Priced to Sell It has long been a motto of real estate, and the saying goes, "location, location, location." It's what sells a property, they say.
But recent times have brought to light that the real deciding factor on how fast, or even if, your home sells all comes down to price. It's not that buyers are attracted by shiny, new things, but in a sense they are.
When a home is newly listed it gathers a lot of interest. The listing agent may send out emails, webcasts, and virtual tours. They launch their entire marketing program. Even the MLS indicates the home as "newly listed." After a few weeks, however, if no momentum has been built, the home will then face a must steeper challenge on the road to selling.
First, homes that have been on the market a considerable time lose their competitive advantage. A buyer may see a home hasn't moved, and may come in with a low offer price. Depending on how desperate the seller is, they may feel obligated to take this offer.
Second, no one wants their home to sit on the market. It can interrupt plans to move and to buy. One of the best game plans is to price your home to sell. This means taking a good, hard look at the area comparables.
How much have homes been selling for in your area?
How does your home compare in terms of amenities?
Your real estate agent can be invaluable when it comes to correctly pricing your home. Sellers judgement can be easily prejudiced by emotional attachment to the home and hopes for certain profits.
If your area is experiencing a strong buyers market, that means you need to be even more competitive. You may need to price your home a little lower than you had hoped for. If you are in a sellers market, you can generally ask for a bit more in the asking price. One tried a true method a realtor will use to snowball interest in a home is to actually underprice it.
If your home is in a desirable location and you undercut the competition, you may find yourself fielding multiple offers.
How does that work? A group of buyers are all looking for a home in your lovely neighborhood. Comparable homes to your are priced around $250,000. So, you price your home at $220,000. Buyers jump at the chance to get such a bargain deal .... buyers being the operative word. This can create a bidding war between buyers who have fallen in love with your property. In many cases, the final sale price ends up being more than you would have gotten had you listed at a higher initial price.
Have your upgrades priced you out of the competition? Renovating your home with upgraded fixtures and granite counters can be very appealing. But if homes in your neighborhood are basic models with Formica counters and fewer fancy upgrades, you may have a hard time finding a buyer who will shell out more. This is one way location is very important. You must make sure you're aren't overpriced for your location. Depending on your area, you may have to eat the costs of some of your previous upgrades in order to get a sale.
And finally, are you being greedy? Sometimes people have a magic number in their head of the profit they'd like to make by selling their house. They already have that money spent on the upgrades and toys they'll buy for their next home. But selling is a time to be realistic. Rely on your real estate agent to guide you in pricing your home. And good luck selling!
Written by Carla Hill
SHOULD I RENT OR OWN A HOME ANLALYSIS
HERE IS A ANALYSIS TABLE COMPARING RENTING VERUS OWNING
EXAMPLE: PURCHASE OF 301-1052 ROCKLAND 2 BEDROOM CONDO AT $299,000 with 25% Downpayment 3 year term at 2.99 % mortgage interest rate
| Monthly Rent: | $
RequiredMust be a positive number | | No. of Years you plan on keeping the home: | RequiredInvalid |
| Annual Rental Increases: | % RequiredInvalid | | Yearly Appreciation on the Home: | % RequiredInvalid |
| Monthly Renter Insurance: | $ RequiredInvalid | | Annual Home Maintenance: | % RequiredInvalid |
| Savings or Investment Rate: | % RequiredInvalid | |
| Your Results |
Your customized Rent versus Owning analysis is based upon:
An initial monthly rental payment of $1,000.00. We assume that your rent will increase by 2.5% per year.
You are considering buying a home valued at $299,000.00, with a down payment of 25.08% or $75,000.00. Your monthly mortgage payment of $930.27 includes both principal and interest and is based upon a loan amount at an interest rate of 2.9%. (current 3 year term )
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Summary:
By buying your home versus renting you will have saved $93,040.76 over the next 5 years. (Net Appreciation - Total Investment Return + Total Rental Payment - Total Mortgage Payment) |
Breakdown of this Analysis:
| | Total Rental Payment: | $64,875.94 | | Total Mortgage Payment: | $67,776.40 | | Down Payment: | $75,000.00 | | Home Value: | $381,608.19 | | Interest Earned: | $11,945.55 | | Remaining Loan Balance: | $198,721.41 | | Total Investment Return: | $86,945.56 | | Net Appreciation: | $182,886.78 |
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We
here at Fred Carver Real Estate Marketing
Re/Max
Camosun continuously monitor local real estate statistics to keep our
clients
informed and ahead of the real estate trends. Below you will
find James
Bay BC
real estate statistic's for August 1, 2010 to August 19, 2010.
New listings
homes, condo’s
and townhouses New to the market in July 01/August 20
total = 34
Number of Pending
Single family home sales August 1/August 20 = 2
Number of
homes Sold’s
(completed sale) in July 31/August 20= 0
Number of
home listing
expiring in end of July = 0
Current Single Family Pending Sales
-Average days on the market DOM= 11
Year to-date
single family home Sales (08/20/09 to
08/20/10) Activity:
Solds = 33
Current
Active listings in James Bay single
family homes 17, condo's
and townhouses 75
Average
Current Pending Selling Price in James Bay August 20, 2010:
Single family homes = $641,950 from 2 pending sales average DOM
=11.
Condo
& Townhouse = $514,769 from 13 pending sales average DOM =65
Source VREB
Go Here to find the value
of your home
If you would
like a
free list of homes for sale in this neighborhood, and would
like more
information about James
Bay or would
like to be the first to know about HOT
new
listings before other buyers do,
then give me a call at: 250-598-2963
NEW VICTORIA LISTING 2 bedroom condo 1052 Rockland Ave. You’ll love this large bright Rockland Condo with a morning sun and two balconies. Nicely updated including New carpet, new efficient electric Fireplace, plus new fridge, stove, hood fan and washer dryer all in 2007. Nothing to do just move in. Lots of in-unit storage and a separate locker. In-suite laundry room. Quite 55 + building, no rentals, 1 cat allowed and hot water is included in your monthly assessment. Great walking neighborhood, be downtown or to the Cook Street Village walking in 15 minutes., call today to view this lovely 2 bed 1 ½ bath home. View this Condo with my Virtual Tour Anytime Price $299,900.
BC DAY SYMPHONY SPLASH BY THE VICTORIA INNER HARBOUR
Symphony Splash is the largest annual outdoor symphony event in Canada, attracting up to 40,000 Victoria residents and visitors.
The event is an excellent musical event by the Victoria Symphony.
Sunday August 1 evening the Symphony plays from a barge to the Victoria Community in Victoria's Inner Harbour. The annual BC day event is put on for Free for the public.... Donations are welcome Symphony Splash is made possible with Corporate support and public donations.The concert concludes with a performance of Tchaikovsky's 1812 Overture, complete with bells, cannons, and fireworks.
History of the Symphony Splash...I
n 1990 the Victoria Symphony launched a bold experiment when it played its first-ever Symphony Splash in celebration of its 50th Anniversary. Thousands of people showed up at the Inner Harbour to watch the orchestra play on a barge moored off shore...go to the Official web site to read more history
BUYERS ALERT:
Single Family homes For Sale current supply is dropping: The current Stats indicate there is only a
3.5 month active inventory of Victoria Homes For Sale...see my Victoria Real Estate Voice Blog for details.
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James Bay One Bedroom Condo Ocean Views
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$210,000
MLS: 279536
Bedrooms: 1.00
Baths: 1
Sq ft: 790
Style: one level
Garage: 1 Car
Heat Source: Gas
Taxes: $0.00
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PROPERTY DESCRIPTION
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NEW PRICE ON THIS OCEAN VIEW CONDO in James Bay. Professionally decorated 1 bedroom condo, great holiday home. Steps to the beach off Dallas Rd. Water & Olympic mountain views. Additional living space on the19' x 5' Balcony. Freshly painted, all new flooring throughout in this spacious one bedroom James Bay Condo. This one bedroom Ocean view condo faces East toward the morning Sun. Rentals allowed. Monthly condo fee of only $399 PM includes heat, water, property taxes, hot water, cable, property management and caretaker. Fabulous rooftop meeting room & patio for all owners to enjoy! Enjoy walking along the Dallas Road Waterfront and Beacon Hill Park
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Put this Home on you Must See List..
What a Great Buy, asking Price $629,900.
4 Bedrooms, 3 full bathrooms, Open Floor Plan, lots of recent upgrading and decorating, New Roof, New interior doors, professionally painted inside, thermo windows Tinted and low E glass, New R40 attic insulation...great family home..oh did I mention there is a one bedroom suite. Call Fred to View inside 250-413-7042
Check out this home anytime with my Virtual Tour 24/7
WHAT'S TAXABLE UNDER THE HST AND WHAT'S NOT.
There is a lot of confusion about what's Taxable under the BC HST.
Resale homes in BC are Not taxable with the New HST, however New Homes in BC are Taxable.
Here is a list put out by the BC Government on What's Taxable and What's Not
Oak
Bay is in a Sellers Market with Less that 4 Months Inventory
Since January to July
14th 2010 Oak Bay Single Family Home Prices have held, and
with less than a 4 month Supply of Homes For Sale, home prices in Oak
Bay are not likley to go down this Summer.
The Average Selling price in Oak Bay for a home is over one million
dollars.
See current report on Oak Bay Real Estate Activity in Fred Carver's Blog
Victoria Real Estate Voice.
HAPPY BIRTHDAY CANADA
Canada is 143 Years Young and Holding...Everyone have an Awesome Day In Canada and all Canadians Worldwide. Take time to celebrate what a great place we live in, with no wars and a land of happy people. Post your Canada Day Activities you did and planning, even write your own Blog about Being a Canadian.
Victoria Celebrates Canada Day typically attracts over 50,000 attendees from all points of the community and surrounding areas.
Events in Victoria throughout Canada Day, ending the Day with Fireworks display
HAPPY BIRTHDAY CANADA
BC HST-HARMONIZED SALES TAX: PURCHASERS of NEW HOUSING IN BC.
July 1, 2010
The NEW HST Harmonized Sales Tax for Purchasers of New Housing in BC kicks in and all New Housing in BC is Subject to a NEW 12% HST Tax when purchasing a New Home.
For Further Details Read the Federal Government GST/HST INFO SHEET
The Cost of New homes in BC with now be 12% higher for Consumers Buying a New Home.
For Example a New home at $650,000 will cost an additional 12% =$78,000.
In addition to the HST, in BC there is also a PPT-Property Purchase Tax of 1% on the 1st $200,000, 2% over $200,000
Example on home $650,000, PPT = 1% on $200,000= $2,000, 2% on $450,000 = $9,000
Total Taxes on a $650,000 New home
HST = $78,000
PPT = $11,000
Total Purchase Price with Taxes for a BC New Home at $650,000
$739,000 !!!
Plus legal and other closing and moving costs.
Talk About The Government Taking The Shirt Off Your Back, just for Buying a Home in BC.
Saanicton Home For Sale Drive by 2029 Leal Road (off East Saanich road)
Home seller says “Fred sell my home”. The Seller has dropped the asking price!! That now puts the asking price for this home below the BC assessment for this almost 3,000 sq.ft. Rancher. It sits on half an acre corner lot, lots of off street parking and larger than normal double garage. Open floor plan with a large skylight in Mum’s kitchen and family room are together, next to a large sun deck and hot tub. 8 Sky Lights, 4 Bedrooms, 3 full bathrooms. Recent updating, such has energy efficient tinted thermo windows and roof in 2009. Wood floors, professional painted throughout, nothing to do but move in. Be sure to put this home on your list of homes to see. Appointments can be made quickly along with a quick possession. Call Fred today to view 250-413-7042. Only 20 minutes from Royal Oak Shopping just 3-4 minutes to Thrifty Foods by the Prairie Inn. Asking price Now…$629,900
View anytime 24/7 with my…
Virtual Tour http://www.1-victoria-real-estate.com/Listing/VirtualTour.ashx?ListingID=13553862
Bazan Bay, North Saanich - Announcing a price reduction on 2029 Leal Road, a 2,950 sq. ft., 3 bath, 4 bdrm 1 1/2 story "Rancher". Now 
MLS® $629,900 CAD - NEW PRICE.
Property information
NEW OCEAN VIEW CONDO LISTING in James Bay.
Professionally decorated large 1 bedroom condo, great holiday home. Steps to the beach off Dallas Rd. Water & Olympic mountain views. Additional living space on the 19' x 5' Balcony. Freshly painted, all new flooring throughout in this spacious one bedroom James Bay Condo. This one bedroom Ocean view condo faces East toward the morning Sun. Rentals are allowed. Monthly condo maintenance fee of only $399 PM includes heat, water, property taxes, hot water, cable, property management and caretaker. Fabulous rooftop meeting room & patio for all owners to enjoy! Great walking area along the Dallas Rd waterfront.
View inside my New Ocean View Condo Listing anytime with my Virtual Your 24/7