The Powell River real estate market seemed a bit slow during the spring break period, but by my count we saw 29 sales which is up from 20 in February. The listings are still trickling in, but as before the well-priced homes are going quickly! There’s a shortage in all price ranges and buyers are watching closely. We saw about a 4% rise in average prices from 2014 to 2015 and with the sellers’ market conditions we’ve seen for the past several months, that should continue. Out of area buyers continue to be a strong presence in the market occupying 35% of sales in January. American buyers were strongest that month with the rest of BC trailing a distant second. Alberta buyers have slowed considerably.
Assigning a contract to another person before it completes is also known as “flipping” in real estate. Assignment of contracts is legal and is used with other kinds of contracts as well. I’ve come across it here in Powell River with people who own a business and, at the time of writing the contract, are not certain whether they want to put the title to the purchased property in their own name or in the company name. It may also occur if a purchaser may wish to add a spouse or other person to the contract before completion.
It’s gained a bad name in real estate markets that are rising rapidly (Vancouver or Toronto for example). In this case, a buyer agrees to a purchase price and before completion, he/she may be approached to sell the contract for a higher price. In some situations this is happening multiple times before the contract completes. Sellers are feeling cheated. In some situations, apparently they have been.
Here in Powell River we are in a rising market, but you may have to wait 6 months or more to realize an improvement in price… or not. It’s like any market – subject to ups and downs. The best thing you can do as a seller is to find a REALTOR that you know and trust and ensure that you have a good understanding of the fair market value of your home when you plan to sell. I’m happy to provide a free market evaluation on your home any time. Call me.
I recently did some online course work to be designated by the National Association of Realtors as a Seniors Real Estate Specialist. I’m connected to a network of REALTORS with the SRES designation across North America. It will provide me with lots of information and advice at my fingertips. I’m also compiling a ‘resource bank’ of information in the Powell River area for seniors (over 50 years?) It will include services, organizations and businesses that cater to the needs of seniors. If you have suggestions or ideas for needs, I’d love to hear from you!
Here’s an interesting blog if you’re looking for assisted living for a parent or senior:
Some of the ideas work for us here in PR.