May 2011

May 2011

Wow what a month – politics, real estate and sunshine! Whew!  Here are a few quick thoughts.

Interest rates - Interest rates are very unpredictable right now with small fluctuations up and down.  It is safe to say however that they will not be going down.  Rates are currently predicted to continue a slow climb.

The Market -The market is very stable.  The current Graphstats clearly show stability since last August and the 1st quarter of 2011 was very strong.  A few factors have created this strong movement in Real Estate.

Buyers – The listing season has arrived however the market has stabilized.  Many homeowners can’t lower their prices anymore, interest rates have started to increase, property taxes increased again adding to the current price value and the market looks stable.  That means if you have been waiting for the bottom of the market – it appears to be here.  Homes are selling.  If you have been watching a special home you may want to consider making a move on it as the market is moving quickly now.

Sellers – This is the season to clean up the yard, get the grass growing and show people just how beautiful your home can be.  The year homes are competitively priced so keep in touch with your Realtor and re-evaluate your price often.  No one wants to lower their price but watch who you are in competition with and compare your current price.

Website - The video market update will be online May 4th.  Also don’t forget to watch my Facebook or Twitter feeds for weekly market information.  A home is the biggest investment most people will ever make – stay up to date with market trends and understand where your home is valued in case you need to know fast.




MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.