Victoria BC Real Estate Market Update For May 2010.
Some of you read my earlier posts about the Victoria real estate market update.
Some agree, some don't here in the fairness of balanced reporting, here is a link to the full and complete report as published by our VREB Victoria Real Estate board.
From it one could conclude a few things,
- All is well
- All is okay with a few areas of concerns
- There are some signs of concerns
- This is the beginning of a slide
Personally I am not much of a doom and gloom person, reality seems to be somewhere between black and white and takes on some shade of gray.
But here are some suggestions if you are contemplating to buy sell, invest, finance or re-finance, move in to the area or move out of the area over the next 1 to 5 years.
- Start planning NOW.
- Become very aware of property trends of the property you are planning to buy and or sell.
- Read Everything you can get your hands on about local trends, and direction of the economy, construction, employment, real estate etc. etc.
- Consider all your options (sell now, rent and buy later, just sell and rent, buy now, buy later etc. etc. etc.
- If you need to finance or re-finance understand the new rules as they affect your ability secure financing (they may have a serious impact on your decisions)
- If you are downsizing, (Big House to Condo or townhouse) selling now, rent for a while and possibly buy when the dust settles may be a perfect strategy for your situation).
- First timers, just wait and save as much money as you can.
- Moving out of this market, sell now, and rent back for some time until your move
- Moving in to the area, sell where you are, and rent locally, there are many reasons to do so, not just money and market conditions.
- Moving to a similar property type in the same market area, proceed with caution, but you should be okay to sell now with the longest possible completion period and shop the adjusting market until you find the right fit.
- Moving up in the same property type (small condo to say bigger condo) use the same approach as moving side ways.
- Moving Down in the same property type (big house to small house) sell sooner, and rent for a while, then buy or use the long completion or rent back approach to avoid double moves.
- Don't let yourself be swayed by panic talkers or some quick fix solution offered by guaranteed buy/sell offers and the like.
- Surround yourself with experts and specialists in the areas of your specific concerns and lifestyle (lawyers that invest in real estate, accountants investing in real estate, contractors that invest in real estate, Realtors that invest in real estate (that would be us off course).
- Meet and or chat with your "Specialist" team on a regular base, and find out how your plans and direction fit with the market reality and future trends.
- Be prepared, (get your finances in order, minimize any and all delays, preventing you to make the right decisions at the right time)
- Get you House in order, fix and repairs things, minimize your "stuff"
We (Peter and Linda Pfann) have many tools, reports, information as well as a trailer to move stuff, actual home renovation tools, a group of like minded people, free staging and downsizing reports, you name it we have spend the last 26 years getting ready to help our clients, good market or bad. So be sure to call upon a trusted member of you specialist team to guide you to the challenging waters surrounding us.