Deposit vs Down Payment

Posted by Jeff King on Oct 28, 2011

Ever have any confusion with Real Estate Terminoloyg?  Well you’re not alone.  You often her of down payment and how that affects the deal and where does the deposit go?  So I’m starting a series of blogs and tweets that are designed to help you.  If you really want to look at Everything you can find a comprehensive list by clicking here.  Other wise stay tuned and follow along.  Feel free to call me if you have questions at 250-751-4902.

Deposit: Money placed in trust by the purchaser when an Offer to Purchase is made. The sum is held by the real estate representative or lawyer/notary until the sale is closed and then it is paid to the vendor.

Down payment: The portion of the home price that is not financed by the mortgage loan. The buyer must pay the down payment from his/her own funds or other eligible sources before securing a mortgage.

If you would rather watcha video of me discussing this with a mortgage professional, click here.

Should you wish to discuss this or other Real Estate needs you may have, email me at jeff@jeffkinghomes.com.

Nanaimo Housing Market October 23, 2011

Posted by Jeff King on Oct 23, 2011

Well, another week has passed us in this month of October according to our local board stats, we’ve had 69 new listings this past week bringing the total number of active properties for sale to 1,443.   This figure is made up of 745 Single Family homes, 168 lots and 98 manufactured/mobile units and we can’t forget the 395 Condos.

Nanaimo saw 63 price changes with the North end having the highest percentage and the South End had the most new listings.  The 44 Sales were spread over the city with North Nanaimo having 7/44, Departure Bay and South Nanaimo tied with each having 6/44.

If you would like to see what’s happening in your neighbourhood, give me a call at 250-751-4902 or emai me jeff@jeffkinghomes.com.  Sign up for my newsletter and receive an overview every month!

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Single Family Homes in Nanaimo

Posted by Jeff King on Oct 17, 2011

Single family homes in Nanaimo are the most widely used when looking at housing stats.  I like to keep check on the total number of Single family listings on the Martket at any given time.  Right now, today, October 17 ,2011 there are 743 Single family homes for sale as of typing. Out of all the neighbourhoods, North Nanaimo gluts the market with 164 homes for sale representing 22% of the total number of single family homes on the market.  South Nanaimo and Departure Bay follow with 70 units and 62 units respectively.

The average list price for a North Nanaimo home today is $488,000 thus sitting for approximately 85 days.  While South Nanaimo averages at $316,000/85 days and Departure Bay is $533,000 average list price and 100 days to sell.  I took a look at solds for the month of October to date City wide and there have been 15 sales averaging $379,000 and coming in below the average days on market with only 71 days to sell.

Just a quick look at an average 3 bedroom, 2 bathroom Rancher here in the City of Nanaimo.  The average listed price is sitting at $373,000 and if you’re going to sell one, expect that it may be listed for 67 days.

If you require any market information and would like to have it sent directly to you, send me an email to jeff@jeffkinghomes.com.  If you are thinking of selling a house and would like to speak with me, call me at 250-751-4902 if you live in the Nanaimo area.  If you are outside the Nanaimo area and like what I have to say, I would be more than happy to refer a Realtor® in your area.

Condos, Condos and More Condos!

Posted by Jeff King on Oct 16, 2011

Incase you haven’t heard, there are currently 400+ Condos for sale in the City of Nanaimo including the recent addition of The Boardwalk with its 33 new units located on Stewart Avenue on Brechin Hill.

Let’s break it down some more: 400 condos currently for sale ranging in price from $74,000 – $1.2M, 33 Patio style, 174 Town home style and 193 Apartment type.

Overall average price of all styles is $267,000.  What will this money get you?  Well, it’ll get you into a brand new 1200sq ft 2 bedroom + den one level Patio Style unit in Diver’s Lake area (watch out for HST though, may take some creative negotiating).  And, it’ll also get you into a Departure Bay Apartment style 2 level condo that boasts 1400sq ft, an ocean view with a pool and its 29 years old.

Let’s take a closer look at the apartment style condo.  There are 193 for sale and they are spread out around the city. Here are some figures just to give you a better idea of area vs. price. Brechin Hill currently has 26 units for sale ranging in price from $145K – $600K getting you 1 to 3 bedroom units.  The average price for this neighbourhood is $260K and will fetch you a nice 2 bed/2 bath 1250sq ft ocean front unit.  You’ll have a water view but the building will be approximately 20 years old.

Central Nanaimo has the best selection with 54 units for sale averaging out to $150k for a small 850sq ft 2 bedroom 1 bathroom renovated unit. There can be some great buys in this area and it has location, location!

Departure Bay is more pricy with the low end being $179K and the high at $600K.  But, here you’ll find 1-3 bedrooms for this price with the average priced unit boasting 2 bedrooms 2 bathrooms and a den along with ocean views and a well cared for older building.  Departure Bay currently has 15 condo style units for sale.

North Nanaimo had 35 units and 1 – 3 bedrooms range from $160K – $620K.  An average 2 bedroom 2 bathrooms with cost you $278K but this includes approximately 12oosq ft of living space, den, dining and living rooms!  May or may not have ocean view but it will be a newer building.

The Old City is home to 37 of this style home for sale.  With the average price sitting at $289 for a 2 bed 2 bath home it’s no wonder why a good
few are still empty!  You can find some bachelor suites in a new building for the high $130Ks and pure luxury penthouse with ocean views and walk on seawall for $1 million (too high, should only be about $550K at the most!)

Our University District has only 4 units on the market with a 2 bedroom 2 bathroom costing on average $216K.  This area is popular for investors and first time home buyers alike.

The overall average price for a apartment style condo in the city of Nanaimo right now is $230K.  Don’t be discouraged by the price, if a condo is what you’re really in the market for, there is A LOT to choose from and with the right Realtor working for you, you should be able to negotiate a great price on a nice unit.

If you are interested in purchasing a Condo in Nanaimo, and require more information call or email me!  250-751-4902 jeff@jeffkinghomes.com

Nanaimo Market Stable

Posted by Jeff King on Oct 12, 2011

According ro Vancouver Island Realestate Board (VIREB)  President, Jim Stewart, the market on Vancouver is a stable.  Stable is a nice way to say the Market has slowed!  Stable is great for the home buyer as this affords more product to chose from in any given price range vs. the “quick, buy it before someone else” roller coaster ride that drives prices up through the bidding of mutliple offers.

Let’s take a closer look at stability; VIREB reports that September saw over 680 new listings bringing the board total inventory up to 2,960 single family homes.  This figure is almost 100 units higher than this time last September.

Nanaimo currently has 769 active single family listings with only 5 units selling for a single day.  That equates to 0.6% sales to properties listed!  And, with a conservative average of approximately 10 listings per day buyers certainly have lots to choose from. With that being said, it is important for serious sellers to work with a qualified Realtor® who can guide them as to where to price their property to achieve their goals and move forward.

For more information on properties for sale in Nanaimo and area, contact Jeff King at jeff@jeffkinghomes.com or 250-751-4902.