Vancouver Island Real Estate News from Rudi & Trish Widdershoven September 2016   

Hi Paul,

Well summer is over, we hope that you got to enjoy some of this great weather we have experienced.  The months just seem to fly by and now it is 'almost' time to turn the furnace back on.

We have had a few short breaks through out the summer:  weekend with the family in the lower mainland and took in a Canadians Baseball game at Nat Bailey Stadium - complete with 3 foot long hot dogs;  a wonderful trip on the authentic SS Minow, overnight stay at a B&B in Cowichan Bay and recently a 4 night stay in Las Vegas with friends where we spent time on the beach, rides on the Stratosphere and a zipline down Freemont Street.

The real estate market continues to be interesting and we thank you for your continued support and business.  You will get a sense in the article below as to what has been happening.

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!

Warmest Regards,
Rudi & Trish W.

In this issue...
The Vancouver Island Real Estate Market Report 
Inventory levels drop to a new historic low in August.

Summer is almost over, where did it go?  Reflecting on the greater Parksville Qualicum Beach real estate market for the month of August.  The market continues to be active and more listings have been coming on however there continues to be increased demand and therefore at the end of August the active inventory available was still significantly less than August 2015, -32%.

Overview for August 2016 versus August 2015 – for single family homes in the greater area:
Unit Listed                     97 vs 74 = +31%
Units Sold                      96 vs 80 = +20%
Active Listings               166 vs 243 = -32%
Average Sale Price        $506,398 vs $413,959 = +22% (note this is average price of homes sold)
Median Sale Price $470,000 vs $373,000 = + 26%

Comparing the last 12 months to the previous 12 months shows similar trends.
  

Looking at the bigger picture, the entire Vancouver Island Real Estate Board (VIREB) area (Vancouver Island north of the 'Malahat'): 

Inventory levels of single-family homes in the VIREB area dropped to a historic low in August, dipping to 1,394, a 38 percent decrease from one year ago and down from July’s 1,577 available listings.

The last time inventory was this low occurred in 2005 when the supply of single-family homes for sale dropped to 1,629 units.  VIREB began tracking inventory levels in 1999.

Robust housing sales throughout the province, particularly in the southern half, continue to be driven by a solid economic foundation consisting of consumer confidence, strong retail sales, and employment growth of three per cent.  With GDP sitting at 3.5 per cent, British Columbia’s economy is leading the country.

Although a moderating trend in activity and prices is occurring in the Vancouver market, that slowdown is not affecting the VIREB area thus far.  Market conditions in Vancouver and throughout the Lower Mainland appear to be experiencing some backlash from the Foreign Buyer Tax introduced at the beginning of August, although prices have not dropped significantly.  Sales have taken a hit, yet it is too early to determine whether this is a temporary cooling in sales activity or indicative of a larger trend.

“Sales are beginning to normalize in the Vancouver marketplace but we don’t anticipate a significant correction any time soon,” says Cameron Muir, BCREA Chief Economist.  “The typical moderating trend seen after months of hectic activity might have been accelerated slightly by the Foreign Buyer Tax but we just don’t know yet.  We can predict many things, but not the psychology of consumers.”

If you would like to view the August Market Activity and Graph click here

If you would more details or statistics on your particular style of property or in a specific geographic area in the greater Parksville Qualicum Beach area please contact TeamW and Rudi or Trish would be pleased to supply or discuss with you, email team@teamw.ca


The Importance of Strong Negotiating Skills 
Strong negotiation skills aren’t just for business transactions.

You often don’t realize you’re using them but whether you're renting a car, asking for a raise or trying to get your kids to clean up their room, strong negotiating skills are essential.
 
Negotiating is a life skill that can be easily learned and eventually perfected.  Your success is partly based on how well you're prepared so it’s important to do your homework.

Also, never make assumptions but instead ask questions and listen to the other party’s perspective in order to gain their trust and to gather valuable information that may come in handy later.
 
There are certain scenarios where it’s best to use a third party negotiator.  The home buying/selling process can be very complex.  In order to successfully negotiate, you need to understand local market conditions but you also need to be able to identify specific psychological aspects in order to work around certain fears and motivations and turn them into advantages.

Even if you consider yourself the world’s greatest negotiator, emotions can often tear things apart.  If you negotiate with someone directly in such an emotionally charged situation as selling a home, chances are that negative personal feelings can get in the way.  It's hard to recover once that happens and oftentimes, the home of your dreams will be lost due to ego, pride or principle.
 
Emotions run very high when it comes to buying or selling a home which is why it's important to have a real estate agent represent you as a third party negotiator.  Professionals are able to see things through to the end by remaining calm and not letting their emotions get in the way.  If you're thinking about making a move, please get in touch so that we can discuss your options.

Helping Your Kids Adjust to a New School 
Starting fresh at a new school can sometimes be a challenge.

Switching to a new school can cause children considerable stress and anxiety.  If your child has just started at a new school, the following tips will help them settle in:

  1. Be Positive - Discuss your children's fears while encouraging a confident approach to making new friends

  2. Fear Not - Chances are you'll be a little nervous too.  Be careful not to transfer your anxieties over to them.

  3. Join Up - Encourage your children to join school clubs/teams and participate in after-school activities in order to meet new friends and have fun.

  4. Join In - Parent teacher groups are a great way for you to connect with the school community.  Attending field trips is another great way to get involved!

Moving to a new school can be a difficult transition so try to emphasize the positive when discussing the challenges and opportunities your children face.  By encouraging them to share their feelings with you, it'll be much easier for them to adjust to their new surroundings.

A Few Apps to Help You Keep Your Cool 
So many emotional and physical illnesses are related to stress.

Instead of being the source of your stress, your smartphone can actually help you relax with some great apps designed to relieve stress and anxiety.

Meditation is a huge stress reliever and apps such as Headspace are great at helping to guide you through the process.

Being grateful also reduces stress and increases happiness.  There are various apps like Grateful Journal to help you record your moments each day.

Finally, exercise is a great stress reliever but it can be hard to find the time.  Apps such as the 7 Minute Workout contain bodyweight resistant exercises including squats and push-ups to pump up your endorphins and help you feel great!



PS  Oh by the way, we are always available for your introductions friends and family.  If you know of anyone that may benefit from our individualised help please contact us with their name and number and let them know that we will be in touch.  We would be privileged to assist them!

If you would like to keep up on the market and would like automatic email notifications of new listings, sales, etc. Click here or drop us an email or give us a call:  250-468-1498 / 250-248-1071 - team@teamw.ca

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