Monthly Archives: March 2015

Testimonials

When I decided to sell my home in Cedar by the Sea last April, I asked Love Real Estate Group to list it. Within a week, I had offers and a purchaser. Next, Love Real Estate Group showed me a number of potential residences that could meet my needs. Within three weeks, I was very interested in buying a townhouse, made an offer and it was accepted. I was very impressed with Love Real Estate Group’s manner in which they dealt with me. Their advice, professionalism and prompt service were especially appreciated. I would highly recommend these Ladies to others if they are seeking either to sell or buy a home. Thanks again Love Real Estate Group.

Al Cormon

I am a happy repeat client. Love Real Estate Group sold my two previous houses selling/buying and a lot purchase within a few years. She had lots of patience, listened to me and helped me figure out what do I want and what is the best for me. She was trying to find a real home for me and was not a just rush to push me to buy and move on type. I had a small budget to buy a lot to build on and Love Real Estate Group was an awesome negotiator. I went through many hurdles with these 3 sales and purchases. Every time I had an issue, Love Real Estate Group helped me out and I was able to carry on to get my home. Love Real Estate Group are not simply selling or buying a house for me, They made my dreams come true and can make yours come true as well. They are my tailor-fit realtors.

Eliah Kim

Nanaimo Real Estate Market Heats Up – Spring 2015

Published By: on March 31st, 2015 in Category Nanaimo Real Estate

Written on March 31, 2015

Nanaimo Market Heats Up – Spring 2015

sold

There has been a real change in the Nanaimo Real Estate Market in this past year.

Nanaimo home prices were slowing drifting down since 2008, and have now turned around and are steadily rising. Market values for homes have now recovered to pre-2008 levels. The average sale price of a single-family home in Nanaimo is up 5% from this time last year. The number of homes sold is also up 5%. Improved confidence in the economy, low interest rates and pent up demand have resulted in busy buyer activity.

In terms of inventory, (the number of homes available), Nanaimo is at a 10 year low. There are 12% fewer active listing compared to Feb. 2014.

The basic rule of supply and demand can be seen in action. Low supply and high demand is pushing prices up. Gradually we are moving from a Buyer’s market into more of a Seller’s market.

What does this mean for the Home Buyer?

There are many buyers out there – just watching and waiting for the right home to come on the market. It is important to have your Realtor put you on to a direct Private Client Services feed so that you can see new listings as soon as they hit the market. There is a 2-3 days delay before these listings reach the Realtor.ca website. When you are competing for a desirable home, you will have competition and a speedy response to a new listing can be crucial.

There is a higher likelihood of competing with other offers (multiple-offers). If this happens, then each buyer is asked to present their best offer and the Seller can choose to accept the best one, or negotiate an offer (but only one at a time).

When there is a possibility of multiple offers the Buyer needs to present as strong an offer as possible. An important aspect of this is having your financing fully pre-approved. This will allow a quick subject removal period which is attractive to Sellers.

Of course, a subject –free, cash offer is the most attractive offer to a Seller, but that is not always realistic or wise. It is particularly important, even as a cash buyer, to allow yourself time to have a thorough home inspection, so that you know exactly what you are buying. Having said that, Buyers in Vancouver are making subject-free offers every day because that is the only way to win a multiple offer. As our Nanaimo market heats up that will become more commonplace here too. Also, we have many Vancouver and Calgary Buyers competing for properties here in Nanaimo. They are used to a hot market and they can be challenging to compete with.

In Summary:

  1. Be prepared financially – Make sure you are fully pre-approved for financing so that you can make a strong offer.
  2. If you need to sell your home before Buying, you may need to go ahead and get your place on the market. Offers with a “Subject-to-Sale” clause are not attractive to Sellers in this faster market.
  3. Ask your Realtor about PCS, to see new listings sooner.
  4. Watch for new listings that suit your needs and ask your Realtor to book a showing without delay.
  5. When you see a house that meets your needs, make a quick and strong offer to avoid competition.
  6. Call or email Marie Burrows or Love Real Estate Group to guide you through the challenge of buying and/or selling your home. 

 

BC Energy Code Changes – Again!!

Published By: on March 18th, 2015 in Category Nanaimo Real Estate

BUILT GREEN

Written on March 18, 2015

As of December 19, 2014 there is another set of changes to the BC Building Code. These are aimed at increasing the energy efficiency of new homes. While we all support the promotion of more energy efficient homes as a part of our environmental responsibility, there is a limit to what the industry can realistically absorb. The last set of changes was in 2012. Builders and suppliers have just adapted to those building practice changes, as well as the increased costs. It is too much too soon. Some of the changes make good sense, and some are downright unrealistic. It will take another year or two of seminars just to sort out what the changes all mean for builders and for the cost of new housing in BC.  How about saving up all these great ideas and having a minimum of 5 years between code changes?

Here’s the link to a summary of the changes:

http://www.bccodes.ca/BCBC_9%2036%20EnergyEfficiency.pdf

And here’s the link to the Canadian Home builder’s association website where you can find information about webinars to update you on the changes.

http://chbabc.org/media/docs/Energy%20Code%20Webinar_Registration.pdf