After over twelve years of selling real estate in Nanaimo I can only call it one word in this market: MAYHEM! It's easy to get carried away by the hype when a market is as hot as the one we have witnessed in Nanaimo in 2016.
Market values over a 12 month period from September 2015 are up 17.31% on single family homes in Nanaimo! The inventory shortage (see my last post) has resulted in multiple offers and bidding war scenarios being seen in unprecedented levels in Nanaimo. The frenzy has spread to condos which have been relatively flat in terms of growth for several years but have now seen an overall growth by 13.16% over 12 months. See VIREB's up to date September stats here
Town homes and condo units sold has drastically increased over last year as a direct result of this single family mayhem! Isolated pockets of the city are seeing 20 and even 30% growth in overall market values in a period of 12 months!
It's easy to see why many sellers are catching the fever, especially with many stories of wild over list price sale results circulating amongst homeowners. It is of paramount importance to remain objective and rational when pricing your home. To do this one must put themselves in the mind of the average buyer, and look to the facts in a recent market sampling. We are often very subjective or emotional when it comes to our dwellings. This will not help us decipher the true market value of our home.
- What will the average person think my home is worth?
- What other listings will I be competing with?
- What homes similar to mine have sold nearby recently?
- What economic or legislative factors are on the immediate horizon? (Think 15% foreign buyer tax in Vancouver)