May 18, 2017
Vancouver Island Real Estate News May 2017 TeamW - Rudi & Trish Widdershoven
Well spring is finally here and we are almose finished our pink rain of cherry blossoms! Everything seems a bit late this year but my herb garden is florishing and we are already planning our Summer BBQ and Client Appreciation event on June 21st! It is the first full day of summer! Yes we truly do appreciate your business and support!!
Wednesday, June 21
Drop in any time between 3 - 7pm
1478 Madrona Dr, Nanoose Bay
RSVPs appreciated though not required
firstname.lastname@example.org or 250-468-1498
We have had a wonderful year business wise so far and Rudi even managed to get away to New Brunswick for 5 days to get a Widdershoven four generation photograph while our son Nick and family were there. Rudis' Dad is 91 and was hospitalized shortly after is & still in hospital so it was great that he got to go while everyone was there. All our kids and grandkids are healhty & well and we are greatfull for that every day!
Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!
Your friends in Real Estate
Rudi & Trish W.
||Vancouver Island Real Estate Market Update
Cashing In On Curb Appeal
Unplugging Kids from TechnologyV
VANCOUVER ISLAND REAL ESTATE MARKET UPDATE
|Low inventory continues to write its own sales story.
The Vancouver Island Real Estate Board (VIREB) reports that in April 2017, 478 single-family properties sold on the MLS® System compared to 659 last April, a decrease of 27 per cent. Month-over-month, sales edged slightly lower from March.
Inventory of single-family homes declined by 33 per cent from April 2016, with 1,122 active listings available last month compared to 1,694 one year ago.
Additional listings have entered the market since VIREB hit its historic inventory low of 859 in December 2016. Active listings rose to 893 in January, 949 in February, and 1,023 in March. However, properties are being snapped up almost as soon as they hit the market.
“Properly priced single-family homes between $400,000 and $600,000 rarely last more than 48 hours and usually generate multiple offers, with many selling above list price,” says Janice Stromar, 2017 VIREB President. The real estate market on Vancouver Island has been telling the same story for several months now, notes Stromar.
“Limited supply, combined with high demand, means it has been a sellers’ market for months. Sellers are in the drivers’ seat, and the lack of inventory is frustrating buyers and REALTORS® alike,”says Stromar. “That said, even though we are in a sellers’ market, homeowners still need to price their home correctly. Houses can sit unsold for months if they are priced higher than the market will bear.”
She adds that sellers are not immune to the frustration that buyers are experiencing because it is hard to sell your home if you cannot find another property to buy. Still, homeowners reluctant to sell due to concerns of housing availability should make the most of this hot market.
“Real estate is cyclical, and consumers need to take advantage of these market conditions because they won’t last forever,” says Stromar. “When the market does correct itself – and it always does – it usually happens without warning.”
She adds that connecting with a local REALTOR® is especially crucial in a competitive housing market. “This kind of market can be confusing and chaotic for buyers and sellers, but REALTORS® have specialized knowledge of their communities that can help clarify the situation,” says Stromar. “We’re also equipped with sales tools, such as custom analytics, to help buyers formulate winning offers and ensure sellers receive maximum dollars for their home.”
In April 2017, the benchmark price of a single-family home in the VIREB area was $419,100, up 17.5 per cent from one year ago. Prices increased in every zone, ranging from 13 per cent in Duncan to 22 per cent in Nanaimo. The benchmark price of an apartment in April rose 28 per cent board-wide from the previous year, but the highest increase was in Campbell River, at 39 per cent. The townhouse market also strengthened in April, posting a 21 per cent increase board-wide.
CASHING IN ON CURB APPEAL
|A few small changes will transform your home’s first impression!
The key to getting top dollar for your home is to create huge demand. In order to get as many people through the door as possible, your home has to stand out from the competition.
There's no need to completely overhaul your home's exterior as it's often the small details that increase the visual appeal of a property. Here are a few ideas that will enhance your home's curb appeal:
- Light It Up - Solar lights will add a welcoming glow and dramatically highlight your home’s exterior.
- Perfect Entrance - A well-lit entry with perhaps a comfory chair and a couple of hanging baskets will set a tranquil tone.
- Peeling Paint - You want buyers to see that your home is well cared for so paint or power wash the exterior especially the trims and clean all the windows.
- Accessorize - Replace outdated fixtures such as your, door handle and lighting and make sure your house numbers are attractive and visible from the street.
- Landscaping - Cut the grass and trim the hedges. Well-kept flower beds show pride of ownership and a few large pots full of bright flowers will accentuate the entranceway.
- De-clutter - An uncluttered exterior is as important as an uncluttered interior so put away tools, toys, bikes, pet toys and gardening equipment.
- Watch Your Back - When buyers drive by your home, they’ll usually try and get a glimpse of the backyard so make sure it also gets top notch treatment!
Just as people judge a book by its cover, buyers make assumptions about the interior of your home based on how the outside looks. It's therefore important to make a great first impression starting at the curb. Your efforts will significantly increase the chances of your home selling quickly and for top dollar!
UNPLUGGING KIDS FROM TECHNOLOGY
|It just takes a little planning to curb the addiction to screens.
Children rely on technology more than ever resulting in less exercise and a lack of creativity. Here are a few “old school” activities to help them disconnect from their devices:
- Personal Puzzles - Cut an old photograph into various pieces and then see how quickly they can put it back together.
- Build a Fort - Drape blankets over chairs to create a cool fort. Once they're comfortable in their new abode, drop by with some “fort warming” snacks.
- And... Action! - Putting on a play is a great way to exercise a child's imagination. They can take turns writing, acting, designing costumes and even filming.
- Egg & Spoon Race - Give your children an egg and spoon and see how quickly they can cross the finish line without dropping it. This old-fashioned game will get them active and outside!
- Caching In - Geocaching is a real-world, outdoor treasure hunting game! Register online and then set off to find the hidden cache with the help of a GPS.
Kids love being tourists in their own cities so take some time to regularly plan fun family outings that don’t involve technology. If we make the effort to disconnect once in a while, our kids will be more likely to do the same.