Kerry Davies Victoria Real Estate Blog

Jan. 18, 2017

Planning to Sell Your Home in Victoria, British Columbia?

Real estate in Canada is either hot or not moving. That is the common misconception that is present in the country right now, but it is not accurate. The fact is, the real estate market is doing well and, if you are thinking about selling your home, now may be a good time to do so. Working with a local real estate agent in Victoria is a very important step in the process, though, as it ensures you have the best chance to achieve the outcome you desire.

What Can You Expect from the Victoria Real Estate Market?

A good way to see what expectations can be is to look at the previous year’s sales. In 2016, Victoria saw a very intense spring real estate market with a good deal of competition between buyers. This helped to drive up home prices and created a lot of demand. This was due, in part, to the expectation that the market would see an influx of foreign buyers looking to take advantage of the lower home values here. While that did not necessarily happen, it did create enough buzz during the early part of the year.

What does this mean for you this year? While there is no guarantee of what the market will bring, there are many positives about it right now. Home values remain competitive but high in value. That means it is possible to see your home sell for a very good price. By the end of the year, home values had fallen and sales dropped by nearly six per cent. That may mean that buying a home now makes better sense than waiting until later in the year.

For those who are considering making an investment now in a home, selling conditions for your existing home are still very good. Take the time to work closely with a Victoria real estate agent that knows the market well.

 

Posted in Victoria, BC
Jan. 18, 2017

Is Now the Time to Buy a Home in Victoria, British Columbia?


In the middle of the winter months, it is common for people to think about all of the options available to them for the coming year. Buying a home may be one of those decisions. If you are thinking about buying a home in Victoria, British Columbia, you may want to take a closer look at this market and what it has to offer. Typically, at this time of the year, people are beginning to enter the market in hopes of being in a new home for the summer months.

Will Bidding Wars Occur?

In 2016, much of this area saw home prices rise significantly. There is no doubt that the market remains very competitive, but you may not have to face the same level of intensity as what happens when buying a home last year. In 2016, it was very common for any offer to go through a bidding war – where multiple buyers are available for homes. Today, in 2017, there is less expectation of this happening. That does not mean that you will spend much less, but it may mean you can choose your home a bit more carefully.

It’s important to know that the area is not seeing a large influx of foreign buyers, something that was anticipated last year. It was expected due to the rising home values in surrounding regions. However, we are seeing people move throughout the state into Victoria for the home values and overall quality of life here.

What does that mean for you if you are ready to make a purchase on a home this year? First, it means that you should be working with a Victoria real estate agent that knows the market well and can help you to place a competitive bid. Second, it means that you will have more time and plenty of options to choose from. And, it may mean you can still find a good deal here.

 

Posted in Victoria, BC