Parksville-Qualicum Beach Real Estate News from Rudi & Trish Widdershoven February 2018
|Vancouver Island Real Estate News from Rudi & Trish Widdershoven
It's important to be aware of the latest home trends, especially if you're looking for ways to make your home more appealing to buyers. This month’s article outlines some of the popular home trends for 2018.
There's also some great advice on how to maintain your smoke alarms as well as a website that will challenge your brain and donate to charity at the same time!
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
Hot Home Trends for 2018
Smoke Alarm Smarts
Educate and Donate
VANCOUVER ISLAND REAL ESTATE MARKET UPDATE
|Home sales return to seasonal norms in January.
Coming off the busiest December on record, sales in the VIREB area returned to seasonally normal levels in January.
Last month, 290 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 327 in December and 244 one year ago.
The number of apartments changing hands in January rose by 65 per cent while townhouse sales remained static from the previous year.
Inventory of single-family homes dropped to 749 in January, a 16 per cent decrease from one year ago and a new low for the VIREB area. The supply of apartments and townhouses dipped by 19 per cent and 30 per cent, respectively.
The British Columbia Real Estate Association (BCREA) notes that the housing market in B.C. is still thriving due to the province’s strong economy. However, some economic headwinds in the form of higher interest rates and Guideline B-20 – also known as the mortgage stress test – are forecast for 2018.
BCREA expects economic growth in the province to slow this year, expanding at a respectable 2.8 per cent, but lower than we have seen in some time. Rising interest rates will erode affordability for some home buyers, and Guideline B-20 could reduce the purchasing power of conventional mortgagors by up to 20 per cent.
However, demographics in the VIREB area could temper the effect of Guideline B-20 because many of our buyers are retirees who do not usually carry mortgages. Vancouver Island communities, particularly the Parksville-Qualicum area, have some of the highest concentrations of seniors in the province.
Don McClintock, 2018 VIREB President, reports that the VIREB area remains a sellers’ market. Consumers are still highly motivated to buy a home, and multiple offers are commonplace, especially for properties in the $400,000 to $500,000 range.
He stresses that connecting with a local REALTOR® is especially crucial in a competitive housing market.
“My advice to prospective sellers is to contact a REALTOR® to list their home now and not wait until spring,” says McClintock. “Prices are still rising, but that cannot continue indefinitely. At some point, buyers will begin bowing out of the market due to affordability issues.”
McClintock adds that new construction is underway throughout Vancouver Island, with some housing units expected to complete in 2018. This development is good news for prospective home buyers but could temper rising home prices and move the market toward more balanced conditions, which would impact sellers.
In January 2018, the benchmark price of a single-family home in the VIREB area reached $471,200, up 17 per cent from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) The benchmark price of an apartment last month rose to $288,400, up 27 per cent board-wide from the previous year, while the benchmark price of a townhouse hit $376,200, a 25 per cent increase from January 2017.
Last month, the benchmark price of a single-family home in the Campbell River area hit $379,600, an increase of 22 per cent from the previous January. In the Comox Valley, the benchmark price was $463,700, up 17 per cent from last year and down slightly from December 2017.
Duncan reported a benchmark price of $418,600, an increase of 15 per cent compared to January 2017. Nanaimo’s benchmark price rose 19 per cent to $514,400 while the Parksville-Qualicum area saw its benchmark price increase by 14 per cent to $519,700 from one year ago and dip slightly from December 2017. The cost of a benchmark home in Port Alberni reached $259,100, up 20 per cent from one year ago.
HOT HOME TRENDS FOR 2018
|Curious about what’s trending in homes and gardens this year?
It’s that time of year when homeowners are thinking about revamping and refreshing their space. Here are a few of the latest trends and styles that are gaining steam:
- Ziggity Zag - Geometric patterns are making a comeback! It could be as simple as adding a few accent pillows or for a bolder statement, consider some patterned wallpaper.
- Concrete Ideas - This versatile material is becoming increasingly popular for sinks but can also be used in more unique ways such as furnishings, wallcoverings and tile.
- Sleep Easy - Embrace minimalist bedrooms this year with soothing neutrals and plain furniture pieces. Keeping the space simple will help you enjoy a restful night’s sleep.
- Full House - Multigenerational living is a major home design trend for 2018. Additional kitchens, basement renovations, and seperate entrances are just some of the ways homes are reflecting this trend.
- The Heart of the Home - Homeowners are injecting warmer, brighter tones on their kitchen walls and cabinets. Sinks made with materials like stone, copper, concrete or granite will also steal the spotlight in 2018.
If you're thinking about breathing some new life into your home with a new year’s makeover, be sure to take the latest trends into account during the planning stage. Hopefully these ideas have given you inspiration to inject some new style into your home!
SMOKE ALARM SMARTS
|Smoke detectors are important but they’re often overlooked.
Countless tragedies are prevented each year by smoke detectors. Here are a few tips to ensure your smoke detectors are in full working order:
- Test each alarm regularly by pressing the test button until the alarm sounds.
- Blow the dust out of the alarm whenever you check or change the batteries.
- Don't "borrow" the batteries for the TV remote as you'll likely forget to replace them.
- Smoke alarms should be replaced at least every ten years to ensure proper working order.
- Don't install alarms near windows or doors as drafts could stop smoke from reaching the alarm system.
- There should be at least one alarm installed on each floor including the basement and preferably every bedroom.
Alarms can be hard wired, battery powered or preferably a combination of both. Interconnected smoke alarms are best because when one alarm goes off, they all do. If you have any questions, your local fire department will be more than happy to help.
EDUCATE AND DONATE
|Smarten up and end hunger, a few grains of rice at a time!
Next time your kids are on their devices, send them over to www.FreeRice.com where they can learn and donate at the same time!
Users answer multiple choice questions on a range of subjects including math, language, geography and science. When a question is answered correctly, 10 grains of rice are donated via the World Food Program.
These questions aren’t just for kids; in fact, anyone can benefit from this game as you can adjust the difficulty level. The vocabulary section will definitely give you some mental stimulation so it’s a win-win!