Parksville-Qualicum Beach Real Estate News from TeamW - Rudi & Trish Widdershoven July 2018
|Vancouver Island Real Estate News from TeamW - Rudi & Trish Widdershoven
Summer! Isn’t it grand!! We hope you are enjoying every minute!
We are still keeping active work wise and that’s good. We are seeing some shift in the market back to a bit more balance with homes taking a bit linger to sell, and not so much of a “frenzy” which is good for everyone.
Rudi was in New Brunswick last week for 7 days as his Mom who is 87 had a minor stroke. She is the caregiver for Rudi’s 92 year old Dad who has vascular dementia so when she goes down we have to scramble. We are very fortunate in that they have agreed to relocate to Parksville, so that will make life a bit easier for us when there are health related issues and hopefully with more support they can stay independent for longer.
Change is inevitable and that is true especially in Real Estate. We are still working through all the evolving world of real estate and the changes in the Real Estate act and trying to find ways to continue to serve you well and comply with the new rules. We have found some new referral partners in Susie Mattner & Karen Hayes and you will see them as part of our advertising and promotional material as time goes on. We searched to find someone who would continue our standards of treating each of you like Family and we feel quite confident we have found the “right fit”. We are confident that you will find them to be wonderful people as well as great REALTORS.
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
How to Avoid Buyer's Remorse
There's No Place Like Home with staycation planning!
Natural Mosquito Repellents
VANCOUVER ISLAND REAL ESTATE MARKET UPDATE
|Home sales cool down while prices continue to rise.
Housing demand in the VIREB area has shifted lower in the first half of 2018 as stricter mortgage qualifications for conventional borrowers and rising interest rates took their toll on household purchasing power and affordability.
It is unclear whether the June slowdown is reflective of seasonal summer market conditions or if demand-side policy changes are finally beginning to play a larger role in VIREB’s housing market.
Despite lower sales thus far in 2018, lack of inventory continues to tilt the market in favour of sellers and push prices upwards. The number of single-family homes for sale has been slowly increasing, hitting 1,336 in June, up only three per cent from May but a significant increase from the 749 properties available in January. The supply of townhouses rose by 33 per cent from one year ago, but many of the listings behind these modest inventory gains in both property types are being quickly snapped up by buyers.
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.”
BCREA predicts that over the next eight months, VIREB’s long-term sellers’ market will begin shifting towards more balanced conditions. Further, the pace of price increases will slow if demand keeps declining, but it is unlikely that prices will drop until additional inventory enters the market by way of new construction or buyer appetite decreases drastically.
“For sellers, properly pricing your home remains an important factor,” says Don McClintock, 2018 VIREB President. “Buyers are savvy, and overpriced homes take longer to sell. Connecting with a local REALTOR® is especially crucial in a competitive housing market.”
On a local level the real estate market continues to be active however there is definitely a shift and we are heading towards more of a balanced market. Most new listings are taking longer to sell and there are definitely less sales occurring over the last number of months.
For the greater Parksville Qualicum Beach area Single Family Home sales for the month of June were down 29% from June 2017. The number of new listings has not really changed, a 1% increase however the Active inventory is up 28% (177 / 138). Prices continue to be strong and are up 14% in comparison to June 2017.
If we look at the picture larger than just one month, Year to Date the numbers are as follows for Single Family Homes:
Sales down 22%
# of Listings down 1%
Average Sale Price is up 18%
These numbers vary within various sub-regions in the area however the numbers are considerably smaller. If you would like to additional details or wish to discuss your situation contact us at firstname.lastname@example.org or 250-468-1498.
HOW TO AVOID BUYER'S REMORSE
|Advanced planning & research will help you avoid buyer’s remorse.
Buying a home can be an emotional roller coaster which is why it's so easy to make a misstep especially when the market has been so “frenzied “ Here are a few common buyer mistakes to be aware of:
- Not Thinking Ahead - If you’re hoping to have a different lifestyle in your new home, it pays to consider features like parks, access to shopping, the beach, & even school zones.
- Buying a Home that's too Expensive - Buyers who overextend themselves often regret it later. Avoid temptation by viewing homes that are in your price range.
- Bad Location, Bad Location, Bad Location - Determining the location that best suits your lifestyle is critical so consider proximity to amenities & your lifestyle in general.
- Choosing the Wrong Home - Make a list of all the features that are essential to you. It's easy to be taken in by curb appeal, but be aware if it lacks anything that is non negotiable.
- Uninspected Circumstances - Just because a house looks solid doesn't mean all is well behind the scenes. Making an offer conditional on a home inspection will help eliminate any regrets.
- Acting too Slowly - The home you fall in love with could be gone tomorrow if you wait too long. Do your research ahead of time so you'll have the confidence to act swiftly when the time comes.
- Not Using an Agent - It's important to have an agent to help you make crucial decisions, negotiate the offer and explain the conditions in order to have a positive experience and avoid buyer’s remorse.
Buying a home can be an extremely emotional process so it's important to stay grounded in order to avoid errors that could cause regret. We will of course guide you through the process, its what we do! If you conduct your research ahead of time and are aware of your wants and needs you'll be able to move forward with confidence and peace of mind. If you ever have any questions about real estate, please don’t hesitate to get in touch.
THERE'S NO PLACE LIKE HOME WITH STAYCATION PLANNING!
|Exploring your local area can be just as much fun as going away!
When you go on vacation, not only do you have to pack and plan but you also have to arrange for someone to collect your mail and look after your pets.
Gas prices are taking a toll on vacation budgets so this year, consider unwinding locally with a staycation! Here are a few ideas:
- Be a Tourist - Contact your local tourist board so you can plan a trip as if you were visiting your area for the very first time.
- Take a Hike - Check out a couple of local community trails that you’ve never been on before. Enjoy a hike, bike ride, picnic or geocaching experience.
- Overnighter - Head out to an unfamiliar place an hour or so from home to experience a true getaway. Book a night at a campground to really get into the spirit!
- Dine Out - Visit a few restaurants that you've been meaning to check out and research specials such as happy hours or 2 for 1 promotions so you can plan around the deals!
- Kids Stuff - You can involve kids by letting them each pick a new attraction to visit. Nearby amusement parks, museums and summer festivals offer endless hours of fun.
Staying home and seeing your area through the eyes of a tourist will give you a new appreciation of where you live. Not only will you save money but you'll also reduce your carbon footprint while supporting the local economy. Best of all, you won't need a vacation after your vacation!
NATURAL MOSQUITO REPELLENTS
|A few natural alternatives for all you mosquito magnets out there!
It’s so unfair :( Whenever the weather turns nice, we sometimes have to lather ourselves in chemicals so we don’t get chased inside by mosquitoes. We are so fortunate here to not have as many as other places but we still get the odd one and certainly inland there are more. Here are a few natural solutions to consider:
- Go Natural - Make homemade sprays and lotions with essential oils such as lemon eucalyptus, lavender, mint or tea tree oils.
- Not on My Watch - Eliminate breeding places by covering or flipping over backyard bowls, buckets, bird baths or any other spot where there’s stagnant water.
- Get your Garden On - Plant citronella, geranium, eucalyptus, rosemary, catnip and lavender in both your garden and in pots as they all help repel the little bloodsuckers.
- Gone Batty - Bats eat thousands of mosquitoes each night so attracting them to your yard by installing a few bat boxes is a great way to defend against skeeters.
It’s well worth giving some of these natural alternatives a try to avoid the nasty chemicals that come in spray cans. Don’t forget to also wear light or neutral shades as mosquitoes are attracted to people wearing dark clothing and avoid any heavy, perfumed scents.