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Parksville-Qualicum Beach Real Estate News from Rudi & Trish Widdershoven June 2018


  Vancouver Island Real Estate News from Rudi & Trish Widdershoven June 2018   

Hi,


Hello & Welcome to summer!!

The weather is amazing and the garden is growing like topsy so all is good in the world!

We are hosting our annual Customer appreciation event on June 27th from 3:30 to 8:00 at our house and we would love to see you if you can make it.  We are hiring a caterer this year so if you would let us know if you are coming that would be great so we can provide them with numbers in advance.  If you can't RSVP in advance feel free to drop in anyway. . . there just might not be as much food, however you can always count on a refreshment or two!  To RSVP give us a call or send an email to team@teamw.ca .

We are also in the midst of all new regulations for real estate in BC so you will see us armed with many extra pieces of paper & lots more disclosure forms for all of you to sign and acknowledge.  Its all in the name of consumer protection which we are all in favour of, but in typical government fashion it is an over-regulation (in our opinion) and we are sad that it removed the buyer or sellers right to make certain choices in how you deal with a REALTOR.  We will sort it all out but we hope everyone can be patient with us as we work through the new regime of disclosures & paperwork.  Most REALTORS are good honest decent people but unfortunately a few "bad apples" can cause everyone more difficulty in doing the job.  We only want to do what is right for our clients so hopefully, once we get the process streamlined we will be able to explain it better to everyone.  If you have any questions as always just give us a call and we will do our best to answer, you also can visit the Real Estate Council of BC for details by clicking here .

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.

In this issue...
Vancouver Island Real Estate Market Update
Preparing a Home for Showing!
It Pays to Keep your financial affairs organized
De-Stress Your Home

VANCOUVER ISLAND REAL ESTATE MARKET UPDATE 

There is a Shift Happening!

The 1st five months of the year have already come and gone, where did it go?  The latest statistics for real estate activity in the greater Parksville Qualicum Beach is out as is the Second Quarter Housing Forecast by BCREA (British Columbia Real Estate Association).

 

The month of May, keep in mind only 1 month, resulted in a decrease in sales of 37% in comparison to May 2017.  When we look at the 1st 5 months of the year there has been a 21% decrease in the number of sales of Single Family Homes.  Interestingly enough the change in volume of sales varies throughout the region:  Qualicum Beach +3%, French Creek -30%, Parksville -30%, Nanoose Bay -17%.

 

With regards to average sale prices for May was up by 11% in comparison to May 2017.  The average sale price for Single Family Homes for the 1st five months of the year are up 19% versus the same time frame in 2017.  Across the region average sale prices are up though this percentage does vary from 12 to 34%, overall average sale price was $623,677.  The number of active listings at the end of May is up 20% in comparison to end of May 2017.

 

The 2nd Quarter Housing Forecast by BCREA predicts that for the Province of BC we will see a decrease of 9% in the number of sales and yet an increase in the average sale price of 5.1% which seems to be somewhat consistent with the latest local stats.  If we look at the VIREB (Vancouver Island Real Estate Board) region they are predicting that overall we will see a 12.4% decrease in number of sales and yet an increase in average sale prices by 4% for Single Family Homes for all of 2018.

 

The state that two factors mitigating a slowing provincial economy for the Vancouver Island-Coast housing market are it attractiveness to both retirees and the millennial generation.

 

If you would like to discuss your particular situation or would like additional details for your specific region or style of housing contact TeamW and we would be pleased assist.

In its 2018 Second-Quarter Housing Forecast, the British Columbia Real Estate Association (BCREA) anticipates that MLS® residential sales in the province will decline by nine per cent to 94,200 units this year from 103,700 in 2017.

“B.C. housing markets have benefited from the provincial economy expanding well above trend growth over the past four years,” says BCREA chief economist Cameron Muir. “However, economic growth is expected to slow and reflect the long-term average this year.”

Housing demand in the VIREB area shifted lower in the first four months of 2018 as stricter mortgage qualifications for conventional borrowers took their toll on household purchasing power and affordability. Other economic headwinds that could dampen demand include higher interest rates and new provincial taxes, though we are exempt from the 'Speculation Tax'.  However, the attractiveness of Vancouver Island to retirees and millennials is expected to mitigate their impact somewhat.

Despite lower sales thus far in 2018, lack of inventory continues to tilt the market somewhat in favour of sellers and push prices upwards.  The pace of these increases could slow somewhat if demand keeps declining, but it is unlikely that prices will drop significatly until additional inventory enters the market by way of new construction.

If you would like to see the statistical summary click here.

 

 

 

 

 

 

 

 

 

 

PREPARING A HOME FOR SHOWING! 

Have your home “show ready” at a moment’s notice!

When your home’s on the market, getting ready for showings can be a real challenge but it's even harder when you share your home with little ones or pets!

The trick to selling a house with  kids or pets is to try and make it appeal to buyers who have them as well as those who don’t. Here are a few tips to help you prepare your home:

  1. Depersonalize - It's important that buyers are able to imagine themselves living in your home so clear the kids’ artwork off the fridge and take down, awards and remove dog/cat beds & smells.


  2. Play Time's Over - Keep just one small box of toys on hand and pack up the rest. Too many toys or other "stuff" looks messy and make rooms appear smaller.


  3. Clean Your Room! - Pack up stuffed animals, books and trophies in all the rooms. Any remaining items should be put out of sight instead of on the floor.


  4. Behind Closed Doors - Buyers can never get enough closet space so get rid of any clothes and shoes that are out-of-season or that your kids have outgrown. Less is always more when it comes to contents.


  5. Time to Grow Up - Buyers should be able to visualize your playroom as their rec room so get rid of clutter like arts and crafts so it’ll appear large enough for their media room or pool table.


  6. Curb Appeal - Don't leave toys, sidewalk chalk or bikes strewn outside your home as drive-by viewings can occur at any time.

  7. Ready to Go - Have your beds made & the kitchen tidy  in case you have to make a quick getaway for a last minute showing.


Selling your home is a great opportunity to declutter and by doing it now, you’ll have less to pack when it comes time to move. Showings can happen in an instant so make sure you have a system in place that enables you to vacate in a matter of minutes. Although keeping everything perfectly staged with kids or pets can be a challenge, it'll be well worth the effort!

IT PAYS TO KEEP YOUR FINANCIAL AFFAIRS ORGANIZED 

Keeping organized & getting out of debt can be tough, unless you have a plan.

Money management isn't a popular family topic but talking about it with your kids and loved ones can help them avoid a lifetime of financial woes. Here are a few of the basics:

  1. First Things First - Focus on getting things organized & paying off high interest, non-deductible debt first.


  2. Budget Crunch - List all income and fixed expenses such as house and car payments. Next, list variable expenses to see if anything can be reduced or eliminated.


  3. Consolidate - Monthly payments can likely be lowered by consolidating debt through a home equity loan as the interest rate will be much lower. Please ask us about this & we would be happy to explain it & or refer you to a banker who can help with this..


  4. Reach Out - Make sure your loved ones & or executor know where things are and create a list of bankers, investment advisors, insurance, & credit card info so if someone had to step into your role as bill payer that it wouldn't be an impossible task.  Let them know where your Power of Attorney and Will are located.

Managing money & debt may seem like a daunting task but it can help avoid a financial crisis that could devastate your credit rating and your ability to borrow money in the future at attractive rates. Unforeseen circumstances can happen to anyone at some point in their life but with a little planning, it can almost always be overcome.

DE-STRESS YOUR HOME 

Your home should be a refuge from all the stressors in your life!

Life can sometimes be stressful so ideally, your home should feel like a sanctuary for you to relax in. Here are three easy ways to de-stress your home:

  1. Meaningful Memories - Hang photos and artwork that remind you of happy times in your life. But not too much! .


  2. Mess Causes Stress - Studies show that clutter overloads our senses so take a few minutes each day to tidy & clean up.


  3. Natural Cure - Bring nature into your home with some fresh flowers or a few potted plants to help restore a sense of balance.


Life can sometimes be overwhelming but an organized and tidy home means you’ll have a relaxing space to unwind in at the end of a long day. Just a few little tweaks can make a huge difference!



PS Oh, by the way, we always appreciate your introductions. Your referrals are the highest compliment you can give us!  If you know of anyone that may benefit from our individualised help please contact us with their name and number and let them know that we will be in touch.  We would be privileged to assist them!
 
If you would like to keep up on the market and would like automatic email notifications of new listings, sales, etc. Click here or drop us an email at team@teamw.ca or give us a call:  250-468-1498 

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TeamW
Home Office:250-468-1498
Toll Free:1-(888) 243-1071
TeamW-RE/MAX First Realty
#101-897 WEST ISLAND HIGHWAY PARKSVILLE
Parksville, BC
V9P 2E9 CA