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. 

Kelowna Holiday Shopping

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Being Home for the Holidays can be a bit overwhelming with all the events, shopping, and family suppers, here at Quincy Vrecko and Associates we thought we would try and make the holiday season a little less stressful so you can truly enjoy this cheerful time.

Morgane

Morgane is located in the Okanagan Valley of British Columbia. This Woman Clothing store has a vision to always provide a personal and enthusiastic styling experience. Morgane will help you look good and feel comfortable in the clothing you wear no matter where or what you are doing. This Boutique perfect place to stop by if you are home for the holidays

Location:1393 Ellis St, Kelowna, B.C

European Goldsmith

European Goldsmiths was founded by John and Kim Berg in 1996, European Goldsmith Fine Jewellery is a family-owned and operated jewelry store in Kelowna, BC. Their warm and welcoming staff truly love the industry and appreciate the ability to be part of your special moment. When you visit European Goldsmith, you get to discover what feelings look like.

Location: 109 – 2900 Pandosy St, Kelowna, B.C

 

Macdermott’s

MacDermott’s has been the luxury shopping destination in Kelowna since 1995 and has been a one-stop shop for modern men’s business wear ever since. This beautiful shop carries a large selection of premium brands and was voted ‘Best in Men’s Clothing in Kelowna’ for multiple years, MacDermott’s reputation for modern style and customer service is what makes it a need to see if you are home for the holidays this season 

Location:565 Bernard Ave, Kelowna, B.C

Karat Chocolate and Pastry Boutique

Karat Chocolate and Pastry Boutique located in the Heart of Kelowna this magnificent small-batch chocolate company focuses on bringing you the freshest essentials to make your day perfect. Each bar and chocolate is carefully crafted and wrapped by hand. If you are home for the holidays this season make sure to treat yourself to a cup of Phil & Sabastian coffee and some Signature Karat Chocolates

  Location: 1526 Ellis Street, Kelowna, B.C

Mosiac Kelowna

Mosiac Book Store

Mosiac Book Store carries over 6,000 bargain-priced books that are generally 50-70% off the list price, this includes new releases and popular sellers. This bookstore doesn’t stop at books, they carry jigsaw puzzles and board games too!

Location: 411 Bernard Avenue, Kelowna, BC

Lakehouse Downtown Kelowna

LAKEHOUSE

LAKEHOUSE is a family-owned and operated “lifestyle store”, that combines unique ingredients to create an exceptional and unexpected experience. They have sourced hundreds of suppliers from around the world to bring the people of Kelowna a fresh new style. LAKEHOUSE has something for everyone including kitchen, furniture, home décor, wine and bar, and giftware.

  Locations: 100 – 510 Bernard Ave, Kelowna, B.C + 1264 Ellis Street, Kelowna, B.C

 

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.

How to Create Privacy for Your Kelowna Downtown Condo

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If you live in a Kelowna downtown condo, you know what we mean when we say that privacy is minimal! If you are living in a Kelowna downtown condo and you are looking to create some privacy, you’ve come to the right place! Check out our three tips on how to create privacy for your Kelowna downtown condo!

Add bookshelves

Kelowna downtown condo with bookshelf in living room

Add a bookshelf

If you are looking to add some privacy to your Kelowna downtown condo, one way to do it is to add bookshelves! Carefully stage the bookshelf so that it doesn’t make your small Kelowna downtown condo look crowded! Adding a bookshelf to your Kelowna downtown condo, will not only add that extra bit of decor but will also separate rooms and add that privacy you are longing for.

Take advantage of privacy screens

Another easy way to add privacy to your Kelowna downtown condo is to add privacy screens. These screens are easy to use and can easily block off a section of your Kelowna downtown condo! Tick off “add privacy” on your to-do list with ease! Voila, a simple task and you’ve got the privacy you have been waiting for! 

large green plant in Kelowna downtown condo

Add greenery to your condo

Tall plants

A modern approach to adding some privacy to your Kelowna condo is by adding tall plants. Adding tall and green plants is a great way to add privacy and every home needs a bit of nature! There are plenty of great large plants to purchase, a few of our favorites are aloe Vera, palm, and rubber trees. These great plants are easy to maintain and great to add to your downtown Kelowna condo.

If you are looking for a Kelowna condo, contact the team at Quincy Vrecko and Associates. Our team of dedicated real estate agents can help you find exactly what you are looking for. We have helped many Kelowna home buyers purchase real estate in Kelowna and we can help you too! All you have to do is pick up the phone, and leave the rest to us! Call 1-778-760-2860 today!

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!

Must Haves for Your Okanagan Waterfront Property

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The summer is finally here! The grass is green and the weather is in the high 20’s. It’s finally time to enjoy your Okanagan waterfront property. If you are looking to spruce up the outdoor space of your Okanagan waterfront property, you’ve come to the right place. Check out our list below of what we believe are the top 3 outdoor must-haves for your Okanagan waterfront property!

Okanagan property with outdoor kitchen

1001 Westpoint Drive – listed with Quincy Vrecko and Associates

Outdoor Kitchen

First off, who likes cooking inside when it’s hot and beautiful outside? Not us! Add to your luxury Okanagan waterfront property by putting an outdoor kitchen in! Enjoy the view of Lake Okanagan and smell the fresh air all while cooking up a BBQ for you and your closest friends/family. What more could you ask for? If you are looking for a fun idea rather than a typical BBQ outdoor kitchen, install a pizza oven! Fresh and delicious pizzas right in the comfort of your Okanagan waterfront home.

Great Speaker System

Next up… a speaker system. Think of this, you are watching the calm lake from the deck of your Okanagan waterfront property, your grilling steak, and drinking a great glass of Okanagan wine… all you need is great tunes to take this afternoon’s BBQ to the next level. There are so many great speaker systems out there nowadays. From wireless speakers to Bluetooth speakers to even waterproof! Your possibilities are endless!

Okanagan waterfront property with great outdoor seating area

7210 Brent Road – listed with Quincy Vrecko and Associates

Comfortable Seating

You’ve got the outdoor kitchen and the great speaker system. What is missing? The last must-have for your Okanagan waterfront is comfortable outdoor seating! One of the most common outdoor seating arrangements is an outdoor table for eating and a large sectional and lounging chairs for relaxing. A little after-work relaxation on your waterfront property is never a bad thing!

If you are looking for an Okanagan waterfront property with a great outdoor space, contact Quincy Vrecko. Quincy is the luxury real estate for Vrecko and Associates. He has over 28 years of experience in luxury sales and has helped many luxury homeowners purchase Okanagan waterfront property. Get in contact with Quincy, our luxury real estate expert today! Call 1-250-863-8810!