Parksville Qualicum BeachReal Estate News from Susie Mattner & Karen - February 2019
Posted on
February 16, 2019
by
Rudi Widdershoven
| Vancouver Island Real Estate News from Susie & Karen Mattner / Hayes |
February 2019 |
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Hi,
 Welcome February (hard to believe we know) or shall we say Snowuary? To think that it was only a week ago that we were all proud and bragging to the rest of the country about where else can you be getting in a full day of Golfing this time of the year??? What difference a week can make. I know that most of us where hoping (borderline convinced) that winter was on it's way out, and why wouldn't we? The evidence was there, the daffodils were on their way out of hiding all the signs where there, and then this "Snowmaggeten" as they say happened. Rest assured to all our out of towners that this is definitely not the norm. In fact the last time we experienced anything close to this was in 1996. So if this kind of unusual weather happens only every 23 yrs then we will take it!!
Aside from the weather we have many more things to look forward this month. We would like to start by wishing everyone a Happy Valentines Day followed by our long weekend that is Family Day. So from our family at Team W to yours we hope you get to enjoy the holiday with those who you hold close to your hearts.
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
Susie M. & Karen H
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Vancouver Island Real Estate Market UpdateHow to Get the Most Out of Your AgentJump Outside Your Comfort ZoneSpace Saving Packing Hacks
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VANCOUVER ISLAND REAL ESTATE MARKET UPDATE
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 Mortgage stress test taking a toll on home sales.
The mortgage stress test, also known as Guideline B-20, is taking a toll on housing sales throughout the province, and Vancouver Island is no exception.
Sales of single-family homes in January dropped by 28 per cent from one year ago, albeit they did rise by 23 per cent from December 2018.
Last month, 209 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 170 in December and 290 one year ago. Apartment sales were 20 per cent lower than in January 2018, while 34 townhouses sold last month compared to 33 the previous year.
Inventory of single-family homes in January rose by 32 per cent from one year ago (987 compared to 748) and was nearly five per cent higher than in December. Active listings of apartments climbed by 38 per cent (219 to 303) year over year and townhouses by 60 per cent (103 to 165).
The 2018 housing market behaved as expected, moderating after the record-setting pace set in 2016 and 2017. Guideline B-20 eroded the purchasing power of some prospective home buyers by as much as 20 per cent.
Despite lower demand, however, year-over-year benchmark prices of single-family homes continue to rise board-wide, up around nine per cent from January 2018. Price increases in individual markets ranged from five per cent in Nanaimo to 17 per cent in Port Alberni. Modest month-over-month price reductions occurred in Campbell River, the Comox Valley, and Parksville-Qualicum while prices in Duncan, Nanaimo, and Port Alberni increased slightly from December 2018. The year-over-year benchmark prices of apartments and townhouses board-wide increased by 11 and 10 per cent, respectively.
VIREB’s housing market has transitioned from one favouring sellers to one that is balanced or near balanced. On the street, REALTORS® are reporting fewer multiple offers, with many buyers taking more of a wait-and-see approach. Some are waiting until spring in the hope that inventory goes up and prices come down. Balanced markets offer buyers more choice and more room to negotiate, while sellers may need to curb their expectations.
“Right now, many sellers still want to list their homes at 2016 and 2017 sale prices, and that just isn’t realistic,” says 2019 President Kaye Broens. “When fewer buyers are competing for a property, sellers need to be far more strategic, which is why the advice of a local REALTOR® is so crucial. We’ll conduct a comparative marketing analysis using recent sales data to determine an optimal selling price for your home.”
The benchmark price of a single-family home board-wide was $504,500 in January, a nine per cent increase from one year ago but a slight drop from December. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the benchmark price climbed to $318,800, up 11 per cent from last year and slightly less than in December. The benchmark price of a townhouse hit $407,600 last month, up 10 per cent over January 2018 but down slightly from December.
Last month, the benchmark price of a single-family home in the Campbell River area hit $412,300, an increase of 12 per cent over January 2018. In the Comox Valley, the benchmark price reached $498,000, up nine per cent from last January. Duncan reported a benchmark price of $469,400, up 10 per cent from January 2018. Nanaimo’s benchmark price rose five per cent to $541,700 while the Parksville-Qualicum area saw its benchmark price increase by 12 per cent to $579,800. The cost of a benchmark single-family home in Port Alberni reached $302,700 in January, up 17 per cent from one year ago.
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HOW TO GET THE MOST OUT OF YOUR AGENT
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 Teamwork makes the dream work when you’re out house hunting!
The relationship between you and your real estate agent should always be productive and honest which is why having an open line of communication is absolutely critical to ensuring a win-win partnership!
Once you’ve discussed and agreed on your agency relationship, it’s time to start working on ways to communicate effectively. Communication is a two-way street, so both parties need to be open and honest at the outset.
Start with the basics by discussing your contact preferences. For instance, specify whether or not you can be contacted at work should your dream home suddenly hit the market. Clarifying these details ahead of time will result in fewer miscommunications down the road.
Also, be clear on which features are essential for your new home. Ranking your priorities will help your agent conduct a more efficient search. However, always try to keep an open mind as it can sometimes be a good idea to “look outside the box” and view homes that don’t entirely match your criteria.
If you're selling your home, make sure you discuss any issues that could either help or hinder the sale. Agents can offer great advice on staging so show them everything no matter how insignificant. For instance, that tiny crawl space you weren't even thinking of mentioning could be marketed as a unique selling feature!
Finally, let your real estate agent know if your needs change and don't ever hesitate to ask questions. If for whatever reason you're not completely satisfied with the way things are going, be completely honest so you can resolve the problem straight away before any hasty decisions are made.
The key to any successful relationship is communication, and the partnership between you and your agent is one that will hopefully continue long after you’ve landed your dream home. That said, please don’t ever hesitate to get in touch with any real estate related questions you may have.
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JUMP OUTSIDE YOUR COMFORT ZONE
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 If we don’t leave our comfort zone, we’ll never realize our full potential.
If you want to make 2019 your best year ever, you’ll need to dive (or at least step) outside of your comfort zone. Here are a few ideas to help get you started:
- Risk vs. Reward - Fear keeps us safe, but it also limits our potential. Make it a habit to take a risk every day as it will challenge your brain and allow you to move forward in exciting new ways!
- Just Do It - Tackle a "to-do" you've been putting off by taking small, steady steps. Your newfound confidence will then make it easier for you to achieve other goals.
- New You - Take up an activity that excites yet scares you. It can be something thrilling like rock climbing or perhaps enrolling in a new class that pushes you outside of your comfort zone.
- Visualize Success - We tend to obsess over potential problems that come along with trying new activities. Instead, focus on the positive aspects and how amazing you’ll feel when things go smoothly!
When you step outside of your comfort zone, exciting changes will start to happen. If you replace negative, fearful thoughts with positive ones, you'll begin to naturally expand what you feel comfortable with, which will continuously fuel your personal growth!
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“The cave you fear to enter holds the treasure you seek.” - Joseph Campbell
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SPACE SAVING PACKING HACKS
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 These packing hacks will help you make more space in your case!
Packing always seems like a chore as fitting everything you need into a suitcase can be a real challenge! Here are a few tips to help you make the most of your case.
First off, divide and conquer your suitcase with the help of a few packing cubes as they’re great for organizing and maximizing space.
Also, stuff socks and other small items inside your shoes and roll up clothes rather than folding them. A sunglasses case is great for storing charging cords or earbuds while pill bottles are perfect for storing tiny items like earrings or sim cards.
Finally, your suitcase will likely receive a fair amount of roughhousing so place a strip of plastic wrap under the cap of your lotions before sealing them up in Ziploc bags to protect other items from getting ruined. Hopefully, these tips will help you maximize space and become a pro packer. Happy travels!
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