When writing an offer on a home, house insurance is a standard subject that takes about three to ten days to fulfill. You must be able to insure a home in order to get financing. If you cannot get house insurance, you most likely will not be able to secure a mortgage. 

How do you fulfill a house insurance subject?

There are a couple ways to get insurance figured out. One way is for your Real Estate Agent to ask the listing agent if the Sellers can lift their privacy on their insurance policy. This is the fastest and most convenient way to get a quote and ensure that the house is insurable. The other option is to call around to different insurance agencies to find the best quote. Some companies have online forms you have to fill out with information regarding the home. The amount of questions an insurance company will ask you about the home is extensive. Having an inspection on the home prior to inquiring with insurance companies is the best way to get all the information you may need to fill out the questionnaire. Once you have received a quote from an insurance agency and are satisfied with the pricing, you can now remove your insurance subject.

What if there are issues with the home?

If there are any problems with the home that an insurance company may not approve of, they will give you a timeline to fix or replace the items of concern. For example, if the roof is over 25 years old, they may give you three months after completion to get it replaced. Homes with poly-b piping may not be insurable through all companies. You will have to search around for a company that will insure a home with poly-b and even then they may require a re-pipe within a certain period of time or they will not cover you for any water damage.

Insurance companies may request to see the inspection report. You do not have to provide this, I have been told by inspectors that you should not provide your insurance company with your inspection report. The reasoning behind this is that inspection reports bring up every small or large issue of a home. When an insurance company looks at how many issues there are, they could rack up your insurance rate. Don’t hesitate to reach out to your real estate agent if you have any further questions!

   Have you ever wondered how your real estate agent determines what the value of your property is? Accurately evaluating your property is beneficial to both Sellers and Buyers. Here are the methods used by real estate agents when determining market value.

   The most important tool that a REALTOR® uses when evaluating your property is the analyzing of recently solds, active listings, and expired properties that are comparable to yours. They put this data together in a CMA (comparative market analysis). Your Realtor will take a look at what a comparative property was listed for versus what it sold for and how long it took to sell. It’s also important that they look at different neighbourhoods as they can have an impact on the pricing. 

   Property specific factors also play a big role in determining the value of a property. For example, a home with an ocean view and pool will have more value compared to a home with a hot tub and mountain view. Other factors include size of property, age of home, condition, recent upgrades, zoning, neighbourhood amenities, and curb appeal.

   Real estate agents face challenges when determining market value. One of the toughest challenges is having a great comparable property but it’s drastically over-priced. Some prices are not great reflections on the market and these higher priced homes are sometimes seller driven. Another challenge that can arise when evaluating a home is that the home may be unique and there are a lack of comparables. This makes doing a CMA tricky and lacks data.

   Determining market value of a property is a complex process that requires both expertise and local knowledge. Realtors use a variety of tools and methods for analyzing comparable solds and active listings. Whether you’re selling a home with an ocean view or a mountain view, working with a knowledgeable realtor who understands the intricacies of market value assessment is key to achieving the best possible outcome in your real estate journey.

  Meeting with a Realtor one year before you plan to move seems a bit far in advance, right? Here’s why it is the perfect time to meet with a Realtor. If you want the best value for your home, you want to eliminate or fix anything that will decrease the value. You don’t want any financial surprises the week before you list your house for sale. For example, if your roof is 30 years old, it would be a good idea to replace it. This is a big-ticket item that buyer’s will use to negotiate price. Replacing a roof isn’t a quick or cheap job. Having one year to get it done gives you less financial stress and time to figure out what type of roof you want and which company to hire.

   Getting an accurate evaluation requires your Realtor to come to your home and take a look at any upgrades you have done. Knowing ahead of time what the value of your property is helps plan for what price range of home you will be looking for. If you think that you can get a million dollars for your place but realistically a Realtor tells you that it will sell for $849,000, it’s better to know now than fall in love with a house you actually can’t afford.

Meet with me today to get a free home evaluation! 604-344-0055

   2024 had a strong start, January and February had more sales this year compared to January and February in 2023. However, March was slower this year than last.

   There were a total of 61 sales in Powell River (including Texada and Savary) during the first quarter of 2023 and there was an average selling price of $592,950. In the first quarter of 2024, there were 72 sales with an average selling price of $563,161. The average selling price is down but not by much. 

   It took an average of 80 days on market for a property to sell last year in the first quarter. This year, it took an average of 72 days. 

   Additionally, the government announced a new home flipping tax policy that will come into place at the start of 2025. The tax will apply to the sale of homes held by the owner for less than 2 years. The tax rate will be 20% for properties sold within the first year of purchase and over the second year, the rate will gradually decline to 0%.

A real estate group is a team of professionals who work together to provide their clients with a higher level of service than a single agent could. The goal of a real estate group is to provide exceptional service to clients, leveraging the diverse skills and expertise of each team member to achieve successful outcomes for buyers and sellers. By leveraging the strengths of each team member, a real estate group can provide a more comprehensive and personalized approach to buying or selling. 

A real estate group does not cost any additional money, PLUS you get extra professionals!

The bonus in hiring Josh, Andrew or Katie as your realtor is that you have a support team also working on your behalf.  More resources = better client service.  

Each group member brings unique skills, experiences, and perspectives to the table. By collaborating and leveraging each other's strengths, The Josh Statham Group can achieve greater results and provide better service to clients.

5 reasons to hire a real estate group 

1. Diverse Skill Sets: A real estate team can offer a diverse set of skills and expertise, as it usually consists of individuals with different backgrounds, education, and work experience. For example, a team may include individuals who specialize in marketing, negotiating deals, handling legal and financial matters, or providing customer service. This can provide a more comprehensive service that addresses all aspects of buying or selling a property.

2. Increased Availability: A team is typically more available than an individual agent, as there are multiple people to handle various tasks and responsibilities. This means that you are more likely to receive a quick response to your questions or concerns, and that your agent will have more time to focus on your needs.

3. Broader Network: Real estate teams often have a larger network of contacts in the industry, including other agents, mortgage lenders, home inspectors, and more. This can provide access to more resources and a wider range of options when looking for a property or trying to sell one.

4. Better Coordination: With a real estate team, there is usually a designated point of contact who oversees the entire process and ensures that everyone is working together effectively. This can help streamline the process and avoid miscommunications or delays.

5. Teamwork: Finally, a real estate team works collaboratively to provide the best possible service to their clients. This can provide a higher level of support and guidance, as well as multiple perspectives and ideas for addressing any challenges that may arise during the buying or selling process.

Why Choose The Josh Statham Group? 

• Local Market Mastery: As Powell River locals, we have a deep understanding of the market, ensuring you get insider knowledge and access to the best properties available.

• Personalized Approach: We take the time to understand your unique needs, preferences, and budget. Our tailored solutions ensure we find the ideal home that matches your lifestyle.

• Expert Negotiation: We work tirelessly to secure the best deals for you. We'll protect your interests and ensure you get the most value for your investment.

• Stress-Free Experience: Let us handle the complexities of buying or selling a home. We'll guide you through the entire process, providing a seamless and enjoyable experience.

    This is your sign to get your home clutter under control! Winter has officially left and so should the dust bunnies. Having a clean and tidy home is proven to decrease stress so let’s dive in.

   It may seem overwhelming and intimidating to clean your entire home. But let’s not look at it as one big project, we’re going to divide it up. Choose one room or section of your home to tackle each weekend (I’m going to use the bathroom as an example in this article). Next, we will take care of each room in three steps: 

1. Declutter

2. Deep Clean

3. Organize

   The first step of decluttering a space is to take everything out of your cupboards, closets, and off of counters to see what you’re dealing with. Next, sort your items into four piles. Donate, sell, relocate, and garbage. The relocate pile is for those items that do not belong in that space (dog toys and dishes do not have a place in the bathroom). Going through which items should stay or go can be tough but do not keep holding onto those hair products that you haven’t used in years! Even if you think that you may use those products one day, there’s a good chance that if you haven’t used them in 2 years, you won’t use them in the near future. Same goes for makeup and face products, if you haven’t used them for a while then you probably won’t use them and they are probably already expired (most face products have a shelf life of 24 to 36 months anyways). If you want to minimize your items then consider how many of each you really need. Let’s say you have a family of four, each person would need two bath towels (just in case one is in the wash) and one to two beach towels. Donate the rest! 

   Since everything is out and on the floor, now is a great time to clean the drawers and spots that you will be putting your items back into. Get the old toothpaste stains off the counter and mirror and vacuum out all the hair and dust from the cupboards. This is also a good time to give the shower and toilet a deep clean. Some areas that often get missed are the baseboards, behind the toilet, and the ceilings (cobwebs, dust, and fly poop can be anywhere and small enough that you don’t notice it until you’re staring at it from on the toilet).

   Now that you’ve simplified the amount of items you’re working with and cleaned the space, let’s organize. Organizing can be fun but it’s important not to skip the declutter step or you’ll have an organized mess. Take products, like q-tips and bandaids, out of their boxes and put them in a more confined bin or container. Boxes take up a lot of space so it’s worth investing in some stackable containers or clear jars. The less you have on your countertops the better, only put a few essentials out and top it off with a scented candle or plant. Once everything has a place, the key is to maintain this. Don’t buy new products without tossing or using up your current ones. Do a quick couple minute tidy each day so it doesn’t turn into one big daunting task. If each item has its designated spot then that’s where it should always end up at the end of each day. 

Property Sales in Powell River compared to the third quarter of 2023 and the fourth quarter of 2022.

The average sale price from October 1st to December 31st was $480,141 and the gross amount of sales was 58. The third quarter of 2023 had an average of $576,167  and 93 sales. There was an 18% drop in average sale price from the third quarter to the fourth quarter and 46% drop in the amount of properties sold. Taking a look at the fourth quarter of 2022, there were 71 properties sold with an average sale price of $519,778. 

Now let’s compare how quickly homes sold for by looking at how many sold within the first, second, third, and fourth week of the property being listed for sale:

The fourth quarter of 2022                                                   The third quarter of 2023

Properties sold in 1 week: 1                                                   Properties sold in 1 week: 2

Properties sold in 2 weeks: 10                                               Properties sold in 2 weeks: 11

Properties sold in 3 weeks: 7                                                 Properties sold in 3 weeks: 6         

Properties sold in 4 weeks: 9                                                 Properties sold in 4 weeks: 13

The fourth quarter of 2023                   

Properties sold in 1 week: 2

Properties sold in 2 weeks: 3

Properties sold in 3 weeks: 6

Properties sold in 4 weeks: 6

The Overnight rates according to the Bank of Canada

Let’s take a look at how the interest rates have changed compared to the fourth quarter of 2022 and the third quarter of 2023.

October 2022: 3.25                                 July 2023: 4.75                              October 2023: 5.00

November 2022: 3.75                             August 2023: 5.00                         November 2023: 5.00

December 2022: 4.25                             September 2023: 5.00                   December 2023: 5.00

If you want to stay up to date on sales in Powell River, BC, be sure to follow my Instagram or Facebook: 

https://www.instagram.com/powellriverrealestate/

https://www.facebook.com/Realtorpowellriver/

Here are 10 New Year’s Resolutions for your home to help spruce it up and maintain it. 

1. Declutter Quarterly: Rather than waiting to do a big Spring clean once a year, declutter every few months to prevent things from accumulating. Decluttering can be overwhelming so tackling it more frequently can make this job less daunting. 

2. Give Your Fridge and Freezer a Clean Out: Get rid of any expired food and give your fridge a good clean. When washing out your freezer, make sure to wipe it completely dry to prevent ice buildup. 

3. Clear out your Food Cupboards and Pantry: Toss out all the stale and expired food and restock the staples. Any non-perishables that you no longer want or use, donate to your local food bank.

4. Schedule Maintenance Jobs: Figure out which jobs are overdue and schedule them. E.g. have your chimney cleaned, get your furnace filter replaced, get the moss removed off your roof and eaves cleared out. 

5. Finish any Renovation Projects: Complete any unfinished renos that have gone on far too long undone. 

6. Minor Maintenance: Replace any burnt out light bulbs, fill in small dents or scratches in the walls, and give your home a paint touch-up.

7. Give the Front of your Home Some Curb Appeal: Spruce up the front of your home by pulling out any dead plants, cleaning off the sidewalk and driveway, putting some planters by your entrance, giving your house siding a wash, and painting your front door.

8. Create a space that feels like home: Make your house feel like home. Add colourful pillows, house plants, mood lighting, or candles. 

9. Get Organized: Invest in storage bins to keep things from getting misplaced or left out in the open. 

10. Go through your wardrobe: Donate or sell any items of clothing that you do not wear anymore.

The third quarter of 2023 in Powell River, BC took a slight dip compared to the second quarter. Let’s take a look at the numbers.

Property Sales in Powell River compared to the second quarter and the third quarter of 2022.

The average sale price from June 1st to September 30th was $576,167 and the gross amount of sales was 93. The second quarter of 2023 had an average of $654,759 and 119 sales. There was a 12% drop in average sale price from the second quarter to the third quarter and 24% drop in the amount of properties sold. Taking a look at the third quarter of 2022, there were 87 properties sold with an average sale price of $614,418. 

Now let’s compare how quickly homes sold for by looking at how many sold within the first, second, third, and fourth week of the property being listed for sale:

The third quarter of 2022                                                       The second quarter of 2023

 Properties sold in 1 week: 12                                                   Properties sold in 1 week: 4                                     Properties sold in 2 weeks: 16                                                 Properties sold in 2 weeks: 12                               Properties sold in 3 weeks: 13                                                 Properties sold in 3 weeks: 15                                     Properties sold in 4 weeks: 14                                                 Properties sold in 4 weeks: 17

The third quarter of 2023                   

Properties sold in 1 week: 2                                                                                                                                          Properties sold in 2 weeks: 11                                                                                                                                      Properties sold in 3 weeks: 6                                                                                                                                        Properties sold in 4 weeks: 13

Interest rates according to the Bank of Canada

Let’s take a look at how the interest rates have changed compared to the third quarter of 2022 and the second quarter of 2023.

July 2022: 1.50                                   April 2023: 4.50                             July 2023: 4.75

August 2022: 2.50                              May 2023: 4.50                              August 2023: 5.00

September 2022: 3.25                      June 2023: 4.75                             September 2023: 5.00

If you want to stay up to date on sales in Powell River, BC, be sure to follow my Instagram or Facebook: 

https://www.instagram.com/powellriverrealestate/

https://www.facebook.com/Realtorpowellriver/

   Apart from putting out the pumpkins and putting up the Christmas lights, there are a few things you should do to get your home ready for the Fall and Winter months. Keeping your home maintained will help with the longevity of its systems and structure. 

1. Clean and inspect your fireplace and chimney.

2. Clean out the gutters and make sure the perimeter drains are not blocked.

3. Trim tree branches near the house to avoid damage to the roof.

4. Avoid cold drafts by replacing dry or damaged weather stripping on all doors and windows.

5. Shut-off and drain outside faucets.

6. Service your furnace.

7. Test your smoke and carbon monoxide detectors.

   Along with your home’s structure and systems, there are also exterior equipment and items that should be prepared for the cold months.

1. Winterize your pool and/or hot tub.

2. Store or cover outdoor furniture.

3. Drain the gas from your lawnmower.

4. Properly store propane tanks from barbeques and fire pits.

5. Store any power equipment in your shed or garage.

   A common question among many is, “How do I know if I am ready to get into the market?” The first and most obvious answer is, when you are financially ready. So how do you determine if you are financially ready or not? CMHC recommends that your monthly housing costs should be no more than 32% of your average gross (pre-tax) monthly income. Keep in mind, on top of your mortgage payments, you will also have insurance, property taxes, and utility bills. Additionally, you will also need a down payment. A down payment is the amount of money that you put towards the purchase of a home. You’ll want to plan on saving about 5%-20% of the purchase price. For example, if you’re buying a home for $450,000, you’ll need to save up 5% which is $22,500. If you’re buying a home for $700,000, you’ll calculate 5% for the first $500,000, and 10% of the remaining balance to find that you’ll need to save $45,000.

   Once you have figured out that you are financially ready, find out when the right time is. Some factors that may have you looking for a home sooner than later could be that your rental lease is up, job relocation, or an addition to your family. If you are in no rush, a deciding factor may be the market, interest rates, or simply waiting for the right home to come up.  

   If you're waiting for the right time in the market, Winter may be the time for you. There tends to be a lower average list price and less competition. However, there aren't as many options as there are in the Spring. So it really depends on if you’re looking for a fair deal or your dream home. 

   Finally, are you ready for the responsibilities that come with owning a home? You may not have the same financial freedoms as you did before. Not only will you have larger monthly expenses but you will also need to have a reserve fund. If a “big ticket item” needs to be replaced, it could cost you a lot. For example, if your roof needs to be replaced, it can cost anywhere from $10,000 to $40,000. Seasonal responsibilities may include cleaning out your gutters, lawn mowing, and repairs. 

Here is a great site for more information on homeowner responsibilities: https://www.incharge.org/housing/homebuyer-education/homeownership-guide/responsibilities-of-a-new-homeowner/

If you’re thinking about getting into the market for the first time, reach out and I will send you a copy of my Home Buyer’s Guide: kindrebo@460realty.com

The second quarter of 2023 has come and gone. Let’s take a look and see how it compares to the first quarter of this year and the second quarter of 2022.

Property sales in Powell River BC compared to last year and the first quarter of 2023

The average sold price from April to June 2023 was $654,759 which is over a $100,000 decrease compared to 2022 which was $762,506. The second quarter of 2022 had 224 listings processed and 153 gross sales. This year, there were 244 listings processed and 119 gross sales. Sales have gone down compared to last year and they didn’t sell as quickly as we can see below.

The second quarter of 2022                                                     The first quarter of 2023

Properties sold in 1 week: 16                                                   Properties sold in 1 week: 4

Properties sold in 2 weeks: 26                                                 Properties sold in 2 weeks: 2

Properties sold in 3 weeks: 16                                                 Properties sold in 3 weeks: 7

Properties sold in 4 weeks: 21                                                 Properties sold in 4 weeks: 8

The second quarter of 2023

Properties sold in 1 week: 4

Properties sold in 2 weeks: 12

Properties sold in 3 weeks: 15

Properties sold in 4 weeks: 17

Interest rates according to the Bank of Canada

Let’s take a look at how the interest rates have changed compared to the second quarter of 2022 and the first quarter of 2023.

April 2022: 0.50                          January 2023: 4.25                             April 2023: 4.50

May 2022: 1.00                          February 2023: 4.50                            May 2023: 4.50

June 2022: 1.50                         March 2023: 4.50                                June 2023: 4.75

If you want to stay up to date on sales in Powell River, BC, be sure to follow my Instagram or Facebook: 

https://www.instagram.com/powellriverrealestate/

https://www.facebook.com/Realtorpowellriver/