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UnknownSeasonal slowdown hit the Powell River real estate market in December as expected with 26 sales recorded which was up from November and ahead of the same time last year. New listings were about normal for this time of year, but the total inventory is 30% down from last year which has been the story for most of this year. Those that came on were snapped up quickly, often in multiple offer situations. There are still lots of eager buyers looking for homes in most price ranges. Prices have been rising through the past 2 years. On average, home assessments for tax purposes are up between 10 and 20% which reflects what we’ve seen in the market. Barring unforeseen circumstances, 2018 looks to be a busy year with continued upward pressure on prices as buyers lunge for new homes as they come on in the months ahead.

Tax Assessments

This month we’ve receIScreen Shot 2018-01-08 at 11.16.19 AMved our annual tax assessment from the city.  Based on rising real estate prices alone, most of us saw a significant increase. In almost all of the sales I’ve been involved with the tax assessed value is well below the selling price.  The value of the property for tax purposes for the 2017 year was set in July so in a rising market, it stands to reason that the assessed value won’t match the market value.  With the uniqueness of each area and each home, it’s pretty difficult to achieve an ‘accurate’ value for all the properties in BC.
If you’re considering challenging the assessed value of your home, you have until the end of January to launch your appeal.  I have an interesting and informative booklet called, The Tax Fighter Guide for the Homeowner, which takes you through the appeal process.  Call or email me if you’d like a copy.
If you’d like a professional market evaluation of your home to bring to the attention of BC Assessment, (www.bcassessment.ca), call me any time. (604 223-0811/billbailey@royallepage.ca)

2017 BY THE NUMBERS

507 Total residential sales (includes homes condos, mobiles, building lots)
10.8 Percent increase in average selling price of single family homes in all areas over last year
53 Building lots sold (69% decrease over last year)
$134, 396 Average selling price of building lots in all areas (4.5 percent decrease over last year
7 Sales to “foreign buyers” (2.9% of total residential sales from ‘out of country’)
244 Sales to buyers from outside Powell River. (47.6% – down from 48.8%
in 2016)
94 Average active listings per month (down from 122 in 2016)
94 Average days on market for all sales in all areas (down from 157 in 2016)
148 Number of sales at or above list price in all areas (down from 131 in 2016)

VIRTUAL TOURS ARE AMAZING!

Screen Shot 2018-01-24 at 2.47.58 PMAs part of the Josh Statham Home Team, I’m able to provide a virtual tour with every every listing. More than eighty percent of buyers today are shopping online for homes from all over the world. In this busy market, it’s really tough for out-of-town buyers to decide whether to make the trip to Powell River to see your home in person. These virtual tours allow all buyers to ‘virtually’ walk through every room in your home. People often say that the collection of still photos with all listings don’t give a clear picture of what a home is like. With the virtual tour, you can look closely at all parts of the home and get a much better understanding of the layout, updates and general condition of the home.  Call me for a free market evaluation of your home  (billbailey.ca)

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