It's that time of year when we begin shifting gears preparing for the coming winter. I find the time change is when I really notice it. We keep the woodstove going, and try to keep warm and cozy at home in the evenings.
Dare I say...Christmas is coming around the corner! I'm not going to sweat it this year, but perhaps I shouldn't leave all preparation for the last minute yet again. It's nice to have a time in the mid-winter dedicated to warmth, connection, and sharing, and I ‘m feeling grateful.
I'm personally finding myself busier and busier as the fall progresses. In Victoria, we still have a large number of listings on market however, and buyers are cautious. I encourage buyers to still buy, but buy wisely, as there are many positive factors including low interest rates, negotiable sellers, and large selection.
Although Victoria stats are showing AVERAGE prices rising, I believe this is not sustainable, and furthermore, although MEDIAN prices rose only slightly for single family homes, condos and townhouses both lowered in terms of MEDIAN price.
Definition: Median is a mathematical result that indicates that one half of the group is higher and one half lower. Median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them.
Do not confuse this term with the average. They can be quite different for the same sample group. For instance, if you are doing a sold properties report and the homes are very evenly distributed, the median and average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.
Expect to see sales drop off substantially in December as everyone get's distracted by inclement weather and holiday preparations.
I think we may have an early market in the New Year, and encourage anyone thinking of selling to beat the spring rush and separate themselves from the crowd by listing in January or February. We can't know for certain what will happen this spring, but my feeling is that things will stabilize pricewise, while days on market will increase, especially as more and more people list properties in spring.
If you're considering a move within the next year, it would be a good idea for us to sit down and discuss strategy and timing.
New MLS Rules? Not really. It's been a matter of negotiation in Victoria for years. The changes are primarily back east where listing rules were tighter. I'll be blogging soon about the Real Value of having Professional representation. What the cost should be, I don't know, but if you understand the value, you'll understand there are benefits far beyond MLS access. It's really not about MLS access or MLS broadcast. MLS is a powerful tool, but it's not what ultimately creates success in buying or selling. Ok, enough of this or I'll have nothing to write about on my blog. Have you read my blog? Check it out at www.rooftopsmarketing.com
Major updates coming soon to my website, www.andrewplank.com
Thetis Heights Review, my Langford neighbourhood newsletter, is going online. Currently under construction, I'd appreciate any suggestions or feedback for content. www.thetisheights.com. It's created in Wordpress, a blog format, and I'm still working it out.
Have you heard of Uther Interiors? I'm considering using their services for 3D virtual tours on appropriate properties. Thoughts? http://www.utherinteriors.com/
Two big runs coming up for me, the Bear Mountain 10km, and the Gunner Shaw 10km trail run. Apparently Bear Mountain 10km is Canada's hardest 10km run. I remember when 1 km was hard for me. A major shift in the way I view my life and my work is learning we tend to overestimate what's possible in the short term and underestimate what's possible in the long term. Baby steps really do work when combined with a goal to keep you going along the path in the right direction!
If you're on Facebook, please check out my real estate page and be sure to "Like" it!
Recent Stats from the Victoria Real Estate Board: