The middle of August is here, where has this year gone? We hope that you have had a chance to enjoy the wonderful summer weather we have had, and that you have not had to endure too much as a result of the numerous forest fires in the province.
We had the great pleasure of spending 4 nights on a 56' houseboat on Sproat Lake with the family - 5 grandchildren and 6 adults (full days for sure)! It was a great time and such a wonderful lake to spend time on. Fish and Duck Houseboats were great to deal with. We would certainly consider doing this again and highly recommend the experience. Before the adventure our son Nick took Rudi golfing at Fairwinds,Nick shot 73 and we won't talk about Dad's score :) Then the two boys jumped off a perfectly good bridge south of Nanaimo, yes we bungy jumped - what a hoot! (and yes we both hooted & hollared!) The grandson & girls were smart & just watched!
We hope you enjoy the balance of the summer and an expected great September as well.
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
Getting Ready for Fall
Preparing for the Real Estate Roller Coaster Ride
VANCOUVER ISLAND REAL ESTATE MARKET UPDATE
|Low inventory and high demand creating brisk sellers’ market.
The Vancouver Island Real Estate Board (VIREB) reports that single-family home sales dipped slightly in July, down to 558 from last year’s 605, a decrease of eight per cent.
Sales were also down by approximately 10 per cent from June, which saw 618 sales. Despite fewer units moving, however, lack of inventory means homes are selling faster and for more money.
Inventory of single-family homes declined by 13 per cent from July 2016, with 1,367 active listings available last month compared to 1,575 one year ago. The number of single-family homes for sale has steadily increased each month since VIREB hit a historic low of 859 in December 2016, but demand continues to exceed supply.
The British Columbia Real Estate Association (BCREA) reports that the supply of homes for sale in the province has dropped to its lowest level in over a decade. This dynamic has created significant upward pressure on home prices and created sellers’ markets in many areas, including Vancouver Island.
“Consumer demand is high, and buyers are snapping up well-priced properties quickly once they hit the market,” says McClintock of VIREB. “Multiple offers are commonplace, which is frustrating for buyers and their agents. In fact, we’re now seeing multiple offers on condominiums and townhouses, which is virtually unprecedented for the VIREB area.”
Still, McClintock notes that even in this market, sellers need to price their homes correctly because overpriced homes can sit unsold for months. He also has advice for buyers.
“When you find a property you like, you need to act quickly, so make sure your financing is pre-approved,” says McClintock. “And, since many homes are selling above list price, you should decide beforehand on the price you’re willing to pay.”
Connecting with a local REALTOR® is especially crucial in a competitive housing market, adds McClintock. “Our current market conditions can be confusing and chaotic for buyers and sellers, but REALTORS® have specialized knowledge of their communities that can help streamline the process to ensure the best possible outcome while mitigating associated risks,” says McClintock.
You can view the summary of statistics for the Greater Parksville Qualicum Beach area by visiting our blog.
Though the overall number of sales for the Greater Parksville Qualicum Beach area are down year to date for 2017 ( down 17%) the market continues to be active and challenging. As of the end of July the number of homes listed was down considerably as well,- 15%. The active number of listings at the end of July was down 35% from the same time in 2016 – no doubt accounts for the lack of sales.
Overall sale values for single family homes year to date are up 10%. Keep in mind these are the statistics for the greater area and the individual sub-zones can vary dramatically. As an example: Fairwinds active listings are down 59% while French Creek is up by 17%. The average sale price for waterfront homes in the greater area has increased by 21% while the active number of listings is down by 41%.
If you would like more detailed information for your specific area or certain style of home please contact TeamW, email@example.com, and we would be pleased to discuss with you.
GETTING READY FOR FALL
|Getting back to fall routines can be tough after the lazy days of summer.
Getting back into your regular routines can sometimes be a little hectic. Here are a few tips that will help make it a little bit less stressful on everyone:
- Plan Plan & Plan again! - The first few weeks of fall can be very busy and unpredictable so be sure to schedule your time & budgeting as early as possible.
- Sleep Easy - Ease back into your routines by gradually adjusting sleep schedules a week or so before to help get back into the routine.
- School Areas - remember that the kids are all back at school. So mind your speed in school zones and watch for children on the road at different times.
- Have a Hub - Hang a calendar in a central spot where everyone can write down their activities and attach a folder for notices so that everything is in one place.
- Be Positive - Fall is a time for new beginings, new schools, kids leaving home for college or just new adventures, so enjoy the time..
Getting back to a fall activities can be an exciting time (for you and for the kids) but it’s also a period of adjustment, so try and give yourself a break as much as possible during the first few weeks. With just a little planning, getting back into your new routine can be a nice, smooth transition.
PREPARING FOR THE REAL ESTATE ROLLER COASTER RIDE
|Never wear your emotions on your sleeve during the real estate process.
Selling your home is a huge financial transaction that can trigger a roller coaster of emotions. When you feel like you're being tossed around at every turn, let us help you to stay on track.
Although you likely have a strong connection to your home, try not to get offended if a potential buyer wants to change your kitchen or change paint colours or wood trims. Everyone has different taste.
Also, try not to take comments personally. It’s natural for people to comment when they're interested in something so while criticisms may seem negative, they’re actually a sign that the buyer’s interested in your home.
If you receive a “low” offer, remember that it’s often just a starting point We can help to point out that there are many different tactics such as “low balling” where an attractive price is initially offered only to be adjusted at a later point on the basis that circumstances have changed. Please ask us about these strategies so we can help you keep a balanced perspective.
If you are able to generate multiple offers, we will remind you to consider more than just the price. There’s nothing worse than accepting a conditional offer just because it's over the asking price, only to have it come apart later when you could have accepted a firm cash offer that was almost as good.
It’s completely natural for both buyers and sellers to experience a wide range of intense emotions as they navigate through the complex real estate process. However, if you hop on the real estate roller coaster with TeamW by your side, we hope you’ll not only enjoy the ride but you'll look forward to doing it again someday!
|Your smartphone should be an essential part of your DIY toolkit!
If you're constantly procrastinating over household projects, you should check out a few home improvement apps for some inspiration!
You’ll soon become a DIY master with the thousands of how-to guides at WikiHow complete with illustrations and videos on every imaginable topic.
There’s also iHandy Level which will help keep you on the level if you’re hanging a picture or if you need to measure a precise angle.
I am sure there is a YouTube video available on how to do just about everything imaginable.
These are just a few examples of the many apps that are available. From picking paint shades to renovating your home, a smartphone will be the lightest and most versatile tool you’ll ever own!