

If you're thinking of making a move, take a moment to write down a list of your needs and wants. Seeing them on paper will help make the decision easier.

Looking for expert help? Call today.