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Kelowna Real Estate Blog | Kelowna Real Estate News & Information

We believe there’s a step when buying a home that is absolutely critical.  In a tight market with low inventory it’s even more important. Unfortunately most people totally miss this step at Vantage West we call this, Market education.  Market education is about systematically getting out and viewing homes, not for the purpose of buying but rather to educate yourself on the market, establishing a baseline for what your price range affords you, and refining your criteria. This is a step that the vast majority of agents will skip thinking it’s a waste of their time, however experience has taught us, this simple investment of time up front comes with a number of benefits.

  1. Number one is confidence – By getting out and viewing homes in a no pressure
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I like to tell war stories. You know, the really gritty, tough moments of being a Kelowna real estate investor—the nightmare tenants who are 3 months behind on rent, the money sucking roof repairs, flooded basements, and backed-up sewer lines. Maybe it's a badge of honour, or maybe I just like to vent, but inevitably every time I share one of these trials with someone I get a similar response. People say “Yeah, I just don't think it's worth it” or “Seems like it's not worth the hassle”.

Now, to be fair, typically the people I'm chatting with aren't high-powered executives or independently wealthy types. They're regular, working-class people like you and me, who work a 40 or 50+ hour week in exchange for a wage or salary. Most of them are daily

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Benefits of buying a home in Kelowna, BC

Becoming a homeowner has so many rewarding advantages. Sure, it can seem like an arduous undertaking if you’re a first-time buyer, but a little bit of hard work and financial commitment are worth it in the long run.

Here are just some of the many advantages of owning a home vs renting:

Homeownership Builds Long-term Wealth & Equity

Unlike buying a car or motorcycle, a home is an investment that isn’t going to depreciate much over the years, especially if you maintain it! Kelowna’s real estate market is thriving, and as one of the most desirable places to live and retire in, it’s a low-risk place to invest. With each passing mortgage payment, you’re slowly but surely paying down your loan and building your equity.

Over time, owning is by

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Is it better to buy or rent in Kelowna, BC

Here's some food for thought…the average rent for a 2-bedroom unit in Kelowna is currently $1,600 per month.

What does this mean for those who are renting in the Kelowna residential market?

  • 1 year of rent is equivalent to $19,200
  • 3 years of rent is equivalent to $57,600
  • 5 years of rent is equivalent to $96,000
  • 10 years of rent is equivalent to $192,000

Conventional wisdom tells us that money spent on rent over time is being flushed down the toilet because you're paying off someone else's investment. If we look at the flip side of this, for most people who can muster the down payment, buying is the better choice. When you own your Kelowna property, that $1,600 per month will be going towards your own investment and not someone

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Multiple offers don’t just happen by chance, there is actually a science behind vastly improving your odds of getting a bidding war on your property. If you watched my last video on what to do in advance of listing you know that an appraisal, a pre-inspection and a staging consultant should be brought in before the marketing starts.  Now there’s the MLS launch date and that’s where things start for most agencies marketing plan, at Vantage we believe that the 7 days leading up to the listing launch are the most important. There are a number of ways that we can start creating awareness and excitement for the listing using coming soon sign toppers, social media blasts, networking within the team and exposure to a large database of buyers and select agents.

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 Let AJ fill you in on the top 3 things you can do to prepare your home for sale for the most money and quickest sale.

Host: A.J. Hazzi of Vantage West. We promised to give three tips on how to get more value in selling your home. So what are they?

A.J.: Sure. Well, what you want to do is get way ahead of it. About five to six weeks before you're gonna sell your home, have somebody come over, an agent that specializes in maybe flipping homes, something like that, to give you some consultation on what you can do before you list the property to get it in tip-top shape. Five to ten grand before taking the home to market will usually result in anywhere from 10 to 30,000 more in the sale price by spending the money in the right spots.

Host: So

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We believe that the role of a real estate professional is so much beyond being a salesperson. Sadly the public perception of a real estate agent is that of a pushy salesperson that is out for their own best interests. We believe that the role a realtor plays in their clients lives during a real estate transaction is every bit as important as their Lawyer their accountant and even their financial planner. It's time the real estate industry owned this responsibility. At Vantage, we offer a consultative service that is far removed from selling you a house. We educate you on the market, share insight from our own experiences investing in our personal portfolios and leverage the collective knowledge of a team with thousands of transactions under their belt.

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When buying a home you have a couple options for how you can go about working with Realtors. But there’s a big difference between the services offered.

One option is to call the listing agent, that’s the name you see on the for sale sign. Now this agent is able to answer your questions on the property, arrange a viewing for you and tour you through the property. That’s where it stops, so what do you miss out on going at it this way? Number 1 - Undivided loyalty, A buyer’s agent working exclusively for you does not have their loyalty divided between his existing listing client and yours, he works for you and you alone. They will prepare and structure an offer in your best interest, negotiating the price, terms, dates and inclusions that suit and protect

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The market it is hot again and just as we saw membership in our profession balloon from 2004 till 2008, we are seeing it again with no slow down in sight. Personally I welcome this new breed of professionals into the industry. It is the new blood that innovates, pushes the industry further and prevents stagnation. As an old battle worn ninja, yet still young enough to relate to the new class of white belts coming entering the business with zero clue what to expect. I give you the class of 2017 these pearls of wisdom all learned the hard way at the world's most expensive yet least prestigious school of hard knocks.

1. Guard your reputation in the industry with your life.

It's not enough to just do right by your clientele. You need to make sure

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Must Do 1: Consult a professional REALTOR®

As I stated in an earlier blog titled “Sellers: 3 Must-Ask Questions for Your Realtor”, if you’re planning on selling and looking at doing some improvements beforehand, we can’t emphasize enough the importance of getting a consultation first. Talk to the pros. Professionals know the market, where it’s heading, what buyers are seeking, and how to help those buyers tick off all the right boxes in the most cost effective ways. The most important strategy is to base your decisions on what buyers are looking for. You must not base your renovation decisions on your own personal tastes – your likes and dislikes. The key is to make those choices based on what the broadest range of buyers are looking for so you can

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