Virtual Real Estate & Technology

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Virtual Technology

The world has moved towards a new way of living, and we are all doing our part in social distancing.  One of the top real estate teams in Kelowna turns to virtual real estate to continue selling property in Kelowna. The team at Vrecko Real Estate Group continues to service buyers and sellers by way of virtual real estate technology.  

“We have been using virtual technology for years, and now it is the time to really rely on it to keep our business alive.”  Tracey Vrecko, Marketing manager for Quincy Vrecko and Associates.  

This top real estate team has established several outlets for virtual real estate to connect buyers and sellers.  For years, they have been ahead of the curve and have been offering: 

Website Live Chat

Online Market Evaluations

VR home tours

 

“Ultimately, our goal is to stay connected while we all work through a new reality.  We have had a lot of questions from the public about what is happening in Kelowna real estate.  We are open, and we are here to answer questions and help where we can.”

 

VR

Virtual Reality Tour

The use of virtual real estate technology will allow the team to keep social and physical distancing rules and regulations while providing real estate services.  Every member of the team specializes in all areas of real estate. These Specialities include but are not limited to single-family residential homes, condos and townhouses, new home construction, real estate development, waterfront property, luxury real estate, and investment property.  

 

 

Market Evaluation

Market Evaluation

 

Over the next few weeks, the team at Vrecko Real Estate Group will be highlighting and explaining the different techniques used to connect through virtual real estate.  Find out how you can benefit from the different virtual real estate platforms to keep connected and informed during these complicated times.  

 

“We are committed to continuing the flow of real estate information, and will do so in a safe and effective way. Your health and safety is our main concern.  Stay safe and stay home.” 

 

Log onto QuincyVrecko.com for all your virtual real estate needs.  You can ask questions using Live Chat, fill out a form for a free home evaluation, or tour any of our many amazing properties by way of a virtual tour.  

As always, for more detailed information, call (250) 868-3602 to reach one of our agents by phone.

 

Covid-19 and Real Estate in Kelowna

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Health and Safety is Our First Priority


The team at Quincy Vrecko and Associates is taking the COVID-19 global pandemic very seriously.  As the news changes daily, we have implemented new procedures while we continue selling real estate in Kelowna.  We want to ensure the health and safety with everyone we come in contact with directly or indirectly.

While we remain open for business during the Covid-19 crisis, we are doing so in a different way. The team at Quincy Vrecko and Associates is relying more now than ever on technology to connect with buyers and sellers.  We continue to use social media marketing platforms to market our listings and answer questions from potential buyers. Real estate in Kelowna will continue to be desired, and with the use of photos, video, virtual reality, and “Live Chat” with one of our agents we can stay connected and engaged with our clients.  

We take the health and safety of our team, staff, clients, and the community very seriously.  We want to reassure our clients and the public that we are taking every precaution when showing properties and engaging the public.  We are practicing social distancing by traveling in separate vehicles and traveling in small groups.  

Extra Precautions

To prevent the spread of Covid-19 in our community, we are screening all buyers before viewing any homes.  Our agents are asking for details of previous travel history and current health conditions to determine any risks.  Once screened we are limiting the number of homes shown. While showing properties, we are monitoring contact with any surface and using disinfectant wipes if any contact is made.  From light switches and surfaces to door handles, we will ensure all areas will be wiped clean before exiting the property.    

All homeowners should rest assured we are taking every precaution to ensure no cross-contamination or transfer of germs. Your safety is our utmost concern while trying to bring buyers and sellers together.  

 

 

Our Community

Even more important than selling real estate in Kelowna, we want to take the time to recognize the most vulnerable in our community. If any elderly or immunocompromised individuals need support during this COVID-19 pandemic, our team is ready and willing to help.  We are taking all proper precautions when helping the public and we are diligent in making sure we are practicing social distancing.

From Quincy Vrecko, Tracey Vrecko, Christopher Ward, Charlene Volk, Steve Hyndman, and Kiana Sander, we want the community to know we are here to help. Please reach out to any of us if you need help.

Thank you

Furthermore, we want to recognize the heroes beyond the frontlines of the Covid-19 crisis.  We want to thank the men and women who are restocking shelves, helping others, and going the extra mile to ensure the safety and security of the community.  

 

Now is the Best Time to List Your Home in Kelowna

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Why NOW is the best time to list your home in Kelowna

Private Waterfront 4009 Westside Road

If you are thinking of selling your home in Kelowna, now is the best time to list.  Top real estate team with RE/MAX Kelowna explains why you should list your home in Kelowna or area now instead of waiting until the spring.

Tracey Vrecko, one of the top agents with Quincy Vrecko and Associates explains why now is the time to list your home in Kelowna. 

“The real estate market in Kelowna has been on a roller coaster ride over the past few years.  With home sales soaring in 2017, just to soften up mid 2018 and into 2019. However, things are looking up for 2020.”   

“The first 2 months have both posted an increase over the same time last year.  Not only have real estate sales increased there has also been an increase in average home sale prices.  This combined with a low inventory of homes for sale in Kelowna has made for a very strong start to 2020.”  

“This is a great sign that buyers’ confidence in the real estate market is being restored” comments Tracey Vrecko

Vrecko goes on to say. “I would encourage anyone who is thinking of selling this year, to list your home in Kelowna as soon as possible.  Inventory is low and there is a strong demand”

kelowna market stats

Year-to-date sales statistics: 

  • Sales: +16% 
  • Average home sale prices: +8.9%

The average home sale prices are higher this year partly due to an increase in luxury home sales.  The number of luxury homes in Kelowna to sell in 2020 is up 53% over last year. This has had a major impact on the average home sale prices in Kelowna and surrounding areas. Overall, the market seems to be picking up at all price points. 

With strong real estate sales numbers and low inventory in homes for sale in Kelowna, makes a perfect storm for home sellers.  This is why the best time to list your home in Kelowna is NOW!

For a professional home market evaluation, call the team at Vrecko Real Estate Group.  This top Kelowna real estate group offers tailored marketing programs. This dynamic team has a proven track record for achieving top dollar for their clients’ listings. 

New Home: New Home Construction Financing

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Building a new home is exciting.  Picking a floor plan and deciding on finishings to build your dream home.  During the process, the question of new home construction financing is an important factor to make your dream home a reality.  It is a critical part of the process. 

How does new home construction financing work? 

“We get this question a lot,” says Chris Ward, and experienced real estate agent specializing in new home construction.  “The process is very different from a traditional resale home transaction”

“Unlike conventional mortgages, funds for new home construction are advanced in multiple draws, as opposed to one single advance,”  says Charlton.

Financing for the lot:

When purchasing a lot, most developers will require a minimum 10% deposit. Depending on the lender, the purchase of the land can be 65% – 75% loan to value.  To secure a mortgage on the lot, the lender will want to see a construction contract for the home to be built.   

building a home Quincy Vrecko Real EstateConstruction Draws:

Every lender has different policies for their new home construction mortgages.  Lenders usually charge interest-only payments during construction. The rate and potential lending fees will be dependent on the lender. 

Typical draws for new home construction are as follows (*these can change based on lender policy)

  • Framing – 20%
  • Lock-up 45-50%
  • Drywall 75%
  • Completion 100%

Some lenders will not give the first draw until lock-up (which is 45-50% complete).  So homeowners and contractors must know when, and approximately how much draws will be so that there are no surprises during construction.

A builder typically requires 10% of the construction contract to get started.  An appraisal will be ordered to determine the value of the lot and the construction of the home.  The appraiser will be called to inspect each draw to determine the stage of completion. The lender will advance the draw to the lawyer or direct it to the clients based on the inspection report.  A search will be done on the property to determine there are no liens for each draw. There will be inspection fees for the appraiser and fees from the lawyer/lender for each draw.  

Important considerations for new home construction financing

It is very important to ensure that there is an adequate contingency for construction, typically 10 to 15% of the construction budget.  This is to cover any increases in budget or unexpected issues. This can be added to the contract or savings set aside, which also may be dependent upon the lender’s policy.  It is very difficult to make changes during construction that will affect value. So the less changes the better. Any changes to the contract are recommended to be put in writing and signed by both the homeowner and builder.

There also may be lien holdbacks for each draw or at completion.  This will be based on lender policy and/or what the lawyer recommends.

While this all may sound confusing, a bank or professional mortgage broker can guide you through the financial part of your transaction.  Tracy Charlton has been in the financing industry for over 24 years and has extensive experience in new home construction financing.  

In addition to financial support, seek the advice of a professional real estate agent.  A Realtor can represent you in your new home transaction. Your professional real estate agent can help you understand the new home construction contract and give you advice on builders’ terms.  They can also provide valuable input on floor plans and finishings to ensure your investment is secure for resale.  

Now the fun part.  Find the perfect lot, pick your plan, and build your dream home. 

Call the team at Vrecko Real Estate Group to start your search or fill out the form below and we will get back to you with answers to your questions.

Contact

 

Kelowna Home Builders: The BC Step Code

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As a part of our Kelowna home builders series, we look into the BC Step Code.  While this code is new to Kelowna, many cities throughout BC have already implemented these changes and building more efficient homes.

What is the BC Step Code?

The BC Step Code is a 5 step provincial policy that ensures new homes are designed to be healthier, more efficient, and more comfortable. With each step up, performance targets increase as homes must become more and more efficient & airtight.  It will be required that all homes be built with Net Zero efficiency by 2032.

In May 2019, the City of Kelowna recently reviewed the BC Step Code to begin implementation and set the Step 1 implementation date to begin December 1, 2019. By December, Kelowna home builders are required to follow Step 1 for “Part 9 residential buildings” or single-family homes.

Step 1 means Kelowna home builders must begin to understand energy consumption measurement and do airtightness tests. Step 5 means your new Kelowna single-family home must be “Net Zero Ready” or airtight and energy efficient.  It is generally understood that renovations are more difficult for implementing the BC Step Code so it is focused on new builds, for now at least.

Are Kelowna home builders implementing the Step code?

Local Kelowna home builder, Court Phillips of RedCourt Carpentry Kelowna, has worked in the lower mainland where each home he built was tested for airtightness.

“We measured air changes per hour using a blower door test performed by an energy advisor company”  RedCourt explains.townhouse-Quincy Vrecko Kelowna Real Estate

While building homes in Vancouver starting in 2015, he was already building to these codes. Beyond what the BC Code dictated.  Most homes in Vancouver have already been regularly meeting Step 5, which is Net Zero Standards.

While there is a lot of technical talk, it boils down to efficiency.

RedCourt explains, “It’s about sealing the envelope up more, and putting in a proper HRV unit to push stale air out and pull fresh air in”.

This sounds pretty simple. Kelowna home builders can learn from Vancouver-based companies who have already been building this way.  While Kelowna seems behind in this initiative they are ahead of many areas in BC.  This is the first step in making a difference.

How will Kelowna homeowners benefit?

While initial costs may be increased for construction, Kelowna homeowners will save on heating and cooling costs in the end.

Possible costs associated with the BC Step Code in building your Kelowna single-family home:

  • testing which must be done by a certified Energy Advisor
  • additional city inspection
  • extra design and materials for the HVAC system

city of Kelowna-Quincy Vrecko Kelowna Real EstateThe City of Kelowna expects all new homes built after June 1, 2021, to be able to reach at least Step 3 of the program.  This will mean the homes built in just over 2 years will be at least 50% more efficient! The city is offering building permit rebates as an incentive.   In addition, Fortis BC is offering kickbacks to Kelowna homeowners for energy-efficient homes in Kelowna.

While initial costs of construction may increase, members of the construction industry agree that over time, high-performance HVAC designs, materials, and systems will be more readily available.

RedCourt has been in the construction industry since the early 2000s when he began his apprenticeship. He completed his Red Seal Certification at the top of his group and has worked hard to ensure that every project he works on meets every building standard for both regulation and aesthetics. He has experience with an eye for detail!

Buying Before Selling Your Home

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Did you find that perfect home to buy but still have to sell?

When it comes to Buying and Selling Real estate we often get the question, should I be buying before selling my home?

A year ago, homeowners were buying before selling with confidence their home would sell quickly. As the Kelowna real estate market changes from a seller’s market to a more balanced market, homes are taking longer to sell.  So, there are some things to consider if you are buying before selling. New house keys-Quincy Vrecko and Associates

There are risks associated with buying before selling.  The most obvious would be owning two homes. Possibly even carrying two mortgages.  Not only could this be financially staining, but changing market conditions pose a risk.  

To lower the risk when buying before selling, Kelowna Realtor, Tracey Vrecko, suggests making an offer on a home subject to the sale of your existing home, with a time clause…

In simple language……Your offer to purchase would be conditioned upon selling your home.  


So how does this work?

A “traditional” offer is written with all the common terms and conditions.  Then, an additional condition is added to the contract that allows you time to sell your home.  Additionally, Buyer and seller will need to agree to;

A timeframe to sell the existing home (a common time frame is 30 days)

A time to remove this condition, called “time clause” in the event of another accepted offer ( the average is 48 hours)

Stopwatch -Quincy Vrecko Kelowna Real EstateWhat are the risks?

When the offer is accepted, (known as a “time clause offer” or an “offer subject to the sale of”), the home remains on the market and is still available for sale to other potential buyers.

In the event an offer is presented and accepted while your current offer is still active, you will receive a notice invoking the “time clause”.  You will have the agreed-upon time (usually 48 hours) to remove all of your conditions or your offer will be void and the second offer will take effect.  

Sounds complicated…. Not really.

“This is a really good option for buyers looking into buying before selling.  It is the peace of mind that you are not committed to owning two properties at once.”  Says Vrecko.

Buying and Selling real estate can be complicated.  This is one of many examples where hiring a professional real estate agent is important.  A real estate agent can guide you through this process and offer advice to ensure a successful purchase and sale of your home.  

Call the team at Vrecko Real Estate Group with any questions related to real estate.  The team has extensive knowledge of the Kelowna real estate market and would be happy to help.  Read some of our success stories from our past clients. 

 

Contact us

Options Before Doing a Price Reduction on Your Listing

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If you have your home listed for sale in Kelowna or the surrounding area and have not sold yet, you have probably thought of a price reduction.  

A price reduction is not always the answer.  Before doing a price reduction, consider these options:

Change up Marketing

Executive Home 641 Almandine CourtHigh-quality photos are incredibly important when listing your home for sale in Kelowna and the area. You get a split second to capture the attention of home buyers.  If they don’t like what they see, your house listing could be passed by in an instant. If your MLS listing is not attracting potential buyers it could be as simple as changing the photos.  The feature photo should be the best photo of the house. You want to stop that buyer on your listing. Invest in great photography to avoid having to do a price reduction in the future.

Offer an incentive

In a balanced market or buyer’s market, a home buyer can be more specific in their expectations.  Especially when there is more inventory of house listings to choose from. There was a time when home buyers would look past having to make small improvements themselves. They now do not want to incur more costs once they move in.  

So instead of doing a price reduction, you can repair yourself or offer a credit to the home buyer to cover the cost of any small work needed to be done.  This way, you keep the price the same and the incentive could overcome the home buyer’s objection.

Target marketing

Is your house listing featured in the right places to attract the right home buyer for your home?  Long gone are the days of simply putting a home on the MLS and expecting it to sell. Target marketing is more important than ever.  The more exposure your home gets, the more home buyers you will be able to attract. So to do a price reduction before being fully exposed to all potential home buyers could be jumping the gun.  

target marketing-Quincy Vrecko Kelowna Real Estate

There are important factors to consider before looking at doing a price reduction.  

  • Do you have the right real estate professional working for you?
  • Did you get the right advice when pricing your house for sale?
  • Are you aware of the current market conditions?  (average days to sell)
  • Are you being kept informed about the marketing of your listing?
  • Does your house listing have a specialized marketing plan to attract the right home buyer?

 

The team at Quincy Vrecko and Associates understands that every home is different.  A family home in Lower Mission will need different marketing than a modern townhouse in South Pandosy, or a waterfront home in West Kelowna.  The team has a guarantee to set up each client for success and avoid having to do a price reduction. The team will price their homes according to market conditions, create a tailored marketing plan for the course of the listing, and keep each seller informed.  Check out the QVA Guarantee and call for your consultation today.

 

BC Speculation Tax

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The Why, Who, When, and How of the BC Speculation Tax

By now you’ve likely heard of the new BC speculation tax.  Whether you’ve followed the discussions on it in detail, or only heard about it in passing, the speculation tax is now a clear and present reality.  That said, it’s important you as a homeowner are aware of what it means.  How it affects you. This quick read will provide you with a brief outline of the speculation tax.  It will give you direction that you’ll want to take immediately.

Speculation Tax-Quincy Vrecko Luxury Real EstateWhy?

The BC speculation tax was designed as a provincial measure aimed at tackling the housing crisis in BC’s major urban centers. Its purpose is to target both foreign and domestic speculators.  Those who own homes in BC, but don’t pay provincial taxes.  As well, the speculation tax seeks to turn empty homes into good housing opportunities.  Thus relieving both rental shortages and discriminatively high home prices.

Who?

The speculation tax applies to only those homeowners living within designated taxable regions in BC.  It’s believed that over 99% of British Columbians will be exempt from the tax. To be exempt, there are several facts you should know about how the speculation tax works, and about what you’ll need to do to ensure you’re handling it correctly.  

First and foremost, BC residents whose BC home qualifies as their primary residence (meaning they live there 6 months or more per year) will be considered exempt from the speculation tax.  Also, if you are a BC resident and you own property that is rented for at least 6 months out of a year, you may be considered exempt.

If you are a homeowner in BC, and you’re not a BC resident, then you will likely be subject to the speculation tax.  The rate at which you are taxed will differ according to your residential status and locale. Please consult with your accountant to determine your precise rate.  

When?

To qualify for exemption from the BC speculation tax, each person on title needs to individually file a disclosure through the accepted methods.  The disclosure must be filed no later than March 31, 2019.

Failure to disclose by March 31, 2019, will result in mandatory payment of 0.5% of assessed property value.  If there are two people on title, and only one person discloses, then the person who did not disclose will be expected to pay 0.5% of their half of the assessed property value.

How?house for sale-Quincy Vrecko and Associates

Applicable BC homeowners will need to file for exemption from the speculation tax each year.  Each homeowner on the title will receive a notice by mail.  Then each individual must register either online at gov.bc.ca/spectax or by calling 1-833-554-2323

If you are required to pay the speculation tax, payment will be due July 2, 2019.

Any time a new tax is announced there’s a natural amount of confusion and perhaps some fear.  Knowing the facts, however, is key to keeping confusion minimal and fear at bay. Most important right now is that you’ve read this and are a little wiser as to how to proceed.  The BC speculation tax is upon us, so be sure to prepare yourself accordingly. If you’re a BC resident, and living within the taxable regions, then please do yourself a favor and file your disclosure for exemption immediately.  You won’t be sorry you did.

Call a team member at Vrecko Real Estate Group for current real estate market statistics.

Kelowna Luxury Real Estate Agent vs. Realtor

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Kelowna Luxury Real Estate Agent vs. Realtor

When you are ready to sell your Kelowna waterfront home, one of the first things you will think of is “Who do I use to sell my Kelowna luxury home?” A question that many people have is “Is there a difference between a Kelowna luxury real estate agent and a realtor?” If you are looking to sell your Kelowna waterfront property, check out the three ways a Kelowna luxury real estate agent differs from a Kelowna realtor.

Expertise in the Luxury Real Estate Market

Kelowna real estate agent studying the real estate market

You are hiring an expert

When you hire a Kelowna Luxury real estate agent, you are hiring an expert. These Kelowna agents study the luxury market and are well-versed in the trends. When you are looking to sell your Kelowna waterfront property, your best bet is to hire an expert. They know exactly what to do to sell your luxury property in Kelowna.

No traditional marketing

When you sell a Kelowna waterfront property it takes a special marketing plan. However, it isn’t just setting a for sale sign on the front of the lawn and waiting for someone to come with an offer. Our team at Quincy Vrecko and Associates has established a successful marketing plan for our luxury listings. We aren’t your “normal” luxury real estate agents. We have a successful marketing plan that we have perfected. This ensures that each listing sells for top dollar and in the shortest amount of time.

real estate rising in Kelowna

They have experience selling luxury properties

Not their first rodeo

When you hire a Kelowna Luxury real estate agent, you are hiring an agent who has worked with luxury properties in Kelowna. If you hire a traditional realtor, they may be very experienced in selling Kelowna homes and condos but it takes a lot of experience to properly list and sell your luxury waterfront property.

If you are looking for a Kelowna luxury real estate agent, contact Quincy with Vrecko Real Estate Group, Remax Kelowna. Quincy has over 28 years of experience in luxury sales with a specific marketing plan. This ensures your Kelowna luxury property sells for top dollar and in the shortest amount of time. Call Quincy directly at 1-250-863-8810!

Strata Fees and What do they Include?

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Condos and townhomes are growing in popularity so it’s important to understand what strata fees include.

Condos and townhomes are not only the top home choices for first-time buyers but are a great option for empty nesters and professionals. Proximity to amenities makes them perfect choices for a wide range of buyers. They also require little-to-no maintenance – potentially a great combo for fresh homebuyers who may not want to take on the potential work inherent with a traditional Kelowna home. But with condos and townhomes come something extra – strata fees!  Scary words if you ask most. What are they even for? Strata fees are, at the very least, misunderstood.   Fortunately, it’s not nearly as scary as you may think.  Let’s take a look at exactly what strata fees are and what they include.

How are Strata Fees calculated?

electric bill included in strata fee

How are strata fees calculated?

Every condo owner pays a pre-set, monthly fee. The amount is based essentially on the size of your unit (square footage) and generally does not take into account deck space or parking spaces.  For instance, we recently sold a Kelowna penthouse that had a 1,100 sq ft rooftop patio – and the owner doesn’t pay any more in strata than someone with a 200 sq ft deck.

As far as what constitutes the actual monthly amount, factors are divided into three main categories:

  1. Utilities and Insurance
  2. Common Area Maintenance
  3. Reserve Fund.

Strata Fees: Utilities

The condo fee goes to utilities such as water, sewer, common area heat, and A/C, and sometimes heat in the individual units. Many new Kelowna condominiums are built with individual heat pumps that are controlled and paid for by individual owners. As in detached Kelowna homes, there are many ways to heat and cool your condo, so make sure you’re clear on your strata fees before you buy.  Inclusions like heat & A/C can have substantial impacts on the strata fee, so when perusing Realtor.ca or looking over listings sent by one of our QVA agents, be cognizant of too-high or too-low strata fees – as the old saying goes, when something is too good (or bad) to be true…

Rule of thumb: generally you’ll be responsible for your own electricity and cable, and all other utilities will be covered by the strata fee.  Bonus: strata corporations are required to hold insurance policies, including fire, etc for the entire building, so by default your insurance is covered by the strata fee as well.

Strata Fees: Common Area Maintenance

We’ve already mentioned that condo ownership means fewer hours on the roof and mowing the lawn. But somebody’s got to do it, right? Fortunately, all maintenance and repair of common areas is covered by the strata fee.  They also cover snow and garbage removal, cleaning of common areas, exterior window washing, parkade cleaning, and so on.

Overall, the more amenities your Kelowna development has, the higher the fees will be. Think pool, gym, and sports courts. For this reason, some people, who know they will never use a glamorous pool deck, may choose to move to a development with fewer amenities, and a lower strata fee.

pennies stacked up in a line

Strata Fees: Reserve Fund

Strata Fees: Reserve Fund

Finally, a portion of your condo fee is set aside in the Reserve Fund.  Every condo board must maintain a large savings account for big-ticket items that inevitably arise as the building ages, with the aim of avoiding extra expenses for the unit owners if something expensive does arise – roof & window replacement or re-paving the main driveway for instance.  In the case of an inadequate reserve fund, the strata board may elect to collect a Special Assessment. These are generally reserved for surprise or unknown issues that require immediate repair.  Each condo owner will be responsible for a portion of the repair, generally in line with the square footage of their unit.  This may sound like a good reason never to own a condo, but remember that owning any home will result in a surprise bill here and there.  Hot water tanks don’t last forever!

So there you have it.  Make sure you incorporate the condo fee into your budget. Also, make sure to leave a buffer in case your condo fees increase. Any increases are at the discretion of the condo board. Be sure to attend every meeting and vote on the important stuff.

If you are looking for strata homes in Kelowna, contact the team at Quincy Vrecko and Associates.  They will guide you through the process of purchasing a home in Kelowna.  They will make sure your investment in a condo or townhouse will benefit you for the years to come.  Read the top reasons why you should work with Quincy Vrecko and Associates on your next purchase.