What kind of market are we in right now? Allow me to explain today by sharing an update on current happenings, as well as a few common terms that will help you better understand what’s going on.

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Have you ever heard a real estate agent use the phrase “absorption rate”? What about the terms “buyer’s market” or “seller’s market”? And if you have, do you know what kind of market we’re in?

Parsing out the meaning behind real estate jargon can be difficult for those who don’t work in this industry, so allow me to give you a quick lesson on these terms and phrases today, followed by an update on what kind of market we’re facing at a local level. Knowing what each of these things mean will make…

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When you talk to most people these days, the prevailing attitude is that our real estate market has shifted from greed to fear. Sellers and developers are fearful that they have missed out on the top of the market. No matter what way you look at it, there is risk involved. If you take your property off the market or refuse to budge on price, you may kick yourself a few months down the road when more homes come on the market to compete with yours. However, there’s always the hope that the market will suddenly turn into last years and you’ll have a chance to realize an amazing sale price. A crystal ball during these times would be helpful, but it’s almost impossible to time things perfectly.

The concerns of sellers are warranted, and buyers are fearful…

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Get the lowdown on Kelowna's 2018 Mid Year Real Estate Update.

Welcome to the 3rd edition of the Vantage Report, Kelowna’s most comprehensive real estate market report. In January, we analyzed the current market conditions and examined 15 different neighborhoods. This time around, we’ve decided on a slightly different layout – The Vantage Report ‘light’ if you will. We’ve compressed the most pertinent information into an easily digestible format that can be read on the fly while you enjoy our beautiful Kelowna summer! In this edition, we’ll show you new data on resale homes and new construction, using updated figures from our friends at KNEW Realty Research. Plus, we’ve acted on your feedback and created a digital version that is more mobile friendly.…

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Should those interested in buying a new home wait until prices drop and interest rates rise? Let’s do some quick math to see how the benefits of purchasing today would compare to waiting another 12 months.

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I’ve been doing a deep dive into recent mortgage calculations lately, and the information I’ve found could help answer a question that has been on many people’s minds lately: Should buyers make their move now or wait?

To get to the bottom of this question, let’s do some quick math. Imagine you’re purchasing a $500,000 home with a 5% down payment, which, in this case, would be $25,000.

Assuming your interest rate is at 3.49%, your monthly mortgage payment in this scenario would be…

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How do you choose the right agent for the job of selling your home? There are 10 key questions you should ask before hiring any real estate professional.

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There are 10 questions you should ask when interviewing a real estate agent for the task of selling your home. Interviewing multiple agents before you choose one to work with on the sale of your home will be critical to your success. Doing so will help you determine who is most worthy of taking your largest asset to market. To learn more, watch the short video at the top of the page. 

"Interviewing agents will help you determine who is most worthy of taking your largest asset to market."

If you have any questions or would like more…

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Many are wondering whether our market boom has passed. Today I would like to get to the bottom of this by taking a critical look at current conditions.

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It seems that everyone has an opinion on the current state of real estate. Today I would like to address one much-disputed question in particular: Is the boom over?

Some say yes, while others say the sky is falling. But what is really going on? Let’s get to the bottom of this.

First, let’s look at how we got here. At the beginning of the year, new lending rules implemented at a federal level diminished the average person’s borrowing power by around 25%. Shortly after that, our new B.C. government unrolled their affordable housing plan.…

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If you want to sell your home for the most money possible, getting multiple offers is a great way to go. Here are five steps you need to take before listing your home to ensure that happens.

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Recently, sellers have been calling us, asking, “How do we make sure our home sells with multiple offers?” Today I’m going to address five steps you can take to increase your chances of receiving multiple offers on your listing.

  1. It begins with a consultation. You’ll want to schedule a consultation with a real estate professional well in advance of listing because it revolves around things you can do to the property to raise its value. This includes things like painting, minimization, altering decor,…

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Now that flipping homes has made a resurgence in popularity, I want to give you advice about how to do it properly.

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Today, let’s talk about something near and dear to my heart—flipping homes. This is something that I consulted many people on about 10 years ago during that last real estate boom. During the slump, it went out of style, but here we are again at the height of another real estate boom.

Flipping homes makes good sense in this market, so today, I’ll be giving you an updated version of the right way to flip homes.

A lot of people make the mistake of just buying a home, adding a profit margin, and then just taking a price that they think they’d need to justify the whole…

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Will the new British Columbia budget heavily impact the real estate market? Here’s what you need to know.

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Today, we’re going to discuss the new BC budget and what the potential impacts are to our real estate market.

1. Foreign buyers tax. The foreign buyers tax has increased from 15% to 20%. The interesting part is that it now includes us, where we were exempt before.

2. Property transfer tax. Properties over $3 million will now have a 5% transfer tax. If you buy a $3.5 million house, you’ll see about another $2,500 on your transfer tax bill. Is that going to dissuade someone at that price point? Not likely.

3. The BC Home Partnership program, which was giving first-time buyers a…

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Don’t fall for these bad ideas if you plan on investing in real estate in 2018.

 

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2018 is a new year, which means new opportunities. However, there are a few bad ideas that you should avoid this year.

1. Do not get your information from the media. You probably clicked on this video because of the negative headline, right? Keep in mind that almost every economist, from the Bank of Canada to RVC to the credit unions, expects 3% to 7% growth this year. That is not much of a headline, so the headlines will all be about bad news because bad news sells. Look at economic models to know what’s really going on. Of course, we’ll continue to roll out our educational videos about the actual…

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