Yet another strong month in Victoria Real Estate market. Realtors in Victoria working round a clock to add to inventory as the shortage in our prime areas, causing scores of buyers to compete. Price is amjor factor.
When assigning a price to sel your home, keep all the factors in mind:
- What is the mortgage aproval rate and the limit of bank give out to a niche market who is intereted to purchase your property.
- Pricing too high because some other properties fetch that dollar amount, might scare away many potential buyers and causes the listing to stay on the market.
- Prep, make it look like a million dollar property. Also remove all personal items. Let the buyers feel it is their drea, home.
Have a question? Your home may worth more than you think in this market. Price is the main strategy. Ask me how?
Also let me tell you when is the best time to list, how to manage multiple offers, how to pick the winning offer, since it is not always about the price offered to you.
The numbers just released from Victoria Real Estate Board.
"April 2, 2017 - A total of 929 properties sold in the Victoria Real Estate Board region this March, 17.1 per cent fewer than the 1,121 properties sold in March last year.
"We predicted early in the year that we wouldn't see a continuation of the record sales numbers that we saw in 2016," says 2017 Board President Ara Balabanian. "However, we are still in a very active market, as evidenced by the fact that this is second highest March on record if you remove that record breaking 2016 data. We saw nearly 200 more transactions last month than March 2015, when 734 properties sold."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2016 was $663,300. The benchmark value for the same home in March 2017 has increased by 19.1 per cent to $790,100.
Inventory levels edged lower, with 1,556 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2017, 40.6 per cent fewer than the 2,618 active listings for sale at the end of March 2016.
"The public and REALTORS® are getting used to the new tempo of the market - with the ongoing historically low inventory levels and high consumer demand - both parties need to be tenacious and have quick reflexes. Sellers need to ensure they have assistance from an experienced local Realtor to help understand current demand and pricing. Even in this market, properties can sit unsold for months without selling because of an inappropriate price," adds President Balabanian. "We do think we will see a more balanced market in the future as more inventory becomes available. Traditionally, people prefer to list their home when gardens and outdoor areas can be shown to their best advantage. Hopefully, as our warmer weather arrives we will see more listings added into the market to offer more choice for buyers."