A STRONG HOUSING MARKET
Despite the global pandemic, sales records are being broken in the detached residential property segment within many markets across the nation.
Rather than a slowdown, we are continuing to experience a surprisingly robust real estate market. Experts estimate that these conditions are likely to last into the new year.
FEWER LISTINGS EQUALS A SELLERS’ MARKET
Inventory, meaning the number of homes for sale, is at a record low across the country. In fact it is at a 17 year low. If demand remains unchanged prices will continue to climb in this sellers’ market despite COVID-19.
Currently; bidding wars of properly priced listings are common between buyers due to the lack of inventory. The average price of a detached home sold on the Canadian Real Estate Association's (CREA’s) MLS service increased 17.5% over last year and continued home-price growth is anticipated for the remainder of 2020 and into 2021. It’s...
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Drain the Hose
Watering season is over, but you’re not done with your outdoor watering system quite yet. To avoid cracked hoses and burst faucets over the winter, turn off water valves in your home and drain all remaining water from the taps and hoses. Tip: Unrolling the hose down a gentle slope will let the water run out completely.
To prevent ice dams — ridges of roof ice that prevent melting snow from draining — ensure attic vents are free of debris. Poor soffit ventilation can increase mold inside the house and damage wood shingles during the winter months. Tip: A leaf blower or a pass with a pressure washer will clear them out and prep them for winter snow.
Clean the Chimney
Ahhh, there’s nothing quite like the warming atmosphere of a wood-burning fireplace in the dead of winter. But once you’ve cozied up to your 70th fire, get that chimney inspected and cleaned of excess creosote, because it may cause chimney fires. Tip: Run the point of a...
The VIREB Housing Statistics (April) clearly show the impact of the COVID-19 pandemic on our region’s market. (The Vancouver Island Real Estate Board (VIREB) represents over 1,000 REALTORS in nearly 90 brokerages from Tofino to the Malahat.) The sales of single-family homes dropped by 54% year over year. Last month, 189 single-family homes sold on the MLS system compared to 333 in March 2020 and 412 in April 2019. Apartment and townhouse sales decreased by 82% and 69% respectively.
Currently, the average sale prices in Nanaimo and surrounding area remain stable. This is great news, albeit, it is taking more time to sell homes. There are, however, some quick sales still occurring. This is evidence that homes offered for sale at the correct price, regardless of COVID-19, will always out perform overpriced home listings. It is exceedingly important now for sellers to listen to the advice of their REALTOR and to not overprice their home...