Victoria Market Leader 2011

This Victoria Market Leader 2011 Graph was prepared by the Victoria Real Esate Board .  Please don't hesistate to contact me at deedrie@deedrieballard.com should you wish to discuss or have any questions.

HST Threshold Being Raised

This article on the HST Threshold has been provided by the Victoria Real Estate Board. Please don't hesitate to contact me at deedrie@ deedrieballard.com should you like additional information or have any questions.

Deedrie Ballard's Blog Introduction

I am pleased and excited to introduce my new Blog! My intention is to utilize this to communicate my interests and passions. Real Estate information will be my primary objective; I intend to post information regarding my current listings, useful tips about buying and selling homes, clear up some of the Real Estate jargon that is used in the industry, illustrate how the market is interpreted and how it can be beneficial to you, provide some helpful guidelines about the finer details about preparing your home to be sold, and much much more. Of course, I will not ignore the fun and entertaining side of real estate – I’ll showcase unique homes, creative interior designs, imaginative landscaping creations, and other inspired and artistic finds I come across. 

It is clear real estate, and everything it encompasses is something I am truly passionate about, but I also want to highlights other aspects of my life. I’ve been very active in the Victoria community for an extensive time. I’ve been involved with numerous charities, boards, and committees and I intend to shed some light on some of these wonderful organizations. The Victoria community is a vibrant melting pot of culture and events and I hope to share some of these with you.

Sincerely,

Deedrie Ballard

How Buyers Find The Home They Purchase

 Courtesy of the Victoria Real Estate Board.  If you would like to discuss don't hesitate to contact me at deedrie@deedrieballard.com. 

Latest Victoria Real Estate Market Activity

 

 

 

Month End Stats from Victoria Real Estate Board

Courtesy of the Victoria Real Estate Board here are the lastest stats.

Wednesday February 1, 2012 7:55am:

For any additional info or if you have any questions, please feel free to contact me at deedrie@deedrieballard.com

• Left Column: stats for the entire month from this year
• Right Column: stats for the entire month from last year

Deedrie Ballard's Blog Introduction

I am pleased and excited to introduce my new Blog! My intention is to utilize this to communicate my interests and passions. Real Estate information will be my primary objective; I intend to post information regarding my current listings, useful tips about buying and selling homes, clear up some of the Real Estate jargon that is used in the industry, illustrate how the market is interpreted and how it can be beneficial to you, provide some helpful guidelines about the finer details about preparing your home to be sold, and much much more. Of course, I will not ignore the fun and entertaining side of real estate – I’ll showcase unique homes, creative interior designs, imaginative landscaping creations, and other inspired and artistic finds I come across. 

It is clear real estate, and everything it encompasses is something I am truly passionate about, but I also want to highlights other aspects of my life. I’ve been very active in the Victoria community for an extensive time. I’ve been involved with numerous charities, boards, and committees and I intend to shed some light on some of these wonderful organizations. The Victoria community is a vibrant melting pot of culture and events and I hope to share some of these with you.

Sincerely,

Deedrie Ballard

Real Estate Jargon Revealed

For me, discussing Real Estate, and the endless possibilities if offers comes as second nature. I’m passionate about the subject and have been a professional in this industry for an extensive period of time. At some point this industry touches almost everyone’s life in one way or another; however, for many the terminology that is used can sometimes seem confusing and restricting. Here I aim to clear up some of the jargon that surround real estate, and clarify some of the ideas and procedures.

Appraisal: The act of estimating the market value of a property.

Appreciation: The increase in value in a home from when the home was first purchased.

Balanced Market: A market condition is where the demand for property equals the supply of available properties for sale. There are typically a good number of homes available to choose from at fair and stable prices.

Buyer’s Market: A market condition where there are a higher number of homes to choose from, than buyers able to purchase. Houses will typically remain un-sold for longer periods and tend to sell at a lower price, allowing for increased negotiating leverage for buyers.

Closing Costs: Costs, in addition to the purchase price of the property, such as legal fees, transfer fees and disbursements. Closing costs typically range from 2% - 4% of a property’s selling price and are payable on the closing day.

Closing Date: The date in which the sale of a property becomes final.

Conditional Offer: An Offer to Purchase that is subject to specified conditions, for example, on approved financing or upon an approved home inspection. Conditional offers typically have a stipulated time limit within which the specified conditions must be met.

Condominium Fees or Strata: Payments made by owners of condominiums or townhouses to the property management of a complex that is allocated to pay expenses, such as maintenance, repairs and management costs.

Contract of Purchase and Sale: A written contract detailing the terms under which the buyer agrees to buy. If accepted by the seller, it forms a legally binding contract subject to the terms and conditions stated in the document.

Counteroffer: When an original offer to the seller is not accepted, the seller may counteroffer.

Depreciation: The decrease in value in a home from when the home was first purchased.

Easement: A right acquired for access to or over another person's land for a specific purpose, such as a driveway or public utilities.

Equity: The difference between the price for which a property could be sold and the total debts registered against the property.

Listing: A written agreement between a property owner and a real estate representative authorizing the agency to offer the owner's real property for sale.

Real Estate Broker: A brokerage that represents a principal in a real estate trade.

Seller's Market: A market condition where there are a higher number of buyers than homes available to purchase. Houses will typically sell faster and at a higher price.

Strata or Condominium Fees: Payments made by owners of condominiums or townhouses to the property management of a complex that is allocated to pay expenses such as maintenance, repairs and management costs.

Survey: A document that shows the property boundaries and measurements, specifies the location of buildings on the property, and indicates any easements or encroachments.

Tenant: An individual who occupies land or tenement under a landlord.

Great time to invest in a new home - Buyer's Market!

Real Estate Sales and Prices Soften in July

A total of 523 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 618 sales in June but very close to the 527 sales in July of last year. Overall prices, meantime, declined somewhat across all major property types.

Courtesy of the Victoria Real Estate Board.

How to choose an agent - Buyers and sellers.

As you can imagine, when buying or selling a home choosing the right agent for you can be the pivotal decision which makes the experience smooth and enjoyable or frustrating and a sour memory. I came across this Times Colonist article which provides a great overview of some of the things one should look for when choosing an agent and some helpful questions to ensure you will have a pleasant experience. To view my testimonials, visit the testimonial section on my website, or email me for additional reviews deedrie@deedrieballard.com

I hope you find this useful.

Deedrie.

Pedro Arrais, Times Colonist

Published: Wednesday, August 24, 2011

With 1,325 active real estate agents in the Greater Victoria area, one might expect it to be easy to find an agent to sell a house.

But finding the right real estate agent to list a home can be a lot like finding a life partner - pick the right one and the experience can be positive. Choose the wrong agent and the experience can lead to months of frustration and an unsold house.

Ted Baker recently sold his mother's house and shares the trials and tribulations from his experience. Tony Joe, a real estate agent with Re/Max Camosun Oak Bay, was the listing agent and shares his insight on today's changing market.

For some people it's not difficult to choose a real estate agent - they pick one based on personal recommendation from friends and family. According to a report by the National Association of Realtors, more than half of home buyers found their agent this way.

"People typically go with people they know," says Joe, who has been selling for 20 years. "For the consumer's standpoint its all about networking. Unlike other areas of sales, real estate agents have access to the same inventory pool. What sets them apart is their level of experience, professionalism, knowledge and . marketing or negotiation style."

He says that more than 90 per cent of his business is from referrals, compared with the industry average of 50 per cent.

"Personality has a lot to do with it," says Baker, who used to do renovation work on homes. "One needs to be able to rely on the capability of the agent to get the job done."

To help you select an agent with the right skills, testimonials, experience, competence and reliability, here are a few pointers.

BE PREPARED

Information is power. Baker suggest people get an independent appraisal - which costs about $125 - to get an independent third-party evaluation of the property.

A pre-sale home inspection is also useful to identify and correct potential problems in a house. A buyer will likely uncover the same issue when they get the house inspected as a condition of the sale.

BEWARE OF AN AGENT TRYING TO BUY A LISTING

In order to secure a listing, some agents will purposely overvalue a home. They tell potential clients they can get more for a house than other agents.

Because the inflated house is more expensive than comparable homes, it will linger on the market until the price is lowered.

"Ask the real estate agent to justify the price," says Baker. "Ask to see listings of homes for sale in the last three to four months for comparison."

INTERVIEW PROSPECTIVE REALTORS

Increasingly people interview a number of agents to determine if the "chemistry" works.

"Ask about productivity," says Joe. "Real estate is a complicated process. Find out about the agent's knowledge and experience."

ASK ABOUT EXPECTATIONS

"When I interviewed different agents, I asked them 'What are you going to do for me?' " says Baker. Some agents have a detailed written plan about how they will advertise and market a property.

ASK FOR RECOMMENDATIONS

Any agent who has been selling for a while should have a list of happy customers. Many people would trust a recommendation by a friend or family member. As a last resort, a person can review a real estate agent's qualifications by viewing their website.

ASK ABOUT COMMISSIONS

Real estate agents can be flexible as to the commission structure. Most charge six or seven per cent on the first $100,000 and three per cent on the balance. Some have a flat percentage of the total price. On a $500,000 house, with the above 7/3 calculation, a seller would pay the agent $19,000. Finding an agent who will sell for less will obviously affect the bottom line.

"The only question I regretted not asking was if the agent would reduce his commission if the house sold within 30 days," says Baker. "Because there would be less work involved - fewer open houses, fewer showings - shouldn't the cost of selling also go down?"

Also, when an offer is tendered and the parties are slightly apart, it is appropriate to ask if the agent is willing to forgo a portion of their commission in order to secure the sale.

FIND OUT IF THE AGENT IS GENEROUS TO OTHER AGENTS

One of the reasons a person lists a home with a real estate agent and the professional listing service is because he wants other real estate agents showing the home to their clients.

A listing agent who is generous in sharing the potential commission with others typically gets more house viewings.

"Not all agents work well with others," says Joe.

FIND OUT HOW MANY OTHER LISTINGS AN AGENT HAS

"An agent with 50 listings is spread out too thin," says Baker. "There's no way an agent with that many listings can put time into a sale."

He is more comfortable listing with an agent who has, at most, 10 listings to service.

FIND THE MARKET THE AGENT IS TARGETING

It is important that the agent chosen has experience both in the property type and price range. If he primarily sells luxury houses, he is not likely going to have many buyers looking for an entry-level condominium, for example.

FIND AN AGENT WHO KNOWS THE REGIONAL MARKET

Baker says he recommends finding an agent who works within 15 kilometres of the listed home. "He will know the area and he will know the market better."

TYPICAL FAQS

Here are a number of interview questions that people have posed to Tony Joe in his career:

·         General

·         How long have you been selling real estate full time?

·         How many transactions have you been involved with in your entire career?

·         How many transactions did you handle in the last calendar year?

·         How many transactions have you handled year-to-date?

·         Have you ever been subject of a disciplinary action?

·         Are you a listing agent or a buyer's agent?

·         If both, what is your percentage of listing sales to buyer sales?

·         Do you have a list of references to call and a list of testimonials? Can you have another professional real estate agent vouch for your business practices and integrity?

·         What price range do you generally work in?

·         Do you dual represent or "double end"?

·         Do you have a network of other productive agents from other firms which you work with?

·         Do you attend training and technical update seminars above and beyond the local minimum standards?

·         What would you say are your strongest attributes as an agent?

·         For people looking to buy a home

·         Are you experienced in multiple offer scenarios?

·         Do you have contacts in the mortgage business?

·         Is your negotiation style collaborative or confrontational?

·         Can you recommend building inspectors who will be critical and prepared to fail a house on inspection?

·         What is your after-sale support program?

·         For people looking to sell

·         What is your success rate (listings taken to sold)?

·         What is your list price to sell price ratio?

·         What is your average days on market?

·         What is your advertising strategy? Do you have a marketing plan?

·         Do you provide feedback from agents?

·         Tell me about a recent complicated transaction for which you found the solution.

parrais@timescolonist.com

Victoria the Garden City

Victoria the Garden City

Those of us fortunate enough to live in Victoria BC, often appreciate and delight in the incredible landscapes that it surround us with. Internationally Victoria is known as the Garden City of Canada. Many envision Butchart Gardens or Victoria’s famous hanging flower baskets when asked to picture the Garden City. Being situated on the West Coast allows us our temperate climate all year round, and provides the perfect medium for the green lush gardens experienced here. Of course, this wonderful foliage environment can add value to your home, even if you’re not an accomplished green thumb! Here are a few tips to increase the curb appeal and value of your property:

• -       Cut the lawn regularly
• -       Trim shrubs and hedges
• -       Weed and edge gardens
• -       Remove all debris, discarded wood scraps, and other materials from the yard and around the house
• -       Window boxes are a fairly inexpensive and quick way to give your home some instant charm.
• -       Green your grass with turf paint. The result is instantaneous, lasting and affordable. It's commonly used on golf courses to maintain year-round greens, and can add luster to any dull yard, without damaging the grass.
• -       Use planter boxes, and pots to fill in sparse areas and add some colour to your yard.  

o   However, be careful to avoid a cluttered look, which can actually diminish the value of your home!  

Photo Courtesy of: Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License, FreeFoto FREE USE - http://weblogs.about.com/gi/o.htm?zi=1/XJ&zTi=1&sdn=weblogs&cdn=compute&tm=16958&gps=216_255_1276_508&f=00&su=p284.12.336.ip_p504.1.336.ip_&tt=3&bt=0&bts=1&zu=http%3A//www.freefoto.com/

It is important that before you put your home on the market, it’s in the best possible condition. Spending some time and money on general maintenance, or simple upgrades can ensure you get top dollar for your home. Here are some tips for both professional and do it yourself options to increase your home’s market value.

The following renovation guide highlights the approximate percentage of direct increase to a home’s value by having professional upgrades done to a 1,100sqft home.

Courtesy of Ergil & Jackson Appraisers Ltd.

To get an even larger return for your efforts, here are 8 Easy Do-It-Yourself Renovations.

Refinish or Reface Kitchen Cabinets
Consider either refinishing existing cabinet doors with paint, stain, or laminate; or reface them, which means putting new doors on existing kitchen boxes. Hint: Order one door and one drawer front before ordering the whole set so you know they'll really work. This is an easy way to give your kitchen a ‘new’ and updated look, without completely remodeling it.

Buy New Knobs for Cabinetry
Replace wood knobs with modern stainless ones, or swap cold metal ones for antique colored glass knobs to add some character to room.

Add Track Lighting
Because these go on the surface of the ceiling, as opposed to “pot” or “can” lights that are recessed, you can install these yourself. Adding light to a room can help it look larger and warmer.

Insulate the Attic and Other Energy-Sucking Areas
Caulk around windows and spaces between the floor and baseboards. Service your furnace so it produces the most for the least, and insulate your visible pipes for heat loss. Buy a “draft stopper” or “draft guard” for the bottoms of your doors (a cheap fix from $10 per door) so wind or heat doesn’t slip through. You don’t want potential buyers to feel your home is too “drafty”.

Tile the Bathroom Floor or Kitchen Backsplash
Make sure the surface is a flat and dry surface -- like cement or plywood subfloor, an even wall, or a tiled surface you want to cover with new tiles. Use spacers between tiles and the notched trowel to create even ridges on the mortar under the tiles.

Replace Faucets and Fixtures
A new, modern faucet can make a sink in your kitchen or bathroom look brand new again. As long as the new fixtures don’t require a smaller hole in the furniture or sink than the one that’s already there, it’s an easy upgrade. 

Add Wainscoting 
What looks like an intricate wall design is actually a straightforward DIY project, provided you’re working with even walls in good condition. Basically, you just need to purchase the wainscoting (according to your measurements) along with a coordinating baseboard and rail, and some glue or nails to put it up. Simple and easy way to make a room look brand new!!

Paint
Is it obvious? Yes. It is an easy solution to changing the entire look of a room in an instant! Paint a whole room, add a bold accent to a wall, or do some fresh, glossy white trim for the cost of a few gallons of paint. Painting right before putting a home on the market is perhaps, one of the easiest and cheapest ways to increase the market value.

MLS Stats from the Victoria Real Estate Board

Hello,

I like to keep a close eye on the Market, and I'm always looking for market trends and opportunities that I can pass along to my clients. Below I've posted the most recent stats and newsletter that is provided to me from the Victoria Real Estate Board. If you have any comments, questions, or would like to find out how the Victoria real estate market can benefit you, please email me at deedrie@deedrieballard.com

I am always happy to discuss all real estate related inquires.

Sincerely,

Deedrie Ballard

Please Note

• Left Column: stats for the entire month from this year
• Right Column: stats for the entire month from last year

October 3, 2011

Real Estate Sales Ease in September Outlook for Balance of 2011 Remains Stable

Real estate sales activity softened throughout Greater Victoria last month with a total of 458 homes and other
properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542
sales in August. Sales last month were, however, 16 per cent higher than the 395 sales in September of last
year. Prices, meantime, remained mixed depending on the property type.
 

Victoria Real Estate Board President, Dennis Fimrite, noted that the overall market remains stable despite some
easing of sales in September. “There has been some softening in activity over the last year with the number of
sales so far this year running about 10 per cent below last year’s levels. However, sales during the last two
months have been higher than in August and September of last year and we anticipate stable market conditions
for the balance of this year.” Fimrite noted that despite economic uncertainty, interest rates remain very
attractive and this is positive news for buyers. He added that that there were 17 single family home sales of over
$1 million in September including one in Saanich East at over $6 million.
 

Fimrite added that the number of properties available for sale remained virtually unchanged last month with
inventory levels currently 14 per cent higher than a year ago. “The number of properties available for sale
declined very slightly last month to 4,940 compared to 4,944 at the end of August.”
 

The average price for single-family homes sold in Greater Victoria last month was $622,393, down from
$652,841 in August. The median price also declined to $535,000 while the six-month average increased slightly to $622,519. The overall average price for condominiums last month was $332,490, down from $339,057 in August. The average for the last six months increased slightly to $331,209. The median price for condominiums in September also increased to $279,900. The average price of all townhomes sold last month showed little change at $436,039 compared to $437,079 in August. The median price declined to $391,000 while the six month average increased slightly to $447,127. MLS® sales last month included 244 single family homes, 128 condominiums, 52 townhomes and 12 manufactured homes.

Happy Thanksgiving

Happy Thanksgiving

The Thanksgiving holiday is upon us again, and it is one of my favorite times of year. It gives us the opportunity to be surrounded by family and friends, and appreciate the numerous things we are blessed with. I am fortunate enough to have an amazing group of people in my life that I am truly thankful for. My business relies on the recommendations and support of those close to me, and I want to take a moment and say a heartfelt thank you to all of the people who continuously support me.

Thanksgiving is a time to reflect on the seemingly everyday things we are fortunate enough to have in our lives, such as a turkey dinner on the table, a warm place to sleep, and a roof over our heads. Some are not as privileged and it is times such as these, to keep them in mind. This year I would like to draw attention to the wonderful non-profit organization “The Upper Room” who is partnered with “Open Door”. Every Thanksgiving they offer a free meal to any and all in need, serving over 600 people a year. I encourage you to give freely to those in need this year, and help make Victoria a better place for all. For more information on how to donate or volunteer, please call (250) 388-7112.

From my family to yours, a very happy Thanksgiving!

Deedrie Ballard

Home Sales Edge Higher in September

Home Sales Edge Higher in September

Latest information from the British Columbia Real Estate Association

Courtesy of: http://www.bcrea.bc.ca/docs/news-2011/2011-09.pdf

Vancouver, BC – October 14, 2011. The British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 8.8 per
cent to 5995 units in September compared to the same month last year. The average MLS®
residential price increased 6 per cent to $523,568 last month compared to September 2010.

“MLS® home sales edged up 3 per cent in September compared to August on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment.”

“Despite a modest gain in unit sales, total active residential listings in the province remained elevated in September,” added Muir. A total of 55,616 homes were listed on the MLS® in the province at the end of September.

Year-to-date, BC residential sales dollar volume increased 17.5 per cent to $34.8 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 61,127 units, while the average MLS® residential price rose 13.9 per cent to $569,922 over the same period.

 If you would like additional information on the above, or you have any real estate questions, please do not hesitate to contact me deedrie@deedrieballard.com

Sincerely,

Deedrie Ballard

October's Month-End Market Statistics - from the Victoria Real Estate Board

Hello,

I wanted to share the most up to date stats about the Victoria Real Estate Market. These were provided by the Victoria Real Estate Board. I always enjoy looking for trends, and comparing the statistics with previous years. If you have any questions, or would like additional information, please don't hesitate to contact me. deedrie@deedrieballard.com I always enjoy discussing the market!!

Deedrie Ballard

Tuesday November 1, 2011 7:50am:

Please Note

• Left Column: stats for the entire month from this year
• Right Column: stats for the entire month from last year

Victoria house prices up 123 per cent in a decade

I recently came accross this article in the Times Colonist, and thought it appropriate to share on my blog. Now is an excellent time to invest in the market! If you have any questions, or would like additional information about the article below, or the Victoria Real Estate market, please do not hesitate to contact me deedrie@deedrieballard.com

Sincerely,

Deedrie Ballard

Victoria house prices up 123 per cent in a decade

Real Estate Activity Increases in October

Below is the latest statistics and updates from the Victoria Real Estate Board - I hope you find it as interesting as I do. If you have any questions, or would like to discuss how the Victoria Real Estate Market can benefit you, please don't hesitate to contact me deedrie@deedrieballard.com

Deedrie Ballard

Real Estate Activity Increases in October

November 1, 2011

Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, "It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year." Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. "There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000," noted Fimrite. He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands.

Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. "The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September."

The average price for single-family homes sold in Greater Victoria last month was $595,836, down from $622,393 in September. However, the median price increased to $539,750 while the sixmonth average decreased slightly to $619,828. The overall average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000 while the average for the last six months declined to $323,039. The average price of all townhomes sold last month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six month average declined to $438,167.

Compare New Home Costs in Victoria to other Canadian cities.

Take a look at this interesting article I've come across. Should you have any questions, or comments, I would love to discuss. Please feel free to email me at deedrie@deedrieballard.com

Financial Post · Nov. 9, 2011 | Last Updated: Nov. 9, 2011 10:10 AM ET

$6.5-million sale tops region's real estate - Times Colonist Artice, featuring Deedrie Ballard

I'm honoured that the Times Colonist is featuring my listing/sale of  3155 Beach Drive! Please read below for details.

December Month End Statistics - from Victoria Real Estate Board

I thought you may be interested in the month end statistics provided from the Victoria Real Estate Board. For more information, please email me at deedrie@deedrieballard.com

Monday, December 5, 2011 8:00am

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Month End Stats from the Victoria Real Estate Board

Cou

Courtesty of the Victoria Real Estate Board, these are the statistics from this December and last December. If you have any questions, or would like more information, please don't hesitate to contact me at deedrie@deedrieballard.com

• Left Column: stats for the entire month from this year
• Right Column: stats for the entire month from last year