If you read our weekly update from last week, you could simply read it again for this week.  Prices for both single family homes and for condos continue to soften ever so slowly – in general.  At the same time, the average time to sell a property is growing as is the number of properties for sales.  My message to sellers last week was pricing your property to sell quickly is probably going to net you the highest dollar, even though you may start a little lower than you like.  For Buyers, my advice was to negotiate hard and look for a motivated seller.  One more thing for buyers – keep value in mind.  Some properties are priced very well just as they are and are worthy of a purchase close to asking.  You could easily miss the “deal of the week” by thinking that every listing needs to be discounted just because the market in general is soft.

Even though a possible default by Greece does not affect any of us directly, this and other world economic troubles continue to dampen our local real estate market.  For the richest out there, a dropping stock market directly affects their bottom line.  But, realistically, for most of us, there is very little reason that the fear-mongering in the press should affect real estate decisions.  Is the same home really worth less than it was just a couple of months ago?  The answer really is often “no” in my books. 

But, with the constant bad news in the press, it is very easy to get caught up in the hype and to forget that the media needs to sensationalize world events to get readership.  First and foremost, every media outlet is a business and needs readers to see their ads.  Think about it… What is bigger news?  An entire country defaulting on their debt, or a good news story?   The media corporations know the answer just by looking at their web traffic, and the good news story is always the loser.

Keep this in mind when filtering the news you consume.  Decide for yourself how events really affect you.  Don’t follow the crowd for the sake of following the crowd.    For goodness sake, don’t get caught up in the hype – take a step back and THINK. 

As Steve Jobs the founder of Apple said, “Think Different.”   

Do you agree with us or think we are out to lunch?  Either way we would love to hear from you by email, or as a comment on this post.  Tell us what you think.  Your opinion is just as important to share as ours is.

Here are the latest stats from our local market.  Over the last 30 days, 227 single family houses were sold, up by 19 houses from last week.  The median price is down $125 to $540,000. The average house was on the market for 49 days.

In the same time period, 121 condos were sold, down by 1 condos from last week.  The median price is up $5,000 to $285,000. The average condo was on the market for 56 days.

There are now 2,206 houses for sale, up by 30 from last week.  Condo inventory has risen by 21 to 1052 suites.

Just two weeks ago this home was just a gleam in the builders eye.  Now, a new home is coming to life with its future owners stopping by to visit regularly.  

This particular home is a 3 bedroom "Thomas" that should be ready for occupancy in just a few short months.  

At Homes at Hazelwood we have 3 bedroom homes starting at only $389,900.  We would love to have you join our growing group of families!

In our industry, technology plays a huge role and has dramatically changed how people buy and sell homes.  Nobody would argue that Apple, and particularly, Steve Jobs was a visionary, a leader, and one who shaped the future.

Before my career in real estate, I was involved in the computer industry and was lucky enough to be invited by Apple to visit their campus in Cupertino and attend a MacWorld conference, and briefly meet Steve.  I remember the moment clearly. 

Mark Roozendaal

Thank you, Steve, for all that you have achieved.

Anyone who lives in Victoria already knows that we have the best climate in Canada.  The combination of very little snow, a moderate temperature range, and great outdoor activities make our little corner of Canada pretty darn fantastic.  

Click on the link below to read an article in today's paper that projects that many of the well off baby boomer generation are heading our way in their retirement years.  This is great news for property values as this generation has a high disposable income and can afford to buy what they want (generally speaking) and live well.  

Even better, they invest in our community without taking jobs from others.  This is great news for our local real estate market in the long run.

Click here to read more:

The trend towards slowing sales and very slightly softening prices is continuing.  As expected, at the same time, the days on market before the average home sells is increasing.   We also saw the available inventory of houses and condos fall this week.  Even though last week we saw inventory increase, the trend for the last few weeks seems to be slightly decreasing inventory.  As inventory decreases further, the reduction in supply will limit price erosion and negotiating power for buyers.

However, keep in mind that these are just trends and don’t have to reflect the experience that you will have buying or selling.

If you are selling your home, make sure that select a very knowledgeable Realtor who has the skill to price your home properly for the current market.  For most sellers, that means a lower listing price than what they would like.  My advice would be to list for a little less now and get a quick sale, versus sitting on the market in a time of declining prices and selling for a lot less later on!  I can tell you from my experience, that clients that take their Realtor’s advice in this area end up with more money in their pocket – and a lot less stress!

If you are buying, there are some good deals to be had.  Will the market drop further?  Maybe or maybe not.  I can tell you that it is impossible to spot the bottom of the market until the opportunity is long past!  Asking prices are slightly off right now and you may also be able to get a lower offer accepted than you would have a couple of months ago.   If you are ready to buy, I would encourage you to try an offer on your favourite property!

Over the last 30 days, 208 single family houses were sold, down by 3 houses from last week.  The median price is down $25 to $540,125. The average house was on the market for 48 days. In the same time period, 122 condos were sold, up by 5 condos from last week.  The median price is up $100 to $280,000. The average condo was on the market for 56 days.

There are now 2,176 houses for sale, down by 102 from last week.  Condo inventory has fallen by 61 to 1031 suites.