Vancouver Island Real Estate News from Charlotte Kersting November 2018   
  Real Estate News




Charlotte Kersting
Sales Representative

314 Island Hwy
Parksville, BC
250-729-6377
www.DaleRumming.ca


 
When selling your home, it's important that everything be in tip-top shape. This month's article highlights some fairly common repairs that will help you sell your home fast and for top dollar!

There are also a few tips on how to prevent an invasion of rodents this winter as well as some reminders on foods you should never feed your dog.

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!

Charlotte

In this issue...
Vancouver Island Real Estate Market Update 
Prices continue to rise despite moderating sales.

Sales of single-family homes in October were 11 per cent higher than in September but dipped by 16 per cent from October 2017.

Last month, 385 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 347 in September and 458 one year ago. The number of apartments and townhouses changing hands last month dropped by eight and 21 per cent, respectively.

This year's housing market is behaving as expected, moderating after the record-setting pace set in 2016 and 2017. Government policy-side measures introduced to cool the market, such as the mortgage stress test (Guideline B-20) and higher interest rates, are taking their toll on housing sales throughout the country.

On the positive side, the provincial economy is still doing well, and the British Columbia Real Estate Association expects housing sales to make a modest recovery during the next couple of quarters. Further, Vancouver Island has so far been somewhat immune to the effects of Guideline B-20 because the broad demographic trend in our area includes baby boomers and retirees who do not typically need mortgages.

However, an additional government policy that could reduce that insulating effect is the future speculation tax. Although it currently applies only to Nanaimo and Lantzville, the tax could discourage some potential buyers from relocating to Vancouver Island, particularly those who purchase a home well ahead of retirement.

Despite lower demand, prices in the VIREB area are still rising year over year. However, the board-wide benchmark price of a single-family home did drop slightly from September, and modest month-over-month price reductions on single-family homes, apartments, and townhouses did occur in several zones.

Decreased demand and stabilizing inventory are helping VIREB’s long-term sellers’ market evolve into one that is more balanced. Inventory of single-family homes in October was up slightly from one year ago (1,175 compared to 1,138) but down eight per cent from September. There were 322 active listings of apartments in October, up seven per cent from 2017 while the supply of townhouses rose by 28 per cent year over year. Multiple offers have slowed, and buyers are taking more of a wait-and-see approach, which means some sellers will have to curb their expectations.

“Realistically pricing your home is important in any market, but when fewer buyers are competing for a property, sellers need to be prudent when determining a sale price,” says Don McClintock, 2018 VIREB President. “Overpriced homes take longer to sell, so it’s a good idea to consult a local REALTOR® who can help determine the optimal price for your property.”

The benchmark price of a single-family home board-wide was $508,200 in October, an 11 per cent increase from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the benchmark price climbed to $313,500, up 16 per cent from last year. The benchmark price of a townhouse hit $411,800 last month, up 13 per cent over October 2017.

Last month, the benchmark price of a single-family home in the Campbell River area hit $408,100, an increase of 14 per cent over October 2017. In the Comox Valley, the benchmark price reached $501,400, up nine per cent from last year. Duncan reported a benchmark price of $475,700, up 12 per cent from October 2017. Nanaimo’s benchmark price rose nine per cent to $548,000 while the Parksville-Qualicum area saw its benchmark price increase by nine per cent to $570,200. The cost of a benchmark single-family home in Port Alberni reached $300,300, up 18 per cent from one year ago.

Reaping Returns on Repairs 
Completing basic repairs before selling your home pays off.

If you plan on selling your home in the near future, you'll want to tackle any necessary repairs ahead of time as buyers will be completely turned off if your home appears to have been neglected.

Buyers also factor fix-up jobs into the purchase price, often overestimating the costs involved, so it's best to just take care of them yourself. Here are a few repairs to consider:

  1. Grimy Grout - Dirty grout is a real turn off as it looks like mold so apply new caulking to freshen up the entire area.

  2. Flooring Fixes - Flooring can totally transform the look of your home so replace any cracked floor tiles or torn carpeting and refinish scratched hardwood.


  3. Rough Roof - If your roof needs replacing, it's better to do it before you sell as buyers get so turned off by the cost and hassle that it could be a potential deal breaker.


  4. Fresh Paint - Fill in all holes and cracks in the walls before painting. Make sure to repair and paint your baseboards so they don't look beaten up compared to your fresh walls.

  5. Curb Appeal - Your home needs to make a perfect first impression so patch cracks in the driveway, caulk windows, spruce up your porch and invest in some landscaping.

  6. Dripping Faucets - A dripping tap can signal expensive plumbing repairs to buyers. It'll probably only need a new rubber washer that costs less than a dollar so get it fixed!

  7. The Kitchen is Key - Kitchens are critical and can make or break a sale. Repainting cabinets, adding new hardware or upgrading your countertop are all worthwhile investments.

Buying a home is an emotional experience so it's critical to create an incredible first impression that will make buyers want to own your home the moment they set eyes on it! Although it may initially seem like a hassle to repair a home you'll be moving out of, it'll be well worth the time and money in the end.

Move Over Mice 
'Tis the season for mice who are looking for cozy winter homes!

Rather than dealing with mice who’ve already made themselves at home, try and prevent them from entering in the first place! Here are a few ways to refuse access:

  1. Fallen Fruit - Pick up any fruit that has fallen from the trees in your yard.


  2. Put a Lid On It - Store any food items including pet food and birdseed in rodent-proof containers.


  3. Tight Squeeze - Mice can fit through a hole the size of a pencil so fill any gaps around your foundation and soffits.


  4. Inside Job - Don’t forget to seal holes from the inside of your home and around any openings in your garage or shed.


  5. Controlling Climbers - Mice are great climbers and will try and access your roof by using vines, shrubs and overhanging branches. Cut these back so they're not able to get a leg up on entry points!


One or two mice can quickly turn into a full-scale invasion and once you have them, they’re very hard to get rid of. There’s nothing that’ll keep you up more at night than the sound of mice scurrying around inside your walls so take steps now before it’s too late.

Foods NOT for Fido 
We all share scraps with our pup but certain foods can be toxic.

The holiday season is almost upon us which means lots of delicious food! If your pup hides out under the table looking for scraps, it’s important to know what food you can share and what could be poisonous.

There are plenty of festive foods that Fido shouldn't be indulging in such as fat trimmings & bones, chocolate, salty snacks and sugary foods as they can cause serious issues or even death.

There are also many lesser-known foods that are harmful to dogs such as avocados, chives, leeks, garlic, dairy products, macadamia nuts, cooked bones, yeast dough, the sweetener xylitol, corn on the cob, persimmons, peaches, plums and grapes; to name just a few.

The holiday season is a time for sharing amazing meals with loved ones but not everything should be shared with the dog. Aside from fattening up Fido, certain foods can cause serious damage. If you’re ever in doubt, you can always look it up online.



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.