Sitting on the Fence About Selling
Sitting on the Fence About Selling?
Summer is a fantastic time to sell a home. With rooms flooded with natural light, lush green lawns, and vibrant flowers, your home will certainly shine in the best light. But what about potential buyers? If your home is perfect for families with school-aged children, keep in mind that many buyers may want to settle in before the school year kicks off in September. However, investors, people relocating within the Island, newcomers, and first-time homebuyers will also see your home at its best.
What’s Happening in the Real Estate Market? You might be hearing about national trends. Canadian Real Estate Association (CREA). Home sales across Canada were up 3.6% in May and June, month-over-month. Year-over-year, the average price dipped by 1.8%. - driven by a combination of factors like flattening immigration rates and changing market conditions. In BC, BCREA reported a 2% dip in sales and a 0.8% decrease in prices for June. A slight price dip could signal that home prices are leveling off. Remember 2015? The market moved at a crawl, but home prices have since more than doubled.
Now, let’s talk about Vancouver Island—where things are looking a bit brighter. According to the Vancouver Island Real Estate Board, total sales in June were up 18% year-over-year. Single-family home prices increased by 2%. However, condo sales softened somewhat due to increased inventory from new construction, which could be a sign of the provincial and federal governments’ efforts to increase the supply of entry-level homes.
My Advice to Sellers and Buyers Sellers: If you’re thinking about listing your home, now is a great time to do so. Be patient and let buyers find your beautiful property. Price your home competitively and make sure it stands out in the market. The local market will have the greatest impact on your price, so it’s important to compare your home to similar local sales and keep an eye on how long homes are staying on the market. Buyers: There’s no rush—take your time. With more choices available, you have the flexibility to find a home that suits you perfectly.
For the most up-to-date information, ask your realtor about the July statistics, which will be available after August 1st or feel free to reach out to me for personalized advice on buying or selling a home.