Welcome to Nanaimo Real Estate Team's Blog

This blog will take a look into Nanaimo's real estate market, community news and events, and everything in between! We want to keep on top of things going on in this growing city, to help show our clients what Nanaimo has to offer. Take a seat, grab something to eat or drink, and have a read.

 

 

 

March 11, 2020

Home Features Buyers Want Right Now

Ideally, when you’re selling your home, your property will have the features buyers are looking for—and you can highlight those features in your listing to drum up more buyer attention. But what, exactly, are those features?

Home remodeling website Porch.com recently surveyed 980 recent home shoppers to find out their must-have features. According to the survey, the most important features to would-be home buyers include:

  • a back porch or deck (33.9 percent)
  • a newly renovated kitchen (30.8 percent)
  • hardwood flooring (30.4 percent)
  • a finished garage (25.8 percent)

And buyers are willing to pay top dollar for a home with features they want—between $2,532 and $4,570 more, depending on the feature.

So, what does this mean for you? If you’re thinking about selling your home, it’s important to know the features potential buyers are looking for. That way, if your property has said features, you can position your home in a way that speaks to buyers—and gets your home sold quickly and profitably. And, if not, perhaps it makes sense to consider adding a feature or two that will entice buyers.

March 4, 2020

The Biggest Landscaping Trends of 2020

It’s a new year, and with every new year comes new design trends—including in landscaping.

The National Association of Landscape Professionals recently released their picks for the top landscaping trends of 2020. Some of the biggest trends poised to take over lawns this year include:

  • Multi-season landscape design. As homeowners become more cost and environmentally conscious in 2020, expect to see more versatile choices in landscape design—including choosing plants and other elements with multi-season functionality and the ability to thrive in a variety of temperatures and climates.
  • All things blue. With different shades of blue being chosen as the color of the year by a variety of design outlets (including Pantone and Sherwin-Williams), the hue is going to be everywhere in 2020—including in landscape design. Expect to see pops of blue (think sculptures and water features) to show up in on-trend outdoor spaces in the upcoming year.
  • One-click irrigation systems. Properly irrigating your lawn used to be an expensive, time-consuming process. But thanks to new technology and more high-tech irrigation systems, in 2020, homeowners have the ability to control their irrigation system remotely, delivering the perfect amount of water at the perfect time with the click of a smartphone app—saving time, money, and water in the process.

What does this mean for you? If you’re thinking about selling your home in 2020, you want to make sure your landscaping feels timely and on-trend—and now that you know the top landscaping trends for 2020, all that’s left to do is get outside and get your yard up to par!

Feb. 26, 2020

How Sellers Can Prepare For An Early Start To The Spring Market

If you’re hoping to put your place on the market and capitalize on those early bird buyers, you want your property to be in the best possible shape. That means you’ll want to tackle the following tasks:

Clean: Scrub like you’ve never scrubbed before! Some recommend hiring a cleaning service as new eyes will find old stains and smudges you no longer even notice.

Paint: Nothing brightens up a room like a fresh coat of paint. Don’t forget the moldings and trim. Buyers notice every detail.

Declutter: You’re going to have to pack up anyway, so why not do it sooner rather than later? As you go through each room, start storing non-essential items that you plan to take with you to your new address. If you find items you no longer want or need, donate them or try to sell them online for a quick influx of cash you can spend on your new place.

Tackle repairs: Take care of anything that would pop up on a home inspector’s report. Chances are you’ll need to fix it before you move, so why not do it now and enjoy these improvements for as long as you remain in the home?

Work on your curb appeal: Your home’s exterior is what’s going to make that all-important first impression on buyers. If your lawn boasts more weeds than grass, your shrubs are dead, and your fence is falling apart, you can count on that prospect driving on to the next house.

Find the right real estate agent: Often sellers want to hire the agent who says they’ll list the property for the highest price. Or, they’re tempted to select one who’s willing to take the lowest commission. But, really, you want an agent with a track record of success who is familiar with the area and comparable listings, and has a marketing plan that will help you realize the maximum value. A sky-high listing price sounds great, but not if it takes you three years to sell, right?

If you’re planning on selling, you may be competing with plenty of other sellers once Spring is in full swing. So, taking care of the items listed above can help you get the edge you need. 

Posted in Selling Your Home
Feb. 19, 2020

How Buyers Can Prepare For An Early Start To The Spring Market

If you’re ready to purchase a new home, there are several things you can do before you hit your first open house to make sure the process goes as smoothly as possible.

Clean up your credit: Your credit score not only impacts your ability to secure a mortgage at all, but it will also determine the interest rate you’ll pay. If you’re worried about your credit score, start working toward raising it by paying all your bills on time and making sure your balances are low.

Pro tip: Speak to an experienced mortgage professional. Sometimes they can advise you on what (and what not) to pay down or off, in order to improve your credit score.

Save for a down payment (and then some!): Being able to put 20% of the purchase price down at your closing isn’t necessary, but it could help you in terms of better rates and overall monthly payments. It can also help you to avoid paying for mortgage insurance (CMHC). It’s also wise to save for emergencies because once you’re in your new home you never know what may suddenly need repair.

Get pre-approved for a mortgage: Getting pre-approved lets sellers know you’re the real deal and can bring extra negotiating power to the table. And, it let’s you know what you can afford, so you focus on the right price points, and can choose the perfect one to go after with confidence.

Rather than just prequalification, which is more like an estimate of what you can borrow, a pre-approval means the loan is much more likely to get through underwriting once you get a home under contract, because the lender has already assessed your credit, income, debts, and assets.

Plus, if you find yourself competing for a property, being able to tell a seller you’re pre-approved can give you the advantage you need against others who are not.

Do your due diligence: Think you’ve found an area you like? Check out neighborhoods at different times of day, and be sure to notice traffic patterns. For example, is the home you like on a street drivers use to dodge traffic on Main Street. Will you encounter school drop-off or pick-up congestion that will make getting in or out of your driveway a hassle? How about early morning church bells or that fire house whistle? Consider all these factors, and anything else that may appeal to you, or bother you personally, as you’re driving past potential homes.

Find the right real estate agent: Whether this is your first or fiftieth home purchase, it’s still wise to enlist the help of a buyer’s agent. After all, it doesn’t cost you anything out of pocket typically, and a good agent will help you by sharing their inside knowledge not only of the neighborhood, but also help establish what’s a good value in your price range.

Plus, they’ll arrange showings on your behalf and they may also be able to alert you to red flags you’d otherwise miss while touring properties. These seasoned experts will be happy to refer you to other pros you’ll want on your side, such as home inspectors, attorneys, and lenders.

If you’re planning on buying, you may be competing with plenty of other buyers once Spring is in full swing. So, taking care of the items listed above can help you get the edge you need. 

Posted in Buying a Home
Aug. 24, 2018

New Forms in B.C. Real Estate

New rules and forms have been introduced to B.C. to help further aide you as consumers in real estate transactions. The three main forms are: Disclosure of Representation in Trading Services (DRTS), Privacy Notice and Consent, and Disclosure to Sellers of Expected Remuneration (DSER). Read below to find out how they will be used throughout the buying and selling process of real estate.

Disclosure of Representation in Trading Services (DRTS)

The DRTS form lays out what it means to be a client or an unrepresented party. This form will be presented to you before any conversation that may reveal personal information about yourself. It lets you understand the benefits of being a represented client including duties from your Realtor such as loyalty, expert advice, protection, and full disclosure versus what may happen when you are left unrepresented. It will also ask you to decide whether you are going to be a client or an unrepresented party. This does not mean that you are obligated to work with this Realtor, it is just allowing you to share confidential information about yourself, while knowing that this realtor will keep it confidential. Confidential information could include your financial qualifications, budget, and motivation.

Privacy Notice and Consent

This form provides you with how, when, and why we will use and collect any personal information of yours that is necessary to your real estate transaction.

Disclosure to Sellers of Expected Remuneration (DSER)

The DSER allows your realtor to disclose to you (as a seller) what you will be expected to pay your real estate brokerage and the potential buyers real estate brokerage depending on the offered purchase price. This form will be presented to you (the seller) before the offer is discussed and may be presented to you multiple times depending on counter offers.

Posted in Real Estate News
April 19, 2018

March Market Stats

With the start of Spring, the Market is continuing its torrid pace.  We are seeing strong activity in homes priced below $500,000 while higher priced homes above $600,000 have slowed. That being said we are still experiencing low inventory and high demand here in Nanaimo. 

The average price of single family homes in Nanaimo continue to rise, March saw a  13%, increase from $464,311 to $525,712 on a 12 month moving average basis. The number of days to sell a home has decreased 20% from March 2017, similar to the trend we saw throughout last year.  This is in contrast to the last few months which saw the number of days to sell increase compared to previous months in 2017. Both condos and townhouses have also increased in average price, with condos seeing a 15% and townhouses a 33% increase. Days to sell a condo has decreased 7% which follows the decreasing days to sell trends of previous months. Townhouses have also decreased in days to sell by 58%.  

For Inventory Statistics and further details and graphs see our Market Stats Page.

Posted in Real Estate News
Feb. 9, 2018

January Market Stats

January sales volume for Single Family Homes continued to be strong for the VIREB region.  There was a 6% decrease on a year over year basis and Nanaimo saw a 3% decrease in sales of Single Family Homes for the same period.

The average price of single family homes in Nanaimo increased 15%, increasing from $451,869 to $518,896 on a 12 month moving average basis. The number of days to sell a home decreased  35% from January 2017, which follows the trend of decreasing days to sell that we have been seeing throughout the last year.  Both condos and   townhouses have also increased in average price, with condos seeing a 15% and  townhouses a 13% increase. Days to sell a condo has increased by 12% changing slightly from the trends of previous months. Townhouses have decreased in days to sell by 32%.  

For Inventory Statistics and further details and graphs see our Market Stats Page.  

Posted in Real Estate News
Jan. 25, 2018

Top 10 Restaurants in Nanaimo

Are you new to Nanaimo? Or a long-time resident in need of a new restaurant to try? Well look no further, Nanaimo's 10 best restaurants are below!

Nanaimo is full of great restaurants, making it hard to chose where to eat. Websites like Trip Adviser allow tourists and locals to leave reviews and ratings of their favorite restaurants, creating a "voted by you" list of the best places to eat in different cities. Click the restaurant name to be taken to their website so you can learn more about these fantastic restaurants. 

#10 Smokin' George's BBQ

$$ - $$$ American Barbecue, Canadian

"Every day, we’re chopping up seasoned hardwoods to smoke up the most incredible pulled pork, beef brisket, pork ribs, chicken, and sausage this city has ever seen. We bake our cornbread fresh every morning, hand cut buckets of fries and mix up our homemade bbq sauces and dressings, so every time you step in our door, you can smell those flavours in the air."

 

#9 Dinghy Dock Pub & Floating Restaurant

$$ - $$$ Seafood, Pub, Canadian, Vegetarian Friendly, Gluten Free Options

"The Dinghy Dock Pub & Restaurant has been an attraction in Nanaimo, British Columbia since 1989. The expansive views, relaxed atmosphere and great pub fare make us a popular destination year round. We are the only registered floating pub in Canada making your experience a unique one."

 

#8 Fiddlehead Bistro

$$ - $$$ Canadian, Vegetarian Friendly, Vegan Options, revolving menu, seafood

"Ever since the beginnings of this Nanaimo Restaurant, the Fiddlehead Bistro has been on a mission to provide the most local, organic and freshest ingredients to its customers.  Our humble restaurant is always wanting to insure that we maintain a highest quality of food, beverages and most importantly service to our customers from Nanaimo and abroad.?"

 

#7 Longwood Brew Pub & Restaurant

$$ - $$$ Canadian Brew Pub, Contemporary, Vegetarian Friendly, Gluten Free Options

"At Longwood we’re committed to offering you nothing but the best and our chefs strive for the freshest ingredients all while making sure as much as possible is locally sourced... We don’t filter our beer so as to allow it to retain its vitamins, minerals, nutrients and natural flavours. This attention to detail means we strive for perfection with every drink and food item we serve, the only way worth doing it, and we wouldn’t have it any other way."

 

#6 Hilltop Bistro

$$$$ Canadian, Contemporary, Vegetarian Friendly, Gluten Free Options

"Memories of comfort and family made food and wine a natural progression for Chef Ryan Zuvich. Memories that would see him travel around the world experiencing and learning all that he could from some of the best and most recognized chefs and restaurateurs. Hand made, home-grown, nose to tail eating. Words that are now used the world over to convey the latest trends, were just how it always was for Ryan’s family and how we think it should always be."

 

#5 Gabriel's Gourmet Cafe

$$ - $$$ Cafe, Canadian Fusion, Vegetarian Friendly, Vegan Options, Gluten Free Options

"Whenever possible we source our ingredients direct from the farmer. We have built up several partnerships with local, small-scale, family farms to bring you fresh, seasonal vegetables, free range eggs, and pasture fed, ethically raised meats."

 

#4 Crow & Gate Pub

$$ - $$$ British Pub, Vegetarian Friendly, Vegan Options, Gluten Free Options

"Jack Nash, an ex-patriot from Sussex, England, built The Crow & Gate Public House on ten acres of scenic property in Cedar, near Nanaimo, on Vancouver Island. In doing so The Crow & Gate Pub became the first neighbourhood pub in British Columbia. Now a well-known landmark and favourite destination for locals and tourists alike."

 

#3 Le Cafe Francais

$$ - $$$ French, European, Vegetarian Friendly, Gluten Free Options

"Come and discover an authentic little corner of France. Gilles Le Patézour, chef and owner of Nanaimo’s only French restaurant 'LE CAFÉ FRANÇAIS' brings his distinguished awards and international work experience from nine previous countries to Nanaimo, a city he recognizes where 'people live well and like to eat fresh food.'" 

 

#2 Nori Japanese Restaurant

$$ - $$$ Japanese, Sushi, Vegetarian Friendly, Vegan Options, Gluten Free Options

Voted "Best Japanese Restuarant" in Nanaimo. "Nori not only presents its guests with the finest seasonal ingredients and extensive range of premium wines, and liqueurs, it also treats diners to traditional Japanese refreshments such as sake and shochu, and beverages." 

 

#1 Asteras Greek Taverna

$$ - $$$ Mediterranean, Greek, Vegetarian Friendly, Vegan Options, Gluten Free Options

"Asteras is an authentic Greek restaurant known for it’s traditional, delicious foods, warm Greek atmosphere and a focus on excellent service... Choose from sensational, traditional recipies, all originating from Crete, an island renowned for its healthy diet made up of fresh and simple ingredients. Everything in our kitchen is made in house daily, from whole foods and high quality ingredients."  

 

Did your favorite restaurant make the list? Let us know in the comment section below!

Posted in Community News
Jan. 18, 2018

Year End Market Stats

December sales volume for Single Family Homes continued to be strong for the VIREB region.  There was a 7% decrease on a year over year basis and Nanaimo saw a 5% decrease in sales of Single Family Homes for the same period.

The average price of single family homes in Nanaimo increased by 16%, on a 12 month moving average basis. The number of days to sell a home increased 13% from December 2016, which bucked the trend of decreasing days to sell from prior months in 2017.  Both condos and townhouses have also increased in average price, with condos seeing a 15% and townhouses a 14% increase. Days to sell a condo decreased 88% from 51 days to sell, to only 6, but that was driven primarily by the pre-sales at 91 Chapel Street in late December! Townhouses have also decreased in days to sell by 35%.  

Inventory levels are extremely low across all three major market segments of homes confirming it is still a strong Seller’s market. It has never been a better time to Sell while Buyers must act quickly in order to be fortunate to purchase a well priced property.

For further details and graphs see our Market Stats Page. 

Posted in Real Estate News
Jan. 2, 2018

Happy New Year!

Happy New Year to all of our wonderful clients! We're very excited to see what this year will bring! Here's to a great 2017 and all the possibilities that 2018 has to offer!

 

Happy, Happy New Year!
We wish you all the best,
Great work to reach your fondest goals,
And when you’re done, sweet rest.

We hope for your fulfillment,
Contentment, peace and more,
A brighter, better new year than
You’ve ever had before.

By Joanna Fuchs

Posted in Community News