Home Shopping and the Four-Legged Stool

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.

Need help with that? Give us a Call!

Victoria Family Real Estate Team
Royal LePage Coast Capital Realty Victoria, BC.
Sean Cell: 250-888-9739
Roger Cell: 250-380-8048
E-mail: seanfamilyrealestate@gmail.com Website: www.victoriafamilyrealestate.com Facebook: https://www.facebook.com/victoriafamilyrealestate/

Should You Worry About Market Fluctuations?

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.

Are You Ready to Buy Up?

0220Article1 No matter how much you love your current home, you may still be dreaming of the day you can buy up into a better home in a better neighborhood.

Is that day today or a few years down the road?

Here’s a quick way to make that assessment.

First, make a list of all the practical reasons why it might be time to move up. Those reasons might include features such as: more bedrooms; proximity to work and school; a larger backyard with trees; nearby parks and walking paths; and, better access to things you enjoy, like theatre.

Next, make a list of the emotional reasons for making such a move. Those reasons might include memorable get-togethers with friends on a more spacious deck; an easier and less stressful commute to work; more family time with the kids; and, enjoyable Saturday golf at a nearby course.

Finally, take a financial snapshot to determine if you can afford to move up. You’ll need to get a good idea of what your current property will sell for in today’s market, the average price of homes in your desired neighborhood, and how much mortgage you can afford.

Once you have all of that down on paper, you’ll have a clear picture of your readiness. If the practical and emotional reasons for buying up are compelling, and you can afford to make the move, then, you have your answer.

The time to move is now!

By the way, if you need help in making this determination – especially figuring out what
your home will likely sell for give us a call!

Fresh Air Sells

Household smells in our own homes can be a problem because we get accustomed to them. However, it takes just a few seconds in a stranger’s home, to know if a smoker lives there. The smell is in the air!

So, when you put your home on the market, think about the common smells you might have lingering in your home. Remember, you may no longer notice them, but a prospective buyer will.

These may include:

A diaper bin in the baby’s room.
Kitty litter.
Model-making glue.
Paints, even if the cans or tubes are closed tightly.
Food. The aroma of a spicy meal can linger for hours.
Garbage cans. Even empty ones, if they are not clean.
Strong smelling soaps, perfumes and other cosmetics and toiletries.
Flowers and other plants.
Firewood (especially pine.)
Outdoor shoes.
Ashtrays.
Sinks.
Carpets.
Door mats. These are especially prone to stains and smells.

Try to eliminate as many odors as possible. An hour or so before a viewing, open a few windows to give your home a breath of fresh air.

Three Lists to Make When Selling Your Home

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, buyers don’t realize there is a great school just a couple of blocks away, they might cross your property off their 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. One of those may be the spacious living room that’s ideal for entertaining or the nearby park with scenic trails that are perfect for walking and biking.

Whatever you’ll miss, put it on the list! Chances are, those are features that will also interest buyers.

#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, number of bathrooms, property taxes, size of yard, and more.

#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 the furnace or roof shingles.

January 2020 Market Update!

Victoria Real Estate Market wraps up a relatively flat year for home sales

A total of 402 properties sold in the Victoria Real Estate Board region this December, 7.2 per cent more than the 375 properties sold in December 2018 and a 30.3 per cent decrease from November 2019. Sales of condominiums were up 17.5 per cent from December 2018 with 121 units sold. Sales of single family homes increased 13.8 per cent from December 2018 with 198 sold.

A grand total of 7,255 properties sold over the course of 2019, 1.47 percent more than the 7,150 that sold in 2018. 2019 sales came in at slightly under the ten-year average of 7,413 properties sold.

“Overall, our market throughout 2019 can be characterized as still active, slow to grow and low in supply,” says 2019 Victoria Real Estate Board President Cheryl Woolley. “Last year we saw many prospective buyers sit on the sidelines waiting for inventory to be added. As a result of this unmet demand, there was and continues to be a push from consumers to create townhomes and condos at accessible price points. We began 2019 discussing the potential impact of various taxes and lending rules introduced by the federal and provincial governments that were designed to calm housing market activity – although this activity had already begun to slow following our hyper-active market in 2016/17. The most impactful government change we saw was the tighter mortgage lending rules, which lowered consumer borrowing power and made many unable to qualify for the value of mortgages they had in the past, therefore compressing more demand into our mid- and lower-priced property market.”

There were 1,952 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2019, a decrease of 18.6 per cent compared to the month of November and a 1.8 per cent decrease from the 1,988 active listings for sale at the end of December 2018.

“Constant demand on this middle housing segment has put a moderate amount of pressure on pricing,” adds Woolley. “And although we did not see huge price increases though 2019 like we did in the run up through 2016, we do see buyers entering into multiple offer situations and competing for properties. The high end of the market – over $1.5 million – has been softer, which is nice for a very small percentage of buyers in our area, but difficult on sellers who have seen some equity erode. The theme heading into 2020 does for now appear to be the limited selection of single-family homes and growth in pressure for more condos and townhomes. What remains consistent is that in this complex market, buyers and sellers value the assistance of their REALTOR® to navigate one of the biggest purchases most will make in their lifetime.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2018 was $860,400. The benchmark value for the same home in December 2019 decreased by 0.6 per cent to $855,000, slightly less than November’s value of $855,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2018 was $503,000, while the benchmark value for the same condominium in December 2019 increased by 3.5 per cent to $520,700, slightly more than the November value of $517,000.

View the complete stats package here

How to Quick-Prep Your Home for Sale

0919Article1 Ideally, you should plan to have plenty of time to prepare your home for sale. You want to be able to get everything fixed and cleaned up, and perhaps even make a few improvements, such as installing a new counter top in the kitchen.

For any number of reasons, that’s not always possible. If you have to suddenly relocate for work, for example, you may have only days to make your home “show ready” for the market.

What should you do? The answer is: the essentials.

First, arrange to get any maintenance issues dealt with immediately. If you have a clogged shower drain or cracked windowpane, call a professional repair person. Even if those items don’t get fixed by listing day, you can inform buyers that the repairs are scheduled – and that receipts proving that the work was done professionally will be available.

Next, you need to do a thorough clean-up. Staging experts (those who professionally prepare homes for sale) unanimously agree that making each room look neat and tidy is essential. Even something as seemingly minor as dust accumulation on blinds can impact buyers.

If you still have time available before the For Sale sign goes up, consider doing some redecorating. Stand in each room and ask yourself, “How can I make this room look more spacious and appealing?” Oftentimes, simply rearranging the furniture and moving a few items into storage will make a dramatic difference.

Yes, prepping your home on a tight schedule takes some work. However, in just two or three days, you’ll have a property that is more attractive to prospective buyers. It will show better, and, as a result, it will likely sell faster.

Looking for more ideas for selling your home, quickly? Contact the Victoria Family Real Estate Team today!

Victoria Family Real Estate Team
Royal LePage Coast Capital Realty Victoria, BC.
Sean Cell: 250-888-9739
Roger Cell: 250-380-8048
E-mail: sean@rogerlevesque.net Website: www.victoriafamilyrealestate.com Facebook: https://www.facebook.com/victoriafamilyrealestate/

Will the Neighborhood Go Up in Value?

When you purchase a home, you hope it will continually go up in value – just like a good investment.

However, there’s something else that you also want to see increase in value: the neighborhood. In fact, the neighborhood plays a key role in what the home will be worth in the years to come. If the neighborhood goes down in terms of desirability, so will the market value of the home.

So, when you’re shopping for a new home, get a feel for the value of the neighborhood, and whether or not it’s on the upswing.

How do you do that? One way is to simply take a walk. Look at the properties. Are they well maintained? Is the landscaping groomed and attractive? Those are signs of “pride in ownership” – a clear indication that owners value their homes and the neighborhood.

Another way is to do some research. Has crime gone up in the neighborhood? Are there improvements planned, such as new parks? Is the neighborhood attracting the kind of people you want as neighbors? How do the neighborhood schools rank?

Some of this information may be difficult to get on your own. As your real estate agents, we can help.

5 Unusual (But Effective) Home Staging Ideas

“Staging” your home is all about making the space in your home as appealing as possible to buyers. You may already know the basics, such as eliminating clutter, and removing personal photographs. Here are some other tips that are less well known yet very effective:

A chandelier. Surprisingly, installing a chandelier is one of the simplest ways to make a foyer, dining room or living room look dramatically more eye-catching. You can buy a nice chandelier for only a few hundred dollars.

New linen. This is something many home sellers don’t consider, but should. Believe it or not, new linen makes a big impression on buyers. Before listing, replace any worn linen – sheets, coverings, and towels – with new ones.

Pedestal sinks. It may not be practical for you to replace a bathroom sink. However, if you are doing a renovation, keep in mind that pedestal sinks – especially in small washrooms – are a big hit with buyers.

New appliances. A brand new fridge, stove and dishwasher are motivating selling features to buyers. New appliances can make the whole kitchen look brand new, or at least much fresher.

Avoid multi-use rooms. Have a spare bedroom that doubles as a home office? That’s a turnoff to buyers. Whenever possible, stage each room so that it has a singular purpose. A guest bedroom, for example, should only be for sleeping.

Want more tips on how to stage your home so that it attracts buyers? Give Roger and Sean a call!

Four Signs You’ve Outgrown Your Current Home

It’s not uncommon for couples with growing families to trade in their compact cars for something roomier, like a mini-van. The same thing happens with homes. Sometimes families simply outgrow them.

How can you tell if that’s happening with your property? Here are some sure-fire signs:

You need more space.
This is the most common reason people upgrade to a new home. They need more room. For any number of reasons, you might want an extra bedroom, a larger living room, a bigger backyard, or a more spacious kitchen. Rather than put up with feeling cramped, consider exploring the extra space a new home can provide.
A renovation won’t fix it.
Sometimes, when a property doesn’t fit its owners’ needs anymore, they consider a renovation. For example, if they need more space for a home office, they convert a spare room. However, a renovation doesn’t always fix the problem. For example, building a double, rather than single driveway and garage, may not be possible given the constraints of your property. Only a new home can solve that problem.
You’re interested in a new neighbourhood.
The neighbourhood may have been perfect for you at one time. But needs evolve. You may now be looking for something the area doesn’t provide – like closer access to a recreational activity your family enjoys, or a more convenient commute to work. If that’s the case, it might be time to look at other neighbourhoods you’d like to consider, and see what types of homes are currently available there.
It’s time for a change.
Sometimes you simply feel it’s time for a change. There’s nothing wrong with that. Don’t feel you need a practical reason to sell and find a new home. If this feels like the right time for you and your family to move, go for it.

Victoria Family Real Estate Blogging

Real Estate Team on Vancouver Island

Home Shopping and the Four-Legged Stool

Should You Worry About Market Fluctuations?

Are You Ready to Buy Up?

Fresh Air Sells

Three Lists to Make When Selling Your Home

January 2020 Market Update!

How to Quick-Prep Your Home for Sale

Will the Neighborhood Go Up in Value?

5 Unusual (But Effective) Home Staging Ideas

Four Signs You’ve Outgrown Your Current Home

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