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A lukewarm spring comes to an end for the Victoria Real Estate market
 
 
 

July 2, 2019


A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 per cent more than the 708 properties sold in June 2018 but a 12.7 per cent decrease from May 2019. Sales of condominiums were down 6.1 per cent from June 2018 with 216 units sold. Sales of single family homes increased 10.4 per cent from June 2018 with 394 sold.

“June has trended lower than May for the past few years and tends to signal the end of the active spring market," says Victoria Real Estate Board President Cheryl Woolley. “The summer months of July and August generally see less activity than the spring, as people’s attention shifts to vacation and away from real estate. This year, we have seen slightly more sales compared to June of last year. We have also seen one hundred fewer new listings enter the market this year, which continues to make a challenging market for buyers who are hoping for more options.”


There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019, an increase of less than one per cent compared to the month of May and a 17.1 per cent increase from the 2,595 active listings for sale at the end of June 2018.


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2018 was $898,500. The benchmark value for the same home in June 2019 decreased by 4.3 per cent to $859,600, slightly less than May’s value of $860,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2018 was $509,000, while the benchmark value for the same condominium in June 2019 increased by 2.97 per cent to $524,100, higher than May's value of $519,300.


“It is possible that some buyers are waiting for the federal government’s new first-time home buyer incentive to roll out this September,” adds President Woolley. “The program is intended to assist first time buyers with their down payment. It’s hard to estimate how many local buyers may take advantage of the incentive, but because of the low threshold for maximum purchase price, the program may only help those in our area who seek to buy condos. This could mean a slight uplift in lower priced properties in the fall, if more buyers are enabled to enter the market.


  • courtesy Victoria Real Estate Board
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“Drive-Up Appeal”: Get your Property Ready to Show

When preparing your property to show, work your way from the outside in. It is essential that your home possess a certain “drive-up appeal.” Remember, a potential buyer’s first impression of your house is formed while s/he is still sitting in the realtor’s car. So, first you need to view your house from this perspective. Go stand on the opposite curb and observe your property. Compare it to surrounding properties. Concentrate on the following three areas:


Landscaping:

How does your landscaping measure up compared to the rest of the neighbourhood? If you guess it would rate below-average, make a few adjustments. You might want to consider buying some bushes and planting them around the property. Do not buy trees, however—mature trees are expensive, so you will not see a return on your investment. And immature trees don’t tend to significantly improve the immediate appearance of your home. If the problem with your yard isn’t a case of too little greenery, but rather too much, get out the pruning shears. The purpose of landscaping is to complement the home, not hide it. Overgrown shrubs should be sheared to a height near the bottom of the windows. Remove any ivy clinging to the side of the house. Tree limbs should be high enough that you’re able to walk beneath. Trim any branches that bar the way. Your lawn should be freshly cut and watered, and an even colour. If there are brown spots, make sure you begin to remedy this well in advance of putting the house on the market. You may want to re-sod areas, and you need to make sure these spots are given enough time to grow, so they will match the existing lawn. Also, if you decide to use fertilizer, you’ll want to allow enough time for it to take effect. Rake up any leaves or grass cuttings. Planting a few flowers is an easy way to add colour and vibrancy to your yard, enhancing the first impression of your home. Invest in a full flat of mature, colourful flowers, such as petunias or periwinkles, which last the length of the growing season. Do not buy bulbs or seeds—they won’t necessarily grow enough by the time you begin showing to achieve the desired effect. If you don’t have an area in which to plant flowers, consider purchasing a few flower pots for your porch and planting flowers or blooming plants. If you have a pool, keep it sparkling and leaf-free.


House Exterior:

When you view your house from across the street, does it appear weathered or faded? If so, it’s probably time to treat it to a fresh coat of paint. This is usually a sound investment; new paint can do wonders to increase a home’s perceived value. Stay away from unusual or loud colours. The new colour should fit in with surrounding houses, and complement the style and structure of your house. Examine the roof closely. Old or leaking roofs should be replaced. If there are leaks, you’ll have to disclose this detail to the homebuyer anyway, and they will want it replaced. If there isn’t any apparent damage, however, wait for word from the home inspector before making repairs.


The Front Door and Porch:

The front door and surrounding area should look particularly fresh and welcoming, as this will be the buyer’s first up-close impression as they enter the house. If you paint nothing else, at least give the door a new coat. Replace the doorbell if it is broken and polish the door fixture until it gleams. Wash the mail box. Keep the porch swept and buy a new plush door mat. All of these little things will contribute to the overall effect of a well cared-for and welcoming home. Ensure the lock works smoothly and the key fits properly. When a homebuyer visits your house, the Realtor will open the front door with a key. You don’t want the buyers’ first experience to be of waiting on the doorstep while the Realtor fumbles with the lock.


I would be happy to answer any questions you may have about preparing your house for the market and current real estate conditions in Victoria. 

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One for the Money, Two for the Show: Prepare the Inside of your House for Showing

Once you’ve minimized the clutter in your home, clearing out excess items and furniture, you’ll be ready to concentrate on repairs, cleaning, and decoration. Your goal is to get each room looking its sharpest and most fresh—the better your house looks, the greater your chances that it will sell quickly and for top dollar. Concentrate on the following areas to get your home into selling shape.


Walls and Ceiling:

Examine all the ceilings and walls for water stains or dirt. We don’t often look closely at the walls that surround us, so be careful—there could be residual stains from leaks that have long been fixed, or an accumulation of dirt in an area you hadn’t noticed. Painting the walls may be the best investment you can make when preparing your home to sell. You can do it yourself, and relatively inexpensively. Remember, the colours you choose should appeal to the widest range of buyers, not just to your own personal taste. A shade of off-white is the best bet for most rooms, as it makes the space appear larger and bright.


Carpet and Flooring:

Does your carpet appear old, or worn in areas? Is it an outdated colour or pattern? If the answer to either of these questions is yes, you should consider replacing it. You can find replacement carpeting that is relatively inexpensive. And always opt for neutral colours. Any visibly broken floor tiles should be replaced. But make sure you don’t spend too much on these replacements. The goal isn’t to re-vamp the entire home, but, rather, to avoid causing any negative impressions due to noticeable damage or wear around the house.


Doors and Windows:

Check the entire house for any cracked or chipped window panes. If they are damaged in any way, replace them. Test all windows, as well, to ensure they open and close easily. Try spraying WD40 on any with which you’re having trouble. This should loosen them up. The same can be done with sticking or creaking doors. A shot of WD40 on the hinges should make the creak disappear. Check to make sure each door knob turns smoothly and polish it to gleaming.


Odour Check:

Begin by airing out the house. Chances are, you’d be the last person to notice any strange or unpleasant smell that may be immediately apparent to visitors. If you smoke indoors, you’ll want to minimize the smell before you show your home. Take your cigarettes outside for a period of time before you begin showing. Ozone sprays also help eliminate those lingering odours without leaving a masking, perfumed smell. Be careful if you have a pet. You may have become used to the particular smell of your cat or dog. Make sure litter boxes are kept clean. Keep your dog outdoors as much as possible. You may want to intermittently sprinkle your carpets with carpet freshener as well.


Plumbing and Fixtures: All sink fixtures should look shiny and fresh. Buy new ones if scrubbing fails to get them into shape. Replacing them can be done fairly easily and inexpensively. Check to make sure all hot and cold faucets are easy to turn and that none of the faucets leaks. If you do find a leaking faucet, change the washer. Again, this is an easy and inexpensive procedure. Finally, check the water pressure of each faucet, and look for any stains on the porcelain of the sinks or tubs.


Once you’ve covered all these bases, your house will be in prime shape for its time on the market. Congratulations—you’re ready to begin showing! 

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Benefits of Using a Realtor to Sell your Home

Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way. Consider the following benefits of working with a Realtor:


Professional Experience: With knowledge and training in marketing strategy, negotiation tactics, and the workings of the current real estate market, a Realtor will be able to guide you through the steps of the home-selling process and be able to explain exactly what to expect. S/he will make you aware of your rights and responsibilities, work with you to strategize the best moves according to your own goals, discuss financing options, and point you in the direction of other specialized professionals who will aid you in different stages of the process.


Best Price: Realtors have their fingers on the pulse of the current real estate market, and will know what comparable properties in your area are selling for. They have the resources and knowledge to establish the best asking price and to attract the highest selling price. With access to their company’s professional marketing resources and connections, they will ensure potential buyers are immediately made aware of your home and market the property to sell as quickly as possible and for the most money.


“Showcasing” Experience: Your Realtor will know the importance of a property’s first impression. S/he will have experienced first-hand, for example, the impact a property’s “drive-up appeal” has on the rest of a potential Buyer’s experience of your home. Your Realtor will be able to offer you tips and information on how to get your home in the best selling shape possible, in order to sell your property quickly and for top dollar.


Access to Qualified Buyers: Realtors save time and effort by dealing only with qualified buyers. They have access to a pool of pre-screened and pre-qualified buyers who are serious about buying a home in your neighbourhood. Realtors work hard to develop this base of qualified buyers which will become an invaluable resource for you.


Negotiation Skills: Realtors serve many functions, but perhaps the most important is their role as primary negotiator on your behalf. Your Realtor realizes your goal is to sell your home as quickly as possible, and for the most money possible, and will work closely with you during the negotiation process to facilitate this goal. Realtors bring to the process the knowledge and skills to draw up legally binding contracts, to assist in negotiating offers and counteroffers, and to offer counsel and perspective as you work toward your selling goals.


I will work for you every step of the way! My combination of skill, experience, and technology ensures that I can sell your home for the highest possible price and in the shortest period of time. I have the tools to meet the demands of a highly competitive, modern market and am dedicated in treating your transaction with the upmost of care and trust.


Call or e-mail me with any questions you have about selling real estate.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.