Latest Sims Real Estate Group Listing Videos & Blog Posts on Vancouver Island, BC.

When it comes to buying a home in Nanaimo, you may already know that the market is pretty fierce. Limited inventory makes it difficult to find a home with all of the options and amenities you are looking for. Also consider that there is another buyer likely looking for the same thing. Keeping this in mind, consider now as the ideal time to sell. It’s a busy real estate market and for many home sellers, it is the ideal time to enter the market. What can you expect if you sell your Nanaimo home now?

Outdoor Nanaimo Dining Area With a View | Image Provided by VIREB

Are Nanaimo Sellers Seeing Numerous Offers?

One of the key factors we are seeing in this market is that there is an increased number of homes receiving numerous offers for sale. It is likely that you will get multiple offers for the asking price you list. However, it is not likely that you’ll receive a dozen or more offers. That’s a misconception. It is important to consider a few things:

• Pricing your home very high because the market seems to be so limited isn’t going to result in multiple offers but rather in fewer offers or none at all. Proper pricing is essential.

• You may create a bidding war if you price your home at a slightly lower price than what you hope to receive for it – or the current price value.

• It is always a good idea to work with a local real estate agent to ensure you are getting your pricing strategy in line first. Pricing it right is ultimately going to be the defining component to getting the most offers and increasing the sale price.

The Nanaimo real estate market is competitive, and that is a good thing for home sellers. However, it is just as important to consider getting the most for your home without pricing too high, leaving yourself without any bids. Contact Jason Simard and his team of Nanaimo home selling experts to learn what your home could sell for in today's Nanaimo market.

Known to some as Harbour City or Hub City, Nanaimo is one of the most popular locations to call home for those living on Vancouver Island in British Columbia. With a population of over 83,000 people, this area has seen substantial growth. The is a city right on the harbour, providing those who live here with incredible access to the surrounding community. The shoreline is beautiful, and you could own a home sitting right on it if you want to. But, while Nanaimo has plenty to offer today's home buyer, it is important to consider the local factors that could influence your decision to move.

Private Dock in Nanaimo | Image Provided by VIREB

Nanaimo's Economy

While this community was once a very big coal mining area, today, that sector has been replaced by forestry. Technology is also becoming an important industry here. The area has a moderate tourism industry, and has become an important place for those looking to be a part of the financial, educational, and healthcare sectors on Vancouver Island.

Nanaimo's Educational Opportunities

The community has over 30 schools for elementary and secondary students. These are operated through School District 68 Nanaimo-Ladysmith. There's also a high school, private schools, and it is home to the main campus of the Vancouver Island University.

The Homes in Nanaimo

Nanaimo is one of the hottest real estate markets in the region, and in the country itself. Home values are on the rise here, especially as a result of limited inventory and a growing demand for the area. There are also a growing number of home buyers and investors who want to take advantage of the finite waterfront community. Addiitonally, there's been a good amount of development of condos and townhomes in the area to meet the needs of Millennials.

There is a great deal to love about all that Nanaimo has to offer. For those who are looking for a home for sale in Nanaimo, now is a great time to get started working with a local real estate agent.

Are you thinking about buying a home in Nanaimo, one of the most desirable communities on Vancouver Island? You are not alone in this buying decision. This community is seeing a significant amount of interest from buyers, both those who are local and those who are located across the country. But, Nanaimo is large with various neighbourhoods for home buyers to consider. One of those locations to consider is Pleasant Valley, a community located in the northern portion of Nanaimo. It could be your ideal place to buy a home in this beautiful city.

Pleasant Valley, Nanaimo Home for Sale | Image Provided by VIREB

What Does Pleasant Valley Have to Offer?

Pleasant Valley is a moderately sized community. It is near Woodgrove Mall and Brannen Lake. The area is full of green space and exceptional parkland. This community’s southern portion is Mostar Road and, along the east of the neighbourhood is the city of Island Highway. If you are thinking about buying a home here, there are a few things to keep in mind.

The community offers a wide range of home styles and options to consider. Some of the best homes in the area are smaller and located within gated communities. This community offers a variety of styles including 2 bedroom and 3 bedroom homes. Single-family homes are the most common here with few condos and townhomes available. Nevertheless, the area has larger homes including a few custom built estates. You can expect the lots here to be a bit smaller than other areas of Nanaimo, but this helps to contribute to the area’s charm and appeal.

When it comes time to buy a home in Nanaimo, consider all that Pleasant Valley has to offer today’s home buyer. With a wide range of amenities and exceptional homes for sale (many of which are priced very affordably) this is one neighbourhood not to overlook. Work with a local real estate agent to help find the perfect home.

One of the most challenging aspects of real estate in Nanaimo is that home values continue to rise significantly month to month. This has been blamed on many things, but ultimately comes down to a lack of new development. That’s changing, and changing rapidly. According to the Vancouver Island Construction Association, there’s an increase in the number of people building homes in the area. For those who are considering buying a home now, the rise in new construction could influence your decision.

New Home in North Nanaimo, BC | Image Provided by VIREB

Nanaimo New Construction Is Valuable Today

Home prices in Nanaimo and the surrounding area have grown significantly over the last few years. As a direct result of this, many people have been left out of the market, unable to find a property in their budget that meets their needs. However now that new construction is trending upward, it may become much easier to buy a home here.

According to the association, more than $100 million worth of new permits have been added to the books during the period of July through September of 2016. This is about a 50 per cent increase in the same time as the previous year. Of the total of $119 million worth of permits in the last few months, about $102 million of it was for residential properties. With an increase like this present, it is becoming more evident than ever that now is the time to build in Nanaimo if it was ever a consideration.

Should You Buy a New Home in Nanaimo?

With new construction expected to become available even in the short term, this can open the door for new opportunities throughout the area. It means more resale homes (or existing homes) will also become available on the market. For those who have been waiting for a more affordable time to buy a home here, this may be a clear indication that now is the time to move. With the help of a Nanaimo real estate agent, it may be easier to do than many think.

Making the decision to buy a home in any location is challenging. Yet, many people find that Vancouver Island, and specifically Nanaimo, is an excellent choice for a number of reasons. The area has attracted a large number of people who are looking for an up-and-coming lifestyle. The area’s demand also comes from the high quality of life present here. With so many options and neighbourhoods, it is no wonder this community is seeing significant demand from home buyers.

View from the Balcony of a North Nanaimo Home | Image Provided by VIREB

The Key Reasons to Buy in Nanaimo

There are various reasons to buy a home in Nanaimo. Consider these factors:

• The community is very livable. This comes from having a moderately sized community of 85,000 people, numerous area amenities, and a great overall location. It is only 90 minutes to get into Vancouver, for those who need to do so for business or travel. Additionally, the area has plenty of green spaces to enjoy.

• Nanaimo remains more affordable than most of the larger cities in this area. It is more affordable than Victoria and Vancouver, for example, yet still provides great accessibility and amenities.

• This is a very eco-friendly community. The city spends a great deal of time making the area as environmentally friendly as much as possible.

• There is plenty to do in this area. That includes snowboarding in the winter and sailing all summer. It is possible to hike, mountain bike, or spend time skiing as well.

• This is a modern community with plenty of shops and upscale dining. You’ll find plenty of opportunities for outstanding entertainment and recreation.

For those who are interested in homes for sale in Nanaimo, the good news is there are dozens of options available to you in this area. You can come to live by the beaches or to spend time enjoying the modern nightlife and upscale dining here. On the other hand, many people buy real estate in Nanaimo because, by far, it remains a small town in the way it feels.

Though home sellers continue to see the biggest profit potential in this region, buyers in Nanaimo have much to be excited about as well. Nanaimo offers a variety of amenities and fantastic features that make buying a home here a promising opportunity. In many ways, inventory (the number of homes on the market for sale) remains tight. This is helping to push the value of homes higher, with more competition and more offers on properties that are available. The Vancouver Island community continues to be one of the most important markets in the region as well as across the country.

Nanaimo Home at Night | Image Provided by VIREB

What Are Current Market Stats?

According to the Vancouver Island Real Estate Board, the market continues to impress. The statistics for October show that the community saw a 23 per cent increase in home values in Nanaimo itself. There was a 16 per cent increase in the Parksville and Qualicum areas. This created an average home price in Nanaimo of $473,203 for the month of October. Compared to Oceanside, where home prices were, on average $486,288, Nanaimo remains a highly competitive market.

Why are home values moving up? The biggest factor in the increase of home values has to do with the amount of homes available for sale. Inventory, as noted, is limited in this region. This lack of inventory has led to many homes in the region seeing multiple offers being presented simply because there is more demand than there is inventory. This is driving home values upward throughout the city. 

Taking a closer look at the real estate market in Nanaimo is important for many of today’s home buyer. How can you be sure you are getting the best deal possible in this tough market? Contact Jason Simard today to learn what options and opportunities are available to meet your Nanaimo real estate goals.