Real Estate Update - Newsletter - January 2011.

By
Real Estate Sales Representative with Holmes Realty Ltd 42

Happy New Year, we made it to 2011!

I'll be celebrating my 40th birthday this month.  Amazing how time flies.  I remember feeling as a child a sense of infinite time and endless possibility.  As life goes on, time seems to have sped up.  Time goes by and sometimes I look around and wonder "How'd I get HERE?!"  Time no longer seems as infinite, but I still hold on to and glimpse that feeling of possibility.    

Starting a new year always helps to bring reflection and a fresh perspective.  A tradition of jumping into Elk Lake every year on January 1st also helps to bring a sense of... "immediacy"- Burrrrrrrr!  Some call it crazy, but it's symbolic for me.  I'm doing something outside of my normal comfort zone, on the first day of a new year, and plunging in headfirst.  It reminds me I can do what I put my mind to, and it's a commitment to myself I keep every year.  

Polar Bear 2011

 

I'm getting a lot of questions about what the spring will bring.  Spring is typically the most active time of year in real estate.  While I have an idea of what to expect, my crystal ball is far from perfect (whose is?!).  What I EXPECT is a quieter year in terms of sales volume (# of sales) than in the last decade, though I expect to see an improvement over the very dismal fall we just came through.  Average prices, whether they go up, or down, will hold close to what they currently are I believe, with no dramatic changes.  Properties will sit on market longer though, as buyers are very discriminating as to what they're purchasing.  I'm hearing conflicting predictions from various people and organizations "in the know" of prices edging higher, and prices edging lower, and prices remaining stable.  Some are calling for larger adjustments downward.  No one is calling for a dramatic rise in real estate values in the near future.  What I'm observing "on the street" is buyers hesitant to buy and lose money should a correction occur, while I'm hearing of more sellers who, for various reasons, need to make a move.  This definitely means a buyer's market, in which sellers must be realistic and priced appropriately and competitively if they wish to sell.  

A few new listings to report, all to go live on MLS in the next few days with photos, floorplans, and more details...

Newer home with inlaw suite in Langford, $477,500.  2 bedrooms up, 1 bedroom inlaw suite down.  Located on a quiet cul-de-sac.

Single Family Home in Thetis Heights, Langford, $469,000.  1600 square feet.  3 beds, 2 baths.  Westcoast Design.    

Mobile Home in Saanichton, $189,000.  Great starter home.  Approximately 1400 square feet.  4 beds, 2 baths.  Family & pet friendly.  LOW pad rent of $260/month.

Last month's real estate board newsletter and statistics are attached here via link.

Let's make this a great year!

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