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Summer 2012 Newsletter

Posted by on Thursday, August 9th, 2012 in Victoria Real Estate News

We now find ourselves with the first half of the year officially behind us…..we hope the year has been good to you so far!

It has definitely been great for home buyers in the Greater Victoria area where we have nearly 5200 homes for sale!!! This market has been much harder on sellers, with only about 1 in 10 homes selling per month at this time. Real Estate must be priced right, or the buyers will wait until they find that perfect home, as there is no urgency to buy at this time. Interest rates are still at historic lows, with a 5 year term in and around the 2.99% – 3.09%.

The good news for sellers comes to those that are planning on repurchasing a larger home, or are moving up in the market. Because prices are down proportionately across the Greater Victoria area, if you sell low, you also buy low. However, when the market does improve, and prices increase, then you are in a position to increase your home equity at a higher percentage by buying a more expensive home than your current home.

Therefore, it is not only buyers, but also seller’s who are buying in this market that can take advantage of the low interest rates,  large inventory of homes to choose from and lower prices compared to a couple of years ago. This market is a wonderful opportunity and we hope to see buyers and sellers both prosper from it!

I’ve put together my spring newsletter with an update on our local market: http/dalesheppards newsletterpdf

Also, the Victoria Real Estate Board has a wide array of housing statistics for the Greater Victoria area. Here are the latest monthly statistics and historical statistics: http:/mls/current_statistics.html

Have a wonderful summer!

Dale.

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