With so many for sale signs in our neighbourhoods and some lingering on lawns longer than others many sellers wonder; are we in a buyer’s market?
Actually market activity is more to the tune of a balanced market. In June, 618 homes and other properties were sold through the Multiple Listing Service — up from 572 sales in May and comparable to the 625 sales during June last year.
The Times Colonist published Tuesday July 4th, 2011 that the Victoria Real Estate Board inventory levels are currently seven per cent higher than they were at this point last year, and June’s 5,050 listed properties marked the highest monthly level in 15 years. This doesn’t mean that properties aren’t selling however this just means that there is more selection in inventory and that properties priced right will continue to attract buyers.
In the TC article Board President Dennis Fimrite affirmed that “In fact sales [in June] were stronger than in any other month this year. And the fundamentals in Victoria are so strong in that there is great weather, a good economy if prices start to soften you might see more buyers coming in or people buying property as investments.”
Firmrite also assured that even thought Royal Bank and TD raised their 5 yr fixed interest by 0.15 percent that market activity should remain healthy. “Yes, if rates go up it makes things less affordable, but there are a lot of people looking around who may buy because rates are going up.”
What all if this means to the home seller is that being competitive is important. With so much choice on the market making sure your property shows well is important. Turn on all the lights when you have a showing booked and of course make sure to de-clutter. If your property could use some elements like furniture in an empty space or complimentary decor consider staging.
Contact us for to have arranged an in home consultation to determine the value of your property and tips that will make you more competitive in today’s market.
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