In December 2019, sales of single family homes were up by 40% compared to one year ago.
Annually, sales were down 9% with 4,119 properties sold in 2019 compared to 4,539 in 2018.
The VIREB housing market is currently balanced and leaning towards a buyers market. There is a lack of inventory, preventing many buyers from moving forward with a purchase. Now is a great time to list as Sellers can take advantage of the lack of competition.
2020 property assessments have been mailed to homeowners across BC. Nanaimo homeowners will sigh with relief that their assessments don’t come with the sticker shock of years past.
Provincially, home values dropped by 2.5% while Nanaimo saw an increase of 3%. This is a moderate increase compared to a whopping 50% increase in property values for single family homes in Nanaimo between 2015 and 2019.
A moderate increase is a good indication that the real estate values are stabilizing. We are experiencing a more balanced market in Naniamo, with less dramatic price increases.
It’s important to remember that your BC Assessment value is not an indication of your homes market value. Rather, municipalities use it to generate your property tax bill.
Find your property assessment online here: https://www.bcassessment.ca/
Home owners who disagree with their assessment have until January 31, 2020 to dispute their property assessment.
Thinking of buying or selling? To find out what your home is worth in today's real estate market, give me a call to schedule your FREE no obligation home valuation
The long and the short of it is that sales of single family homes in Nanaimo are down 20% compared to last year, and inventory has increased by 14% board-wide. We are seeing a higher volume of listings compared to sales and buyers are negotiating competitively and willing to walk away and wait for a good deal. As always, the key to a quick sale is correctly pricing your home. Well priced homes are selling and may even receive multiple offers.
As summer drew to an end we saw a dip in sales, with 11% fewer sales than August 2018 and 9% fewer than July 2019. The VIREB housing market has transitioned towards a balanced market, with some areas trending towards a buyers market. Sellers are recognizing the change in the market and adjusting their pricing expectations.
The single biggest mistake you can make when marketing your home is pricing incorrectly. You only get one chance to make a great first impression so you want to ensure that you are pricing your home accurately.
Price too high and you risk your property sitting on the market too long and the market conditions changing. Overpricing also limits demand and reduces the number of buyers who view the home. Without viewings, you aren’t going to get a sale at any price so you need to set a price that is enticing enough to get buyers through the door and submit an offer.
Many clients ask: “Can I test the market at a high price and reduce if I don’t get any offers?” In theory, you can price your home at whatever price you like but that doesn’t mean there is a buyer out there willing to pay it. Research proves that overpriced homes sit on the market longer and actually sell for less than comparable homes that are priced at the correct market value from the start.
Get it right the first time! Before listing your home for sale, seek the opinion of a local real estate professional. Your real estate agent will research recent sold and listed properties, review features, neighbourhoods, and current market conditions in order to provide you with an accurate estimate of your homes market value. If you get multiple evaluations, keep in mind that no two appraisals will ever be exactly the same but they should be close.
Pricing your home correctly will help you to put your best foot forward and maximize your chances of getting a sale.