RSS

Launch of New Website for 2023

'Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”

-Franklin D. Roosevelt

On that note... let's talk Real- estate in the Comox Valley and how I can serve you. My goal for 2023 is to Redefine Real estate- for my clients and for myself. 

A new website designed to provide regular insights into the Comox Valley real estae market, resources for Buyers and Sellers and of course a few words and photos to "Look at Me" (tongue in cheek humour). Humour aside... I am excited to put on my real estate hat after a long quiet winter, reach out to past clients and meet new ones this year.  I look forward to reconnecting and connecting soon! 

Read

Mothers Day Give Away $100 Giftcard
 
GIVEAWAY TIME

Mother’s Day “LOVE MY MOM” Giveaway!

ENTER TO WIN A $100.00 FOR THE KINGFISHER RESORT & SPA!!

SIMPLE RULES
1.Be sure to follow me on instagram or facebook
2.Repost on your story
3.Tag your friends and like this post

Contest closes at 2:00 sharp May 8th! All entries will be tallied, and the lucky winner will be drawn and announced on Saturday May 8th at 4:00pm.

Good luck! Happy Mother’s Day!
 
Read

April 2020 Market Update

The anticipated impact of COVID-19 on VIREB’s housing market became a reality in April, with sales of single-family homes dropping by 54 per cent year over year.

Last month, 189 single-family homes sold on the MLS® System compared to 333 in March 2020 and 412 in April 2019. Apartment and townhouse sales decreased by 82 and 69 per cent, respectively.

Inventory of single-family homes last month dipped by nine per cent year over year (1,293 to 1,173). Active listings of apartments rose by 33 per cent (303 to 403) year over year, while townhouse inventory dropped by 19 per cent (197 to 160).

The benchmark price of a single-family home board-wide was $523,700 in April, a drop of three per cent and marginally higher than in March. In the apartment category, the year-over-year benchmark price rose by five per cent, hitting $313,300, which is slightly lower than the previous month. The benchmark price of a townhouse in April rose by two per cent year over year and was somewhat higher than in March, climbing to $421,400.

Read

STRONG SELLERS MARKET CONTINUES FOR 2018...  CHANGES YOU MAY NOT BE AWARE OF...

PREPARED BY PHILIPPA BERG, ROYAL LEPAGE COMOX VALLEY

 

We said “they” were coming and they have. Mainland buyers cashing in while recognizing that the lifestyle and affordable real estate in the Comox Valley is an opportunity not to be missed.   This influx of new Buyers to the market combined with the scarcity of  listings continues to drive prices up to new levels. New benchmarks are being set every day and now the rules of real estate will throw ambiguity and confusion further to the mix. This new legislation in March 2018 from the BC Superintendent of Real estate will restrict the public’s right to choose their own Real Estate Representation. The changes coming down the pipeline that have been promoted as “protecting consumers” and “eradicating limited dual agency” could have significant backlash to the consumer on both the buying and selling side. Rights of the consumer veiled under the “small print” of what is to come. On a personal note I have always acted in the best interests of my clients and held a professional standard of care to be loyal, avoiding conflict of interest, full disclosure and kept all confidences. I take the time to explain and educate my clients and my working relationships are based on trust and respect built over time. The changes to come will potentially erode some of those relationships with new policy. Change is inevitable but a smart, thought out and less reactionary approach would have been better for the consumer. As more information becomes available I will outline the changes and how to best navigate in your best interests while continuing to represent you.

SNAPSHOT OF THE MARKET TO PUT THINGS INTO PERSPECTIVE

If you purchased a single family home in 2015 the average selling price was $363,631 and the average condo was $173,330. Today the average price is $491,428 for single family homes and $238,624 for a condo.

 

The number of condo sales has jumped from 205 sales in 2016 to 340 in 2017. This is a reflection of equity rich real estate owners reinvesting their appreciation into rental properties. Affordable housing remains a problem and rents are high giving investors a solid return.

Comox Valley Annual Average Home Sales

 

Multiple offer are  the new norm.  Keeping in mind that multiple offers come in various types..  The Subject free cash offer- no subject conditions to purchase, no financing required = Firm Sale. The sold sign can go up that day. Other offers come in with a few conditions to purchase, perhaps with a higher price. Each offer can be very different and range in price and the types of conditions drastically.  As a Buyer it is impossible to predict what the competition is going to offer. It comes down to... a property is worth what a buyer is willing to pay in this market. As your Realtor I can advise you on the current inventory, sales history of similar properties, current market conditions, property highlights and potential issues for resale and value. I can recommend reputable inspectors, draft an offer that protects you and negotiate on your behalf.  When it comes down to strategy for making an offer I can share my specific market knowledge of 14 years and expertise.   

WHAT DOES THIS MEAN TO YOU AS A BUYER?

  1. It is like dating… be prepared to put the work in, face rejection and put your best foot forward…

  2. Be prepared. Be prepared with your financing secured. Have your bank or mortgage broker on speed dial and know the $$ amount you can comfortably purchase given the new lending rules that came out at the end of last year. Interest rates have already gone up this year. Know how many days your lender will require to secure “Firm” financing if this is a necessary condition to purchase.

  3. Have your deposit ready to go.

  4. Be flexible to view the new listing as soon as you are notified of it. Be prepared to be looking a property amongst other eager buyers and agents. Keep your opinions and questions whilst among the competition quiet. You may be their competition.

  5. Read and approve as many of the documents in advance of an offer as possible. Have your lawyer on speed dial to review title searches, site surveysandambiguous strata clauses.

  6. Keep a calm head. Always consider the #1 Rule of Real Estate- Location Location Location.

TIPS FOR PREPARING AN OFFER

The price is always a main factor but not always. The dates for possession along with the date for subject removal (if any), along with the number of conditions to purchase ( if any) and the size and receipt of deposit can be important factors.   The fewer the conditions and if an offer is subject free the sold sign can go up upon acceptance. The Seller will decide what is most important to them and can only work with one offer at a time. That offer is then accepted or countered.  Where deadlines are tight a Seller or Buyer may ask for an extension to think about it. Remember,any changes to a contract open it up. Important to understand the implications of this. 

 

WHAT DOES ALL OF THIS MEAN TO YOU AS A SELLER?

As a Seller get ready to put on your dancing shoes as the market is likely very different from when you last purchased or sold. A celebration is in the near future as YOU are in the driver’s seat. If you are making a move within the community remember its all relative. If you are moving out of the valley you may have more buying power depending on where you are going.

 

Pricing is rather ambiguous in this market. Important to note that proper pricing remains important. Too high could potentially miss serious buyers with pen and cheque book in hand. If the decision is made to “Test the waters” on price be prepared to reduce the price within a week or two if no interest. The market will tell you. Pricing a property is based on my experience, market knowledge and the saleability of a property. Depending on buyer demand some properties are not necessarily bound to attain a multiple offer.

MY PERSONAL SELLING STRATEGY

1. Preparation in advance of a listing hitting the MLS (Realtor.ca) imperative. Much of the work is done prior to a property appearing on the MLS.

2. Property “show ready” condition to appeal to the greatest number of prospective buyers. I will provide staging advise and a professional cleaner to put those finishing touches where required to make the property shine.

3. Professional photography, professional floor plan, complete package of strata documents if applicable, title search, survey, property disclosure, well & septic permits & reports, insurance docs, warranty certificates, hydro bills.. All of these items prepared in advance and ready to upload to the mls right away for prospective buyers. First impressions on the mls are important as buyers wait anxiously for new listings to appear on their PCS.

4. Flexibility of showings- with appropriate pricing showing requests will be fast and furious.

5. Social media blitz, advertising, Realtor Caravan tour… many more features. Contact me for a copy of my complete Marketing Program.

 

OFFER TIME…  

Yes it would be lovely to tell your neighbours that you got an offer on Day 1. Would it not be even better to allow some market exposure and increase the odds of a multiple offer and a higher price?   Perhaps one of those mainland buyers with deep pockets would like an opportunity to view your home in person or even have the time to see it online? Some Agents may not have the time to show a new listing or coordinate with a buyers work schedule on Day 1.  In my experience I find that giving a property adequate market exposure pays off and 3-7 days is the magic number.  Some buyers may of course decide not to compete but with such a shortage of offers “tis the nature of the market”.  I also believe that Buyers feel less frenzied and write cleaner offers that are less likely to collapse the next day with buyers remorse.

 

WHAT HAPPENS IF I HAVE A BUYER FOR YOUR LISTING?

I will refer that buyer to a colleague I trust and respect  to prepare the offer. As of March 15, 2018 there are new regulations coming into effect. There are many details that have not been clarified by the Superintendent of Real estate to date. I will be writing a separate blog regarding the changes.

 

Stay tuned for monthly updates on the new legislation impacting you as a Consumer, the monthly stats, opportunities to invest and useful tips for navigating this fast paced Sellers market.

Read

Super excited to market this lovely Patio Home at #17 352 Douglas St, Comox $439K

 

 

#17 352 Douglas Street in Comox $439,000.  This lovely 2 bedroom, 2 bath patio home on no thru street in the heart of Comox has been impeccably maintained and exudes pride of ownership. Modern functional floor plan with open concept kitchen, dining and living room areas. Appreciate 9 foot ceilings, gas furnace, hot water tank and fireplace. Spacious bedrooms with 2 full baths, separate laundry room. Kitchen is bright and cheerful with amply cupboard and counter space with expansive eating bar. Lots of natural light and 2 private patios overlooking well kept strata gardens. The perfect spot to take in the nature and choose your spot for shade or sunshine.This unit has a full sized double garage with built in shelving.  Well run strata, must be 50+ years young and one dog or cat under 25lbs. No rentals. 

 

Read

 

 
 
UP! UP! AND UP! … THE COMOX VALLEY REMAINS A SELLER’S MARKET DESPITE MODEST INVENTORY INCREASES
Home » Up! Up! And Up! … The Comox Valley Remains a Seller’s Market Despite Modest Inventory Increases

The Vancouver Island Real Estate Board (VIREB) reports that in June 2017 the average price for single family home hit $510,900 that is up 29% from June 2016 at $396,481. 107 single-family properties sold on the MLS® in June 2017  compared to 130 in June 2016,  a decrease of 18%.   Overall inventory of single family homes hovers around 200 listings. It has not remained this low for years. 

The Condo market is Hot! Hot! Hot! This is the only market segment we have seen an increase in inventory levels with 316 condos listed 12 months to date compared to 249 previously. Sales are up 61% 12 months to date with 262 sales compared to 169 .  The average selling price for condos for June 2017 hit $253,902.   As rents continue to rise investors are snapping up vacant & seller occupied units to rent out at current rental rates. 

We have been in a seller’s market for months now with frustration from both Buyers and Sellers. Buyers concerned with lack of inventory, escalating prices & competitive bids & Sellers fearing the right “timing” and finding a place to buy once selling.  Almost one third of the Buyers are now coming from Vancouver and the lower mainland so competition is fierce on those properties priced properly.    

Seller Tips 

  • Contrary to popular belief that all it takes is a sign on the lawn to sell a property at top $…. More important than ever to to work with an Agent that will AGGRESSIVELY market your property to secure you TOP dollar… Do not miss out on those “out of town, non- present cash buyers” who require comprehensive information at the push of a button….professional photos, virtual tours, floorplans, septic & water reports, readily available strata packages etc.  to make an informed decision to purchase sight unseen.   
  • Price properly and know the market you are getting into on the Buying side. 

Buyer Tips 

  • Check with your lender on recent Bank of Canada interest rate hike & how it impacts your purchasing power & confirm Pre-Approval 
  • Worth with an Agent who has their pulse on new inventory, savvy negotiation skills & will explain what to expect in this high stress purchase 
  • Ensure expectations and price point are in alignment & be as flexible as possible with dates & inclusions 
  • Know your limit and stay within it… 

My two cents… 

#1 Rule of Real estate… Location, Location, Location and the Comox Valley is where it is at.! A safe place to invest in the real estate market as it offers lifestyle, climate, affordability and infrastructure.  Real estate across Canada is a hot commodity and the Comox Valley has now been discovered… they are coming. 

Please contact 

Philippa Berg, Royal LePage Comox Valley

Facebook.com/PhilippaBergRealestate for regular updates on Real estate market conditions, valuable tips and benefits to working with a savvy Real estate Professional.

 

Read

The Secret is Out.... If you are looking for an invesment opportunity

 

The Comox Valley, the once "best kept secret" as the premier destination to live, work, play & retire on Vancouver Island is out of the box.  With the charm & quaintness of a smaller community balanced with a touch of urban sophistication. The pristine beauty of ocean, forest, farmland & mountains combined with the infrastructure- diverese economic opportunities, 19 Wing CFB Comox- leading employer & major economic driver, home to Vancouver islands only full service mountain resort- Mount Washington Alpine Resort & 3rd longest runway in the province of BC (YQQ); featuring daily direct service to Vancouver, Victoria, Calgary, and Edmonton and not to mention the new $331.7 Million Regional Hospital opening this Fall.

 

The Comox Valley checks all of the boxes as "THE best place to live, work, play, retire and now.... INVEST. 

 

Property rich Vancouver and Victoria Residents eager to invest are coming to the Valley.... As local residents balk at average housing prices teetering the $465,000 threshold the rest of BC eagerly gets financing secured to invest and/or relocate. In this hot sellers market inventory remains historically low and properties attract multiple offers before the ink is dry on the listing. It is crucial for serious buyers to work with a Realtor who has their pulse on the market conditions, has comprehenisive knowledge of upcoming inventory and the savvy dedication to respond, react and initiate within minutes. Without all three- "that" great new listing will go to the next Buyer... 

 

As we well know... one person can only be in one place at a time. Providing exceptional service and providing the best opportunity to succeed in locating and securing my clients that perfect property  is of great importance to me. I would like to welcome Brett Hall to my team. Brett has a keen eye for discovering those "diamonds in the rough", those properties that have "potential", those properties that often get missed as solid investments.  His personal experience in Real estate in the Comox Valley has been the best education for him to now pass on to Investors in this market. 

 

If you are looking to invest in the Comox Valley having my proven track record for success, combined with Brett's fresh perspective towards investment please get in touch. Myself and Brett offer a team approach to securing your next investment Property in the Comox Valley. 

Read
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.