COVID has resulted in many Buyers wanting to move out of the city to Salt Spring or just move in general to work from home or to get out of the city to some land, views, a slower pace of life, etc.
On Salt Spring that has meant a lot of off-island Buyers (Vancouver, Victoria and other provinces) coming to Salt Spring in search of an alternative life style and wanting to buy a home or property. Unfortunately, the influx of Buyers has coincided with a shortage of Sellers as Sellers are reluctant to list with the threat of COVID and also because a Seller usually then becomes a Buyer and with the shortage of homes, buying can be stressful.
So, that's why you need a Realtor to advise you. Perhaps when selling you want to have a subject condition in any counter-offer that says the sale is subject to you being able to find a home within so many weeks/months.
Or a Buyer can have a subject condition in an offer that says the offer is subject to the sale of the Buyer's home within so many weeks/month.
So what exactly is a "subject condition"? Lawyers call then "conditions precedent" which means the condition(s) have to be satisfied or waived before the offer can go "unconditional". Those subject conditions protect you as a Buyer and typical subject conditions involve financing, inspections, checking Title and looking into the cost of Insurance.
Real Estate buying or selling is tricky and Salt Spring can be one of the trickiest places with Islands Trust zoning and requirements, well water/lake water, building regulations, necessary tradespeople, etc. I have been on Salt Spring for 16 years and a Realtor here for 14 years so I have a lot of experience and knowledge to assist you.
Anyhow, enough of Real Estate. It's the Christmas and New Year's time so enjoy your family and friends at this special time of year.
Seasons Greetings and all the best for the New Year!
WHAT'S HAPPENING WITH THE SALT SPRING MARKET THESE DAYS?
It's been a very busy Real Estate Market the last few months with multiple offers for almost every property and unconditional offers almost always. That said, the Salt Spring Market is slowing and now conditional offers are becoming more common and accepted prices are sometimes lower than asking price and some back and forth bargaining is taking place.
One reason the Market is slowing is that we are seeing more properties come up for sale. Sellers are more optimistic about showing homes and not worried as much about COVID-19 and they also see there are more homes for sale so they are more confident they can find another home once they sell.
It is still a Seller's Market right now, just not as strong a Seller's Market. In the price range from $500.000 to about $800,000 we don't have many listings and those listings with homes in good condition are seeing a lot of interest. From $800,000 to around $1,200,000 is seeing a fair amount of interest from Buyers, especially if the home shows well and has some sort of view. Above $1,200,000 or so, the Market is a bit slower but still fairly busy.
What to do if you are thinking of selling? The cheapest upgrades for a home that Buyers really like are new paint inside (maybe outside as well...that depends on how it looks) and new light fixtures. Lots of homes would sell quicker and likely for a higher price with these upgrades. Get rid of the old Swedish ball lights and upgrade to some of the new LED fixtures. Paint is inexpensive but makes such a difference and neutral colours are best if you are looking to sell.
And of course....call me and ask me to evaluate your home for listing. :-)
We have purchased two properties with homes through Rob Irving within the last five years. He has proven to be both professional and knowledgeable in the island's real estate market. He has worked diligently in protecting our interests by following up with Island authorities on code, zoning, water and sewage questions. I highly recommend Rob Irving to others considering either buying or selling