Saanich realtor Jane Johnston, with the Briar Hill Group, part of RE/MAX Camosun.

Adapting to a changing market: What sellers need to know now

Proper pricing is more important than ever

In a rapidly changing Victoria real estate market, knowing how to price your home is critical to securing top dollar – the last thing you want is to chase a falling market.

And that’s where an experienced realtor is crucial.

The number of properties available for sale in Greater Victoria is up from what it was, and that, paired with tax and borrower stress-test changes mean homes aren’t automatically seeing the competing offers they were, explains Saanich realtor Jane Johnston, with the Briar Hill Group, part of RE/MAX Camosun.

“It’s a shift in the market and all of a sudden the buyers don’t feel they have to move quickly,” Johnston says.

Several factors are affecting what has been a strong seller’s market for several years.

The federal government’s new stress test restricting the debt load home buyers can carry came into affect Jan. 1, typically reducing allowable mortgages by about 15 per cent.

Also affecting the region is the expansion of the 20 per cent Foreign Buyers Tax to Greater Victoria, and the B.C. government’s new speculation tax that applies to residential properties in British Columbia’s largest urban centres – including most areas of the Capital Region.

How do sellers adapt?

“The solution is to price your home at a point where there is activity in the market,” Johnston says.

Have your realtor look at comparable homes in your neighbourhood and what they’ve sold for. “If you price it right at market value, you’ll generate more interest and often, multiple offers that come in over the listing price.”

Understanding how the market is changing and being able to adapt to those changes means finding an experienced and innovative realtor.

Look at factors such as a realtor’s list-to-sale ratio and whether they’ll have time to meet your needs. Ask how they’ll market your home and about their pre-market strategy, Johnston suggests, point out that 90 per cent of people will preview a property before visiting.

“I market to other realtors, as well as buyers, and I use social media and video to generate that interest in my properties,” she says.

Johnston has also launched a testimonial series – vancouverislandtime.com – where locals talk about what they love about a particular neighbourhood. “It’s an unbiased look at what people enjoy about living in a community from the people who live there.” This is a great way to generate interest in home sellers’ markets without being salesy.

For more information about selling your home, visit briarhillgroup.com

Comments are closed

Just Posted

Impaired driver crashes into Victoria police vehicle, injures officer

Cook Street collision occured in the early morning hours of Tuesday

Get ready for the 39th annual Goodlife Fitness Victoria Marathon

Up to 9,000 particpants are anticipated for this year’s three-day race weekend

Victoria police say explicit calls continue to target women

Over 50 reports of unwanted, sexually explicit calls have come in

Plaque that replaced Macdonald statue at Victoria city hall vandalized

Less than 24 hours after plaque was installed, an ‘X’ had been scratched through the centre

Weekend collisions keep West Shore RCMP busy

Officers responded to three separate incidents within the span of one hour

Average Canadian family spends 43% of income on taxes: study

Fraser Institute’s consumer report shows taxes accounting for larger chunk of income each year

RCMP to search for body after man drowns in B.C.’s Buntzen Lake

Officers and fire crews responded but the man from the Lower Mainland is believed to have drowned.

Police chiefs call for stricter controls on pill presses to fight opioids

Canada’s police chiefs are urging Ottawa to beef up its fight against the opioid scourge by closely vetting people who import pill presses

Greater Victoria Crime Stoppers wanted list for the week of Aug. 14

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

‘It’s like a party in your mouth’

B.C. creator’s Milkshake Burger makes its debut at the PNE

Vehicle catches fire near Vancouver Island provincial park

Fire shut down Highway 4 in both directions

Get involved in the Great Canadian Bumble Bee Count

Environmental organization develops app to help with the nationwide count

Most Read