Julie Demelo says a booming real estate market can be a double-edged sword.
The long-time real estate agent said while sellers are getting strong returns on their properties, buyers and their Realtors are struggling to find the kind of housing options they once had and are being forced to pound the pavement in a completely different way.
“I have been driving the streets with buyers hoping that something pops up, because there is nothing to show, everything has a sold sign on it,” Demelo said. “For buyers, it’s a desperate market … and there is no end in sight.”
The Langford-based Sutton Group agent said the landscape has slowly pushed some buyers that may not have considered the West Shore, to consider such locations as Langford and Colwood because there are just more options and more affordable prices.
“In the West Shore, Bear Mountain, Westhills, all these areas that maybe were not as popular once before, are now selling. We are going out to the West Shore way more than we used to and prices are going up slowly,” she said. “(Along) Happy Valley Road, the new builds there, the townhomes and smaller homes, that is all selling too. People are not finding it affordable in Victoria and moving into the West Shore.”
While the market continues to be strong, she said some families are growing frustrated with seeing hundreds of homes, yet missing out on the properties with nothing to show for it.
“Clients are getting disappointed and getting mad and wondering what they can do to get their homes. It’s frustrating for buyers and Realtors,” she said. “If you have a lot of listing inventory it’s a whole different story. I have some buyers right now whom I can’t find anything for. I’m running out at 9 or 9:30 p.m. at night to show a brand new listing.”
Demelo said some are considering the current market a crisis.
“We only have 2,400 listings (where) usually we have 4,500 listings to show. Every good property coming on the (market, sees) more than one or two offers, and they are holding out to get these multiple offers. People are nervous to put their homes on the market because they are scared they can’t find anything to replace it.”
alim@goldstreamgazette.com
GREATER VICTORIA MARKET UPDATE » MONTH TO DATE JULY 04/16 COURTESY VICTORIA REAL ESTATE BOARD
» 40 / 796 — NET UNCONDITIONAL SALES / TOTAL, JULY 2015
» 34 / 1,235 — NEW LISTINGS / TOTAL, JULY 2015
» 2,200 / 3,942 — ACTIVE RESIDENTIAL LISTINGS / TOTAL, JULY 2015
