An older REALTOR® introduced me to this quote a few years ago, “REALTOR’S® Don’t Sell, Buyers Buy,” and over the last few years I’ve found it to be true!
Bank of Canada held its overnight interest rate at 1 percent on Wednesday!
I think right now (as in over the next year) is a good time to buy not because we’ve hit bottom (I wouldn’t know) but because I’ve always felt that buying the right property is more important than timing the market (to an extent).
Right now rates are very low, inventory is large, and sales are slow. The perfect time to take your time, not to rush into anything and to buy a home one can easily afford.
Sure, you could try timing the market; however, you will only know bottom when it starts going up. For example, if it drops another 5% and starts going back up you’ll be paying a little less but prices will be going up because inventory is low and sales have picked up increasing the odds of rushing into something that is not ideal.
Believe it or not, some of the worst buys I’ve seen occurred in 2005/2006 before the market peak as some buyers did not exercise rationale decision making during a period of low inventory.
2012 Year in Review for the Victoria, B.C. Real Estate Market!
2012 was a difficult year in real estate! 2012 sales ended at 5,747 which was 5% down from 2011 and 29% down compared to 2009. At the same time inventory continued to increase and months of inventory approached 10, constituting a buyer’s market.
Why does it cost more money to sell in an attractive location?
An example of what a seller’s (listing) REALTOR® may charge is a commission of 6.0% on the first $100,000 and 3.0% commission on the remaining amount; however, commissions can vary. At 6.0%100k+3.0%balance a $600,000 home in Gordon Head would cost $21,000 in commission to sell. Why is it that an identical $450,000 home in Langford would only cost $16,500 in commission to sell? Identical homes, just a different location.
Five different ways to sell your home in Victoria, B.C.
1# List privately for free on non-MLS® (Craigslist, Kijiji, UsedVictoria, etc.).
2# List on MLS® as a Flat Fee Listing, or “Mere Posting” with $1 commission offered to the buyer’s REALTOR®. A “Mere Posting” can typically range from approximately $499 to $999 and your listing goes on public (Realtor.ca) and REALTOR® (Victoria Matrix) MLS® for maximum exposure. The listing fee is paid upfront and typically non-refundable. Most brokerages charge a back end fee ranging from $500 to $999 upon successful sale. REALTORS® with buyers will call you directly to arrange showings and you will negotiate offers directly with the buyer’s REALTOR®. The Competition Bureau/CREA Consent Agreement defines a ‘Mere Posting’ as “a listing on a Member board’s MLS® System in respect of which the Member has chosen or agreed not to provide services to the Seller other than submitting the listing for posting on a Member Board’s MLS®.” Essentially what a Flat Fee MLS® listing, or ‘Mere Posting,’ amounts to is a For Sale by Owner (FSBO) with MLS® System exposure. After the home is listed, the homeowner takes control of the selling process.
3# List on MLS® as a “Mere Posting” with a reasonable commission offered to the buyer’s REALTOR®. Typically for about $499 to $999 (plus REALTOR® commission which may be 3.0%100k+1.5%balance, or you can set any other amount). Same deal as above, except if there is a reasonable commission offered, buyer’s REALTOR® may be more motivated to bring a buyer to your particular listing.
4# List with a full service REALTOR®; however, at a discounted commission rate, and sit back and have everything handled for you from start to end.
5# List with a full service, full commission REALTOR®, and like above, sit back and have everything handled for you from start to end. A commission may be something like 6%100k+3%balance or the equivalent of $21,000+tax on a $600,000 sale.
Activity once again at Bear Mountain!
New building lots are available now at both Nicklaus Ridge and Hedgestone Lane! Lots on the golf course from $275,000!
Is there a housing bubble in Victoria, B.C?
Definition of housing bubble: A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets. It is characterized by rapid increases in valuations of real property such as housing until they reach unsustainable levels and then decline.
2640 Belmont, Oaklands, SOLD
This three bedroom, two bathroom, plus full basement bungalow located in Fernwood offers wonderful accommodation with a warm very appealing atmosphere. You will appreciate the brand new kitchen and freshly painted throughout. Gorgeous custom fir door, charming living room with wood floors and fireplace, bright kitchen.
Listed by Marko Juras and SOLD!
Over $8,000 SAVED
Developers offering large commission bonuses to REALTORS®!
Pre-sales units sold by the developer typically sell at the list price with little or no negotiation room. In the past buyers had two options. For example, if a buyer was interested in a $300,000 pre-sale condo he or she could visit the developer’s showroom and enter into a contract for $300,000 — in this situation the buyer has no representation. Option two was to use a buyer’s agent (REALTOR®), the buyer would still enter into a contract for $300,000; however, the developer may pay the buyer’s agent a commission of 3.0%100k + 1.5%balance* or $6,000. As you can see, developers prefer to generate sales directly from the showroom as they don’t have to pay out a commission. Most developers count on approximately 70% of their sales being directly through the showroom as it is their direct benefit. Take a look at my Pre-Sale Cash Back Offer!
Another successful Flat Fee MLS® sale – WITH TESTIMONIAL!
Jeannie and Ernest sold their Saanich home successfully using my Flat Fee MLS® package, also known as a ‘Mere Posting,’ and saved over $8,000 in commission when compared to a commission of 6%100k + 3.0%balance. Below is what Ernest and Jeannie had say about their selling experience.
1280 Oakmount, Maplewood, SOLD
Custom built, 1994 family home with 3 bedrooms on the upper level plus a large living room, dining room, and a bright and spacious country kitchen. Master bedroom with walk in closet and ensuite bathroom with soaker tub. Sunny, south facing back deck with stairs to the backyard. Double garage with loft for extra storage. Lower level has a one bedroom suite with separate entry, living/dining area, full kitchen, 4 pc. bathroom, 8′ ceilings.
Listed by Marko Juras and SOLD!
Over $10,000 SAVED
1060 Leslie, Saanich, SOLD
This terrific home is tucked away on a very private lot at the end of a quiet cul de sac. The split level floor plan has the Living, Dining & Kitchen on the main floor with 3 BEDROOMS UP the 3/4 flight of stairs. The lower level has a very cute one bedroom FULL HEIGHT SUITE.
Buyer represented by Marko Juras
Off Market – 957 Wilmer Street, Fairfield
Pride of ownership is evident in this Fairfield gem offering 1950 character with today’s conveniences of a tastefully updated home. You’ll appreciate the large and bright kitchen with stainless appliances, newer bathrooms, and a separate dining area. Downstairs you’ll find two generous bedrooms, a den, an updated bathroom, and a media area wired for your home theater! Potential for secondary accommodation if desired. Outside you will find an easy care level yard providing for a peaceful retreat. Fully landscaped with underground sprinkler system and newer garden shed. A fabulous Fairfield location on a gorgeous quiet street close to Oak Bay Village, schools, and numerous parks! 200 amp service, sewer/storm replaced, and more.
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957 Wilmer Street – Immaculate Fairfield Gem!
Pride of ownership is evident in this Fairfield gem offering 1950 character with today’s conveniences of a tastefully updated home. You’ll appreciate the large and bright kitchen with stainless appliances, newer bathrooms, and a separate dining area. Downstairs you’ll find two generous bedrooms, a den, an updated bathroom, and a media area wired for your home theater! Potential for secondary accommodation if desired. Outside you will find an easy care level yard providing for a peaceful retreat. Fully landscaped with underground sprinkler system and newer garden shed. A fabulous Fairfield location on a gorgeous quiet street close to Oak Bay Village, schools, and numerous parks! 200 amp service, sewer/storm replaced, and much more.
Alternative real estate business models increasing market share in Victoria!
The consumer is smarter and seeking value in a difficult market. It just doesn’t make sense anymore to spend over $20,000 to sell an average $600,000 home in Victoria!
Current List Price vs Original List Price vs Previous Listing List Price!
There is a difference between current list price, original list price, and previous listing list prices. Important to consider when making an offer.
2448 Camelot, Saanich, SOLD
This is the best priced home in Cadboro Bay & Arbutus! Located on a stunning 9925 square foot lot in the highly desirable Arbutus area of Saanich you will find a wonderful family home. Offering 3 bedrooms, living room with wood fireplace, kitchen with eating area all on the main floor. Downstairs you will find a 4th bedroom, 2nd bathroom, comfortable rec room and loads of storage.
Buyer represented by Marko Juras
6967 Brailsford, Sooke, SOLD
A CUSTOM HOME WITH FLAIR! Enjoy Mntn & Ocean VIEWS in this DISTINGUISHED MAIN LEVEL LIVING Home with WALK OUT LOWER LEVEL+LG 2Bdrm Suite,in Stone Ridge Estates. Exquisite HIGH END LIGHTING, HARDWOOD FLOORS: tiled heated floors in the bath.
Buyer represented by Marko Juras
608 Broughton, The Sovereign – Luxury condos downtown, Victoria, B.C.
Looking for location and quality downtown Victoria? Look no further.
1090 Johnson, The Mondrian…pre-sale construction downtown Victoria, B.C.
If you are interested in a downtown pre-sale take a look at the review I wrote on the Mondrian. It can be found on www.vibrantvictoria.ca
940 Deloume Road, Cobble Hill, SOLD
Do not miss out on this immaculate rancher with wrap around covered porch in desirable Mill Springs. Pride of ownership is evident as you enter this bright three bedroom home featuring large windows, vaulted ceilings and superior finishing details. The kitchen and eating area open onto a deck and spacious fenced backyard.
Listed by Marko Juras and SOLD!
Over $7,000 SAVED
1207-834 Johnson Street, Downtown, SOLD
Bright, luxurious & sophisticated northeast facing condo on the 12 floor of the newest concrete building downtown. Floor to ceiling windows on two sides of this corner unit offer abundant natural light and views towards Oak Bay and Mt. Tolmie! The efficiently designed living space offers a living room and dining, island-style kitchen, and 9′ ceilings.
Listed by Marko Juras and SOLD!
Over $4,000 SAVED
#304-2920 Cook, Victoria, SOLD
Assessed at $325,400!! Located in one of Victoria’s premier buildings, Spencer Castle was ahead of its time – one of Victoria’s best kept secrets! Amazing value in this 3rd floor lovely south facing and spacious unit with two bedrooms, two bathrooms and an excellent floor plan. Building amenities include guest suite, indoor swimming pool, sauna.
Listed by Marko Juras and SOLD!
Over $3,000 SAVED
Buyers’ Market but Where Are They?
LANGFORD – Richard Robinson is making the move back to Vancouver Island from Winnipeg and he’s ready to buy right now. “I sold my snow blower before I came out on this trip so I have to move at this point” Robinson laughs.
He plans to retire on the West Shore and is pleased to be shopping in a soft market very different from the one he left. “For some homes there’s still a bidding war that takes place when you’re selling in Winnipeg and fortunately that was the case for my home.”
He is not expecting to pay more than asking price in Langford. Year over year sales and prices are flat in Greater Victoria’s core municipalities. Sales are down on the Saanich Peninsula but prices are steady. On the West Shore sales are down and prices are falling too. In fact single family home sales on the West Shore are down close to 40% from last year, even lower than in 2008 when the global economic crisis hit.
“There are definitely a lot of price drops, and homes are sitting on the market a long time” says realtor Marko Juras with Fair Realty. But he says many sellers don’t seem to be getting the message and pricing their homes five to 10 percent more than they’re now worth. “There are very few buyers out there. You want to make sure your home is priced well enough that if a buyer is looking at 10 houses for example, they walk into your home and see the value in your home.”
If you’re thinking of selling your home soon and you’re getting worried, sales may have fallen off a cliff but Juras says prices are very unlikely to do the same. He’s predicting a flat market for the next year or two, or small price drops of maybe two to three percent per year at most. “Victoria has a stable, diversified economy, the interest rates are still extremely affordable, and unemployment is low. People predicting large price corrections, that’s very difficult to do.” West Shore homeowners we spoke to are hoping to ride out any kind of extended slump. “I hope by the time I’m ready to get out things will be back to where they should be again” says one woman.
Juras points out the Greater Victoria market was flat from 1991-2000. It could be awhile.
Follow Andrew Johnson on Twitter: http://www.twitter.com/CTVNewsAndrew
A Flat Fee Listing, ‘Mere Posting,’ Case Study in Victoria, B.C.
1216 Pearce Cres, a Mere Posting, recently sold for $542,000!
What is a Flat Fee MLS® Listing (Mere Posting) is less than one minute!
Flat Fee MLS® listings are also known as ’Mere Postings.’ The Competition Bureau/CREA Consent Agreement defines a ‘Mere Posting’ as “a listing on a Member board’s MLS® System in respect of which the Member has chosen or agreed not to provide services to the Seller other than submitting the listing for posting on a Member Board’s MLS®.”
Essentially what a Flat Fee MLS® listing, or ‘Mere Posting,’ amounts to is a For Sale by Owner (FSBO) with MLS® System exposure. After the home is listed, the homeowner takes control of the selling process. At www.flatfeelistvictoria.com we offer this service for $799+HST. Please follow the links below for more information!
1216 Pearce Cres, Saanich, SOLD
There is no other neighborhood like Pearce Crescent! The outside of this house not the most charming, but with an 8400 sq ft lot you have tons of potential- especially being situated in the Blenkinsop Valley! The house is on Pearce Cr, a unique street that abuts Mt Doug Park. The neighbors are great, the street is quiet, fruit trees grow like crazy here.
Listed by Marko Juras and SOLD!
Over $9,000 SAVED
Always scan older homes for buried underground oil tanks! IT’S FREE!
Victoria Tank Service Limited performs scans for free!
Prospective purchasers may wish to: have the property inspected for fill pipes, vent pipes, feed tubes, etc. or have purchasing offers subject to inspection by a building inspector and/or underground storage tank locator.
2880 Dysart, Gorge, SOLD
Pride of ownership is evident as you enter this beautifully updated character home set in a great neighbourhood, just a short stroll away from the Gorge Waterway! This homes features 2 bedrooms + den upstairs and a fabulous self-contained 1 bedroom + office suite ideal for consistent rental income.
Listed by Marko Juras and SOLD!
Over $5,500 SAVED
How do I differ from the “traditional” REALTOR®?
My range of service encompasses everything from helping the for-sale-by-owner to complete full service listings. In addition, I offer my buyers a 70% commission cash back program. I believe in a competitive marketplace and real estate commissions should not be an exception.
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