Are you considering selling your home and are worried your house is dated? Below are some of the features that date your home, along with some tips for how to improve them.
Your house is dated if …
You have popcorn or textured ceilings.
Not many things age a house more than popcorn ceilings. It’s a huge job to remove them on your own so talk to a painting contractor to see how they can help you. If you can’t afford to have them removed by a professional, a fresh coat of white paint will remove the yellowish look they often get with age.
Your countertops are tiled.
If your counter tops are made up of tiles with a lot of grout lines, you know how hard it is to keep them clean. This can turn off a buyer very quickly. Installing new countertops doesn’t have to break the bank and gives the room a sleek new look. Places like Home Depot or Lowe’s sell pre-made countertops for bathrooms relatively inexpensively and they also have a great selection of kitchen counters which can often be professionally installed by them.
TIP: To take it to the next level consider a solid surface stone countertop.
Any of you rooms have wallpaper borders.
Get rid of wallpapered boarders if you want to take 20 years off the appearance of your home and modernize the look.
TIP: Wallpaper can add texture and a modern element to a room or feature wall.
You have brass fixtures.
While these may have been popular in the 1980’s or 90’s, todays buyers want a more neutral appearance. Brushed nickel, stainless or even black fixtures can be installed to give the area a fresh look and it doesn’t have to be expensive. Brass is making a come back though! Take a look at some of the modern brass finishes. Not quite those brass faucets we’ve seen in the past.
TIP: Incorporate a eclectic vintage chair or brass accent into your modern decor.
Your home has wall to wall carpets.
A lot of buyers today tend to want hardwood floors. If you’re carpets are not in great shape, are badly stained or have an awful pattern on them you might want to think about getting new flooring installed. At the very least, remove any carpets in the bathrooms because that’s a sure-fire turn off for any potential buyer.
Your appliances are old, worn out or strange colours.
A lot of us probably remember the old “harvest gold” or “avocado green” appliances. These age your home quickly so if you can afford to upgrade to new appliances, do it before you list the home.
This is not a complete list of things dating your home, but it’s a great starting point. Call RE/MAX of Nanaimo if you’re thinking about selling your home (even if you thing your house is dated) and one of our well qualified agents will be happy to do a home evaluation to see what your home is worth. Call (250) 751-1223 today.
It’s probably not news to anyone, but the average single family home price in Nanaimo and area continues to rise. To put it in perspective, April of 2015 showed a median single family home price at $370,000 and April of 2017 is showing a median single family home price at $480,000.00. Read more in the Nanaimo real estate market update.
Nanaimo Real Estate Market Update
The good news for Buyers is that the inventory levels in the Single Family Home category have started to creep up. A few months ago, the inventory was dangerously low at under 200 single family home listings in the Zone 4 (Nanaimo) area, but April of 2017 stats suggest 277 active single family home listings. The number of single family homes listed on a 12 month average is also up about 3%. This means that there are a few more homes to look at. The other good news is that mortgage rates continue to stand at historic lows, making the money you need to borrow for a home purchase still very affordable.
The good news for sellers…see paragraph one! But wait there’s more good news for sellers; sell to list price ratio (the amount you list for vs the amount you get) is at 100%. Now this doesn’t mean that EVERY seller gets 100% of their asking price, but it does reflect that when comparing those who get less, to those who get more, it averages out at 100%. The other good news (depending on your perspective) is the days to sell.
- Back in April 2012, it was taking an average of 54 days to sell one of the 614 active listings.
- Fast forward to April of 2017, and it is taking an average of 17days.
What a difference 5 years makes!
Even reading the above, it’s important to realize that these statistics are generated from the MLS systems provided by the Vancouver Island Real Estate Board. Professional REALTORS® providing their expertise and results for their clients. Pricing your home wrong can cost you money, whether it’s too high and the home isn’t selling, or too low and you don’t get everything you should. Likewise, as a buyer, if you’re missing opportunities because you’re working on your own without the help of a REALTOR® connected to the market, every month the house you want is going to cost you a little more!
Call RE/MAX of Nanaimo at (250) 751-1223 and discuss your needs with one of our professional REALTORS®.
Housing Market for Greater Vancouver and Toronto
Vancouver and Toronto continue to be characterized by high demand and low housing market supply in 2016, with competition pushing prices higher due to limited inventory.
Greater Vancouver experienced a 13 per cent increase in the average residential sale price to $1,020,300, while the Greater Toronto Area (GTA) saw an increase of 17 per cent, to $725,857. In the short term, these two markets may soften slightly due to the recent changes to mortgage rules and the new 15 percent foreign-buyer tax in Vancouver. In 2017, RE/MAX estimates prices in Vancouver will increase by about two percent, while the GTA may see an eight per cent upswing.
Other regional markets located in close proximity to Canada’s highest price cities continue to benefit from interest from both move-up buyers, and from buyers moving out of the high price cities (move-over buyers). Several areas experienced double digit increases in year-over-year average prices including:
- Barrie – 16%
- Hamilton-Burlington – 20%
- Fraser Valley – 20%
- Kelowna – 14%
The new 15 per cent foreign-buyer tax in Vancouver has softened the market somewhat and as price appreciation declines in Vancouver, some potential sellers are now staying in the Lower Mainland. Both the GTA and Montreal are experiencing the ripple effect of the foreign-buyer tax as foreign investors are now looking in these areas, rather than Vancouver.
Housing Market Prairies and Maritimes
Calgary and Edmonton both saw moderate declines in the number of sales and the average residential sale price. This is due to the prolonged recovery of the oil sector in the past couple of years. Average residential sales prices dropped by two per cent in 2016, year-over-year, in Edmonton, while Calgary saw a decrease of about four per cent in the average residential sale price. If employment opportunities in the oil sector continue to slowly return to Alberta, buyer activity is expected pick up slightly in the second half of 2017.
Various regions such as Regina, Montreal, Saint John and St. John’s continue to be affected by high inventory, with a good selection of homes for first-time and move-up buyers. Local infrastructure projects and initiatives, like Montreal’s 375th anniversary celebrations, may boost the economies and real estate markets next year.
How important is home ownership to Canadians?
In a recent RE/MAX survey conducted by Leger, 53 per cent of respondents indicated they intend to purchase a home, and 47 per cent intend to do so within the next 5 to 10 years. Nearly a third of Canadians (30 per cent) are planning to purchase a home as an investment strategy, aimed at helping to fund their retirement, and 42 per cent of millennial respondents see purchasing a home as a retirement funding strategy.
A segment of Canadians would also consider unconventional ways of financing their home ownership:
- 33% would consider buying a home with a family member
- 15% would rent a room out on a vacation rental site such as Airbnb
- 22%would rent out a room in their home
- 9% would consider purchasing a home with a roommate
For more detailed information about what’s happening across the country, go to RE/MAX.ca.
If you’re interested in moving to, or moving within the Nanaimo area, call RE/MAX of Nanaimo today at (250) 751-1223 and one of our well-qualified agents will be happy to assist.
Get informed with February 2017 market update. In February 2017:
- 347 single-family homes sold on the MLS® System compared to 406 last February, a decrease of 15 per cent.
- Sales rose by 42 per cent from January 2017, which saw 245 sales.
- Inventory of single-family homes declined by 38 per cent from February 2016, with 949 active listings compared to 1,529 one year ago.
- However, the 949 available properties reflect a six per cent increase over January, an encouraging development since the lack of inventory continues to challenge consumers and REALTORS® in the VIREB area.
Last month, the benchmark price of a single-family home in the VIREB area was $403,100, up 18 per cent from one year ago. Prices increased in every zone, ranging from 14 per cent in Duncan and Port Alberni to 25 per cent in Nanaimo.
The benchmark price of an apartment in February rose 22 per cent board-wide from the previous year, but we saw the highest increases in Parksville-Qualicum (24 per cent), the Comox Valley (26 per cent), and Campbell River (26 per cent). The townhouse market also strengthened in January, posting a 20 per cent increase board-wide.
That’s a wrap! Let’s review what went on in the 2016 Nanaimo Real Estate Market Review. Depending on the statistics you follow, our 2016 market saw price increases of 13% (average price per unit) to 17% (Home Price Index). This is exciting news for homeowners, particularly home SELLERS, as until the BC Assessment Authority releases their updated assessments, changes in market prices can be a worry. This is the time of year when friends, family and clients of REALTORS® call to confirm, not always believing the good news. The BC Assessment Authority has valued homes very close to market values, with the usual exceptions. This also accounts for huge spikes in the assessed value of a home.
As a home seller you may ask: “How much will this cost me in property taxes?”
To find a proper answer, take the time to visit the Assessment Authority website and find out how their process works. They aren’t perfect, and by the mere fact that they offer the public an appeal process, they acknowledge their own limitations. However, the many hardworking individuals at BC Assessment do try their best to convey true and accurate information. As a home seller, you should also consider that the City of Nanaimo determines taxes based on a formula called the ‘Mill Rate’. This formula is adjusted up and down to make sure the City receives the tax base it needs to continue all the services it provides, and to show it is not in place to extort the Tax Payer. There is a breakdown of this process on the City of Nanaimo website that can be found here:
As another consideration, if your assessment has increased significantly, it may be time to contact a RE/MAX of Nanaimo REALTOR® to get a good market value for your home.
2016 Nanaimo Real Estate Market Review
2016 has been a great year for home sellers in Nanaimo and the surrounding area. Home prices have gone up and volume has been strong, especially when you consider the lack of inventory. If you’re downsizing or even hoping to leverage the equity in your home to downsize, a RE/MAX of Nanaimo REALTOR® can give you a great foundation for your decision.
As a home buyer, prices have also gone up, but rates remain VERY appealing. The Canadian Government does offer several new programs to help first-time buyers into the market, and if you’re buying in Nanaimo, you are in a market that offers great value, a spectacular place to live, and plentiful amenities for you and your family.
That’s a wrap for our 2016 Nanaimo Real Estate Market Review. Come back monthly to stay current with the monthly Market Updates for 2017 and to find quick tips for buying, selling, renovating and so much more.
- Find more information on the Nanaimo Real Estate Market Updates from 2016.
- What does the 2017 Real Estate Market have in store?
The REALTORS®, staff, management and owners at RE/MAX of Nanaimo want to thank all our clients for their business in 2016 and every continuing year. We wish you and your family the very best in your 2017 home search!
How can scaling down on consumerism can help simplify your life? Can it actually get you into a smaller home? Perhaps it’s time to do some fall cleaning and scaling back on consumerism.
Consumerism is, very simply, our inclination toward buying and owning a lot of “things”. By scaling back on consumerism, we are less controlled by the things we own and are better able to live life without added stress.
We don’t have to pay for storage units because we have so many possessions. We don’t have the added financial burden of paying a bigger mortgage on a larger home, not to mention the extra utility costs, extra insurance costs for all our possessions and extra property taxes.
Scaling down and getting into a smaller home not only reduces the financial obligations you face, but lowers the stress associated with it.
The time and money we put into managing all our stuff can be significant. A bigger house means more time spent cleaning, more time for maintenance and repairs, and less time for enjoying your life and your family. Scaling back on consumerism gives you the opportunity to really experience the things you want to experience – a quick trip somewhere fun, going to the kids after school activities or sporting events or lazing away a sunny day with friends and a bbq.
Smaller homes can be just as tasteful, cozy, relaxing or beautiful as a larger home. Planning the space, deciding which piece of furniture makes the most of the living room, or laying out your bedroom furniture in the most attractive way ensures you’ll enjoy the smaller home just as much. Let the kids plan their bedrooms – how it will look and what to put where, so they’re comfortable right from the start. If they can make the space their own, they’ll adjust to a smaller space before you know it.
If you’re ready to simplify your life and scale down your home, give a RE/MAX of Nanaimo real estate agent a call today at (250) 751-1223.
Another interesting month in the Nanaimo Real Estate Market. As a REALTOR®, it is always intriguing to review the statistics at the end of the month to see if they match your own business, or your own “busy-ness”. Navigating your real estate transactions in todays market takes strategy and dedication that come from having a good REALTOR® on your side. Find out more in July’s Market Update.
Traditionally we begin to see the local market slow down in the latter part of July, which will continue through August and into September when families have returned from holidays, and have kids securely back into the day-today routine of school. Although in 2014 and 2015, we did not see this type of market “cooling”, it appears 2016 is looking that way. To keep things in perspective however, the slowdown we have felt in volume of sales for July 2016 still represents an increase of units reported sold on a 12 month average of 17%, of 1628 units over 1392 (single family sales only). What is also interesting from the statistics provided from the Vancouver Island Real Estate Board (VIREB) the average number of days to sell for a single family listing in Zone 4 (Nanaimo) in July 2015 was 35, but in July 2016 was only 17…as a Home Buyer you are probably well aware of this statistic.
Nanaimo Real Estate Transactions
The total inventory of single family homes also fell again to 327 in July 2016 versus 471 in July of 2015. This is what causes anxiety for homebuyers, who can’t get to a home quickly enough, or get caught-up in multiple offers. The same can be said for a Seller, who has to buy after selling their home very quickly.
The VIREB RECAP Summary also states:
- almost 1/3 of properties (31.6%) in Zone 4 sold in 1 week or less in July of 2016
- in July of 2015, only 18.5 % of properties sold in 1 week or less
- prices continue to climb with the average sell price per unit for a SFH climbing to $422,255 from $385,986 or 9% on a 12 month average
This is a tricky market to navigate, and the strategies, and dedication that come from having a good REALTOR® on your side are invaluable. It can also make/save you money!
Call a RE/MAX of Nanaimo REALTOR® today at (250) 751-1223 and have the best working for you.
*For more information on Nanaimo’s Market Conditions review our local Market Updates.
Canada has always been a fantastic place to live. The economy is steady, the people are friendly, the environment supports a healthy lifestyle, and the affordability in most of Canada is unparalleled to many other places in the world. Recently the interest to move to Canada has spiked. Is it the Canadian dollar, the media attention at the World Economic Forum, Canada’s new leadership, or are people looking to escape the upcoming presidential election in the United States?
Move to Canada Searches
Just this week inquires and searches on how to move to Canada spiked 1500 per cent. A combination of the low Canadian dollar and the drama of the U.S. presidential election campaign may have some of our southern neighbours wishing they could escape. – Source
Emotionally charged events are felt globally – in real time like never before, with technology and social media being at the helm of news distribution. It’s also enabling us to act quicker than ever before to events that are happening and being felt around the world, as well as events close to home. Individuals are responding quicker then they once did and taking advantage of this information. Globalization is opening up many more opportunities. Would you consider moving to Canada? Do you know how to move to Canada?
Why Move to Canada
Some of the most important aspects to consider when looking to move to Canada are: financial stability, unparalleled market access, a welcoming business environment, a strong growth record, a highly educated workforce, low business tax costs, and a competitive R&D environment. All great reasons to move to Canada. Innovation + Stability = Profitability- More information and sources can be found here.
Where to Move to in Canada
The Real Estate market is a strong indicator of Canada’s economic stability. Individuals and businesses are flocking to British Columbia, Canada because of the affordable homes and dynamic lifestyles. December 2015 home sales in British Columbia have been entered into the record book with a record-breaking number of home sales for the month. It’s only the third time on record the market has hit these high numbers.
- 6,590 residential unit sales recorded on the Multiple Listing Service® (MLS®) – up 29.8 per cent from the same month the previous year.
- Sales dollar volume hit a record high of $4.62 billion for the month of December – up 55.4 per cent compared to the previous year.
- BC home sales breeched the 100,000 unit threshold in 2015.
The Best Place to Move to in Canada
Nanaimo, on Vancouver Island, British Columbia is a great place to move to or to invest in now. It provides the ideal lifestyle to work and live. One of the most multicultural cities, Nanaimo, Canada offers a clean, friendly environment, world-class education, a universal health care system, and an overall incredible quality of life. With the average price of a single family home being $497,174, you can’t afford not to move to Canada!
Looking to move to Nanaimo? RE/MAX of Nanaimo has 52 per cent of the market share and will likely have the home you’re looking for. If you’re not ready to buy, check out the Nanaimo homes for rent in our in-house Property Management department.
Interested in moving somewhere else in Canada? RE/MAX of Nanaimo has over 100 REALTORS® that are networked across Canada (and beyond) who can assist you in your move to anywhere in Canada. Call us to find the person who will help you move to Canada (250) 751-1223.
Nanaimo British Columbia is full of unique little pockets of the outdoor living lifestyle and the character of expansive waterfront living. There’s a new urban lifestyle vibe growing in Nanaimo’s downtown core and there are plenty of residential communities within commuting distance (not walking) of our city centre. Ocean front, island life, mountainside, agricultural and last but not least, lakeside living at its finest. Continue reading