The trend of fewer sales and more listings available for sale continued through the end of the year with just 375 properties sold in the Victoria Real Estate Board in December 2018, 19% fewer than the 462 sold in December 2017 and 25% less than sold in November.
In 2018 in total 7,150 properties were sold , 20% fewer than the 8,994 sold in 2017. That's also 33% less than the record 10,622 the previous year and now below the 7,351 10 year average. The number of Single Family Homes sold in 2018 was down 22% in 2018 to 3,187 from 4,069 in 2017. Condo sales also declined 23% to 2,150 in 2018 from 2,773 in 2017.
There were 1,998 active listings available for sale on the VREB MLS at the end of December 2018, up 44% from the end of December a
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When a buyer budgets for a home purchase, closing costs must be taken into consideration. Since closing costs are due in cash at the time of the purchase, it's imperative that the buyer have money for these fees on hand. Knowing what closing costs are, how much to expect to pay and when they're due helps home buyers to plan for a smooth home buying process.
One thing that many sellers dread is a buyer’s market. This means that there are far more homes for sale than there are buyers looking for homes. As a result, home buyers effectively have their pick of the litter and sellers are left competing with each other to provide the best deal to entice the buyers. This is different than a sellers market where there are not enough homes and the buyers are at a disadvantage.
It is almost universally agreed that having a good roof over your head is important. However, it is sometimes difficult to know how much life is left in a home's existing roof. Although a homeowner might concede that some action is needed, there is always a question about the effectiveness of needed repairs. If replacement seems to be the best option, there may be additional questions.
