Real Estate Blog

By now we are all aware of the severity of COVID-19 and most of the details surrounding it so we won't get too far into that but what we do find people are still asking us is what this all means for the Real Estate market here in Nanaimo. During our last RLP video conference meeting one of our speakers said something that resonated with me. When asked about the future of the market when we get back to work he simply said "I am not going to try and predict the future because people smarter than I am, are going to get it wrong". Now the reason that stuck with me is that no matter how much experience you have in this industry, no one has ever gone through this before or seen what is on the other side. 

What I do want to look at is some information and stats about what has happened over the past month and let you make your own decisions. 
  • Our Royal LePage Website has gotten over 90,000 impressions in the past month. To me, that means people are still looking and preparing for when...
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January Market Stats

Nanaimo Area

Total Unit Sales

  • There were 124 total units sold this January in the Nanaimo area, which is down 5% from this time last year.
  • There were 767 active listings this January, compared with 760 this period last year.
  • There were 270 new properties listed in January this year which is a 8% drop from the 294 listed last January.
  • The average days to sell is sitting at 41 days, which is down significantly from the 54 days we were at last January.

*Note, these totals include ALL Real Estate divisions including IC&I*

Single Family Homes

  • The average sale price of a Single Family home in January 2020 has gone up 11%, its currently sitting at 603,720
  • January 2020 saw 215 active Single Family Home listings while this time last year had 266.
  • Average days to sell this January was 46 days, which isn’t a huge change from the 43 days we were sitting at last January.
  • There were 43 sales reported for January this year in this category. 

Apartment Style Condos...

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What factors contribute to pricing a home?

The main factor in pricing a home is the state of the current market. Now this can change from month to month which is why it is so important to get a Real Estate Professional in to give you the most up to date advice!

The next major thing to consider is the location. Are you in a sought after neighbourhood? Is there any good schools nearby? Are the homes on your street all single family homes, new builds, older homes or maybe multi family units? Tell us what brought you to this particular neighbourhood so we can use that to draw in the next buyer!

Then we look at the home itself. When was it built? Have you done any updates? How big is the home? What amenities does it have? How big is the lot?

Pricing a home is the single most important part of getting it sold. If a home is over priced it can end up sitting on the market too long and deter people from even looking, where as a sharply priced home can attract multiple offers and potentially sell for...
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To Strata or not to Strata… Have you ever wondered if it’s the right fit for you?

Buying a home can be a confusing process, with so many options to choose from, its hard to know what is going to be a good fit for you. One of the first things you will need to decide on is whether you are looking for a freehold or strata property. There are a few key points to consider when making this choice.

  1. How much control do you want? Strata’s are run by a Board of Directors and governed by a long list of Bylaws. These bylaws control the use of the property (among other things) including inside your own home like pets, rentals, smoking and what is allowed on your exterior walls and windows.
  2. Maintenance: The common areas (lawns, hallways, safety systems etc.) of Strata properties are maintained by contractors and generally do not require much upkeep from the owners.
  3. Easily budgeted for: Each Strata will have monthly strata fees for each unit to pay. This is a set amount that will usually...
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Are you thinking about listing your home? Getting ready for listing photographs? Maybe you have a showing and are wondering what will present your home in the best possible way… If this sounds like you then read on for some staging tips that will help sell your home fast.

  1. Keep it simple: When someone walks into your home they want to be able to imagine it as their own. That means you should remove most knickknacks and personal photographs allowing room for the buyer to imagine their own items around the room.
  2. Show off the space: You want every room to appear as big as possible so remove any oversized furniture items that don’t fit the space well.
  3. Make the kitchen appeal to a chef: Clear off the counters, people want to see a big usable space to work with. Leave only a few essentials that can multi task as décor (think nicely set up coffee station or recipe book on stand).
  4. CLEAN: I know this one seems obvious, but nothing can turn off a buyer faster than a dirty/smelly...
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