And here you are, you and your Realtor® have found your dream home…ready, set, b – and, there’s another offer. What now? Panic. Bidding War. Just kidding – keep reading.

 

It happened. You and your Kelowna Realtor® have found your dream home. It has the perfect number of bedrooms, a beautiful kitchen, it’s in your budget, and it just so happens to be located in one of your favourite neighbourhoods. It couldn’t be any more perfect. Except that four other (questionably evil) couples feel the same way, and they’re all about to put in an offer – pause for dramatic effect.

You never know how much you really want something, until you find out someone else wants it too. Especially a home! (kind of like being back in kindergarten and someone takes the toy you want – parents, you get this reference). Yet the prospect of a bidding war leaves you feeling more anxious than excited. What if I don’t bid high enough? What if we don’t get it and we never find another house like it? What if we do get it and we’ve paid too much?

In the current Kelowna real estate market, which is experiencing near-record sales, competition is getting steep among certain types of homes and in certain neighbourhoods. Bidding wars could be on the horizon (dun-dun-dun).

Fortunately for you, with a professional sales agent (ahem, Quincy Vrecko & Associates) on your side and a few tricks up your sleeve – you sneaky thing you – you can increase the chances of being the one who gets the house. 

How to Win The Epic Bidding War

1. Bills will do

Money talks – how do you think Donald Trump got his wife? Not exactly a house, but you get the point – so, if you can’t convince them, confuse them…with money. In English this time, if you can show that you can pay cash and don’t even need a mortgage, a seller probably won’t think twice about accepting your offer because they know it’s a sure thing. Investors who buy and sell properties for a living have access to this kind of capital. For many families, however, that’s not always realistic. If that’s the case for you, follow steps 2-5.

2. Go to the bank or a lender for pre-approval

In the absence that you didn’t rob a bank and don’t have a bag full of bills (which, we strongly recommend against doing), be sure to get pre-approval from your bank or a lender. This tells the seller you’re not only serious, but you’ve got the funds at the ready and the deal is less likely to fall through.

A good rule of thumb is to do this long before you even start looking at houses in the Kelowna real estate market, never mind fall in love with one. That’s because if something isn’t quite right with your credit or you need to reduce your debt, you’ve got a bit of time to get finances in shape, paperwork in order, and meet your bank or lender’s requirements.

3. Get a bigger down payment together

A strong down payment is another promising sign that you’re a desirable buyer: You’ve got money. In Canada, federal rules state home buyers must have a minimum down payment of at least 5 per cent of the home purchase price (if the house price is between $500,000 and $999,999 the minimum down payment required is 15 per cent of the home purchase price).

So, if five per cent or 15 per cent is the minimum required, what if you got 20 per cent together? A down payment of that size will help put you in the running with said ‘evil couples’ offering cash. 

4. Make a really strong offer

If this is the house you love and will forever regret missing if things go sideways, what’s $5,000? If you think there’s a chance your home will be in a bidding war, don’t even think about lowball offers. You might not get a second chance to come back with a higher offer. So go on, play hard ball! 

Consult with your Kelowna Realtor® about the best approach, based on comparable recent home sales in the neighbourhood. Your awesomely professional agent will offer their expertise and the voice of reason when your heart has already moved the family, dog, cat, and hamster in. 

5. Make your name stand out

Are you the family that wrote the letter? …about how you fell in love with the lilac bushes and the tire swing out front, just like you had as wee child. This sounds like something out of a movie, eh? Writing a letter to the seller about why you were so drawn to the home. Write about how you’ll take care of it makes you not just stand out from other buyers. This makes your offer human (yep – you’re not just a money robot) and therefore (fingers crossed) harder to resist. 

Another way to set your offer apart is to say you can be flexible with the seller’s timeline. Do they want to be out in two weeks, or stay for two months? Whatever it is, if this is your dream home, tell them you’ll find a way to make it work. Look at you, you accommodating thing you.

 

Are you looking for your dream home in a market with not enough inventory and too much interest? Be sure you’re making smart decisions with the expert guidance of a professional Kelowna Realtor® from Quincy Vrecko & Associates. Call our office now. 1-250-863-8810.

Calgary Alberta’s wealthy could be tempted to make the move to Kelowna – increasing demand and prices in an already tight market of multi-million dollar Kelowna properties.

 

It’s been two years now since Canada’s oil crash began. While Calgary’s housing market has suffered in the wake of Alberta’s recession Toronto and Vancouver are seeing soaring prices. So, what does that mean for the luxury real estate Kelowna sellers are about to list? 


What’s happening to real estate in BC and Ontario

A recent study, shows in the 1st quarter of 2016, real estate in Greater Vancouver & Toronto (GTA) will continue to lead in home price appreciation.

Desperate sellers in Alberta’s oil capital are dropping prices while the Greater Vancouver and GTA markets are skewed in favor of the seller. With a shortage of inventory and growing demand  in these areas, this is putting upward pressure on prices.

As one Globe and Mail article on the bruised Alberta real estate market states, “Falling home prices in Alberta come even as Canada’s housing market recorded a strong year in 2015, with overall home prices rising 6.9 percent, driven by soaring prices in Toronto and Vancouver.”

How do the 2016 Q1 numbers stack up for these two cities?

  • The GTA sustained its aggregate year-over-year home price increase of about 8 percent
  • Greater Vancouver market saw a 21.6 percent aggregate year-over-year home price increase for the region.


Why it’s happening and what that means for
luxury real estate

The Great Migration from Alberta

In addition to a dropping dollar & low interest rates, last year saw nearly 40,000 jobs lost in the oil patch. In this January Maclean’s article about life in Canada with oil at $20/barrel (in 2008 it was $145 US/barrel), it’s easy to draw a connection between the layoffs (with more forecasted to come) and real estate, even luxury real estate.

“That is having a knock-on effect across the province in real estate, auto sales, and other business activity. The province has seen its unemployment rate jump from 4.4 percent in October to seven percent last month (December).”

Newly unemployed executives and oil field workers alike are fleeing Alberta for opportunities in Ontario and BC. Further fueling housing demand and price appreciation in the Greater Vancouver and the GTA.

While that out-migration is expected to have a more immediate impact on properties under $1 million, the economy will impact the luxury real estate market too, and not just in Vancouver, but its little sister, Kelowna, as well. 

Calgary’s wealthy were considering buying a second vacation home or a primary home in the Okanagan. They are saying good-bye to Alberta for good, tempted to take the turn as opportunity to move. That is likely to increase demand and prices in an already tight market of multi-million dollar Kelowna properties.

 

Is now the time to list your luxury property? Are you ready to discover your dream home in the Okanagan? Trust RE/MAX Kelowna’s top luxury real estate agents. Call 1-250-863-8810.

Maintaining a tidy yard is an effective way of boosting your home’s curb appeal when you list it on the Kelowna real estate market.

 

Lush, green lawns. The pink-white petals of cherry blossom trees. Stone walkways flanked by shrubs and bluebells. When you see Kelowna real estate with high curb appeal, it’s hard not to take note. If the landscaping and exterior are immaculate, a potential buyer starts to see themselves pulling up to this beautiful home every day.

First impressions are everything for buyers on the lookout for a new home. Often buyers will drive by listings before they ask their agent about the property, and if they’re impressed with what they see on the outside, they’ll be clamouring to see the inside.

For homeowners who are serious about listing their houses on the Kelowna real estate market, raising your curb appeal does two important things for your home:

  • It commands higher prices
  • It sells faster

Depending on your budget and timeline, there are several ways you can make your home’s exterior more attractive. Some require only a little hard work and careful planning, while others require a bigger investment but could yield big rewards.


Wash Your House

When was the last time you actually did this? If it’s been more than two or three years, you could be in for a pleasant surprise. Washing your house can restore its colour and make it more inviting to potential buyers.

All it takes is a bucket of soapy water and a long-handled, soft-bristled brush (and possibly a ladder)—or, better yet, a powerwasher—to remove dirt and dust. This works for an array of siding finishes.

While you’re at it, you can also:

  • Clean windows on both sides
  • Wipe cobwebs from your eaves and ceiling corners
  • Clean your garage door          


Maintenance & Repairs

A bright and well-maintained exterior becomes a selling feature, and reassures buyers that you’re the type of owner who has also taken good care of the home’s interior.

Some simple maintenance and repair items include: 

  • Eavestroughs that are falling off
  • Burnt out light bulbs
  • Removing seasonal decorations
  • General outdoor maintenance, tidying and cleaning

 

See to Your Lawn and Landscaping

When people are looking at Kelowna houses for sale, your yard is often the first thing people will see. Many homeowners prefer to list their properties in spring because this is when plants come to life and lawns start to green up.

However, it needs to be kept in check to prevent it from becoming untidy. In addition to maintaining a well-manicured lawn, there are a number of ways to give your landscaping some punch:

  • Apply fresh mulch to garden beds
  • Prune trees and trim shrubs
  • Put a clean edge along garden beds and pathways
  • Scrub or pressure wash paving stones and walkway surfaces
  • Pull weeds
  • Introduce colourful annuals for added vibrancy

If your lawn has any bare spots, try to green it up with some seed, topsoil and fertilizer.

When it comes time to find someone to list your home, read our post: Kelowna Real Estate: What to Look for in a Listing Agent.

 

Are you getting ready to list your home on the Kelowna real estate market? Call Quincy Vrecko & Associates to see how our professional sales agents can help you achieve top dollar for your property.