The West Shore and Greater Victoria as a whole saw a lot of sales for the month of October, according to the Victoria Real Estate Board.
No stranger to selling houses, real estate agent Mike Hartshorne of DFH Real Estate-West Shore, has won numerous MLS and DFH awards for selling homes throughout the region. B次元官网网址淚tB次元官网网址檚 just been going and going,B次元官网网址� he said. B次元官网网址淚t seems to be thereB次元官网网址檚 not much supply and a lot of buyers.B次元官网网址�
He said heB次元官网网址檚 had a lot of people approach him wanting to either sell their home or do some kind of transition in the market, but have not been able to get a price that allowed them to make the move. Now heB次元官网网址檚 seeing those sellers move on the current market conditions. B次元官网网址淧eople are moving forward with their sales,B次元官网网址� he said.
In fact, the VREB saw 734 properties sold, an increase of almost 22 per cent and up from the 602 properties sold in the same month last year.
However, while sales were up, active listings were down. October of last year saw just under 4,000 active listings, this October only saw just under 3,200. This trend has been seen for much of the year.
Guy Crozier, VREB president, said in a release this is the 29th month in a row that has seen monthly increases over the year before. B次元官网网址淭his month we also saw sales numbers surpass the total for last year,B次元官网网址� he said.
As of Oct. 31 there were 7,257 sales on record with two months to go, up from the 6,698 sales recorded in 2014. B次元官网网址淲eB次元官网网址檙e looking down the home stretch of 2015 and there is no sign of a market slowdown,B次元官网网址� Crozier said.
Hartshorne attributes the surge of buyers to a sense of economical stability that many people are feeling, and of course, B次元官网网址渋nterest rates are a big part of it.B次元官网网址�
B次元官网网址淚tB次元官网网址檚 not an unrealistic market. It doesnB次元官网网址檛 feel like a very panic-induced buying market.B次元官网网址� While heB次元官网网址檚 seeing properties move quickly, he said there arenB次元官网网址檛 a lot of desperate offers being made for well over the asking price. B次元官网网址淚tB次元官网网址檚 pretty close to balanced in areas,B次元官网网址� adding some areas might lean a little more in the sellerB次元官网网址檚 favour due to a lower number of active listings.
The last year and a half has been really strong. Hartshorne said normally the market sees strong sales in the spring, a drop off in the summer with a spike in the fall and then a drop off again until the following spring. The market hasnB次元官网网址檛 seen those dips lately and has been carrying on at a constant, he said.
While sales have been strong, the real enigma of the market is active listing numbers, which Hartshorne said have been struggling to meet par with last yearB次元官网网址檚 numbers. B次元官网网址淚 donB次元官网网址檛 know why listings arenB次元官网网址檛 higher. ThereB次元官网网址檚 no good answer,B次元官网网址� he said. B次元官网网址淚tB次元官网网址檚 weird that it never catches up.B次元官网网址�
His advice for sellers: knowing what competition is on the market and what it is listed at will help set a reasonable listing price. He said a well-priced home in a good area such as the West Shore should see a lot of activity or even an offer quickly.
Hartshorne also recommends making sure your home is putting its best self forward before going on the market. Making a home more palatable to as many different potential buyers as possible can help bring in more offers quickly. He recommends making sure the front entrance is well kept with no chipping paint and de-cluttering personal items so the home will feel as fresh and as large as possible.
For potential buyers, he suggests making sure all of the financial aspects are prepared. B次元官网网址淧re-approval is a really good idea right now. You donB次元官网网址檛 want to have any surprises.B次元官网网址� He said financing can very quickly make a deal fall apart when all of the paperwork isnB次元官网网址檛 already completed. B次元官网网址淒o your work ahead of time and know exactly what your range is.B次元官网网址�
Another key is to closely watch the market and be ready to move on any listings your agent is sending you.
katie@goldstreamgazette.com
Q: How do you keep on top of a fast-moving market?
With houses moving quickly at fair prices, itB次元官网网址檚 important for potential buyers and sellers to be prepared before dipping their toes into the market.
Victoria Real Estate Board president Guy CrozierB次元官网网址檚 advice for potential buyers is to work closely with Realtors to stay on top of the market and find the perfect home.
He said with home sales almost at the pace of new listings, the market is moving quickly and some homes in high-demand areas are selling in a matter of days.
He suggests working with a Realtor to carefully plot out what you require, as a buyer or a seller, over the course of the transaction. This can also help remove some stress and risk from the process.
Agent Mike Hartshorne of DFH Real Estate-West Shore said both sellers and buyers need to be prepared before moving on the market. He said the best way to do that is by making sure as much work as possible can be done ahead of time and by staying up-to-date with your Realtor.
He said something as minor as a missing document needed by a mortgage broker can derail a sale and pre-approval for financing is key.
GREATER VICTORIA MARKET UPDATE 禄 MONTH ENDING OCT. 31 COURTESY VICTORIA REAL ESTATE BOARD
禄 734 / 602 -- NET UNCONDITIONAL SALES / TOTAL, OCTOBER 2014
禄 925 / 945 --NEW LISTINGS / TOTAL, OCTOBER 2014
禄 3,170 / 3,927 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, OCTOBER 2014
