Wednesday, May 25, 2011

Market News May 2011

Real Estate Sales Soften, Prices Steady in April
May 2, 2011
The number of property sales throughout Greater Victoria softened in April while prices remained steady, showing increases for condominiums and townhomes and minor movement for single family homes. A total of 574 homes and other properties sold in April through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down from the 622 sales in March. There were 756 sales in April of last year.
Victoria Real Estate Board President, Dennis Fimrite, noted that although sales are running below last year’s levels, the steady prices reflect ongoing stability in the market. "Sales so far this year are running over 20 per cent below last year’s levels but it is important to remember that sales were exceptionally strong during the first few months of 2010.

Tighter credit conditions and anticipated higher mortgage rates have and will have some moderating effect on the market and prices are expected to remain relatively flat and stable for the time being."

Fimrite added that the number of properties available for sale continued to rise at the end of last month as more people put their homes up for sale as expected at this time of year. "There were 4,561 properties available for sale at the end of April - up from 4,100 properties available at the end of March. Inventory levels are currently eight per cent higher than a year ago."

The average price for single-family homes sold in Greater Victoria last month was $615,533, down slightly from $619,275 in March. The median price declined to $556,000 while the six-month average also declined to $621,412. There were 18 single family home sales of over $1 million in April.

The overall average price for condominiums was $353,858 last month, up from $325,581 in March. The average for the last six months rose to $331,108. The median price for condominiums in April rose to $301,000.

The average price of all townhomes sold last month rose to $480,621 from $434,626 in March. The median price also rose to $460,000 while the six month average rose to $439,450.
MLS® sales last month included 315 single family homes, 153 condominiums, 61 townhomes and 11 manufactured homes.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Tuesday, May 24, 2011

Creating Curb Appeal - Can Help Sell Yout Home

Curb Appeal is what catches people's attention as they pass by your home.

It helps draw in prospective buyers so they don't just pass by.

Some tips to creating the curb appeal:

Keep your lawns trimmed and edged, trim overhanging branches and bushes, turn the soil over to give a fresh look, add some color to your flower beds with some bright inexpensive annuals or flower boxes.

Keep your yard clutter free, put away garbage bins, recycling bins, and remove junk mail buildup.

Repair any broken steps or walkways as this is not only an eyesore but also a potential hazard.

The roof, chimney and sliding should be well cared for and in sound condition. Add a fresh coat of paint to the woodwork.

Wash the windows, clean the gutters, paint the front door, polish your house numbers, open blinds and window coverings to create an inviting feel.

As your REALTOR® I can help you by giving you customized tips to make your home stand out. I will also provide an objective view of repairs and improvements that will enhance the likelihood of selling your home.

For more information of creating curb appeal to sell your home please call me at 250.884.3980

Arran McLellan
"For High Performance Real Estate Service!"

Thursday, May 19, 2011

Easter Seals Fundraiser Car Wash



Sat, May 28th 10am-2pm






755 Vanalman Rd, by the Red Barn Market.






Help send some kids to camp.... bring your cars down to get washed by donation.






Contact me for further info... info@newimagehomesales.com






Arran McLellan



250.884.3980

Monday, May 16, 2011

Selling your home - Reviewing Offers

There is a lot more to an offer than the price someone is willing to pay when it comes to selling a home.

Closing Date
This date is very important to consider. What costs are involved in moving on that day? Do you have to store your furniture due to a short closing? Do you have to pay for two places due to a long closing?

Financing
Do you have to discharge existing mortgages and debts? What is the payout penalty? What is the early discharge fee?
The buyer may want you to takeback a mortgage. This might be great if you are trading down, however if your trading up you will want all the funds for a bigger down payment.

Conditions
Conditions are usually quite short on financing and you want to know that the buyer is able to get the financing needed before the offer is accepted.
You could be better off with an offer with less conditions even if slightly lower in price.

Items included in sale
If you have any chattels that you don't want to go with the house the best bet is to have them not in view when the house is viewed.

How a Realtor helps
The knowledge the Realtor has as well as the training they have received and access to the Multiple Listing Service are all ways in which a realtor can help.

Using the MLS system helps find qualified buyers for the property and once offers come in the Realtor can review them and look at them objectively with you. It will be up to you to decide if you want to accept, reject, or counter the offer.

Thursday, May 12, 2011

Tips for First-Time Home Buyers

Any you paying rent every month, knowing you will never see it again?

Why not build that money into an investment instead?

Mortgage rates are low and there is a ton of reasonably priced homes on the market.

What do you Need and Want?
Factors to consider are family size, location, income and lifestyle. A Realtor can provide advice in these matters.

With MLS access they can seek out suitable properties for you. Older homes often include improvements whereas new homes have extensive warranties and are in excellent condition.

Have a home inspected to insure soundness of structure.

Location? Determine where your preferred location is. It could be close to amenities or you could opt for a more rural lifestyle.

Townhomes and condos are great if you have a set budget or you don't mind sharing common space.

What Can You Afford?
Don't set an upper limit, set a maximum price you are willing to pay and try to come in under it so you can account for lose of wages, increased expenses or other financial responsibilities.

A rule of thumb is 40% of your Total Debt Service Ratio. You should only use 40% of income onto all expenses, mortgage, car, visa etc...

Mortgage and property tax should not be more than 30% of your gross income.

Buying your first home may seem like an unreachable dream, however with careful consideration of your needs and wants and the help of a Realtor, home ownership is attainable and will be a joyful experience for you and your family.

Wednesday, May 11, 2011

How Canadian Homeowners Benefit from Government Policy

Homeowners get:

Tax Free status for capital gains on principal residences

Lower Property Tax rates for owner occupied homes in many provinces

The federal Home Buyers Plan, which allows first-time buyers to borrow from an RRSP for a down payment on a home

Rebates on PTT(property transfer tax) for first-time homebuyers.

These benefits are a great example of why homewonership is a better choice as opposed to renting.

Arran

Wednesday, May 4, 2011

Real Estate Sales Soften, Prices Steady in April
May 2, 2011

The number of property sales throughout Greater Victoria softened in April while prices remained steady, showing increases for condominiums and townhomes and minor movement for single family homes. A total of 574 homes and other properties sold in April through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down from the 622 sales in March. There were 756 sales in April of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that although sales are running below last year’s levels, the steady prices reflect ongoing stability in the market. "Sales so far this year are running over 20 per cent below last year’s levels but it is important to remember that sales were exceptionally strong during the first few months of 2010.

Tighter credit conditions and anticipated higher mortgage rates have and will have some moderating effect on the market and prices are expected to remain relatively flat and stable for the time being." Fimrite added that the number of properties available for sale continued to rise at the end of last month as more people put their homes up for sale as expected at this time of year. "There were 4,561 properties available for sale at the end of April - up from 4,100 properties available at the end of March. Inventory levels are currently eight per cent higher than a year ago."
The average price for single-family homes sold in Greater Victoria last month was $615,533, down slightly from $619,275 in March. The median price declined to $556,000 while the six-month average also declined to $621,412. There were 18 single family home sales of over $1 million in April.
The overall average price for condominiums was $353,858 last month, up from $325,581 in March. The average for the last six months rose to $331,108. The median price for condominiums in April rose to $301,000.
The average price of all townhomes sold last month rose to $480,621 from $434,626 in March. The median price also rose to $460,000 while the six month average rose to $439,450.
MLS® sales last month included 315 single family homes, 153 condominiums, 61 townhomes and 11 manufactured homes.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Monday, May 2, 2011

Activity vs. Time - Value of your home!

Activity vs. Time

Finding the right price for your property is the most important factor in the marketing process.

Naturally, undervaluing your property will result in a fast sale but as a REALTOR®, it is my duty to help you achieve the best possible selling price in today’s market.

The higher the price is set above market value, the fewer the number of buyers there will be who would be interested in your property.

Finding a buyer who is willing to pay above market value is possible but unlikely.

Pricing your property competitively will help attract the greatest number of potential buyers within a reasonable period of time.

Eating Right Recipe! Low Cal Egg Sandwich


  • 1 egg hardboiled, cut into 4 sections

  • lettuce

  • tomato

  • line of mustard

  • add some dill or parsley if you have it

Add some lentil low sodium soup to the sandwich for a complete meal.


Enjoy and please feel free to call or e-mail me whenever you have questions about buying or selling or you know someone who would like to chat about real estate.


"Not intended to solicit or interfere with existing listings or agency relationships"



Arran --
Arran McLellan - RealtorPemberton Holmesoffice 250.384.8124cell 250.884.3980fax 250.294.3884


info@newimagehomesales.com


www.PembertonHolmes.com

Sunday, May 1, 2011

May 1st - Sunny outside and market is warm!

We are into the month of May and the weather is looking better and warming up.

Now is a great time to remove debris and fix broken items in and around the home. Spring cleaning time is a great time to get things done around the house and yard.

All these little cleanups improve the value of your home and take a short time to do.

Tip: Companies pay you to have broken vehicles removed from your yard. So if you have any, removing them is a great choice as it adds to the cleanliness of the yard and enhances value.

"Not intended to solicit or interfere with existing listings or agency relationships"