Well – it’s been a while. Between being a busy dad, REALTOR®, 2014 president of the Victoria Real Estate Board, and a few other things, I certainly have neglected this blog. I’d like to start posting regularly again, even if it’s short bits and pieces. Let’s take a quick look at how the market has been performing in the last year or two. Read more
Posts tagged ‘houses’
From my favourite social news site, Digg.com, I found this:
Here’s somebody desperately in need of the marketing services of a REALTOR®.
Have a great Sunday everyone!
Your comments are welcomed and encouraged. Just use the reply form below!
Due to MLS® advertising rules, I’ve decided that I can’t offer the tour summary any longer. I thought about this all last week, and came to the conclusion it could come across as advertising other agents’ listings, which is not allowed under our Rules of Cooperation. I’d rather stop doing it voluntarily than be told I’m in violation.
Rest assured, if you have any questions about any new listings in Sooke, you can contact me at 250-885-0512and I’ll probably have already been through on our weekly tour. If you’re in Sooke and want your house included on the tour, let me know!
One of the advantages of using your local Sooke REALTOR® when it comes time to sell your home is the tight-knit sense of community among local real estate professionals. Every Thursday, the three main real estate offices in Sooke hold our weekly MLS Tour, where each REALTOR® in town tours through all the new MLS listings in a two-hour caravan-style tour.
In many other communities in Victoria, tours are poorly attended and disorganized. The tour in Sooke is very well attended (I’d say 85% of the REALTORS® here attend), and is the highlight of the week for many agents, myself included. Besides socializing with my peers, I get an opportunity to view most of the houses for sale. It helps me price my listings, and also is a great tool for pre-viewing new listings for my out-of-town clients, or for buyers that are looking for something very specific. If I see it, I can let them know. I learn more about the market in two hours on MLS tour than I could in a whole day of research on the MLS.
In this weekly (assuming I can attend tour) feature, I’m going to comment on the listings on tour. Which are hot buys, what’s unique about each one. For further information about any of the listings here, contact me.
[Update May 2nd 2008] Due to MLS® advertising rules I’ve decided that I can’t offer the tour summary any longer. I thought about this all week, and came to the conclusion it could come across as advertising other agents’ listings, which is not allowed under our Rules of Co-operation. I’d rather stop doing it voluntarily than be told I’m in violation. Rest assured, if you have any questions about any new listings in Sooke, you can give me a call at 885-0512 and I’ll probably have already been through on our weekly tour. If you’re in Sooke and want your house included on the tour, let me know!
Now here is somebody who tells it like it is
This video is by Daniel Rothamel, a REALTOR® in Charlottesville, Virginia. If there is one thing that I am constantly trying to express to my clients when listing their properties, it’s to try and look at the place from a buyer’s standpoint. This is especially hard when you’ve got Mr. and Mrs. Smith, who built the house 30 years ago (and haven’t updated it since!) and are now selling. They are unable (or in some cases, unwilling) to take the emotion and wonderful family memories out of the formula for arriving at a reasonable listing price.
Although our market in the Sooke and Victoria area is still going strong, it is no secret that the main enemy to sellers today is an overpriced home. Sure, there are plenty of buyers out there, but there are also lots more listings; the forces of supply and demand take over and the overpriced listing sits there, overpriced.
So here is the video, and extra credit to Daniel for “why didn’t I think of that?”
Sooke’s Sunriver Estates, the popular 382-acre planned community just west of Victoria, BC, has just released its first multi-family townhouse development. Called The Pointe, it will be a clustering of 32 units in 8 strata buildings in the tranquil, forested setting of a 7-acre peninsula surrounded by De Mamiel Creek.
The age 55-plus project features floor plans ranging from 1493 to 1750 sqft in a choice of either ground level or upper floor. The homes will be set amongst lush landscaping and irrigation systems, and like most strata developments, the monthly strata fee (at $139-$160) will cover the maintenance of the grounds and common property. This gives residents a truly maintenance-free living experience.
Prices range from $399,000 to $419,000, including net GST. Additional upgrade packages are available, and Sunriver Estates is including a $4000(approx.) stainless steel appliance package to the first four homeowners at The Pointe.
Contact me at 642-6361 or use the contact page for more information.
More good news from the BC Real Estate Association about market conditions. It seems that 2007 is looking more like 2005 than 2006. Continued strong numbers like this is great news for all involved in the housing market.
Vancouver, BC – October 18, 2007.
British Columbia Real Estate Association (BCREA) reports residential sales volume on the Multiple Listing Service® (MLS®) in BC climbed 20 per cent to $3.42 billion in September, compared to the same month last year. Residential unit sales increased 6.8 per cent to 7,687 units during the same period. The average MLS® residential price reached $445,205, up 12.3 per cent from September 2006.
“Housing demand hasn’t let up after a record-breaking summer,” said Cameron Muir, BCREA Chief Economist. “While the number of homes for sale has increased since last year, the sales-to-active-listings ratio has remained unchanged. This means homebuyers are snapping up additional inventory at the same pace, and upward pressure on home prices is continuing.”
Strong economic conditions are underpinning BC home sales,” noted Muir. “Robust job growth, low unemployment and rising wages and salaries are bolstering consumer demand.” More than 70,000 jobs have been created in the province over the last year, while the unemployment rate hovers near an historic low. The average weekly wage in BC climbed 3.3 per cent in September, compared to the same month last year.
Year to date, MLS® dollar volume increased 18 per cent to $36 billion compared to the same period last year. Residential sales rose 4.9 per cent to 82,627 units, while the average residential price climbed 12.5 per cent to $436,062.
BC Home Sales to Surpass 100,000
BCREA Fall Housing Forecast
Vancouver, BC – September 27, 2007. The British Columbia Real Estate Association (BCREA) released its fall 2007 Housing Forecast today.
BC Multiple Listing Service® (MLS®) home sales are forecast to break the 100,000 unit mark for only the second time in history. BCREA forecasts that BC MLS® residential sales will hit 101,000 units this year, up 4 per cent from 2006. The highest number of MLS® sales in the province was recorded in 2005, when a total of 106,310 homes were sold. The ten-year average is just under 78,000 units.
“Exceptionally strong consumer demand over the summer months has changed the outlook for this year from declining home sales to the second highest on record,” said Cameron Muir, Chief Economist. “While eroding affordability is squeezing some potential buyers out of the market, the housing stock is increasingly diverse, providing a mix of home types that appeal to a wide consumer market.”
BC home prices are also on the rise. The average MLS® residential price is forecast to climb 12 per cent to $437,000 this year. “While home prices continue to face upward pressure, the rate of growth is expected to moderate,” added Muir. The BC average MLS® price increased 18 per cent last year, and is forecast to rise at a more modest 8 per cent in 2008.
BC housing starts are forecast to decline 7 per cent to 33,900 units in this year and a further 4 per cent to 33,000 units in 2008. While single detached housing starts are trending down, multiple housing starts are holding firm at 21,000 units this year. Multiple housing starts now comprise 62 per cent of all new residential construction activity in the province.
The BCREA Housing Forecast is a semi-annual publication produced in the spring and fall of each year. The report contains forecasts and analysis of the BC economy and housing markets, including detailed forecasts by home type of the province’s 12 real estate board areas.
A complete copy of BCREA’s Housing Forecast is available here: www.bcrea.bc.ca/economics/forecasts/2007-09Forecast.pdf.
Good news home owners! More evidence of Canada’s continuing insulation from the housing troubles in the USA comes in today’s Times Colonist newspaper. Our booming economy, strong dollar, and exploding job market are all combining to propel our housing market to new highs, despite the challenges faced by our cousins to the south. – Tim Ayres
CanWest News Service
Tuesday, August 21, 2007
OTTAWA — Exceptional strength in Canada’s resale housing market in the first six months of the year prompted the Canadian Real Estate Association yesterday to more than double its forecast for sales increases in 2007, the second time this year the association has revised its predictions upward. The news comes amid a growing crisis in the U.S. housing market, with prices falling and the number of defaults rising. The situation helped create the current meltdown of the U.S. subprime mortgage market, which made loans to high-risk people who are now unable to meet their financial commitments. The resulting investor unease spread from the subprime market to other areas of the American financial system and to markets worldwide, sending indexes on a freefall last week.
In Canada, national home sales are now forecast to rise by 8.1 per cent in 2007 to 523,100 units and set new annual records in most provinces, CREA said. In May, it had forecast a 2007 sales increase of 3.6 per cent, which was an update on its original 2007 forecast issued in February. At that time, CREA had predicted that sales activity this year would drop 1.6 per cent from 2006.
“The housing market has caught everyone by surprise,” said CREA chief economist Gregory Klump. “Everyone expected a gradual cooling in the second quarter, but [the market] heated up instead.
“We’ve changed our forecast to reflect reality,” Klump said, adding the market has now seen two consecutive record-breaking quarters. “Resale housing activity was a juggernaut in the second quarter of 2007.”
Next year, sales activity is forecast to edge slightly lower, but still reach the second highest annual level on record in almost all provinces. CREA had initially called for sales activity to cool 2.8 per cent in 2008, but is now calling for only a two-per-cent decline.
Prices are also forecast to set new records in every province this year and next, but price increases will be smaller in 2008, the association said. It is now looking for a 10.4-per-cent price increase for 2007, up from its previous forecast of 9.5 per cent. The price increase forecast of 5.5 per cent for 2008 has remained the same, Klump said.
The Canadian housing market has shrugged off the problems that have been experienced in the U.S., said Ann Bosley, CREA president.
© Times Colonist (Victoria) 2007