Consumer interest in homeownership in Victoria unwavering over course of pandemic.
A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month of August 2020. Sales of condominiums were up 26.7 per cent from September 2019 with 280 units sold. Sales of single family homes were 91.9 per cent from September 2019 with 539 sold.
“Another month has passed where we have seen surprisingly high sales numbers – which included quite a few higher end properties,” says Victoria Real Estate Board President Sandi-Jo Ayers. “I don’t think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent up demand from dampened sales in April and May would result in this level of market activity. There’s no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market.”
There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.
“We had some much-needed new inventory enter the market over the course of September,” adds Ayers. “But the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods. Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year. That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2019 was $849,100. The benchmark value for the same home in September 2020 increased by 3.5 per cent to $879,200, 1.1 per cent less than August’s value of $889,200. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2019 was $512,500, while the benchmark value for the same condominium in September 2020 decreased by 0.4 per cent to $510,600, 0.6 per cent less than the August value of $513.900.
Victoria real estate market experiences an active summer
A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month of July 2020. Sales of condominiums were up 29.1 per cent from August 2019 with 262 units sold. Sales of single family homes were up 45 per cent from August 2019 with 509 sold.
“Once again we saw a very active month in terms of property transactions,” says Victoria Real Estate Board President Sandi-Jo Ayers. “And once again I will note that this is not a trend, but that this is our market at this moment in time during a unique situation. It is a challenging time to define what is happening in the market given so many factors that don’t exist in a normal year. We have been surprised by the pace of the summer market and are grappling with the evolving socio-economic effects of the pandemic and how these underlying factors will influence our fall real estate market.”
There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9 per cent fewer properties than the total available at the end of August 2019 and a 2.6 per cent decrease from the 2,653 active listings for sale at the end of July 2020.
“What I do know is that our business has changed a lot in recent months,” adds Ayers. “REALTORS® have adapted to health and safety requirements and much more technology is being leveraged to facilitate all aspects of the housing transaction. We can also see that though demand is up, there are fewer listings on the market, which increases demand on desirable properties even more. This is why we saw a lot of competition and multiple offers over the summer. Will this continue into fall? That will depend on how much new inventory comes into the market and how our community continues to manage the impact of COVID-19. This is an evolving and nuanced market. As always, it is a good time to connect with your Realtor if you’re considering selling or buying. If you need us, we are here.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7 per cent to $889,200, 2.3 per cent less than July’s value of $909,700. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2019 was $518,000, while the benchmark value for the same condominium in August 2020 decreased by 0.8 per cent to $513,900, 3.2 per cent less than the July value of $530,800.
When you put your property up for sale, you want to make sure that potential buyers get all the information they need on the features of your home and its surrounding area. If, for example, a buyer doesn’t realize there is a great school just a couple of blocks away, he might cross your property off his shortlist.
An effective way to make sure something like that doesn’t happen is to create three lists.
#1: The “I’ll miss it” list. Chances are, there are things about your home that you’re really going to miss when you move. It may be the spacious living room, ideal for entertaining. Or maybe it’s the nearby park with scenic trails, perfect for walking and biking, or the large deck that has just the right combination of shade and sun to make spending time on it so pleasant. Whatever you’ll miss, put it on the list! Those are features that will probably interest buyers too.
#2: The “Just the facts” list. What are the facts about your property that a buyer needs to know in order to consider purchasing it? This may be a very long list including such items as total square footage, number of bedrooms and bathrooms, property taxes, size of the lot, and more. This list should also include special features such as upgraded kitchen features and the nearby golf course.
#3: The “repairs and improvements” list. Buyers are interested in the state of repair of your home, and in any improvements you have made to it. On this list, include all repairs you have done during the past three years and, if possible, attach receipts. It’s especially important to include anything that has been replaced, such as a furnace or roof. If you’ve done any major remodeling or renovations, include the details on those too.
Want more tips on selling your home? Give us a call!
There are many reasons why the air quality in your home may not be at its best. A faulty furnace or an aged carpet are just two potential culprits. Until you get those issues addressed, how can you make your indoor air healthier – today?
Here are some ideas:
Check the furnace filter. This is one of the most overlooked maintenance items in the home. Any furnace repair person can tell you stories about filters they’ve seen caked in dust. Make sure those aren’t yours. Air passes through those filters before circulating throughout your home. Replacing a filter takes less than five minutes.
Clean the drains. Drains are a surprisingly common source of odor in the home. Most people only clean them when they’re clogged, but they should be flushed thoroughly with a good-quality cleaner at least once a season.
Turn on the bathroom fan. Not only do bathroom fans remove odor, they also reduce moisture build-up. About 50% of air pollutants originate from some type of moisture. Mold is the worst of these pollutants. Professionals recommend you keep your bathroom fan on for at least 30 minutes after a shower.
Clean your doormat. Even if your doormat doesn’t smell, it can be a source of air pollutants. When people wipe their shoes, they transfer outside ground pollutants from their shoes to your mat.
Of course, you can always open a window. That’s the most popular and easiest way to freshen the air, and it works.
Recently, researchers discovered that the lighting in your home can have a much greater impact on your health and well-being than originally thought. Better lighting can boost your energy, help you sleep better, and even enhance healing.
So, it pays to make sure the lighting in your home has a positive impact on the health of your family.
Start by enhancing sources of natural light, such as windows and skylights. Study each room of your home and replace as much of the artificial light as possible with sunlight. For example, reposition a favorite reading chair next to a window.
Consider dimming the lighting in your home during the evenings. If your home is very bright when it’s dark outside, it can affect your body’s natural rhythms, resulting in disturbed sleep.
Avoid over-lighting, which is common in rooms where there are few windows. Over time, excessive light can cause headaches and even mood changes. Lighting that is sufficient to see everything clearly is all you need.
When the time comes to sell your house, you’ll want to determine roughly how much you can expect to net after the sale. To figure that out, you’ll not only need to know how much your house will likely sell for, but also the selling costs you are likely to incur in the process.
The costs of selling vary depending on a number of factors. Here’s a general rundown of what to consider:
Repairs. You will want your house to look its best to buyers. That may require you to get any needed repairs done before listing. You don’t want a buyer to see a dent in the wall or a dripping faucet.
Renovations. It might make sense to get a few improvements done to make the house more attractive. For example, you may want to replace old and worn kitchen countertops.
Legal fees. Selling a house requires a lot of legal work. You’ll need a good real estate lawyer to take care of that for you.
Commissions. This is usually calculated as a percentage of the sale price.
Moving costs. Once you sell, you’ll obviously need to move! So, factoring in this expense is a smart idea.
Although this may seem like a long list, selling costs are fairly easy to estimate. Once you have that number, it’s easy to calculate how much money you’ll have available to put towards your next home.
You’re standing by your window admiring the view. Then you notice it. Moisture has built up around the edges of the glass. Should you worry?
It all depends on the reason for the build up.
Assuming you have traditional double-pane glass in your windows, there are a few things to look for if you notice moisture.
Often, moisture at the bottom of your windows is simply caused by too much humidity in your indoor air. If that’s the case, simply adjust your humidifier.
If the moisture is on the outside of the window, typically there’s also no problem with the window itself. It may have rained recently, or the outside humidity may have spiked causing the accumulation. Generally, there’s no reason for concern.
However, if the moisture is in between the two panes of glass, the seal has broken and surrounding air – along with its water content – has made its way in. This disrupts the thermal barrier of the window, reducing its energy efficiency. In fact, the glass might feel noticeably colder than your other windows on chilly days. In that case, you’ll need to replace the pane.
Similarly, if the moisture is coming in through only one spot – the bottom right corner for example – then you might have a leak. If you have a wood frame or sill, you may also notice a growing water stain. It’s important to get leaks fixed quickly. There may be water damage occurring within the frame that you cannot see.
We have professionals that we can contact to come look at your windows and give you advice, quotes and make your home better!
Fast forward a few years and imagine that your kids have grown up. They’ve come back to the “old neighborhood” to reminisce. What will they remember? The playground where they hung out with their friends? The quiet cul-de-sac where they learned to ride their bikes? The park where they picnicked and flew kites?
Lasting memories are built in neighborhoods where amenities match lifestyles. When shopping for a new home, evaluate a prospective new neighborhood against the following 3 E’s:
Education: What resources are available in the neighborhood to help with your child’s education? Are there schools and other services, such as libraries or art studios? How do they rate?
Environment: Is it safe? Do your kids need to cross busy streets to go to parks or to school? Are there other families with kids the same age?
Entertainment: Swimmers need pools and soccer players need a field. Are the right facilities, programs, and leagues available for your kids? Where will you play as a family?
Keep the 3 E’s in mind when choosing your next neighborhood. You’ll start a lifetime of wonderful memories for you – and your kids.
What kind of stool is most likely to keep you from toppling over when you sit on it? Of course, two-legged stools won’t even stand on their own. Three-legged stools are okay, but still unstable. Four-legged stools are rock solid.
What does this have to do with shopping for a new home?
Well, if you want to find the right home quickly and for the best price, you need to have four things in place – the four legs of the stool. They will help ensure the experience goes smoothly.
The first leg is your wish list. You need to have a clear picture of the type of home you want. How many bedrooms? A large deck? Don’t forget about the neighborhood. Do you need to be close to major highways for ease of commuting?
The second leg is a pre-approved mortgage. Getting the financing handled upfront takes the guesswork out of what you can afford. And, sellers are more likely to take any offers you make more seriously.
The third leg is realistic expectations. Of homes that sell, 99% sell at or near their current market values. That doesn’t mean you can’t find a good deal. It does mean you’re unlikely to find a “steal”. Fortunately, there are likely several wonderful properties available within your price range.
The final leg of the stool is a great real estate professional. Choosing the right real estate professional is crucial to making your home shopping experience less stressful and more productive.
So, when you’re hunting for a new home, make sure you start with a stable “four-legged stool”. It will dramatically increase your chances of finding a home that fits your needs and budget.
It’s a little like being on a roller-coaster ride!
You turn on the television and watch a news story about housing prices going down. Then you read an article about the housing market on the upswing again.
Unfortunately, the ride isn’t much fun if you’re thinking of buying or selling a home. In fact, it can be very confusing and frustrating. You just don’t know if “now” is the right time to make a move.
In reality, the housing market has been fluctuating for decades. Yet, people sell their homes every day for good prices, and just as many people get into their next dream home affordably.
When you hear news of market fluctuations, there are two important things to consider.
First, a lot of media information about the housing market is national, or at least regional. If the housing market is trending up or down nationally, remember that it doesn’t necessarily mean that your LOCAL market is doing the same. In fact, it’s entirely possible for housing prices to be rising in your neighborhood, while they are falling nationally, and vice versa.
Second, if you’re selling your current property while buying another home, then the net effect of market fluctuations may cancel out. Say, for example, that the local market is on the upswing. You’ll probably be able to sell your current home for a good price. However, the home you purchase will likely also be priced to reflect the upswing. The same holds true when the market is down.
All that being said, there are some circumstances in which you need to consider market fluctuations when deciding whether or not to make a move. Call today for more information.