This article will address the key points of getting a home inspection in Comox and why it’s essential. The housing market has changed since earlier this year. It is cooling. Home sales are slowing down and prices are leveling rather than increasing or “crashing”.
The Comox Valley includes Courtenay, Comox, Cumberland, and the area. These areas saw a decline in the number of single-family homes and condominium/apartment sales. Compared to November 2021 in November 2022 sales were down about one-third. Townhouse sales were down a bit more than that. This is partly due to the number and type of properties on the market. Generally, inventory is up, but still low compared to pre-COVID.
Sale prices are off approximately 8% in the single-family market where the average price has dipped to just over $788,000. The unchanged townhouse and condominium/apartment market remains to have average sale prices of $605,000 and $387,000 respectively.
While home and condominium/apartment/townhouse prices may not have experienced a significant drop, bidding wars aren’t as prevalent. There are many factors contributing to the decline in some segments. These factors include the time of year, less demand, and an increase in interest rates. All appear to be having a slowing effect in most segments of the market.
If you are considering selling your home, it’s important to consider this new more balanced market reality.
Prior to listing, a pre-inspection completed by your home inspector can help set your property apart from others. When looking at those in your neighbourhood it will highlight the sound investment buyers can expect when purchasing your property.
Through the advice of a trained professional, the pre-inspection will offer you a list detailing any future work to be done. Inspectors provide a written report with photos that outlines the condition of your home and possible areas of concern. Their time is spent looking at the interior and exterior components of the house including the roof, attic, crawl space, windows, doors, plumbing, and electrical. In some cases, they may suggest you have a plumber, electrician, or roofer (for example) further evaluate.
This can empower you to make some changes yourself prior to listing. It can also help equip you with information to show potential buyers that only minor repairs/upgrades are required. It also takes the guesswork out of waiting for a home inspection after a potential buyer makes a conditional offer. Not to mention it boosts confidence in your property!
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If you are interested in buying or selling a home in the Comox Valley or learning more about real estate in Comox, Courtenay, and the area, feel free to contact me. In addition, don’t hesitate to message me with any other questions you have about real estate in the area. Continue to check back.