It's been a very interesting last month or so. Pent up demand continues along with city dwellers fleeing COVID-19 and searching for somewhere with a home, some land, peace and quiet but with services that can enable them to work from home.
Buyers, right now homes are selling quickly if they are priced reasonably. If you want to buy on Salt Spring then make sure you are pre-arranged for a mortgage and you don't have to sell you home as a condition of purchasing here.
Sellers, the Buyers are willing to move quickly if you have a nice home that is priced realistically. If you price too high then Buyers won't view and you miss the opportunity. Some Sellers say, "I can always reduce my price later" and certainly you can, but you can't get back the Buyers who didn't view and if they had, might have bought if your price had been realistic.
I really like my latest local Real Estate Magazine and I hope you enjoy it.
We live in a wonderful country and in this time of COVID-19, unemployment and recession, it helps to remember that. Happy Canada Day!
Real Estate is certainly continuing to be very busy on Salt Spring Island, a result of Buyers coming from the cities and wanting to relocate somewhere away from the crowds and condos. Why live in Vancouver in a small and expensive apartment when for the same price you can have a home on a good sized lot and you can check out the deer, raccoons, birds and butterflies in your back yard. Well, hopefully not the deer, as they will eat almost everything in your yard.
YOU CAN HAVE A CONDO IN THE CITY.....
OR HAVE THIS HOME ON SALT SPRING...
Contact me if you want to make the move to Salt Spring Island.
A month ago the Real Estate Market was pretty quiet on Salt Spring but lately it has surged and now there are lots of Buyers and more and more Sellers putting their homes on the Market.
Right now homes under about $700,000 are seeing a lot of activity and sometimes multiple offers. Homes above $700,000 are in a more "balanced" market but with a fair amount of interest from Buyers, especially those from Vancouver and Victoria who wish to have a bit of land and some peace and quiet. My peace and quiet comes with a quiet evening around my fire pit.
If you are thinking of Selling, my advice is to list now as the Market is pretty active. Looking to Buy? If you find the right house and price...be prepared to move quickly with an Offer. It's good to have a Realtor who knows Salt Spring...there are so many different areas and some quirks about the land and zoning. I've been here 15 years...I've got most of the area and quirks figured out!
Well, it is certainly an interesting Real Estate Market at the moment. Sales and listings dropped precipitously in March and April for the reasons mentioned in my earlier Blog post.
However, now that restrictions are being lifted, many Sellers and Buyers who have postponed getting into the Market are now doing so. Two nice bare land listings went for over asking, reasonably priced homes are starting to sell quickly! The historically low interest rates are certainly helping.
Realtors are being very careful with viewings. Buyers' Agents are screening their Buyers and ensuring they are very careful when viewing homes. Sellers' Agents are making sure COVID-19 protocols are being followed. For example, I offer my Sellers the option of having me attend before a viewing, open all interior doors and closets (so Buyers don't have to touch the) and sterilize any surfaces that might be touched (exterior door knobs, for example) before and after.
A scary time but life goes on and Real Estate is an essential service...people move, want to downsize or upsize or just have a different location. Let's hope that COVID-19 does not drastically alter our life in the future...more precautions, for sure, but hopefully life can return to close to normal.
Well, Real Estate has certainly changed since COVID-19 came to Canada. Sellers are more cautious about listing their homes because of concerns about strangers coming to their home and possibly having the virus. Buyers are reluctant to travel so there are a lot fewer of them around. That said, there are still listings coming on the Market and there are still Buyers who wish to purchase.
Realtors are taking special care when listing homes (proper precautions, disinfecting, etc.) and Buyers' Agents are cautioning their Buyers and ensuring great care is taken when viewing (making sure doors are opened with disinfecting wipes, clients not allowed to view if they display any symptoms of COVID-19.
It will take a while to return to "normal" but be assured that Realtors are working carefully to protect their clients. Take care of yourselves and hopefully this is over soon.
Well, February is here and hopefully we will start to see less rain and cloud and a lot more sun! Once that happens, Sellers start to think of listing and Buyers think of looking around and seeing what is available.
I like the slide show/video format as a great way to show a property so I have posted two slide show videos here so you can see what they look like. Every property I list has a slide show video and I love them! Additions to the slide show video can be drone photos as well...but not all properties work with a drone photo. If you home is in the trees and hard to see then likely a drone photo is not a good idea.
181 Maliview is now for sale and 110 Douglas will be listed soon. More listings coming in the next few weeks and months.
It's early January so many might think it is a bit early to think of listing your home on Salt Spring but preparation is needed before putting your property up for sale in the very busy late Winter/early Spring market.
First thing to do is to view your property from the road/driveway as if you have never seen it before and might be interested in buying it.
Is there any clutter around that distracts from the home? Is the outside paint or stain in poor shape. What about the roof...does it need to be cleaned and/or de-mossed? Is the garden looking pretty weedy or uncared for? Buyers have a first impression of your home and you only get one chance to make a first impression so make it a good one. Clean, paint, weed, tidy up, etc. Do you have trees blocking a gorgeous view. Consider having them removed, topped of limbed to show the view. A great view can be worth a lot to a Buyer.
What about the inside? Perhaps you can have someone come over and enter your house and tell you what they can smell. Owners of homes get so used to the particular smell of their home that they don't notice it but sometimes smells can be offensive to Buyers. Pet smells and cat litter, for example are major problems. Tobacco odours have been enough to stop Buyers from even entering a home! Try cleaning with a lemon scented cleaner and scrubbing everything. Don't use a heavy perfumed cleaner...Buyers will wonder what you are trying to hide.
Declutter the inside. Remove as much as you can and perhaps store it somewhere else. Personal pictures should be removed if possible...Buyers want to imagine the home as becoming theirs and they like to imagine their pictures on the wall. Floors can be scrubbed and perhaps scratches touched up. Carpets can be steam cleaned.
Lighting fixtures and paint are the cheapest improvements you can make to the inside and they can make a huge difference. Neutral colours are best. Painting the ceiling can really brighten up a house. Take a good look at your lighting fixtures. I have seen far too many very old lights and Swedish balls in homes and for a few hundred dollars they could be upgraded. Bright lighting in the kitchen is especially important and If you don't want to change the light fixtures then perhaps put brighter bulbs in the fixtures.
For more tips on how to prepare your home follow this link.
Lastly, call a Realtor...preferably me, of course! I would come out and give suggestions and explain my Marketing Plan.
So what happens after Labour Day? Well, the Real Estate market on Salt Spring usually experiences a rise in sales and listings as Sellers decide to sell after enjoying the summer and Buyers are back at work after a summer holiday and are now thinking about moving. Spring is often a time when families look at moving so their children can start their new school in September. Fall is when we see more couples or retirees looking for homes.
Prices? At this time we are seeing significant price reductions, especially at the higher end of the Market. Sellers who listed in the Spring and haven't sold are now contemplating not selling till Spring (our busiest time) unless they lower their prices and sell now. Buyers are waiting for the price reductions they know are likely, so Fall can be a busy time for Buying and Selling.
How best to buy? Salt Spring is a varied market and has greatly varied topography, views, acreage, etc. A local Realtor will be knowledgeable about septics, zoning, Islands Trust regulations, soils, water supply, comparable sales, etc. so you best bet is to have a local Realtor on your side. It doesn't cost you anything.
Selling? You want to know the best listing price. Too high and the home sits on the Market and many potential Buyers don't view because they feel the price is too high. Wait too long to lower the price and then the home gets fewer views because Buyers think there must be something wrong with it as it hasn't sold. Too low and you don't realize full value. As with Goldilocks and the porridges, you need to find what is "just right". And "just right" changes, given supply and market conditions. Right now, lower end homes are popular, mid-range is balanced market/somewhat Buyer's market and high end homes are definitely a "Buyer's market.
I often get asked, "What is the Real Estate Market doing?" and I struggle with an explanation that can be made in a minute or two....but I will try.
Real Estate on Salt Spring is seasonal, given lots of people move here for the warm, dry weather and the nearby oceans and beaches so Spring till about Thanksgiving is our busy time. That said, our sales were slow to start due to a Christmas storm and then a heavy snowfall...Salt Springers have to admit, even though we have the mildest climate in Canada, sometimes it does snow! Those 2 events seemed to cause Sellers and Buyers to put their plans on hold for an extra month or two.
After a slow start, the Market got very busy and that was exacerbated by a shortage of listings, especially in the high-demand part of the Market, under approximately $600,000. Nice homes under that price were greatly in demand and we sometimes had multiple offers...usually rare on Salt Spring.
The mid-range pricing (about $600,000 to $900,000) was fairly busy as there was low inventory but now seems to be into a "balanced market".
Above $900,000 seems to be a "Buyer's Market" with a fair amount of inventory.
However, we have motivated off-island Buyers, often with lots of money, having sold their expensive Vancouver or Victoria homes, so if they find the "perfect house" they will often move very quickly to purchase. The "perfect house" is often one that shows very well, including beautiful gardens, recent new paint and "staging" where appropriate.
Lastly, given we are a small market, our sales can fluctuate a fair bit and in some weeks sales are slow and in others, quite busy.
Check my Blog again in a few weeks for an update...things can change fairly quickly on Salt Spring.
Hard to believe but we got a lot of snow. Rumours that Victoria residents called 911 to report the strange white stuff falling from the sky are untrue...but make a great story! Yes, we do sometimes get snow but it is pretty rare. I had geraniums winter over for years on my sundeck before a freak frost (-8 C.) did them in.
So we do get a bit of cold and snow here but not much and winter is short and usually pretty mild. So mild in fact, that people can grow a "winter garden" and a local resident, Linda Gilkeson writes gardening books on how to grow vegetables that you can harvest in the winter months....nothing like getting lettuce from your garden in January and February. Of course, if it happens to snow then you have to cover them.
So, if you want to move here and enjoy the Island lifestyle (I just bottled 30 bottles of rhubarb wine using my own rhubarb and it is a lovely light wine with a hint of rhubarb smell) then let me know. I can put you on my Private Client Services (PCS) and that way whoever a property comes up for sale on MLS then you get an immediate email if the property meets your criteria as to price, rooms, etc.
Take care...Spring will be here soon!