Your REALTOR®:
David Hale
July 2019
Real
Reputation For Results


How to Make Sure You Don’t Fall out of Escrow—Buyer’s Version
According to The Truth About Mortgage, the "sale fail” rate of homes is rising. "More than four out of 100 sales look as if they’re going to close, and then fall out of escrow for one reason or another,” they said.
      So how do you protect your purchase and make sure you get to the finish line? These four tips will help.
      1. Prepare yourself for the inspection Especially if you’re buying an older home, there are bound to be some surprises in the inspection report. The sale fail trend is particularly pronounced for older homes.
      "Homes built from 1959 through 
Mortgage Rates
Canada averages as of July 2019:



1 yr. closed: 2.79%
3 yr. closed: 2.74%
5 yr. closed: 2.54%
10 yr. closed: 3.54%


Source: www.ratehub.ca






1969 had the highest sale fail rate at 5.2%, compared to homes built in 2016, with a dropout rate of only 2.6%, which is among the lowest proportion of failed sale bands,” said The Truth
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How to Make Sure Your Home Closes Escrow—Seller’s Version
     You just heard those magic words: "We have a deal.” Now, you just have to get through escrow and you can move on to the next stage in your life. That means making sure your home doesn’t end up back on the market. Here are 6 steps you can take both before you list and during the escrow process to make sure everything goes smoothly all the way to closing.
      1. Carefully consider your sales price If you’re working with an experienced real estate agent, he or she should have a recommended pricing strategy based on area comparables. Pressuring your agent for a higher sales price could cause the home to sit on the market and, if you do get an offer, the appraisal may not match the sales price. "If the appraisal comes in



Tips for Keeping Your Home Safe During Summer
     Does your house turn into summer camp as soon as school gets out? Does it seem like you’re hosting the whole neighborhood on a daily basis? It’s great to be the "fun house”—the one where everybody wants to hang out. But, if that means you’re going to have a bunch of people coming through the door (especially children), there are some precautions you’re going to want to take to help keep everyone safe and keep you from being sued or on the hook for expensive medical treatments—or worse.
      Gate your pool According to the Center for Disease Control (CDC), "there were an average of 3,536 fatal unintentional drownings (non-boating related) annually in the United States” between 2005 and 2014. That’s just about 10 deaths every day, many of which could have been avoided with safety precautions to keep children out of the pool area, like a simple gate. Costs range

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A lukewarm spring comes to an end for the Victoria Real Estate market

 A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 per cent more than the 708 properties sold in June 2018 but a 12.7 per cent decrease from May 2019. Sales of condominiums were down 6.1 per cent from June 2018 with 216 units sold. Sales of single family homes increased 10.4 per cent from June 2018 with 394 sold.

 "June has trended lower than May for the past few years and tends to signal the end of the active spring market," says Victoria Real Estate Board President Cheryl Woolley. "The summer months of July and August generally see less activity than the spring, as people's attention shifts to vacation and away from real estate. This year, we have seen slightly more sales compared to June of last year. We have also seen one hundred fewer new listings enter the market this year, which continues to make a challenging market for buyers who are hoping for more options."

 There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019, an increase of less than one per cent compared to the month of May and a 17.1 per cent increase from the 2,595 active listings for sale at the end of June 2018.  

 The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2018 was $898,500. The benchmark value for the same home in June 2019 decreased by 4.3 per cent to $859,600, slightly less than May's value of $860,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2018 was $509,000, while the benchmark value for the same condominium in June 2019 increased by 2.97 per cent to $524,100, higher than May's value of $519,300.

 "It is possible that some buyers are waiting for the federal government's new first-time home buyer incentive to roll out this September," adds President Woolley. "The program is intended to assist first time buyers with their down payment. It's hard to estimate how many local buyers may take advantage of the incentive, but because of the low threshold for maximum purchase price, the program may only help those in our area who seek to buy condos. This could mean a slight uplift in lower priced properties in the fall, if more buyers are enabled to enter the market. 

  If you are interested in our Shared Home Ownership program, check out the link to our events page.......

sharedhomeownershipvictoria.com/


  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
More Articles
June Real Estate Roundup
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What Happens When Your Sales Contract and Appraisal Don’t Agree
7 Reasons to Keep Your Credit Good After You’ve Bought a House
How to Make Your Backyard Feel Like a Resort



David Hale PREC
E-mail: davidraymondhale@gmail.com
Website: DavidHale.com
250-812-7277

Pemberton Holmes Realty
3354 Radiant Way
Victoria BC V9C 0H5


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