1. CREATE INVITING CURB APPEAL
Decorate the outside of the house with some Christmas decorations including lights, especially since it gets dark so early this time of year, adding a timer is a good idea. Although, daytime showings are preferred, turning on all of the lights inside will make the house “glow” during the darker hours as they approach.

2. KEEP DRIVEWAY AND SIDEWALKS CLEAR
This is a must. Make sure that the sidewalk and pathway to the house are scraped and salted. Nothing will turn your home into a terrible experience faster than the buyer falling on the ice before they even enter your home. Not only is it a negative connotation about the safety of your home, but you could also face a potential law suit.

3. CREATE A NICE AROMA WITH SMELL
This may be one of the first things that people will notice when they walk in the door as they are taking their shoes off. Baking some homemade cookies (Bake, don’t burn!) creates a beautiful homey smell and feeling. Alternatively, a pot of apple cider that has been heated on the stove will give a delightful Christmasy smell. Maybe even go the extra mile and leave some of those cookies you made out for your buyers with a little note for them to help themselves. They might not remember the moldings, but they will remember the wonderful experience they had.

4. GIVE BUYERS A PLACE TO ESCAPE FROM THE COLD
Make your home feel cozy and inviting during showings by turning up to the heat and playing music very softly in the background. When you encourage buyers to spend more time in your home, you also give them more time to admire it’s best features.

5. DECK THE HALLS, BUT DON’T GO OVERBOARD
Several strands of Christmas lights and a wreath on the door can be enough. Keep banners and large yard displays packed up this year. Get a smaller tree than you normally would if your living room is small as it will make the space look larger. A few warpped (fake or real) presents under the tree can be a nice touch.

6. TAKE TOP-NOTCH REAL ESTATE PHOTOS
Homebuyers will likely start their search from the comfort of their current home, especially if it is cold and snowy outside. Make a great first impression by offering high quality inviting photos of your home.

7. CREATE A VIDEO WALKTHROUGH FOR THE WEB
As technology advances, so should the marketing of your home. Have your realtor shoot a high definition video walkthrough of your home. You will likely get less foot traffic during this time of year, but having a video walkthrough will attract house hunters who don’t have time to physically see your home or would rather not drive in winter weather.

8. RELAX – THE NEW YEAR IS JUST AROUND THE CORNER
Christmas can be quite stressful, with gifts to buy, dinners to prepare, and relatives to entertain. Take a moment to remind yourself that if you don’t sell now, there’s always next year, which luckily is only a few days away

As seen on WelcomeToKelowna.com

Recently, the City of Kelowna has sped up the process of legalizing suites. In the past, it was a long and somewhat a painful process to acquire permits, have hearings etc.
Permits are now much faster to obtain. I spoke to a client last week, who received his permit immediately the day after he applied. I was impressed to see the City of Kelowna’s speed and efficiency of the process, and so was he!

Legalizing a suite is a great idea for the safety of the tenants and homeowners, as it requires many safety issues to be put in place. A property with a legal suite will also typically sell for more money than an equal property with an illegal suite. The reason for this is the lenders (banks) can use more of the revenue from it to qualify buyers (i.e. Typically, buyers can afford a larger mortgage with a legal suite vs. an illegal suite).

For more information on requirements to legalize a suite, see the bulletin from the City of Kelowna here.

If you have any questions regarding suites, please feel free to call or email us at any time!

Yesterday I was speaking to a friend in Kelowna who has 3 rental properties and was complaining about his tenants on how everything gets destroyed and that he is constantly doing repairs. Having about 6 years of experience ourselves, we have never really run into those situations and I was able to share our “secrets” with him. One of the things we do, is to list the rent just below market value. This will create more interest and will allow you to interview and pick and choose the tenant that you prefer. Getting $100 less every month is better than having to spend $5,000 when they move out. We also have everyone sign a 1 year lease and do not rent month to month. This creates consistency and attracts tenants who would like to stay long term. Of course, ensuring the property shows well and is manicured when they come visit the property and move in, is essential. That will also help attract tenants who are cleaner and care about how the property looks. Doing a criminal record check and a credit check along with calling their references is also a good idea.

I found an article called “12 tips for being a good landlord and having happy tenants”. It has some neat little ideas to help make your relationship better. You can find the article here: http://www.biggerpockets.com/renewsblog/2012/08/13/tips-good-landlord-happy-tenants/

Here is a summary of the article:

1. Educate the tenants on the rules and your expectations at the beginning.

2. Make sure the property is clean when they move in and that the home shows well.

3. Have the grass cut when they move in so they can see the condition you would like the property kept in.

4. Stay on top of repairs in a timely manner.

5. Follow up with the tenants to make sure they are happy and stop by every once in a while to check on the property.

6. Have a small rewards program to make them want to stay in your property

7. Give a small gift such as a birthday card or a gift certificate around the holidays

8. Give a roll of address labels with their new address

9. Make it easy for them to pay rent. Either prepaid cheques or pre-labeled envelopes.

10. Provide a change of address booklet at the post office

11. Have a welcome letter saying how happy you are they moved in.

12. Train your tenants to pay on time.

If you are thinking of purchasing an investment property, please give us a call, we know of some great deals and are always happy to help!

Moving into a new home is a life experience that few people describe as “fun.” But with our tips of things to do before you move in, you’ll be ready when the furniture arrives.

The move can totally consume you for a long time: planning, packing, moving, cleaning.

When you arrive in your new home, you’re faced with even more challenges. It may seem a small thing to decide where to put the best china or everyday dishes, but after all the work moving out of the old home, the last thing you need is another big decision or another major project.

But doing some work to your new home right away will make moving in feel great.

If you’re moving into a new house, you may not need to do anything at all. Lucky you!

But if you’ve bought a home with carpet you hate, you’re probably thinking that it has to go. Should you wait until you’re moved in, or tackle the job now?

You may decide that it’s too much to think about right now, that you should leave the decision about replacement for later after you’ve settled in. You may not have the budget or time to do anything but move. But be sure to weigh in the “cost” to you in both hassle and time if you wait to do a necessary project at a later date.

Replacing flooring is a major project, and if you have the money and you can make just this one decision at moving time, you’ll really be doing yourself a favor. If you put it off, you’ll be faced with moving all your furniture out of the rooms. What a bother! Not just for you, but for the flooring installers as well! There will be furniture all around the place, and you’ll have to move it back into the room when they’re done. If you can do it when you move, be sure to order the flooring well in advance of your move. Make arrangements to have new flooring installed a day or two before you move in. Cover the new flooring with mats, tarps, or area rugs so the movers don’t track in dirt or scratch the wood. Then, when they set your sofa and coffee table in place — you’ll be home.

Below are some other pre-move-in projects that can save you time and trouble.

Choose the projects that are the most pressing. If your budget won’t allow re-carpeting the entire house, just do one floor. If you can’t face paint decisions for every single room, then just do the rooms where the decisions are easy.

Painting – Whether you do the work yourself or hire someone to do it, it’s a lot easier to paint an empty room. There will be no need to move furniture, take down draperies, clear out the closets, or take every picture or mirror off the walls. Allow several days to repaint before the movers show up, especially if you’ll be doing the work yourself. This type of work always takes longer than you think. Or, hire a crew (professional painters or friends) to come in and get it over with in a day or two. Painting even part of the house before you move in can be a terrific time saver. If you can’t decide on colors, then just have everything painted a clean white, a pretty light beige, or other background color you love — depending on what works best with your furniture and color schemes. Once the major patching, priming, trim work, and base coats are in, adding another wall color at a later date can be a snap.

Crown Molding – Does anyone not love the look of crown molding? It’s a wonderful luxury to be able to install molding around the whole house all at once, before you move into your new home. Be sure to prime and pre-paint the strips of molding before installation, just before painting the interior walls. You may need to do some touch up at the joints and nail holes, but that’s a lot easier than standing on a ladder for days trying to paint three coats of paint on the molding near the ceiling!

Here are some more great projects to do before the moving truck arrives at your new home.

Re-Key – You’ll never know how many keys are floating around for your new home unless you get new locks or re-key the existing locks. The previous owners may have given a key to neighbors, workmen, relatives, or cleaning services, and you’ll get some peace of mind if you get new ones. This is a project to do just before or soon after you move in.

Closet Systems – Having things organized, fitting into your new home, will really make you feel great. You’ll love wonderful closet systems with double hanging poles, drawers, and shelves up to the ceiling. If you wait until later, you’ll have to take everything out, pile your clothes in stacks on your bed or floor (can you visualize your clothes wrinkling in giant stacks), and live out of suitcases for a day or two until the closet fittings can be installed. No matter when you choose to do it, professional installers can be in and out in a jiffy. Do-it-yourselfers may need a bit longer to figure out the instructions, but once the process is down for the first closet, each additional closet should be faster and easier. If you do some measuring in your new home before you move in, you can plan ahead and choose and buy your closet components ahead of time.

Electrical Upgrades – If you’re moving into a new home, you may have all the electrical outlets you need. But older homes could be a challenge. You can do the upgrades anytime, but everything is easier to get to in an empty room. Remember, electricians are paid by the hour and they’ll be able to work faster if they have immediate access to outlets and room for ladders and equipment. Older homes may need GFIs in kitchens and baths, as well as additional outlets for TVs, phones, computers, or lamps. This would be a great time to add a ceiling fan, and an electrician can install a wall switch, brace the ceiling and install a specialized box for the fan. You might want better work light in your kitchen or reading spotlights over your bed. Lighten up a hallway with new track lighting or add lights in your new closets. Two real luxuries that are easy to do are an outlet inside a vanity for your hair dryer or an outlet on the mantle for holiday lights. How about a motion-activated ceiling light in a basement or laundry room? All of these projects can be easier to complete when your rooms are empty. The work can be completed without your having to move furniture or cover room accessories to protect them from drilling dust.

Garage Storage – Will you be able to park your car in the garage, or will it become the storage spot for everything from garden tools to holiday decorations? Yes, once you move in, it’s FULL of stuff. So, if you want to build storage shelves, finish the floor with an epoxy coating, or install a workbench, it can be much easier to do it before the garage is stacked to the ceiling. Another handy tip — if you have sturdy garage shelving from a previous home, arrange to have it loaded on the truck last, then unloaded first, so boxes marked “Storage” can be placed easily and quickly onto waiting shelves.

Using the tips and hints here, you’ll find that moving into your house can really be a pleasant experience. You’ll feel right at home in a jiffy! Happy moving!

Okanagan Mainline Real Estate Board has recently released their statistics for June and they also have released the results from their survey indicating where the buyers are from.  Take a look!

Property Type:
29.3% of purchases were by Move-Up Buyers
22.8% by First Time Buyers
16.8% moving from Single Family Home to Strata Unit
7.6% purchasing Recreation Property
6.0% buying Revenue/Investment Property
5.4% moving from Strata property to Single Family Home
4.3% moving into Retirement Home/Seniors Community

Buyer Type (Family Dynamic):
31.8% Two parent family/children
20.8% Couple without children
16.7% Empty Nesters/Retired
13.5% Single Female
13.0% Single Male
4.2% Single Parent with children

Moving From:
55.4% from Within OMREB Board Area
13.0% from Alberta
12.4% from Lower Mainland/Vancouver Island (up from 7.7% in May) *
10.4% from Other Areas in BC
3.6% from Saskatchewan/Manitoba (up from 0.9% in May) *
3.1% from Outside Canada (1.4% in May)
2.1% from Eastern Canada/Maritimes
0% from NWT/Yukon (10th month reported)

CMHC just released their latest housing market outlook for spring 2012 in Kelowna.

Highlights:

• Stronger employment growth coupled with favourable interest rates will support demand for housing in Kelowna in 2012 and 2013
• MLS home sales are expected to increase 8% this year and 14% in 2012.  Buyers will continue to benefit from an ample supply of listings and strong price competition among sellers.
• Existing home prices are forecast to be stable in 2012. Expect prices to edge higher, increasing 2% in 2013 as demand improves and the supply of listings is drawn down.
• Kelowna are housing starts are forecast at 820 house in 2012 compared to 934 homes in 2011.  Housing starts are expected to pick up, increasing to 1,150 homes in 2013.

See the full report here: http://www.cmhc-schl.gc.ca/odpub/esub/64359/64359_2012_B01.pdf

The real estate board in the Okanagan (OMREB) surveys buyers agents to find out where the buyers came from and what they purchased.  Here is October 2011′s summary results.

Property Type:
21.9% of purchases were by Move-Up Buyers
19.5% by First Time Buyers
13.0% moving from Single Family Home to Strata Unit
12.4% buying Revenue/Investment Property
7.7% moving into Retirement Home/Seniors Community
6.5% Recreation Property Buyers
1.8% moving from Strata property to Single Family Home

Moving From:
46.0% from Within OMREB Board Area
15.3% from Other Areas in BC
14.2% from Alberta
13.6% from Lower Mainland/Vancouver Island
4.5% from Saskatchewan/Manitoba
3.4% from Eastern Canada/Maritimes
2.8% from Outside Canada
0.0% from NWT/Yukon (second month reported)

More details: http://www.omreb.com/matrix/documents/October%202011%20Buyers%20Survey%20Results.pdf

Christine Dobby  Nov 15, 2011 – 10:58 AM ET | Last Updated: Nov 15, 2011 12:57 PM ET

National sales of existing homes increased 1.2% from the previous month, building on a gain of 2.5% in September. Price gains however cooled to 5.5%, the smallest gains since January.

A total of 397,561 resale units have traded hands so far this year, CREA said, up 1.8% from levels in the first 10 months of 2010.

Here’s what you need to know about the booming Canadian housing market:

Ontario leads the way

Third-quarter sales activity in the province was stronger than forecast, while the rest of the country came in broadly in line with expectations, the CREA said.

It was the strength of activity in Ontario that prompted the CREA to boost its annual forecast for 2011 to 1.4%, up from 0.9%.

The industry group now predicts national sales of 453,300 for the year, compared with 446,915 in 2010.

198,000 of 2011′s residential sales are expected to come from Ontario, with Quebec and British Columbia expected to have sales of 77,000 and 76,600, respectively.

Home prices are still up but showing signs of cooling down

CREA kept its national average home price forecast for the year little changed at $362,700. That’s an annual increase of 7.0% compared with $339,049 in 2010.

Prices are expected to remain flat next year, with the CREA forecasting $362,700 again for 2012.

The industry group pointed to moderating prices in Vancouver in the third quarter compared with the first half of the year, with sales of multi-million dollar properties in that city returning to “more normal levels.”

CREA said the national average price in October rose 5.5% from a year earlier to just under $362,899, the smallest increase since January.

The balance of supply and demand is tight but the market remains on solid footing

October’s monthly rise in sales resulted in a slightly tighter balance of supply and demand, but the national housing market remains “firmly rooted in balanced territory,” the CREA said.

The national sales-to-new listings ratio, a measure of market balance, stood at 53.4% in October, up from 52.8% in September.

Low interest rates continue to bolster the market

CREA also revised its forecast for 2012 upward slightly, predicting a smaller easing than previously expected of 0.5% to 451,200 units.

The uptick is largely due to expectations that Canada’s interest rates will stay low until well into 2012, CREA said.

But domestic and global economic headwinds could put pressure on the sector

“A number of factors will keep Canada’s housing market in check as interest rates remain low,” said Gregory Klump, CREA’s chief economist.

He pointed to tightened mortgage regulations, high household debt and slower economic and job growth as possible headwinds.

However, Mr. Klump noted that persistent news of global economic uncertainty has put only minor dents in consumer confidence to date.

“How confidence evolves depends on how global turmoil plays out over the coming months,” he said.

Source: http://business.financialpost.com/2011/11/15/what-you-need-to-know-about-canadas-booming-housing-market/

In its Fall 2011 Housing Market Outlook report, Canada Mortgage and Housing says that demand for new and existing homes in Kelowna is expected to strengthen in 2012. Favourable mortgage interest rates coupled with stronger employment growth will support modest growth in demand for housing next year.

Sales of existing homes are expected to increase 11 per cent in 2012. Home buyers will continue to benefit from an ample supply of listings available for sale. Expect existing home prices to edge up by three per cent as demand improves and the supply of listings is drawn down later next year.

Kelowna area housing starts are forecast to increase 18 per cent to 1,125 homes in 2012.

To view the complete report click here.

Enter here: http://media.whl.ca/forms/remax_home_team_contest-f53

Average Metro Vancouver residential price soars 26 per cent in a year to $832,000, but increase is misleading, economist says!

By Brian Morton, Vancouver Sun June 16, 2011

Home sales in B.C. edged down one per cent to 7,857 units in May compared to the same month last year, according to a B.C. Real Estate Association survey released Wednesday.

The report also said that the average price of a home climbed 20 per cent to $596,872 last month compared to May 2010.

However, BCREA’s chief economist said the soaring price shouldn’t be taken too seriously, because the provincial numbers were skewed by sales of expensive homes in Metro Vancouver’s priciest neighbourhoods.

“With the average price, you need to take it with a grain of salt,” Cameron Muir said. “The reality is that the average price does not indicate where the market is going. It [Vancouver housing] is skewing the average price higher than market conditions suggest.”

Muir said that a more precise indication of the overall market is the benchmark price -only tallied in Metro Vancouver and the Fraser Valley -which measures the price of a typical home in the area.

“The average price is up 26 per cent in [Metro] Vancouver [to $832,000], but the benchmark price has only gone up about six per cent year-overyear.”

Muir said that in Metro Vancouver, there has been a higher proportion of pricier single detached home sales this year than a year ago, especially in the priciest markets -Vancouver’s west side, Richmond and West Vancouver.

Of B.C.’s overall drop in sales, Muir said that tighter mortgage rules, tepid employment growth and advance buying during the first quarter kept B.C. home sales on a lower note in May. “However, recent downward pressure on mortgage interest rates is expected to provide some incentive to consumers over the summer months.”

Year-to-date, the BCREA survey said, B.C. residential sales dollar volume increased 15 per cent to $20.1 billion, compared to the same five-month period last year. Sales dropped one per cent to 34,191 units over the same period.

While the report noted a 25.7-per-cent price increase year-over-year from $662,000 to $832,000 in Metro Vancouver, that wasn’t the same elsewhere in the province.

The south Okanagan saw the average price drop 5.9 per cent in May compared to May 2010, from $352,000 to $331,000, while Kootenay saw the average price drop 4.6 per cent, from $263,000 to $251,000.

However, the Fraser Valley recorded a 15.1-per-cent average price increase in the year, from $458,000 to $527,000.

Nationally, home sales fell in May by 0.6 per cent from the previous month, but were up 2.7 per cent on the year, the Canadian Real Estate Association said.

Sales fell to 36,410 units on a seasonally adjusted basis, from 36,621 units in April, the Ottawa-based group said in a statement Wednesday. Sales during the month were down 0.7 per cent in dollar terms and up 12 per cent from May last year.

The average sale price was up 8.6 per cent from a year earlier, with CREA saying the number was heavily skewed by the more affluent markets in Vancouver and Toronto.

Without Vancouver, the yearover-year increase would only be 5.6 per cent, according to CREA.

The Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board reported earlier this month that, in typical springtime fashion, sales are on the upswing in Metro Vancouver and the Fraser Valley.

The REBGV noted that home sales reached 3,377 in May, a seven-per-cent increase over the 3,156 sales in May 2010. As well, the benchmark price for all properties increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.

The Fraser Valley Real Estate Board processed 1,608 property sales in May, a nine-percent increase over May 2010, while noting the benchmark price for detached homes rose 2.8 per cent year-over-year to $529,810.

Meanwhile, 56 per cent of first-time homebuyers in B.C. are looking for a home with a rental unit, according to the 2011 TD Canada Trust First Time Homebuyers Report.