N E W S  R E L E A S E

May 15, 2013

For Immediate Release

VICTORIA REALTORS® COOK UP $10,000 DONATION FOR THE MUSTARD SEED FAMILY CENTRE

The Mustard Seed Family Centre received a boost today from the Victoria Real Estate Board(VREB) who donated $10,000 and named the Family Centre as VREB’s Charity of the Year. REALTORS^® arrived onsite with a dozen slow cookers filled with nutritious family meals and cookbooks of the recipes used ­– one for each program participant to take home.

After the cheque presentation, a shared meal with staff and participants gave volunteers the opportunity to discuss other ways to help the Family Centre.

“Part of our community relations program is to volunteer in ways that provide value to organizations,” said Carol Crabb, VREB Past-President.  “When we notified the Mustard Seed Family Centre that we had chosen them, we asked how we could help. Diane Pearson,...

Here is another example of how critical pricing is.  This townhouse had been on the market for quite a while.  After a small final price drop of $10,000 we quickly received several offers.  It ended up selling at higher than asking!  

There are definitely buyers out there, they just need to see value and then they are ready to commit.

We are now deep into our annual Spring selling season.  This is the time of year when, traditionally, more homes change hands that at any other time of the year.  Often, families try to time their purchase in the Spring so that they can move during the summer, minimizing the disruption to their children's school lives.

This year is no different, we are seeing more sales at this point than at any other time of the year. Those sellers who are pricing their homes sharply are finding buyers.  But, prices are still down compared to last year and sellers must price their homes properly relative to the market to find a buyers.  

Those who have a single family home to sell are fairing much better than those with a condo.  While the number of homes selling, and pricing, is down slightly compared to last spring, the condo market is really, really tough!  Last year's tightening of the mortgage rules took a lot of first time buyers out of the market, meaning...

Wow!  With eight homes complete and ready to move into today, ranging in price from $369,900 to $389,900, Homes at Hazelwood definitely deserves your visit today.  Our show home will be open both days this weekend from 1-4pm at 3341 Merlin in the Langford Happy Valley.

With our detached houses priced lower than some town homes, www.HomesAtHazelwood.ca is a must visit!

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Having represented Colleen 14 years ago with the purchase of this home, our thanks go out to her for trusting us to get it SOLD... and to Cheryl Laidlaw for so professionally representing the buyers.

After nearly a year on the market with another Realtor team, we recommended a tiny reduction in price combined with a new approach to marketing.  

The net result... An accepted offer in less than a week at 98% of the asking price.  

Thanks to our clients for trusting the Preferred Homes Team, and thanks to Mary Secord-Fisher for so professionally representing the buyers!

Is it the weather or has the market just woken up?  Over the last few weeks we have really seen the market for houses take off!  Compared to just a month ago, the number of houses sold has increased by a whopping 38%  Even compared to last year, more houses sold in the last 30 days than the same period last year.  If you want to take advantage of this hot market, now is definitely the time to get your house on the market. However, you will still need to price your home well.  Even though the market is moving very quickly, homes are still selling for less than they were at this time last year.  Our stats still show that the median price is down by about 3% and holding there.

The condo market, unfortunately, is continuing its slower pace of sales.  The number of condos selling is still well down from last year.  If this market is going to pick up, some sellers will likely need to adjust their pricing downwards to match buyer's expectations.

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The number of detached houses that have sold is still increasing!  After last weeks great result, I was concerned that it was an anomaly, but this week the sales were even stronger!  Speaking for our many sellers, we are all very pleased to see the volume of sale now 8% ahead of this time last year.  Keep in mind, though, that pricing is still well behind last year and the year before.  You have a great chance of finding a buyer, but you will need to price your property accurately, at a level probably lower than you expect.

The condo market, on the other hand, is still not very healthy!  The volume of sales is well below par, down by about 22% from last year. If you have a condo to sell, make sure that it is promoted very well so that it stands out from the rest!  Pricing is also key and I believe one of the reasons that many properties are not selling 

Here is the data:

Over the last 30 days, 327 single family houses were sold, up...

It was a much busier week last week with a large increase in the number of single family homes sold compared to any other week so far this year.  Compared to last year, and just looking at last week, the volume of sales was actually similar!  Keep in mind, though, that prices are still down from last year.  

The condo market is still facing challenges with the volume of sales off by over 20% compared to last year.   It seems that many condo owners are unable to sell their units due the recent price decreases.  Many condo owners have very little equity in their units, so when the prices fall, they are not able to get enough out of their suites to counter the costs of selling.  

Over the last 30 days, 304 single family houses were sold, up by 30 houses from last week.  The median price is up $19,394 to $538,269. The average house was on the market for 33 days.  In the same time period, 133 condos were sold, up by 8 condos from last week....

Congratulations to our clients on the sale of their home.  Sorry it took more time than normal, but knowing that there was real value here and waiting for the right offer was definitely the way to go!

BY HUGH MCKENNA, THE CANADIAN PRESS APRIL 17, 2013

Homeowners risk coughing up big bucks if they're also smokers, according a survey of Ontario real estate agents and brokers.

The survey found that smoking in the home can reduce the value of the property on resale by up to 29 per cent.

The study was sponsored by Pfizer Canada, a pharmaceutical company whose products include a smoking cessation medication.

It estimates a potential loss of up to $107,000 on a home in Ontario, where the average price is around $369,000.

The study found that an overwhelming majority of 401 real estate agents and brokers in the survey agreed that it is more difficult to sell a home where owners have smoked.

More than half of respondents - 56 per cent - said most buyers are less likely to purchase a home where people have smoked, and 27 per cent said most buyers are unwilling to buy a home where people have smoked.

In Canada, an estimated 15 per cent of homes have at least one regular...

More than 20 interested buyers and Realtors missed out on this new listing!  It's not as much as a buyers market as many think.  Often, new listings are well priced and sell very quickly.  It's time to get off the fence.

For over a year now, Karl, Tori, and Mark of the Preferred Homes Team have been saving our clients time and winning more competitive offers by taking advantage of the speed, security, and accuracy of electronic contracts & signatures.  Our clients don't have to go through the hassle of printing & scanning contracts back to us, and they have told us that they love it!  There are no more late night evening visits to get that initial to finalize a contact!

We're such strong believes in our DocuSign system system that we have been giving presentations to other Realtor groups and doing all that we can to promote the benefits to others.

Today, we were absolutely thrilled to hear the Canadian Real Estate Association has adopted DocuSign nationally.  If you are already working with the Preferred Homes Team you are already benefiting.  If not, it's time to either switch to us, or ask your Realtor to sign up with DocuSign and start saving you time and hassle....

The results for the last week were a little better for both single family homes and condos in terms of the number of properties sold.  However, as I have been saying every week this spring, the homes that are selling are selling because they are priced properly for today's market.  That means at a lower price than the property would have sold for last year.  This is backed up clearly by looking at the data.  Houses that have been on the market for a month or more are generally not selling unless there is a price correction.  Newly listed properties, ones that are priced well, are selling very quickly.  So, if you have a home to sell, the news is actually very good!  Properly price your home and you will definitely find a buyer.  You will likely sell for a bit less than you would like, but you will make that back up when you buy!

Here are the raw results for the last 30 days:

Over the last 30 days, 274 single family houses were sold, up...

As the spring market evolves in Victoria, it has become very clear that there are lots of buyers out there for both houses and condos, but a seller has to work very hard to attract them.  Buyers are usually the most informed in regards to the market, and they know that inventory levels are high and that the number of properties selling is down compared to last year.  With that knowledge, buyers have the luxury of taking their time and looking for the perfect property before making a decision.  In reality, some buyers take things too far and are missing some amazing deals!  But, the smart buyers are watching the new inventory as it is released to the market and snapping up great buys before others are even aware of them.  

Sellers can DEFINITELY sell their property quite easily in this market, but many sellers are missing the chance to do so by listing their homes at above the current market value.  Granted, with prices down over last year, it can be hard...

It is April fool's day today, but the puzzling real estate statistics that I am looking at this morning are no joke. After a relatively strong last six weeks, our local market seems to be running out of steam - for now at least. We do need to keep in mind that we just finished spring break which often slows the market as both families and their Realtors take time off with their families. It is very possible that I will report next week and the market has really picked up steam again.

The results for the last week in the single family home market are quite soft. Compared to earlier this year, the total number of homes sold is down along with the selling prices. Compared to the same time last year, the volume of sales is now down 10% with prices off 8%.

The condo market has slowed down significantly. Starting a few weeks ago, we already saw the volume of condo sales start to peak and soften. That trend is continuing with the number of sales now off 19% compared to last year....

Whether you are looking for an incredibly affordable house in the Langford Happy Valley, or a  gorgeous family house near Thetis Lake, we will be ready to help you this weekend, Saturday and Sunday, from 1-4pm.

Homes at Hazelwood offers detached, non-strata, 3 bedroom houses with a garage at only $369,900 including sales tax and you can move in now!

At The Summit at Thetis you will find a neighbourhood of fine family homes nestled among park land, just a short walk to Thetis Lake, priced from only $474,900.

We hope that you enjoy this lovely weekend and include us in your home shopping plans!

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We are very pleased to report that this stunning home is now sold to some very happy buyers.  Thank you very much to the many members of the Realtor community that brought their clients through. Thank you especially to Richard Severs for very professionally representing the buyers!

Steady would definitely be the word of the week for me!  Prices are not shooting up, or down.  Volume is increasing as is usually does at this time of the year, but not dramatically.

Single family homes are selling well.  Sales are the busiest that they have been so far this year with the expectation that they will continue to pick up.  The number of homes sold is still down 5% from this time last year with prices off by the same amount.  As I have been saying every week for the last few weeks, price your home well and it will sell.  Ask just a little too much and you will surely be passed by for those better deals that are out there!

The condo market is also picking up, but not nearly as strongly, and in fact seems to have plateaued these last few weeks.  Last year at this time the market was still picking up.  The net result is that the number of condos sold is now well off of last year, down about 13%.  Prices are down as well,...

The Preferred Homes Team would like to pass our congratulations to Joanna on the succesful sale of her Prospect Lake home.  Our thanks also to Sandy & David Medler who very professionally represented the buyers. 

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