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3 Myths About Making an Offer – and the Reality

Writing an offer for a property can be exhilarating and stressful at the same time. It can be even more stressful when you are competing against other buyers for the property – and when you don’t fully understand the offer process.


There are some common misconceptions about making an offer to buy property, and about a seller’s obligations when they receive multiple offers.

To help make submitting your next offer less stressful, check out these 3 common myths, and what the facts actually are.


MYTH: A good strategy is to offer a set amount over the highest bid.

When the value of an offer is based on a reference to a competing offer, it is called a referential offer. The purpose of a referential offer is for a buyer to piggyback on the highest offer which is acceptable to the seller.


REALITY: Referential offers are risky and could lead to litigation.

The BC Court of Appeal held that an offer by one bidder which is dependent for its definition on the offers of others is invalid...

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2020 First Quarter Housing Forecast

Literally have had to have my running shoes on since the moment Christmas was done. This market has been picking up momentum by the day. A serious lack of inventory is again creating many multiple offer situations for my buyers to have to face and the listings are going from Current to Pending very quickly. It's always interesting to me how the message constantly comes back to me that "it's always better to list in the spring". While this is true weather and garden wise, it's actually more often than not better to list January to March as inventory levels are low and it can drive the market right to the point it is now. Lack of inventory with a lot of buyers that have been waiting for listings to come on creates a backlog of pressure which can accelerate everything. That is what we are seeing right now, as I say to all my clients......don't wait till spring when everyone else is putting their house on the market, buyers looking now out in the rain and cold are far more serious...

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Tax Credits info...First Time Home Buyers, Property Transfer Tax and More

This is an excellent article explaining some of the B.C. tax credit and First Time buyer programs, have a read and if you have any questions shoot me an email and I am happy to help,


https://www.rew.ca/news/5-financial-benefits-only-available-for-homeowners?utm_source=Agents%3A+Market+Insights&utm_campaign=c76b1ae918-EMAIL_CAMPAIGN_2019_08_22_06_44_COPY_01&utm_medium=email&utm_term=0_14f9ba90ce-c76b1ae918-93804379



Ann

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Speculation/Vacancy Tax - Declarations in the Mail

The unpopular speculation and vacancy tax is an annual tax potentially paid by owners of residential properties in specific regions of B.C. The tax is supposed to be designed to discourage housing speculation and people from leaving homes vacant in B.C.'s major urban centres. We all know it is affecting many more people that what the tax was designed to deal with.

Well here is the update from the tax man on the "Speculation Vacancy Tax" 
 
According to the BC Government, the speculation and vacancy tax declaration period is now open.
 
Declaration letters begin mailing this week. You'll need your letter before you can declare.
 
Check out their website at https://gov.bc.ca/spectax to find out when you can expect your letter, what to do if you'll be away and for help declaring.
 
Hope that this information is of value to you and if you have anything I can assist with drop me an email at...
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Market Information - Demand in Victoria & Area Still High
Victoria real estate market awaits a spring thaw
 
A total of 421 properties sold in the Victoria Real Estate Board region this February, 22.8 per cent fewer than the 545 properties sold in February 2018 but a 28 per cent increase from January 2019. Sales of condominiums were down 25.9 per cent from February 2018 with 129 units sold but were up from January 2019 by 16.2 per cent. Sales of single family homes were down 15.8 per cent from February 2018 with 219 sold.
 
"Buyers and sellers appear to be looking at the current real estate market from different perspectives," says Victoria Real Estate Board President Cheryl Woolley. "Buyers are hoping to see reductions in prices because governments have told the public that policies like the mortgage stress test and the speculation tax will improve affordability. However, the actual result of some of these policies seems to have softened the higher priced end of the market and increased competition for properties at the lower priced...
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You may ask how do Property Assessments work??

 

The assessed value of your property is determined on a certain date, this date is as of July the year before. Something to remember is the market may have fluctuated since then, up or down (or remained the same). It is imperative to understand the value of your property and home is factored on what the Real Estate market was doing back in July ...not necessarily what it is doing when you get the information in the mail.

 

The property tax rate which is also referred to as a multiplier or sometimes "mill rate", is a percentage by which the assessed value of your property is multiplied to determine your tax bill for the upcoming year it is not always a direct reflection of what the market value is.

 

While consumers may try to use the tax assessment to value a home, it is much more accurate to have your Realtor come and present you with a current...

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December 2017
Real Estate Report

January 1st, 2017 brings new home buying rules to the Real Estate industry. These new home buying stress test rules has pushed buyers to accelerate their buying timeline. "We suggested last month that some buyers may accelerate their purchase timeline to buy a new home in anticipation of the mortgage stress test on uninsured buyers - those with a down payment of 20 per cent or more - that will come into effect on January 1," says Victoria Real Estate Board President Ara Balabanian.

 

"It's likely there will be more government-led change in the new year and we'll report on the effects of those changes on the market." President Balabanian


In November 2017 there were 1,764 properties for sale (active listings) with an average selling price of $824, 600. That would be 10.2% increase over 2016. On record the VREB indicated that this is the highest number of home sales for November since 1996.

 

If you would like to learn more about your home preferences...

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September 2017 Ann Watley Real Estate Market Summary Report

To be successful in Real Estate, or anything in life, it takes a lot of effort and commitment. For myself, I want to make sure my clients are served well and for me to do so I must give them my 100% attention and loyalty. However, Real Estate life is not all about showing and negotiating buying and selling homes.

 

In the Real Estate industry one spends many hours in a car driving to and from homes located throughout all corners of Victoria and the Saanich Peninsula. So, when the opportunity presents itself and I have time between appointments to explore and educate myself I park and go. 

"To sell the Sidney & Victoria lifestyle you must live it and self educate."

Here are some of the most beautiful sights in which the region has treated me and (in some cases) my doggy companion too recently. 

 

 

NOW... LETS TALK REAL ESTATE

In September 2017 there were 1,976 properties for sale (active listings)...

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September 2017 Ann Watley Real Estate Market Summary Report

The Greater Victoria BC Real Estate Market  

Listings and home sales were down in Victoria and area for the month of August 2017. "I expected inventory numbers to be climbing by now, but instead we've seen even lower numbers of listings on the market," says Ara Balabanian - Victoria Real Estate Board President.

"I admit to being a little surprised by the August numbers." Ara Balabanian

In August 2017 there were 1,917 properties for sale (active listings) with an average selling price of $823,100. That would be 8.5% down from the 2016 listings count. The top performing real estate markets in August were condos (+0.5%) and homes selling in the North Saanich area (approximately +1%).

 

Bottom line the real estate market is always keeping us on our toes. My real estate search feature on AnnWatley.com can assist you in following and learning more about the Victoria and area real estate market in one click. You can search...

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