Navigating Through Bidding Wars

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The current real estate prices in Kelowna are soaring to record highs. With low inventory and high demand bidding wars and above-list-sale prices is a common norm. QVA is here to help you navigate this hot seller’s market to get your home’s worth. Here’s how:

Exposure

When the listing hits the market, typically a seller will want to pick a date to review any offers.  With so many buyers from out of our market area, you want to give enough time from when the property is listed to when you are looking at potential offers.

Presentation

When presenting a home for sale in today’s market, marketing is essential to attract buyers and highlight features that show value.  Our team offers several ideas to prepare the home for sale and offers full marketing packages that include:

  • Clear photos of each room and outdoor area
  • Floor plans with room measurements
  • VR tours with hotspots detailing features
  • Digital feature sheet

Documentation

Understanding the logistics of a deal can help ease any stress that comes with the process. Real estate transactions are very stressful and it’s important to allow ample time for the documentation to take place smoothly. QVA is one of the best in Kelowna in providing you with a stress-free documentation and transaction process.

There are other smart strategies concerning deposit and price that can help you choose the winning bid from a pool of multiple offers.  Each scenario is different, therefore, having a professional realtor with experience in working with multiple offers representing you is paramount to get your home’s worth. 

Multiple offers can be overwhelming for both buyers and sellers and there can only be one winning bid.  The team at Vrecko Real Estate Group has helped sellers navigate through this very active market.  Using a professional realtor is more important than ever to advise on your largest and most important investment. 

Staging A Home In Winter

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Staging A Home In Winter

Although the winter months are a not-so-popular time to sell a home, many benefits will be favorable towards selling one during this season. A huge plus is reduced competition. At a time when demand is high for homes in Kelowna, you are more likely to sell yours within a short period. Here are a few tips for you to stage your home during the winter season and make your property a show-stopping spectacle for potential buyers.

Keep your abode cozy

During a showing, it’s always important to keep the house warm for potential buyers. Raising the temperature to 70 degrees will maintain a comfortable climate inside your home. This can help potential buyers to focus on the property’s features more comfortably. 

The curb appeal still matters

Winter months are hard to rely on flowering plants to have that perfect curb appeal. One option is to have cold-weather plants. You can jazz up your front door by giving it a fresh coat of paint and have some outdoor furniture that looks cozy and inviting on the front porch as the eyes of anyone visiting your home will naturally focus on what’s at your entrance.

Clear walkways and driveways

As a seller, it’s important to keep the walkways and driveways clear especially if it has snowed during the winter. It’s important to put down salt if there is excessive ice on the ground. Ensuring the safety of potential buyers during a viewing is very important when selling your home.

Lots of lighting

The first impression of a home at all times is a home with natural light in abundance. This can be a challenge during a gloomy winter day. It’s essential to have the spaces well-lit where natural light is difficult to reach. 

Get Organised

Winter can be tough on your floors. No one wants to see muddy footprints during a viewing. Have lots of floor mats to wipe the mud off the shoes or choose to provide disposable shoe covers for viewers. It is also essential to store your winter gear in an organized manner. Having your coats hung and shoes laid on racks will go a long way. Through occasional sweeping, vacuuming, and a mop between viewings, you can make your home look the best for every prospective buyer.

 

Winter months are a perfect time to sell your home as real estate agents are less busy and could give you additional attention and help market your property at a time when competition is less. If you are thinking of selling your home Quincy and Vrecko Associates are happy to provide you with an evaluation at no cost! To learn more about the benefits of listing with us, click here.

The Transition From Sleepy Lakeshore to Resort District Luxury

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Every time you drive down the Pandosy/Lakeshore stretch you are reminded that at one time Kelowna was just a sleepy beach town with small markets and beach access as far as the eye could see. Over the past few decades, the city has seen tremendous growth with new urban projects making many consider a permanent relocation to this ever-growing city.

Movala development site

Movala development site

The Pandosy/Lakeshore area has always been regarded as the crown jewel of Kelowna. As we wait for the roadways to catch up, we are seeing new multi-family developments popping up regularly in this area. In the next two to five years the area as we know it will be even more different than remembered. With the onset of the redevelopment of Hiawatha RV Park, as well as the recently started Movala and soon-to-be-constructed Aqua development near Truswell, it is apparent the changes are rapid, whether we are ready for them or not.

From a perspective of growth and vitality, it feels somewhat exciting to watch the once-sleepy beach town grow into a small yet vibrant city. It doesn’t come without a tinge of sadness for what Kelowna was and a hope that we can preserve the character of the agriculture, lifestyle, and beach life that many have come to know and love.

 

In 2008 we saw the addition of Playa Del Sol, a resort-style condo building that featured an outdoor pool and deck in one of the most sought-after locations just across the street from the famous Hotel Eldorado and Manteo Resort. Whether we were fully aware or not, the redevelopment of Lakeshore as we knew it had begun. 2015 brought The Lakeshore at Manteo, an 18-unit townhouse development with a pool on the lake; fast forward to 2017, Kelowna saw the highly anticipated completion of Sopa Square after many delays. The well-captured artsy feel in the Pandosy/Lakeshore area is evolving to feature high-end living, a stone’s throw from the beach.

Hotel Eldarado

Hotel Eldorado

As residents begrudgingly try to make their way to and from Upper Mission the changes are coming fast and furious. Movala’s construction began after residents of the RV park enjoyed their last summer kitty-corner to Gyro Beach. Caban by Cressy will begin construction quickly although it is entirely sold out. Hiawatha RV Park has been removed and the giant open space will become rental-only condos developed by Mission Group. A roundabout is being installed to help with the flow of traffic, disrupting it in the interim. As we near Truswell, the wallscape speaks about the ingenious Aqua Boat Valet facility that is purely holding space for the upcoming multi-building Aqua development featuring three buildings and an indoor boat storage facility. It will also feature a new boardwalk which would bring new life to the existing boardwalk connecting the El Dorado and Manteo and hopefully more waterfront dining that is surprisingly scarce, given the size of the waterbody we are so lucky to reside amongst.

The implementation of the Resort District is unfolding all around us and brings mixed feelings for many and the resounding hope that we will be able to preserve the character of the once small farming and beach community while it transforms into a larger city. What do you feel about the transformation of Pandosy/Lakeshore?

 

Preparing Your Home for Ideal Presentation

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When it comes to selling your home, many things come into play: the current market climate, the location, the price, your realtor, etc. In a hot market like today’s, making your home stand out and attracting those offers is incredibly important. At Vrecko Real Estate Group, we work hard on marketing your home and shining a light on all its best features. From photos and virtual tours to brochures and social media, we have you covered.

Why is marketing so important in today’s market?

Many homes are selling with multiple offers and over-listing prices, which is inspiring a lot of people to enter the market. The first few glances at a listing brochure, website, and photos can make an entire difference. Choosing a knowledgeable, experienced realtor with great marketing can bring in those extra offers getting you the top price for your home. At QVA, we want to make your home stand out and attract attention. Some of the many marketing tools we provide:

  • High-quality photography
  • Virtual reality tours
  • Stunning brochures highlighting your home’s best features
  • Social media posts and advertisements

…and more!

When marketing a home, what kind of information do you need to know?

When it’s time to put your home on the market, I want to know everything about it that makes it special. Whether it be the neighborhood, the layout, the yard, the views, etc. Every feature matters when it comes to marketing, what may seem ordinary to you may be what sells your home. Especially during current COVID-19 times, many people rely on photos and online descriptions when searching for a home. We want readers and potential buyers to imagine themselves living and walking through the home, enjoying all of its features. Keep this in mind when talking with your realtor, and let us know what you think makes your home stand out.

What are the best ways to prepare a home for an ideal presentation?

Preparing your home for photos is very important, and there is a lot you can do to prepare.

  1. Of course, make sure your home is clean! This seems like an obvious point, but deep cleaning your entire home can be very time-consuming, so make sure you prepare in advance.
  2. Staging: Staging doesn’t always have to be expensive. This can simply mean setting up your empty spare room to look like an office or setting up some wall art. When potential buyers look at your home’s photos, allow them to see the greatest potential your home has.
  3. De-clutter: A clean home is one thing, but there is more you can do to ideally present it. Some things that aren’t considered clutter in our day-to-day lives will stand out in photos, such as phone chargers, toothbrushes, slippers, etc. Temporarily putting away personal belongings such as family photos, hanging jackets, and shampoo bottles, can make a huge difference in how your home presents.

 

Selling your home is an exciting time, and we want to take any stress away. Trust us to make your home stand out in this market, and follow our tips to bring out its best potential!

Meeting Deadlines in Unprecedented Times

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Entering the housing market can be such an exciting and overwhelming time, understanding the logistics of a deal can help ease any stress that comes with the process.

housing market deals
How would you describe today’s housing market when it comes to deals?

“Canada’s Housing Market is Red Hot” is something we have continued to hear regarding the current housing market since last year. Although we have seen a marginal slowdown, we are still facing a high volume of deals that are still coming up on closings. Take that and mix it with recently written business deals and we have the tight timeline climate we are currently facing.

How is this affecting the industry?

Funding representatives, realtors lawyers, and inspectors are all facing higher volumes than they have ever seen. It has been said that Kelowna lawyers recently faced some of the highest volumes in history. This is wonderful for realtors and other entities in the industry, as well as home buyers, but it might reduce the amount of time you thought you had to get your affairs for your real estate transaction.

How does the documentation process work within a deal?

Upon the accepted offer of your subject property, you will receive a completed Contract of Purchase and Sale (CPS). Upon receipt, this needs to go to your funding representative and lawyer of your choosing. Some lawyers in the Kelowna area aren’t accepting files that close on or after early August, so getting them your CPS regardless of the closing date allows you to reserve a spot in their schedule.

Ideally, if you have a financing subject, along with the other standard subjects such as inspections and review of strata documents (specific to condo and bare land strata purchases) the ideal threshold for full subject removal is 10 days. During these 10 days, not only will you be arranging partners to try to satisfy each subject, but your funding representative will be submitting for approval and lawyers will be getting your file ready for closing.

Once subjects have been removed, your Subject Removal document, along with the authorized Title and Property Disclosure statement (in most cases) will also need to get to your funding representative and lawyer so they can continue to move the file along. If each partner in the process has enough time to do their due diligence and submissions, deadlines can be met with ease. If there isn’t enough time, subject removal dates have to be adjusted and everyone is left in the lurch and dates have to be moved. If you are facing a purchase where some of the standard subjects aren’t taken into consideration the timeline can be different, but these are things to keep in mind for your average transaction.

 

What are your tips for meeting deadlines and making sure the deal runs smoothly?

Real estate transactions can be stressful for anyone, which is why I am a big believer in allowing the necessary amount of time to make sure everyone can attend to their part of the puzzle. If you are working with us I will be the one taking care of this liaising for you. Coming from a mortgage background, I know firsthand the importance of all parties being up-to-date and properly informed as the transaction proceeds. As long as you have the right team of professionals assisting you along the way,  we can keep each stage completed as seamlessly as possible. Good luck and happy house hunting! I look forward to speaking with you!

2021 Big White Real Estate Market

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The 2021 Real Estate market has been like never before, and the prices of homes have experienced a huge jump overall with some of the lowest inventory we have seen. Big White is no exception to this shift, and what we can expect to see as a result of this crazy market!

Big White real estate market QVA

How has the Big White Market Changed in 2021?

Before the pandemic, Big White had a very balanced market, I would even say it was a buyer’s market. Due to COVID, Big White sales have started to explode and that has caused inventory to dry up.

 

 

 

What has caused this shift in the 2021 Big White Real Estate Market?

 

  • The Rental Market is Hot 

Many factors have contributed to the shift we are seeing in the 2021 Big White market. The pandemic has caused many of the people who currently own Big White properties to rethink listing in the current climate. Since Big White is a winter recreational resort, they are usually secondary properties and tend to bring in great rental income, especially now that the rent has gone up due to more people staying local and travel has become less frequent.

Big White Condo #201 - 80 Kettle View Road

  • Out of Town Buyers

Another major factor in the low inventory is a high number of out-of-town buyers that are ‘safe-haven’ buying. Big white is a great place to self-isolate and offers guaranteed rental income. The pandemic has caused interest rates to go down, and that has a huge effect on the movement of Big White properties as well.

  • Low-Interest Rate

Because the interest rate is so low right now, it is making recreation properties more serviceable in terms of debt load, and this is causing buyers from all over a jump on the opportunity!

  • Small Market

Big White has always been a smaller market and it is a great selling point. A lot of people buy at Big White because it provides a great feeling of community, has some of the best Ski-in & Ski-out properties, and is close to major cities. Big white being a small resort has caused it to be very reactionary to the changes we have been seeing in the 2021 Real Estate Market overall.

How do you think Big White will continue to be affected?

Big White has always been a more affordable option in the Okanagan, but recently it has exceeded the last market peak in 2008. In the past 8 to 10 years, there hasn’t been much development, and I predict this will change in the next 2 to 5 years.

Prices at  Big White are back up but there have not been any new builds, meaning no new inventory has been added to the market in almost a decade! That sounds like an untapped opportunity. I think you can expect to see new developments and expansion at Big White.

 

 

Okanagan Real Estate Market Q&A

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Entering the current Okanagan Real Estate Market can be a scary yet positive experience. It’s important to be informed, here are questions you may be asking yourself.

Why is it important to use a realtor when buying or selling in this current Okanagan market?

Our current Okanagan Real Estate market can be tricky to navigate! An experienced Realtor can provide you with the knowledge you need to make an informed decision.  But it’s not just as simple as picking any Realtor.  Trust is key – get to know your Realtor, let your Realtor get to know you. Choose a Realtor that you are comfortable communicating with, one that has the knowledge, experience, and dedication required to guide you through the process. At VREG we are committed to providing you with the best service possible!

  • Accountability
  • Dedication
  • Integrity
  • Knowledge
  • Perseverance
  • Professionalism
  • Understanding

What are the risks of unconditional offers?

There can be many risks associated with unconditional offers.  Are you ready and willing to accept those risks?  My go-to response with unconditional offers is “Just don’t do it”.  However, having said that, in some instances, it may be an option for you. It’s really dependent upon each unique situation.

Before making such an important decision you may want to consider:

What if something goes sideways?

What if the sale of your current home collapses and you are not financially able to carry the cost of both properties?

What is there are issues with the home that could have been discovered in a home inspection (i.e. outdated plumbing or wiring, asbestos, former grow op)

What if you are preapproved but your financial situation changes suddenly?

What if the bank requires an appraisal and the appraisal comes in lower than expected?

 

These are just a few things to consider and you should always discuss these and other risks with your Realtor before making an offer.

 

What are your tips for first-time homebuyers?

Your first home is usually your first big investment. It’s an exciting time but it can be overwhelming if you’re not familiar with the process.

First and foremost choose a Realtor to guide you along the way! Your Realtor can aid you each step of the way and make things much less stressful for you.

 

Get preapproved – Before you start looking for that new home, make sure you know exactly what you can afford.  The last thing you want to do is find the perfect dream home only to discover you cannot qualify to purchase it.

 

Create a budget – There are other costs involved than just purchasing your home. Your Realtor and mortgage professional can help you determine the other costs you will need to consider. Legal fees, Property Transfer Tax, Utilities, Taxes, maintenance, strata fees, etc.

 

Determine what your needs and wants are – create a wish list and discuss it with your Realtor. Some things to consider while making your wish list:  Are there certain neighborhoods you prefer? How many bedrooms/bathrooms are a must? Are you willing to look at a fixer-upper or does it need to be move-in ready? Your Realtor will help you narrow down your wish list and save you valuable time by looking at the appropriate properties for you.

 

 

Multiple Offers in the Current Real Estate Market

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With the hot Kelowna Real Estate market in full swing, multiple offers have become the norm as buyers compete to secure a property.  Being the winning bidder in a multiple-offer situation takes strategy.  We talked to our in-house expert, Tracey Vrecko, who has been helping buyers and sellers come out on top in this crazy market.

Why are so many homes going into multiple offers?

This is simple supply and demand.  There is so little inventory of homes for sale in Kelowna and West Kelowna so when a home goes on the market, multiple buyers are competing for it. There are a large number of buyers coming in from out of town pushing demand even higher.

What is the strategy when working with sellers looking to sell their homes in Kelowna?

Exposure is key to realizing top dollar for your home in any market, especially when looking to generate multiple offers.  When the listing hits the market, typically a seller will want to pick a date to review any offers.  With so many buyers from out of our market area, you want to give enough time from when the property is listed to when you are looking at potential offers.

 

When presenting a home for sale in today’s market, marketing is so important to attract buyers and highlight features that show value.  We offer several ideas to prepare the home for sale and offer full marketing packages that include:

  • Clear photos of each room and outdoor area
  • Floorplans with room measurements
  • VR tours with hotspots detailing features
  • Digital feature sheet

Also, any additional information you can provide to the buyer will help buyers prepare for multiple offers.

When working for a home buyer, how do you win out against other bidders?

One key thing to consider when you are competing against other buyers on the same property is to make your offer as clean as possible while still protecting yourself.  Try to complete some of your due diligence before making the offer so you can limit the number of conditions such as:

  • Financing
  • Home inspection
  • Reviewing of title, property disclosure statement, city file, strata documents, etc.

Home buying and selling can be emotional, so it is also a good idea to write a cover letter with your offer.  It could help tip the scales when a seller knows who will be occupying their home. I have even seen pictures of potential buyers in some offer presentations.  Any little bit helps.

Find out what possession the sellers prefer.  Being flexible with dates could make your offer more appealing to the sellers.

There are other strategies with respect to deposit and price that can make or break you from being the winning bid.  Each situation is different, so, having a professional realtor with experience in working with multiple offers representing you to advise you on price and deposit.

Multiple offers can be overwhelming for both buyers and sellers and there can only be one winning bid.  The team at Vrecko Real Estate Group has helped many buyers and sellers navigate through this very active market.  Using a professional Realtor is more important than ever to advise on your largest and most important investment.

Luxury Home Sales in the Current Real Estate Market

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The current real estate market in the Okanagan is booming and at an all-time high. Following the largest luxury home sale in Okanagan, we asked our luxury expert Quincy Vrecko what this means for luxury homes.

1570 Antler Court QVA luxury Front of houseQuincy, in your opinion, how is the current market affecting luxury home sales?

The average day on the market has dropped substantially, so instead of luxury homes taking perhaps a year to sell, they’re selling within 3 or 4 months. This is because there is a lot more pent-up demand. Because of that demand, we’ve seen prices notch up, and we’re also seeing multiple offers situations which is something we haven’t seen in the luxury market before.

4-180 Sheerwater-Quincy Vrecko Kelowna Luxury Real Estate

With this high demand, what are the key things people look for in a luxury home?

The first thing people look for is lake views, that’s a big one. Swimming pools are also a big point for people coming from Alberta or the Lower Mainland. Additionally, people look for a three-car garage, privacy, and of course like anything else: location. Those are the biggest key factors in the search for a luxury home. Of course, the finish and quality of the build, a reputable builder, and similar homes surrounding them is really what defines that luxury market.

Where is that market coming from? Local? Out of town?

Right now, the biggest push we’re seeing for luxury home sales has been from the Lower Mainland, where people have been able to sell their homes for a fair bit of money, which allows them more freedom coming up to the Okanagan. In the last 2 months, we’ve also seen a push coming from Alberta, which hasn’t happened in quite some time because of the slowing of their economy. But with the housing market doing quite well in Alberta and the housing market doing well in the Lower Mainland, this is what I call the perfect trifecta: We’ve got 2 large markets, with populations of 4 to 5 million, feeding into the Kelowna market driving the values up.

147 Upper Canyon Drive Quincy Vrecko Kelowna Luxury Real EstateWhat do you think is the future of luxury home sales?

The future of luxury home sales, from a listing point of view, is strongly affected by things getting more technologically advanced. Virtual reality and 3D have been playing a huge role in today’s market. Not just because of COVID-19, but because the buyers are becoming savvier, and more comfortable with technology. Floor plans and layouts are a very big drive in the luxury market right now. Going forward, as far as the luxury market goes, waterfront is going to be a big push. As they’re not making any more, people’s options and choices are very limited. And, like everything else, it’s going to be about the location, lake views, the fit and finish and automation of the homes, and garage space, and that’s what’s going to continue to drive that luxury market in the future. When it comes to where people are going to be coming from, I think we’re still going to see a very strong push from the Lower Mainland.

We’re seeing Alberta, as I mentioned, but we’re also seeing Toronto starting to push this market, whether it be vacation homes or retirement homes. With everything that’s happened in the world, with COVID-19, people’s habits and how they’re working have changed. This has allowed people the freedom to move from these larger centers to smaller centers such as Kelowna, as they don’t have to go to an office and they can work from home.

Relocating to Kelowna

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Relocating is one of the most stressful things we can do, leaving a safe and familiar place for something new and uncertain is something we all struggle with. There are many benefits to moving to Kelowna but the transition can be strenuous.  When considering a move there is a long list of things to consider. Let’s walk through some of the most asked questions when relocating to Kelowna.

Always ask the question the “The Three P’s”:

People: When looking for a new place to call home, it is a good idea to consider not only who will be living there but also any visitors. If you are someone that has plenty of families it is best to look for homes with a little extra space or maybe a carriage home!

Pets: Do you have any pets that are making the move with you? if so, the realtor needs to be aware of this as this will be search criteria. If you need a yard, this will shift your search to single-family residential and away from strata properties.

Parking: How many cars do you have? Any toys? These are all great things to know as it is a factor in deciding if your new home is the right fit for you!

When moving cities, provinces, or countries, it is very hard to get the timing of the sale of your home and the possession of your new home to line up. Figuring out your timeline before you commit to the move is very important and can save you a fortune!

 

Having an experienced, local realtor is extremely important. You are going to want someone who knows the area and can fit your lifestyle with your neighborhood.  If you are looking for an active, social lifestyle then a more central location is going to be your go-to but if you want a more retirement and residential lifestyle, Lower Mission or Glenmore would be a great fit. These are all things that make using a Kelowna Realtor so important when relocating to Kelowna.

Hiring a real estate company’s relocation expert can take the sting out of many details involved in the transition and bring better solutions at a faster pace than if you try to relocate on your own.

 

Contact us for more information on relocating to Kelowna.