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Posts tagged ‘buyers’

Victoria BC Real Estate Buyers Profile – April 2010

Modern homes in Victoria, BC. Photo: pnwra on Flickr

It’s once again time to look at our “on the street” snapshot of Victoria-are real estate buyer activity. April’s data from our Member Market Survey has just been released by the Victoria Real Estate Board. Each month, agents who’ve completed a transaction while acting for a buyer are polled on various questions about their buyers. The goal is to get a snapshot of the situation on the street directly from agents who are actively involved serving their clients.

Highlights from this month’s data:

  • The trend of decreasing number of first-time buyers continued, with  19.23% identified as such
  • Nearly one-third of buyers were moving from one property to a similar one. Perhaps this correlates with the lower number of first-time buyers in recent months; after they sell their smaller homes to first-timers, this set of buyers is now shopping for their ‘move-up’ house.
  • This month, single females bought fewer houses than single males.
  • As usual, the fast majority of buyers (67%) moved within the greater Victoria area. The next largest group came from within Canada, but outside B.C.
  • The Western Communities were more popular with buyers than the Saanich Peninsula.

As our inventory of properties on the market increases, there continues to be more choice in the market for buyers. Not surprisingly, most agents were reporting fewer instances of multiple offers (54 vs 12 reporting more multiple offers).

Check out the full details of this month’s survey here.

Tim Ayres – Sooke Real Estate Professional

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Victoria BC Real Estate Buyers Profile – March 2010

Last month’s data from our Member Market Survey has just been released by the Victoria Real Estate Board. Each month, agents who’ve completed one ore more transactions while acting on behalf of a buyer are polled on various questions about their buyers. The goal is to get a snapshot of the situation on the street directly from agents who are actively involved serving their clients.

Highlights from this month’s data:

  • First-time buyers did not represent the largest segment of the buying population, with 27.85% identified as such
  • More people moved into a condo or townhouse from a single family home than vice versa (10.76% vs 8.23%).
  • Once again, single females bought more properties last month than single males. (23 vs. 16)
  • One in five buyers were classified as empty-nesters/retired.

Check out the full details of this month’s survey here.

Tim Ayres – Sooke Real Estate Professional

Your comments are welcomed and encouraged!
Just use the form or link below this post.

You can bookmark this post using the button below,
or subscribe to this blog for free updates using the big buttons on the sidebar!

Victoria BC Real Estate Buyers Profile – February 2010

The Johnson Street Bridge, Victoria. Photo credit: Sylpherware on Flickr

The latest data from our Member Market Survey has just been released by the Victoria Real Estate Board. Each month, agents who’ve completed a transaction while acting for a buyer are polled on various questions about their buyers. The goal is to get a snapshot of the situation on the street directly from agents who are actively involved serving their clients.

Highlights from this month’s data:

  • First-time buyers represent the largest segment of the buying population, with 36.5% identified as such
  • Interestingly, the number of people moving from a single family home to a condo or townhouse was nearly the same as those moving from one property to a similar one.
  • Single females bought more houses last month than single males.
  • Only one buyer came from outside of Canada last month.

Check out the full details of this month’s survey here.

Tim Ayres – Sooke Real Estate Professional

Your comments are welcomed and encouraged!
Just use the form or link below this post.

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Victoria BC Real Estate Buyer’s Profile – January 2010

The Railyards in Victoria, BC (Vic West)

The Railyards in Victoria, BC (Vic West) Credit: pnwra on Flickr

Last month, I started a new series about buyer activity in the greater Victoria real estate market. The data comes directly from the “man (or woman) on the street” by way of a survey sent out by the Victoria Real Estate Board to agents who worked with a buyer to complete a transaction in that month.

Key highlights from this month’s data:

  • 25% of buyers used high-ratio (more than 80%) financing to purchase their home
  • Sooke, Langford, Colwood and Metchosin accounted for 20% of all purchases last month
  • Only three buyers found out about the property they bought via print media like a classified ad or real estate newspaper/magazine.
  • Agents are reporting more traffic at open houses, and more instances of multiple offers on the same property.

Check out the full details of the survey here.

Tim Ayres – Sooke Real Estate Professional

Your comments are welcomed and encouraged!
Just use the form or link below this post.

You can bookmark this post using the button below,
or subscribe to this blog for free updates using the big buttons on the sidebar!

Victoria BC Real Estate Buyer’s Profile – Where are the Buyers Coming From?

An initiative we started late last year at the Victoria Real Estate Board is giving us some excellent data on market trends in the Victoria BC real estate market. As a director and chair of a Communications Task Force, I helped devise a market survey that is sent out via email at the end of the month to each Victoria-area REALTOR® who sold a house to a buyer that month.

The data that comes in is an invaluable snapshot of the situation for the average agent ‘on the street’ as to where the buyers are coming from, what they’re buying, and other interesting data.

I just received this past month’s results this morning. Some interesting facts:

  • 31% of buyers last month were first-time buyers
  • 51% of buyers purchased with a conventional (ie, more than 25% downpayment) mortgage.
  • 15% of buyers were single females, a trend that has been noticeably increasing in recent years
  • Nearly three-quarters of buyers were moving within the Greater Victoria area, and 3.5% were from outside of Canada.
  • 82% of buyers found the property through information provided by a REALTOR® (client portal, PCS, phone call, etc.), or through REALTOR.ca

I’ll continue to post this information on a monthly basis, as it is a “real world” snapshot of activity in our marketplace. You can read the full survey results here.

If you have any questions about buying or selling real estate, I am always available to chat. Call me any time, directly,  at 250-885-0512, email Tim@TimAyres.ca, or find me on Twitter.

If 2010 is the year to buy your first home, I invite you to an informative, free seminar on February 9. Hear from a financial planner, mortgage broker, and me about creating a plan to save for a down payment, get a good mortgage and find a great home. More details and sign-up can be found at TimAyres.ca/seminars

Tim Ayres – Sooke Real Estate Professional

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Just use the form or link below this post.

You can bookmark this post using the button below,
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Buyer Preferences Changing…

For 2015, it’s inside the house that counts

Homes to grow in luxury, not size, study predicts

The Washington Post
Tvice-president for research at the builders association. Another generation, those born from 1965 to 1977, are now in their prime home-buying years. And they’re just as demanding, Ahluwalia said. “They also want everything.”
In its Home of the Future study, to be published this month, the builders association predicts that the average size of a single-family house will be 2,300 to 2,500 square feet, about what it is now or even slightly smaller. High ceilings — about nine to 10 feet — will become the norm. So will 2 1/2 to 3 1/2 bathrooms, which is at least one more than the average house had in the 1970s.
In high-end houses, those with 4,000 or more square feet, dual master-bedroom suites will become even more popular than they are now and will include sitting rooms, bathrooms and walk-in closets.
In both upscale and average houses, the family room will get much larger, while the living room will continue to shrink — a testament to the popularity of casual entertaining.
“The formal living space isn’t as important,” said Andy Rosenthal, president of Rosenthal Homes in Potomac, Md. “As a baby boomer, when we grew up, we all had living rooms, but we weren’t allowed in there. Now we don’t want living rooms because we weren’t allowed in there anyway.”
Ahluwalia said that people will want their houses to be more open, airy and bright. They’ll ask for large kitchens with islands, fewer walls separating their dining rooms or family rooms, and recessed lighting. Plain white walls won’t do; bold colours will be in.
And owners will probably want things they don’t need.
“A lot of people don’t even use the fireplace, but they won’t buy a house without a fireplace,” Ahluwalia said.
The same goes for garages, which will probably get much larger, especially in pricier homes. “Even people who don’t have three cars want to have a three-car garage,” he said.
Technology will become a more integral part of the house, the study found. Universal design, a concept that makes homes accessible to everyone regardless of age or disabilities, will also find a place in new-home construction.
One national trend experts expect is more luxurious outdoor spaces. The association’s study predicts that outdoor kitchens complete with sinks, refrigerators and cooking islands will become more popular in upscale homes.

The survey also found that “green” methods will become more widespread. The builders association predicts that the home of the future will have water conservation devices and energy-efficient appliances, among other features.

Interest Rates may decrease; at least hold.

Why might the recent turmoil in the financial markets be good for home owners and buyers? See below:

 From http://lfpress.ca/newsstand/Business/2007/08/11/4409763-sun.html

TORONTO — The global financial turmoil that has rocked world financial markets may have a bright side for Canadians —    it could end up keeping interest rates lower despite rising inflation, economists say.

With stocks under siege and the world’s central banks trying to calm markets down and prevent a global credit crunch caused in part by a battered U.S. housing sector, economists say the Bank of Canada will likely hesitate to raise borrowing costs in such a volatile environment.

“If anything, the turmoil might actually, possibly, lead to lower interest rates than would have otherwise been the case,” Doug Porter, a senior economist with BMO Capital Markets, said yesterday.

“I’m not saying the Bank of Canada is necessarily going to go and cut interest rates, but they’re potentially less willing to rise interest rates amid this volatility.”

Like many economists, those at BMO had been expecting the Bank of Canada to raise rates in September to dampen inflationary pressures, possibly again in October and then in early 2008.

That would have raised borrowing costs in Canada by three quarters of a point, hiking payments for homeowners renewing mortgages, and consumers and businesses looking to borrow money.

“That series of potential rate increases is being put at least in some question because the bank may not be all that enthusiastic about raising interest rates when the financial markets are going through so much trauma,” Porter said.

That may only be short term, says David Wolf, an economist with Merrill Lynch Canada. Markets expect Bank of Canada governor David Dodge to keep rates on hold next month, but inflationary pressures are still building in the hot Canadian economy.

If you’re looking to find your perfect place and lock in at a good rate, contact Tim Ayres at 642-6361 and let’s get started!