Property Evaluation and Sales Strategy
If you are considering selling your Salt Spring Island property, please feel free to call for a no-obligation market evaluation and to discuss strategies and timing.
Call me if:
- You'd like a sense of what your property is worth today
- You are doing some financial planning and have not yet thought about listing your property
- You'd like to meet to talk about your options, and, very importantly, to see if you feel comfortable with me
We use various tools and other measures, including historical statistics on sales within specific periods of time, "current" and competitive listings, ratios (historical sale prices to assessment values, for example), and sale price per square foot of comparable properties, to provide an estimate of the value of your property.
Because virtually every property on Salt Spring Island is unique, the process of property evaluation requires:
- Quantitative skills
- Subjective assessment of the merits and short-comings of each property
- Inventory knowledge (what is currently on the market)
- Knowledge of historical trends
- An understanding of the tastes and appetites of buyers
As we saw in 2008 and 2009, the real estate market here is a fluid one – sometimes following the greater economic trends, and other times, bucking them. With the economic shocks to the world economy in the fall of 2008, the market for real estate in the winter and early spring of 2009 slowed, and buyers became more cautious than usual. However, within a fairly short period of time, activity began to perk up, and as Vancouver and Victoria markets started to show real buzz, Salt Spring Island too felt the effects of renewed enthusiasm and optimism.
Many new buyers on Salt Spring Island are those embarking on either a retirement project, preparing for retirement, or buying for recreational purposes. The market tends to respond more slowly here than in larger urban centres to broader economic trends. By summer and fall 2009, we saw activity at all price levels and buyers returning for second looks. Property that was priced appropriately for the marketplace moved quickly.
From one month to the next, our market place can change – so, providing property evaluations is a challenging proposition. In the end, it’s my duty to provide as much information as possible to potential sellers, as they decide whether they want to place a property on the market.