– by Karen Dinnie-Smyth –
The local Real Estate market has declined since 2009, but fared better than most in Canada and worldwide. Reported sales are ‘up’ month over month in our market for the past year, the last quarter sales show gains of 16%. The net result is that the Greater Victoria market is more balanced than we have seen since September 2009.
The decline though, changed the market in more tangible ways than just price. Prior to 2009, substantially less attention was paid to the presentation of homes than in our current market. A clear divide is now evident. When prices declined, a different type of buyer emerged. One whose expectations no longer allow for poorly presented homes, a savvy buyer who is clearly stating that homes that are not updated and well maintained, will no longer be competitive with their well presented neighbours. While accurate pricing is still critical, the gap between the cosmetically updated home versus the non-updated (maintenance being a key component of this) has widened and sales prices and length of time on the market is a clear indication of this change in the buying public.
This is wonderful news for sellers who have updated their homes. For a homeowner who chooses not to make the updates needed to keep a home appearing current, and in good condition, buyers now expect to purchase that home for a discount. There is also a difference between routine maintenance that does not add value to a home such as hot water heaters, roofs, drains, furnaces, worn out flooring etc., versus cosmetic upgrades like new kitchens, bathrooms, changing the siding, altering a dysfunctional floor plan, changing a car port to a garage or finishing a basement.
When considering an upgrade, decide if this is being done to reflect your lifestyle and taste or if it is being done to sell the home. A pink, marble kitchen countertop may not be everybody’s taste, but if you love it and are planning on staying in the home for a few years then go ahead, install it and enjoy, but plan on changing it
for sale.
The old adage of “the way we live, is not the way we sell” is now more relevant than ever. When you are thinking of selling, call a Real Estate Agent and discuss what you can do to improve the overall appeal of your home. With their assistance and that of a Stager, the home can be presented to the public in a manner that is most appealing to the majority. Keep in mind that you may not love the changes because it doesn’t reflect the way you live, but it should reflect what is required to sell.
For more information visit www.karendinnie-smyth.com.
