Vancouver Island Real Estate News from Dale Rumming August 2018   
  Real Estate News




Dale Rumming
Sales Representative

203-335 Wesley Street
Nanaimo, BC
250-951-6678 or 1-855-310-1212
www.DaleRumming.ca


 
Moving can be extremely stressful if you don't plan out the details ahead of time. This month's article offers a pre-move checklist that will help you prepare for the big day!

There's also some advice on how to create a fire escape plan for your home as well as a few tips on how to help get the kids back into the school sleep routine.

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Dale

In this issue...
Vancouver Island Real Estate Market Update 
Prices continue to sizzle in summer housing market.


Prices of single-family homes, apartments, and townhouses continue to rise in the VIREB area despite cooling sales in certain markets.

Last month, 437 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 438 in June and 556 one year ago, a decrease of 21 per cent.

The number of apartments changing hands last month was virtually the same as July 2017 (100 compared to 101), but in the townhouse category, sales dropped by nine per cent.

Housing demand in the VIREB area has shifted lower so far in 2018, likely due to stricter mortgage qualification rules (Guideline B-20) for conventional borrowers and rising interest rates that are taking their toll on household purchasing power and affordability. However, because many of our buyers are retirees, who do not typically need mortgages, the VIREB market has been somewhat sheltered from the effects of Guideline B-20.

In its 2018 Second-Quarter Housing Forecast, the British Columbia Real Estate Association (BCREA) anticipates that MLS® residential sales in the province will decline by nine per cent to 94,200 units this year from 103,700 in 2017.

“B.C. housing markets have benefited from the provincial economy expanding well above trend growth over the past four years,” says BCREA chief economist Cameron Muir. “But economic growth is expected to slow and reflect the long-term average this year.”

On a local level, BCREA predicts that over the next several months, VIREB’s long-term sellers’ market will begin shifting towards a more balanced one. In fact, an interesting development in the VIREB area is that the market seems to be splitting into two in some communities: one that favours sellers for homes $600,000 and under, and a buyers’ market for more expensive properties.

However, even with the high demand for lower-priced properties, sellers still need to price their homes accordingly. “Sellers need to be realistic when it comes to price,” says Kaye Broens, 2018 President-Elect.

“Overpriced homes simply take longer to move.” Connecting with a local REALTOR is beneficial in both buyers’ and sellers’ markets, adds Broens. “REALTORS® have specialized knowledge of their communities and can help streamline the buying and selling process to ensure the best possible outcome for our clients”.

The benchmark price of a single-family home in the VIREB area reached $510,700 in July, a 12 per cent increase from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) The benchmark price of an apartment last month was $315,900, a 22 per cent increase over last July. In the townhouse category, the benchmark price hit $413,100, up 17 per cent over July 2017.

Last month, the benchmark price of a single-family home in the Campbell River area climbed to $426,300, an increase of 18 per cent over July 2017. In the Comox Valley, the benchmark price reached $513,400, up 13 per cent from last year. Duncan reported a benchmark price of $446,700, down slightly from June but up 10 per cent from July 2017.

Nanaimo’s benchmark price was $534,300, the same as June but a nine per cent increase from one year ago. The Parksville-Qualicum area saw its benchmark price increase by 14 per cent to $579,500. The cost of a benchmark home in Port Alberni was $289,200, a slight decrease from June but up 16 per cent from one year ago.

Cut the Stress with a Moving Checklist 
The key to keeping calm during a move is to plan in advance.

Moving to a new home is an exciting life change but it can also be very stressful if you're not properly prepared.

It's important to create a detailed checklist a few months ahead of time in order to ensure things go smoothly. Here are some points to help get you started:

Two Months Before

  • Itemize all of the major items you'll be moving.
  • Get estimates and book the movers or a rental truck.
  • Have a garage sale or donate items to charity to get rid of excess clutter.
  • Start sucking up to friends and family for help!

 One Month Before

  • Switch your insurance, medical and school records to your new location.
  • Arrange to disconnect and reconnect utilities and phone/internet services.
  • Notify any other important parties of your new address.
  • Start stockpiling various sizes of boxes.

 Two Weeks Before

  • Start packing up room by room.
  • Plan meals so food in your fridge and freezer gets used up.
  • Arrange for someone to look after your pets on moving day.
  • Return library materials and other rental items.

The Final Week

  • Water your plants a few days before you move.
  • Put together a small bag of clothes and toiletries for the first few days.
  • Gather valuable items such as legal documents and family photos so you can transport them yourself.
  • Pack a box with essentials such as cleaning supplies, chargers, light bulbs, soap, garbage bags, etc. for the first week in your new home.

Day of the Move

  • Make sure you have your new keys.
  • Double check the movers have your new address and cell phone number.
  • Have lots of refreshments on hand for your busy helpers!

 Moving can cause a wide range of emotions from sadness to extreme excitement. Although moving can be stressful at times, a little bit of planning will provide you with some very valuable peace of mind. With the help of this checklist, you can now breathe a sigh of relief and enjoy this exciting new phase of your life!

Planning a Family Fire Escape Plan 
It’s important to be prepared in the event of a fire.

Planning for a house fire isn't something most people want to think about but if such an event occurred, you’d need to act fast. Having a fire escape plan is critical so here are a few points to consider:

  1. Floor It - Draw up a floor plan of your home that shows at least two ways out of each room.

  2. Keep it Clear - Ensure there aren’t any obstacles in front of windows, doors and escape routes.



  3. Practice Makes Perfect - Crawl through escape routes with your family during annual practice drills.

  4. Window of Opportunity - Family members need to know how to open all windows and remove screens.

  5. Climb on Down - Make sure escape ladders are accessible and not buried in the back of closets.

  6. Rendezvous - Designate a special meeting place for all family members once you've evacuated.

  7. Get Out & Stay Out! - Remind children never to re-enter a burning home under any circumstances.

If you live in a condo or apartment building, ensure you know the evacuation plan and do a few practice drills. Knowing what to expect and how to act is key in any emergency situation so practice your escape plan at least twice a year.

Back to School Sleep Tips 
Ditching the lazy days of summer doesn’t have to be a drag.

As summer winds down, we need to start getting the kids back into the school time routine, starting with bedtime. Here are a few tips to help them adjust:

  1. Screens Out - Don’t let your kids play video games before bedtime as screens can affect their sleep.

  2. Get Moving - Exercise improves sleep considerably so try and sneak in extra activities throughout the day but avoid it two hours before bed.


  3. Gradually Adjust Bedtime - Don’t wait until the night before school. Instead, gradually take it back 10 - 15 minutes early until you reach the desired time and get up at the same time each morning.

Being sleep deprived will affect both your kids and your own ability to focus and learn. It’s therefore important to adopt good sleep habits to help increase your energy levels during the day which will in turn help you sleep better at night.



PS Are you sick of scouring the web looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Let me introduce you to my Private Client Server - complete with a password for you alone! Sit back, relax and let me do the work for you! Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home.


 

Properties are best discovered through conversation and more importantly, physically visiting the properties. Both can be arranged by contacting me directly.   

Not meant to solicit clients already under contract.