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Congrats to more of our clients who have found real estate success this Summer... 

 

Some of my favourite past clients were in touch again - this time to sell their condo and get a bigger place. After a somewhat disheartening search with very few properties of interest coming on the market and hot competition for the ones that did, Veronica finally showed them a townhouse which fit the bill. But... competition again! V worked her magic on this one and was able to convince the listing agent to work with our clients' offer. They got the home! 

 

Then to sell the condo... Success after only 11 days, with a price over asking and quite a bit over purchase! I'm so glad the reasons they bought it in the first place with me in 2011 were the same reasons it sold well this time. Plus the place looked very tidy, bright and spacious. Congrats to our clients on both successful transactions!

 

My team also helped a discerning buyer purchase his first condo recently in a nice newer building in View Royal. What a great price for the size of the place and the attractive surroundings. 

 

A friend passed my name along to her friend who was helping her mum sell her long time residence in Cedar Hill. The home was purchased the year I was born - a terrible year to buy, but luckily this was a great year to sell! Veronica was able to work the hot seller's market and get the maxiumum price for this home and large lot. $40K over asking! 

 

Meanwhile, in Shawnigan Lake, my team helped some friends sell a home they had been trying to sell for over 3 years with other agents. Finally a successfu sale which allowed them and their growing family to relocate to a larger property in a location they loved. 

 

This is a snippet of the many transactions the HomesByNaomi team has been involved with recently. If you know someone who is considering buying or selling this Summer or Fall, please let us know if we can help! We are ready to put our skills in preparing homes for market, pricing, marketing, negotiating and advising on decisions into action! 

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Victoria Real Estate Market Continues to Sizzle in Summer Months

 

Here is the full VREB stats package for Aug 2016.  

 

August 2 2016, Victoria, BC

 

A total of 972 properties sold in the Victoria Real Estate Board region this July, an increase of 22 per cent compared to the 796 properties sold in July last year.

 

“Though we saw the seasonal slowdown that we expect this time of year, we had another record breaking month,” says Mike Nugent, 2016 President of the Board. “The last time we saw a July this busy was in 2009 when 933 properties sold.”

 

Inventory levels remain lower than last year, with 2,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2016, 45 per cent fewer than the 3,942 active listings at the end of July 2015.

 

“Late last week the provincial government approved new legislation that may affect the real estate market in our area, though at this time we can only guess how a foreign investor’s tax in the Metro Vancouver region will impact sales here in Victoria,” adds Nugent. “Recent data released by the government shows that nearly ten per cent of property transfers in Metro Vancouver involved foreign nationals. This is part of the rationale for applying a fifteen per cent tax on transactions only in Metro Vancouver at this time. Does this mean international demand will spill over into Victoria and other areas of BC? We won’t know until we see the data. The Capital Regional District saw two per cent out of country buyers in the year of 2015. Although this is a small percentage of our buyers, anecdotally foreign buyers do tend to favour the same core neighbourhoods and therefore can have an impact on those areas.”

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July, 2015 was $599,800. The benchmark value for the same home in July 2016 has increased by 23.6 per cent to $741,100.

 

- VREB President 

 

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