Vancouver Island Real Estate News from TeamW - Rudi & Trish Widdershoven June 2017   

Hi Paul,

The middle of June already, where does time fly.  Next Wednesday is the 1st full day of summer.

The market has been active and certainly keeps everyone on their toes.  Trish held the fort down for a couple of weeks while Rudi went to New Brunswick to help out his folks after his father spent 3 weeks in hospital.  Rudi got lots of chores done that were too big for them and was able to make arrangements for additional support.  Now they too can enjoy the coming summer and leizurely get into the garden when time and energy permits.

Rud & Trish enjoyed Rudi's return by spending the weekend in the mainland having a big family dinner, attending a lovely wedding in North Vancouver and then enjoying a boat cruise around Vancouver as a follow up to the wedding.

Please review the invitation to the right for TeamW's celebration of your continued support and the 1st full day of summer.  We hope you can attend!  RSVP team@teamw.ca .
 

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!

Your friends in Real Estate
Rudi & Trish W.

In this issue...
Vancouver Island Real Estate Market Update 
Demand continues to exceed supply on Vancouver Island.

The Vancouver Island Real Estate Board (VIREB) reports that in May 2017, 632 single-family properties sold on the Multiple Listing Service® (MLS®) System compared to 765 last May, a decrease of 17 per cent.

VIREB attributes the year-over-year decrease to continuing inventory challenges, not a weakening market.  Month-over-month, sales increased by 32 per cent from April, which saw 477 sales.  This increase likely reflects seasonal selling conditions since the housing market is typically busier in the spring.

Inventory of single-family homes declined by 28 per cent from May 2016, with 1,210 active listings available last month compared to 1,681 one year ago.  Listings of single-family homes have steadily increased each month since VIREB hit its historic inventory low of 859 in December 2016.  However, demand continues to exceed supply, and well-priced properties are snapped up almost as soon as they hit the market.

“Limited supply, combined with high demand, means it has been a sellers’ market for months.  Sellers are in the drivers’ seat, and the lack of inventory is frustrating buyers and REALTORS® alike,” says Janice Stromar, 2017 VIREB President.  “That said, even though we’re in a sellers’ market, homeowners still need to price their home correctly.  Houses can sit unsold for months if they’re priced higher than the market will bear.”

She adds that sellers are not immune to the frustration that buyers are experiencing because it is hard to sell your home if you cannot find another property to buy.  Still, homeowners reluctant to sell due to concerns of housing availability should make the most of this hot market.  “Real estate is cyclical, and consumers need to take advantage of these market conditions because they won’t last forever,” says Stromar.  “When the market does correct itself – and it always does – it usually happens without warning.”

Stromar also has advice for buyers, stating that patience and preparation are a must in a sellers’ market.  “When you find a property you like, you need to act quickly, so make sure your financing is pre-approved.  Since many homes are selling above list price, you should also decide on a comfortable price point you’re willing to pay.”  She adds that connecting with a local REALTOR® is especially crucial in a competitive housing market.

“This kind of market can be confusing and chaotic for buyers and sellers, but REALTORS® have specialized knowledge of their communities that can help clarify the situation,” says Stromar.  “We’re also equipped with sales tools, such as custom analytics, to help buyers formulate winning offers and ensure sellers receive maximum dollars for their home.”

For Single Family Homes in the greater Parksville – Qualicum Beach area in comparison to last May number of new listings was down 7% and the number of sales were down 25%, however note that the number of active listings at the end of the month was down 27% in comparison to the same time last year.  The lack of availability of inventory is reflected in the reduced number of sales.

Year to date (January to May) 2017 vs 2016 the number of new listings is down 16% and the number of sales down 20%

The prices continue to remain strong due to the lack of supply and the average value of the homes sold in May 2017 was $548,696 which is a 13% increase from May 2016.

If you would like more in-depth details check out the report here or if you would like to have a discussion about your specific situation or needs contact us, team@teamw.ca , and we would be pleased to meet and explore your situation with you.

Home Is Where the Smart Is 
Smart home technology is continuing to grow at a rapid rate!

Smart home technology has gone from basic security to smart windows that open and close based on the weather and indoor air temperature.  Here’s a look at a few smart home innovations that will revolutionize our lives:

  1. Connectivity is King - The connected home is a huge theme this year that features connected appliances, smoke alarms, lightbulbs and doorbells.

  2. Talk to Me - There’s a huge focus on voice activated products around the home including voice controlled garbage cans, air purifiers and fridges.

  3. Home Help - Robots are being used to offer companionship for seniors and there’s also an innovative, lifesaving cane that sends out an alert in the event of an emergency.

  4. Laundry Lackey - Washing machines that can do multiple loads at once will save us valuable time and there’s even a machine in the works that will fold the laundry!

  5. Breathe Easy - Sensors can monitor your indoor air for Co2, VOCs, allergens and humidity levels and they’ll also be able to expel bad air and introduce clean air to your home.

  6. Robot Cleaners - With intelligent visual navigation, app control and powerful suction that cleans in corners, you’ll never need to push a vacuum again!

Smart home technology is always improving and it’s a major selling point because the higher your home's IQ, the higher the resale value will be!  Who knows what the future will bring but one thing’s for sure; smart home technology can provide you and your family convenience and peace of mind.

Soothe Your Soul with a Water Feature 
Bring new life to your outdoor space by creating a peaceful paradise.

Imagine relaxing after a stressful day at work and unwinding on a backyard lounger while listening to the sound of flowing water.

Your backyard’s the perfect place to take a break from the hectic pace of everyday life, and the addition of a water feature will help transform your garden into an oasis of tranquility, give it a beautiful focal point and may well increase the value of your home.

Water features also create an environmentally friendly haven for wildlife such as frogs, birds and butterflies.  There are a wide variety of solar powered fountains to choose from and by utilizing the sun's rays, you'll lower your electricity bills and won't get tangled up in cords.

Water attractions can be as simple or complex as your budget allows, ranging from a simple tabletop fountain to a full-scale babbling brook.  Safety of course should be a concern if you have small children and if you plan on digging, make sure to contact the utility companies.

It's important to spend a bit of time during the planning stage to ensure your water feature will integrate with your landscape and environment and then once you’ve finished implementing your new water feature, find a comfortable seat, close your eyes and imagine yourself in paradise.

Washing the Washing Machine 
If your washing machine is giving off a musty smell, it’s time for a wash!

Washing the washing machine may seem strange but over time, soap scum and bacteria build up in front loading washing machines which creates a musty smell.

Start by cleaning the rubber door gasket with white vinegar and water.  Next, mix ¼ cup of baking soda with ¼ cup of water and add it to the detergent compartment, then pour 2 cups of vinegar in the drum and run an empty load at the hottest setting.

Clean your washing machine every month to keep it in tip top shape.  If you leave the door open between loads, promptly remove laundry as soon as the load has finished and don’t use too much detergent, you’ll help keep your washing machine fresh and clean.



PS Oh by the way, we always appreciate any of your introductions.  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!
 
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