Monday, December 2, 2013
List Your Home Now, or Wait Until The New Year?
I get this question from sellers all of the time. Many people have their own belief which month is the best to list. In fact, many say that it is best to list in the spring because there are the most buyers around or because their home will look its best.
Is there any truth to the believe that it is best to list in the spring? The truth may surprise you.
I recently spent some time extracting all of the new sales, new listings, and inventory levels out of matrix, month by month. As you would expect, it was very clear that during certain months of the year, generally in the late spring, there were many more sales than there were in the November to January time frame. Does this mean that you should list in the spring? Looking at the data, we can see that inventory is highest in the spring, meaning more competition, and that there are also the most new listings being launched in the spring, meaning more distraction for buyers causing them to...
Monday, November 18, 2013
Some Experts Think Our Low Mortgage Rates Are Here To Stay
Here is a link to a very interesting article about our current mortgage rates. The Chief Economist of CIBC thinks that our rates are not going to go up as much as many think. It is definitely worth a read. (h)(s)
Sunday, November 17, 2013
Another home SOLD this weekend at The Summit at Thetis
We will be open today from 1-4pm so come on up, visit our show home, and see for yourself why this hot new neighbourhood is nearly sold out!
Our show home can be found at 39 Bamford Court in View Royal. Just turn onto Chilco Road from Six Mile and follow the signs. (s)
Saturday, November 9, 2013
65 Showings, 8 Offers, One Unconditional SOLD!
Whenever we market a home that is either a target for a major renovation, or replacment, we are absolutely swamped with calls and showings! Everybody loves a deal. This home on Synod was no exception. Sure, it needed A LOT of work, but with an 18,000 sqft lot many thought the effort was worth it.
After 4 days on the market we had over 60 showings and from that, 8 offers were received. We are pleased to report that the home is now sold at $31,000 over the asking price. Congratulations to our clients and, of course, to the very excited new owners!
Friday, November 8, 2013
A new great VIEW home at The Summit at Thetis
For a while now we have had several lots ready to build on that offer excellent views over the city, and even some ocean glimpses. The challenge with one of them, lot 55, is that none of our standard house plans fit as this lot requires a level entry plus a basement.
We are very pleased to announce that we have completed the design and have started construction on lot 55 with a March 31, 2014 completion! This new custom home offers a level entry with a large deck that will certainly offer stunning views. Upstairs, you will find three spacious bedrooms, including a great master suite positioned perfectly to maximize the view. One of the best thing about this lot is that it lets us add a lower level which will feature a huge family room & bathrooms with good views here as well.
Priced at only $649,900, ready to move into including appliances & blinds, we expect that this home will be snapped up pretty quickly. If you are interested...
Thursday, November 7, 2013
A great new 3 bedroom plan at The Summit at Thetis
We've got a great new plan to tell you about which we are going to start building right away on Lot 6 at The Summit at Thetis.
A spacious & bright open floorplan greats you as you enter this affordable family home. Upstairs 3 bedrooms plus a den offer room for the whole family while large windows bring in lots of light and fresh air.
Located on a flat, corner lot, close to the playground, this is an excellent family home that is very affordably price at only $499,900. It will be complete in a about 6 months, but you may want to tie it up before then as we are pretty sure that it will be sold long before it is complete.
We'll be at the Summit at Thetis both days this weekend from 1-4pm. We hope to see you there!
Monday, October 28, 2013
Our new Somerset plan offers loads of space at a low price
I just had the opportunity this morning to walk through our new Somerset home at Homes at Hazelwood. Our first model of this new plan is just being framed so it was a great time to see if the actual home flowed as well as it seemed to do on the floorplan.
I was thrilled with what I saw. The great room on the main level feels huge and was nice and bright. Having a separate formal living room or den on the same level will be a great way for individual family members to get some quiet time when they want it.
Upstairs really "wowed" me! First of all, there are a whopping four bedrooms on the same level, including a spacious master suite. Plus, there is also a very open family room at the top of the stairs, making a great place for the computer or gaming console. We were able to create a very open vaulted ceiling over the stairs which just adds even more to the volume and openness in this house.
All in all, we feel that at $429,900...
Wednesday, October 23, 2013
Is this a sign that interest rates are heading down again?
The Bank of Canada has abruptly abandoned an explicit warning that its key interest rate is headed higher in the face of a much gloomier economic outlook.
Cautioning that Canada is likely to grow much more slowly than it thought in the summer, the central bank now acknowledges that its next move is just as likely to be a rate cut, as an increase.
Monday, October 14, 2013
Why hasn't your house or condo sold yet?
As we enjoy the long weekend and spend time with family, I recognize that 3,532 of you here in Victoria are giving thanks while wondering if and when your home is going to sell. As someone who bought and sold a home in the last two years, I can understand the frustration and fear that can go alone with moving.
In its simplest form, there isn't much too it. Sell your home for as much as you can and then buy a home for the lowest price possible. Of course, the obvious point is that we need to think one way when buying, and the opposite when selling. I was just meeting with some clients who fit quite well into the role of buyers. They looked at the asking price for the home that they wanted and wrote an offer well below the asking price, with the full expectation that the seller should take it. It all seemed perfectly logical to them. Of course, then it was time to list their home and, as you would expect, in their mind, their home was...
Monday, October 7, 2013
A great time to be on the market!
The Fall market is playing out as it usually does with the volume of sales remaining strong for houses and even recovering, somewhat, for condos. If you are considering selling a property before the winter slowdown, you really need to get moving and get your property on the market sooner rather than later. October and November are usually great months to find a buyer, but by mid December the market does quiet down. Stronger sales volume, over 10% ahead of this time last year, combined with dropping inventory means that you have an excellent chance of finding a buyer in the next couple of months.
However… If you are serious about selling your property, be very careful with your pricing! Properties are selling specifically because prices are slightly lower than in previous years. Price your property too high and you will just be helping the neighbours sell theirs. Price it right, and you will find a buyer!
Here are the raw stats:...
Thursday, October 3, 2013
Congratulations Don & Dana on the sale of your Condo!
The condo market is a tough place right now! Thanks for sticking with us as it took longer than our usual time to find you a buyer. We're really glad to be able to get this very important job done for you.
Tuesday, September 17, 2013
Limona Group Wins 2013 CARE Award for Green Builder of the Year!
Now, they are also very proud to have won the "Green Builder of the Year - Large Volume" award from the Victoria Home Builders Association!
High environmental standards, low operating costs, and quality construction are your when you choose a home from Limona Construction!
Monday, September 16, 2013
A Split Real Estate Market as we head into Fall
The market for single family homes continues to perform well with strong sales volume and stable pricing. In short, this is a continuation of what we have seen for most of the Summer - good sales volume, well ahead from the slow pace of sales last Summer. If you are looking for a new home, the next 2 months is prime time for you. Inventory usually increases slightly at this time of year and we don't expect any short term price drops. So, when you find something you like, snap it up before increasing interest rates make your purchase more expensive. Home sellers would be wise to take advantage of the current strong market, as well. Get your home on the market and work hard to make sure that your price is right on the mark. If it doesn't sell in the first month, adjust your price as necessary if you want to sell before the quieter winter market.
The fly in the ointment continues to be the condo market! The number of condos sold in the...
Friday, September 13, 2013
Another SOLD home at 7-8025 East Saanich - Thanks, Glynis, for the Referral
A big thanks to Glynis at Greenhawk Harness and Equestrian Supplies for the referral. Thank you for your trust in us.
Friday, September 13, 2013
Congratulations Dave & Judy on the Sale of your Town Home!
Thank you very much for allowing us to work for you. We're thrilled to be able to get you nearly 98% of the original list price in lest than a month!
Thursday, September 5, 2013
Mortgage rates creep upwards
I was just chatting with my friends at Mortgage Architects and it seems that rates have crept up a bit again, continuing the trend of incresing interest rates. A five year fixed mortgage is now 3.43%. Variable rate mortgages are still below 3%.
If you are wondering whether to go with a fixed or variable rate mortgage, talk to you mortgage professional.
Monday, August 26, 2013
Negotiating The Interest Rate Increases to your Best Advantage
Instead of talking about the ups and downs of the market today, I would like to take a minute to clarify the recent changes in the mortgage interest rates and let you know where I see the opportunities and risks.
Unless you have been hiding under a rock, you have definitely heard that interest rates are on the move up. It is absolutely true - sort of! Rates for fixed term (3, 4, 5 year, etc) mortgages have move up quite a bit. A few months ago, we were seeing rates as low as 2.89%. Now, the best posted rate is around 3.59% which can often be reduced with a bit of negotiation to 3.39%. Keep in mind that these rates are only for mortgages where the interest rate is guaranteed for the length of the team. For example, a five year term. Fixed rate mortgages are very popular because they protect a borrower against rate increases during the term of the mortgage.
But, there is another type of mortgage called a variable rate mortgage....
Friday, August 23, 2013
Congratulations Adrian and Johanna on your new home!
Wednesday, August 21, 2013
Buying a Home in the Next Four Months? - LOCK IN YOUR RATE TODAY!
If you are in home buying mode, you will already know that rates have moved well up from the super-low 2.89% that you could find just a few months ago. Today, you will be doing well if you can get a 3.39% rate!
From what we hear, it is almost certain that rates are going to move up again by the end of the week. If you haven't done so already, you need to call your mortgage broker today and lock in your rate. Most brokers can hold your rate for up to four months. So, calling your broker today will definitely save you money and there still is no obligation to make a purchase.
This is a clear cut situation where you will save money with one phone call. Do it now!
Monday, August 19, 2013
Real Estate Sales Predictably Soften Slightly as Summer Progresses
We’ve definitely been feeling the normal summer slow down setting in these last coupe of weeks, especially in the seven days, and it is now showing up in the numbers. This should not be a concern to an educated seller as it is just the expected result of many buyers, sellers, and Realtors temporarily away on summer vacation. What was unusual, was the strong pace of sales so far this summer. That was a real bonus for sellers! You should expect the pace of sales to pickup again in September, if past trends repeat themselves.
Pricing is holding steady, about 3% lower than last years level. Of course, every one of our sellers would like to see prices moving up, but at the same time, these low prices are why homes have been selling so quickly. We always remind people that “The ocean floats all boats” and what we mean by that is that you may sell for less than you would like, but you will make it back up on your purchase.