Determining if you should buy a new home or fix up your current one isn’t easy. In fact, the decision can be steeped in so much drama they make reality TV shows about it! So if you’re considering whether to move or improve, here are three things to consider.

1. Will a renovation truly fix what you don’t like about your property? If you’re tired of a small kitchen, for example, it might not be possible, given the layout, to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cosy fireplace then a renovation could make that happen. Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.

2. How much will a renovation cost? How does that compare to the cost of moving to a new home? It’s important to get accurate estimates of each so you can make a smart decision. This is where a good REALTOR® can help. Keep in mind that renovations have a habit of costing more than you originally anticipate. As mentioned earlier, the final result should be a home you want to stay in for quite some time.

3. Beware of compromising versus settling. Whichever decision you make — renovate or sell — you can expect to have to make at least some compromises. That’s normal. For example, consider adding an extension to your house. That’s a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home designed to include the space you need?

Thinking of buying or selling?? Contact The Dion-Ivans Real Estate Team today!!

FEBRUARY SURVEY SUMMARY

*Property Type:

22.4% by First Time Buyers (down from 22.8% in January)
17.1% by Move-Up Buyers (down from 20.5%)
16.2% by Buyers Downsizing (up from 14.2%)
13.6% by Relocating and moving to similar property type (down from 14.2%)
13.6% buying Revenue/Investment Property (up from 11.8%)
7.5% moving from Single Family Home to Strata Unit (up from 4.7%)
3.9% buying Recreation Property (no change from 3.9%)
3.1% moving from Strata Property to Single Family Home (no change from 3.1%)
2.6% moving into Retirement Home/Seniors Community (down from 3.1%)

*Buyer Type (Family Dynamic):
26.5% Two Parent Family/Children (down from 26.2% in January)
26.5% Couple without Children (up from 21.5%)
11.3% Single Female (down from 19.2%)
13.5% Single Male (down from 16.2%)
20.4% Empty Nester/Retired (up from 13.8%)
3% Single Parent with Children (down from 3.1%)

*Moving From:
62.5% from Within OMREB Board Area (down from 63.1% in January)
14.7% from Lower Mainland/Vancouver Island (up from 12.3%)
7.3% from Alberta (up from 6.9%)
4.3% from Other Areas in BC (down from 6.9%)
4.3% from Saskatchewan/Manitoba (up from 2.3%)
3.9% from Outside Canada (down from 5.4%)
2.2% from Eastern Canada/Maritimes (down from 3.1%)
0.9% from NWT/Yukon (up from 0%)

Information provided by OMREB. 

For more information contact The Dion-Ivans Real Estate Team today!!

The Bank of Canada announced this morning that it is maintaining its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is evolving as anticipated but that a weak economy will continue to dampen growth in consumer prices. Overall, the Bank judges that risks in the economy are roughly balanced, though financial vulnerabilities have increased due to falling commodity prices.

With inflation trending close to target while the economy struggles, the Bank of Canada, whose mandate is to target 2 per cent inflation over the medium run, has to strike a fairly delicate balance. Low oil prices continue to vex the Canadian economy spurring job losses in energy producing provinces while also putting downward pressure on the exchange rate, which makes the cost of imported goods from heavy machinery to fresh produce more expensive.  We expect that weak economic growth will continue in the first quarter of 2016, but the possibility of an effective fiscal stimulus, a stronger US economy and a stabilization of oil prices points to stronger growth ahead.  The door remains open for the Bank of Canada to reduce rates once more in 2016, though our expectation is that the Bank will remain on the sidelines throughout the year. 

“Copyright British Columbia Real Estate Association. Reprinted with permission.”

For more information contact The Dion-Ivans Real Estate Team. 

Do you ever wonder how most people find the homes they eventually buy?
You might imagine them driving by a “For Sale” sign or seeing a home for
sale in the newspaper and then calling to enquire.
Of course, many buyers find out about listed properties that way. But,
according to research by the National Association of Realtors, there are
many other — sometimes surprising — ways buyers find their next dream
home. 

For example:
• 88% of buyers find a home with the help of a real estate agent.
• 90% of buyers search online as part of the home buying process.
(Such as viewing a property’s profile on the agent’s website.)
• 69% of buyers searching for a home using Google, use a specific
local term, such as “Whitby-south homes for sale”.
• 29-46% of buyers attend an Open House as part of their home
hunting activities.

Overall, the research shows that buyers are using a multitude of ways —
combining online and offline methods — to find homes.
What does all this mean to you? If means that if you’re preparing your home
for sale, you need to ensure your marketing plan takes into account all the
ways buyers are finding properties — so you can be sure that they will find
yours. 

Looking for a REALTOR® who knows how to market your home for
maximum exposure? Call The Dion-Ivans Real Estate Team today!!