2016 was quite a ride in the real estate industry! This year I am hoping for smooth sailing rather than the roller coaster ride of the last year.
I just opened my letter from BC Assessment and the assessed value of my condo has gone up $50,000. Is that good news or bad news? Is the assessment a true reflection of market value? Last year’s stats suggest that assessed value hasn’t much bearing on what a property is selling for. Market value is whatever the market is willing to pay for a commodity, and last year we paid plenty for property.
The biggest driver in pricing last year was the lack of inventory. As the island became a bigger draw for relocation, and more first time owners entering the market, there just wasn’t enough supply to satisfy the demand. Multiple offers sometimes had over twenty buyers vying to buy one property.
The predictions this year are for a more balanced market. It will be an interesting year!
Anytime you want to talk about the market or have any questions about the industry, or even if you are thinking of buying or selling a home, I would love to share a coffee and a chat!
What holiday season is complete without watching Jimmy Stewart and Donna Reed in the movie, It's a Wonderful Life. This year, what caught my attention was the scene where the homeowners were welcomed with house warming gifts, presents that were meant to bless and honor the home and its new owners. We often forget these small traditions that mark the passage of a new beginning. If you know someone who may be transitioning homes this year, here's a wee guide to a charming tradition. Make sure you add the blessing to go with the gift!
- Give a broom. May your home always be clean and free of evil spirits.
- Give a knife, considered a symbol of providing a meal and protecting the home. May your home be free of intruders. It is also considered a superstition to give a knife without also including a coin, so include a nickel or dime.
- Give salt, any kind. May there always be flavor and spice in your life.
- Give rice. May the love in your home multiply.
- Give bread. May those in your home never go hungry.
- Give wine. May you always have joy and never to thirsty.
- Give honey. May you always enjoy the sweetness of life.
- Give olive oil. May you always enjoy health and well-being.
- Give money. May you receive luck and good fortune.
- Give wood. May your home always have stability, harmony, and peace.
- Give candles. May you always have light through the darkest times.
- Give a plant. May your home always have life.
To all of you entering a new home this year, I wish you all of the above and one I think we should add: The gift of laughter! May you find humour and fun in everyday life!
Happy New Year!
All the best,
Service -Above All Else