WATCH: Home sellers and realtors are the obvious winners in Victoria’s red hot real estate market, but who else is benefiting? April Lawrence takes a look.
Realtor Michael McMullen sold two homes in Cordova Bay within just a few days, with no conditions, and both over the asking price.
In his 31 years in the industry, McMullen said he’s never seen anything like this.
“It’s an amazing, unprecedented marketplace that we’re in right now, and it’s an exciting time to be a realtor, and exciting time to be a seller,” he said.
Rather than putting a house on the market and hoping for the best, sellers are all but guaranteed a sale these days.
It just comes down to how much the seller will pocket.
More and more often it’s more than what they’re asking, leaving many feeling like they’ve won the lottery.
“[They’re] overwhelmed and emotional in some cases as well because they almost can’t believe it,” McMullen said.
McMullen said many people putting their house on the market these days are retirees looking to downsize, and cash in on this unprecedented real estate frenzy.
But sellers and realtors aren’t the only ones profiting.
“We have been extremely busy and I just see it growing and growing,” said Cathy Travis with Victoria Home Staging.
Although it’s a seller’s market, home stagers like Cathy Travis say business is better than ever.
“The staging embellishes what is there, so when the people walk in, even though it’s hot, they are willing to pay that extra amount of money because they fall in love with the environment,” said Travis.
And even though buyers, especially from Mainland China and Vancouver, are already willing to pay top dollar, staging can drive prices even higher.
“I would venture to say it’s at least five to 10 percent depending on the house,” said realtor Noel Hache. “Homes that really need it are the ones that are vacant, new construction is a good example of that.”
Another segment of the market that is racing to keep up with the real estate boom is notaries and lawyers who complete the deals.
“The phones are ringing, the faxes are coming, the emails, and we just need to hunker down and get the work done,” said notary public Lisa Stevenson.
Stevenson said she’s heard of colleagues starting to turn work away or hire more staff, trying to keep up with the fast-paced sales in a market everyone agrees is unlike anything the region has seen before.
This is part one of a four-part series on real estate CHEK News is running this week called ‘Sur-Real Estate: Victoria’s Market Madness’. Part Two will air Tuesday, looking at the psychology of buying in a seller’s market, what it takes to ‘win’ a home, and with no condition offers, what has become of home inspections?