People often ask, “What’s happening in the Real Estate Market? I see lots of SOLD signs around.” It’s true, sales have been quite steady since about April of this year. Last winter was generally slow, but we haven’t seen a slowdown yet this fall.
New listings have slowed down a bit since August, which, with steady sales, will tend to balance the market somewhat. With more balance, we should see a reduction in the time it takes to sell a house and selling prices should creep closer to list prices.
Selling Prices…
Most of us want to know the value of our own home, not averages. There isn’t a simple way of deciding by how much your home has increased or decreased in value.
The best thing to do is to call me to come to your home, take pictures, notes and measurements and then check on actual sales in the last six months to come up with a Comparative Market Evaluation for your home. I can also set you up on an automated email system which will keep you informed of how similar homes are selling in Powell River. Don’t hesitate to call me for answers to any of your real estate questions.
Length of Time to Sale
In a buyers’ market, buyers can take their time in choosing which house they want and so, houses tend to sit longer before selling. It’s no great stretch of logic to presume that they’ll sell further below the original list price the longer they sit on the market.
When I purchased my house in 2005, the market was much more active. People were bidding on some homes and it wasn’t unusual for homes to sell above the list price. The chart shows how the average difference between list and sale price have been increasing since 2005 and through the Subprime Mortgage crisis of 2008 up to today. The shape of a chart showing Days on the Market has an almost identical shape.
BC Ferries!!??
The announced cuts to our BC Ferry Service will be a hardship to everyone living in Powell River. Kids on teams and small businesses which rely on regular service will be hit particularly hard. The real estate market is also affected by reductions in any of our services…ferries, doctors, hospital care. Out-of-town buyers take all these things into consideration when planning a move and reduced ferry service is definitely not an attraction for them.
According to a 2012 Feedback Form and Public Opinion Poll, 47% of those who filled in the Consultation and Engagement Form agreed with the idea of reducing sailings to save money. 46% disagreed. That wasn’t a very loud voice against service cuts!
If you missed your opportunity to be at the public meetings in November, it’s not too late! You can register your opinion online at http://www.coastalferriesengagement.ca before Dec. 20, 2013. Every voice counts and the more that are heard, the better. Unless the figures above read closer to 90% against service reductions and 10% in favour, I don’t think our voice will be heard!
“Neat and tidy; Near the Lake”
- Lovely, affordable character home in Cranberry
- 3 bedrooms, 2 baths, 1400 sq ft
- Quiet neighborhood, lots of yard and parking
5860 Mowat Ave
$185,000
Call Me for a showing!
Powell River Real Estate Tid-bits 