Victoria’s Hot Summer Market 2015
Victoria really needs rain. Usually this is not a problem in our region, except for this year. 4 months of almost non-stop clear sunny days has been remarkable for outdoor activities and fun in the sun, but it has been hard on the plants, trees, grass and water reserve.
The real estate market has been burning up this year as well. Sales are way above the previous few years for the summer months, and listing inventory is down as well. The result has been increased prices in the popular neighbourhoods and a lack of good homes available for buyers. Some areas are experiencing multiple offers, and homes selling above their list price. Great if you are a seller. Also, if you are a buyer, with record low interest rates, and the possibility of prices continuing in an upward trend, now appears to be a good time to get into the market before it is too hard on the pocketbook. Barring any outside negative market forces, Victoria could be at the beginning of the next market run up, which usually lasts about 7 or 8 years. The last upturn was from 2001 to 2008, where prices more than doubled during that run, and we are definitely due for some sort of rebound. We will see…
For those folks wishing to sell and move to a larger more expensive home, then making the move now is ideal. If you wait until prices have gone up further, you will be paying more for that expensive home as prices go up. Also, by making the move now, you will gain extra equity in the future as your new more expensive home goes up in value. This means that if you have been holding off making that move to a bigger home, now is probably the best time to do it. Alternately, if you are selling to move away, or are not going to be re-purchasing, then you might want to hold off selling and watch the prices because if they do continue upward, you will leave money on the table by selling today. Waiting another year might yield a higher price, and extra money in your pocket, which is ultimately the better goal when selling real estate.
In the meantime, enjoy the rest of your summer. Fall is approaching quickly, and hopefully we will get some much needed rain in the near future. Oh yes, and remember to get out and vote.
Here are a few links to various real estate sources that may be of interest to you:
1. Click on this link and hit “Like” to obtain current postings from my real estate Facebook page: VictoriaBCProperties
2. Click this link for my latest Website Newsletter: Newsletter
3. For the latest historical statistics from the Victoria Real Estate Board, click here: VREBStatistics
4. Search for listing at my Victoria BC Properties website: DaleSheppard.com
All the best to you and your family.