Nanaimo, BC

There will be several open houses being held at Deerwood Estates modular home park. Deerwood is an upscale 55+ modular home park in North Nanaimo. The open houses will run from 1 - 3pm on Saturday Feruary 11th.

If you are concidering selling your home and scaling back today would be a good day to meet several agents and look at the options available.

I just read this article by Larry MacDonald of Canadian Business In it he reviews five reasons why the housing market in Canada won't crash. I have to say he made a very strong case on all five. He certainly is bang on when talking about the differences in local markets. As a resident of Nanaimo, I immediately make the comparison with the insanely high prices in Vancouver and can agree with him whole heartedly.

Also of great note is the difference between Canadian and US housing markets with Canada having greater recourse rights and the fact that the subprime mortgage market was far less advanced in Canada. These are valid points that made a huge difference with regard to the last crash and how we Canadians fared as a nation.

At any rate I feel that this is a must read so am giving you the link. This would be a great topic for discussion amongst both Canadian and American ActiveRainers and I look forward to seeing the commentary.

Good News for Canada and the US

According to the British Columbia Real Estate Association, things are looking bright on the horizon, on both sides of the border. Most certainly this is welcome news, so I must share it! Below is their latest take on things:

"Canadian Manufacturing and US Housing Starts - January 19, 2012"

"Canadian manufacturing sales bounced 2 per cent higher in November, following an 0.8 per cent monthly decline in October. The gains were driven by higher sales in the petroleum and coal products industries along with strength in the auto sector. Total manufacturing sales were 1.7 per cent higher in volume terms. Higher sales were reported in 80 per cent of the manufacturing sectors surveyed. Sales by BC manufacturing firms grew 0.9 per cent month over month in November and were almost 6 per cent higher than in November 2010.

South of the border, US housing starts (a key bellwether for BC's forestry sector) fell 4.1 per cent in December, coming in at a seasonally adjusted annual rate of 657,000 units. However, the pace of housing starts in the fourth quarter of 2011 represented a post-recession high, a strong signal that US home construction should continue to improve in 2012."

What a pleasureable read this is!

It appears that they are anticipating 2012 to be a year of good growth for both countries, and as real estate agents, we are more than ready to ride that tide...are we not? I look forward to a year of doing business with my Active Rain family and of prosperity for us all. What is your take on this? Looking forward to your comments!

How to sell your Nanaimo home in a buyers’ market

I have reviewed the statistics that have come in from the Vancouver Island real estate Board. In 2011 Nanaimo was experiencing a Buyer’s market in real estate. It appears that trend will continue into 2012; at least for the first quarter.

A buyers’ market is a real estate market that has more homes for sale than there are buyers to buy them.

A buyer’s market is a wonderful thing for buyers because it means that they will have lots of choices when looking for a home. From a sellers perspective a buyers’ market means that you are going to have more competition than you would normally have in a balanced market.

If you have decided to sell your Nanaimo home this winter or spring there are some things you’ll need to do to help your home sell.

How to sell your Nanaimo home in a buyers’ market

1. Get your home pre-inspected – This is a proactive step and will bring to light any issues with the home. It is much better to know in advance if there is anything wrong with your house. This pre inspection may rule out any problems that may arise when the buyers do their own inspection.

2. Get your house in shape before you list – With the additional competition that arises in a buyers’ market it’s important to have your house stand out in the crowd. Get your copy of Tips to help you sell your house for many ideas on getting your home ready to sell

3. Don’t over price your house – Overpricing your home, to allow for a little wiggle room, can back fire in this type of market. If you have priced your home too high, potential buyers won't even look at it.

As a Realtor I assist my clients in determining fair market value for their homes. I do this by comparing homes like theirs that have sold in the past six months or are currently on the market. These comparable homes that are on the market are homes similar to yours. So, it stands to reason that buyers looking for a home like yours will also be looking at these homes. These homes will be your direct competition so it is important to list your home at a similar price.

For additional information on how to sell your Nanaimo home in a buyers market please call me.