How is Alberta’s Oil Slump Impacting Kelowna Luxury Real Estate?

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.

Kelowna Real Estate: Boosting Your Home’s Curb Appeal

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.

 

Is Your Realtor’s Website Effective?

Realtor’s Website: An effective Kelowna real estate website will vastly improve the exposure your listing receives on the market.

When you entrust a Kelowna real estate agent to list your property, you expect a certain level of service and professionalism. These days, that includes an effective website and online marketing strategies to promote your listing to as wide an audience as possible.

With a well-designed website, your Realtor® can significantly expand your target market. Not only will you attract potential buyers who are local to your area, you can reach interested homebuyers all over North America and beyond.

However, in order for a website to function properly, it needs to be:

  • Visually pleasing
  • Easy to use
  • Visible

Here are some other key factors you might want to ask your Realtor® about their website.

Is It Optimized for Web Searches?

Google and Bing are the two most popular online search engines used today. When homebuyers type in relevant keywords (in this instance, ones like ‘Kelowna real estate’ or ‘Kelowna houses for sale’), your Realtor’s® website would show up on the first page in an ideal world.

If your listing website shows up on the 10th page of a Google search, it’s not going to get the traction it needs.

Fast Load Times

Your Realtor® could have the fanciest photography and design elements available, but if their website doesn’t load quickly, visitors won’t hang around to check out your listing. In today’s fast-paced, high-tech world, people just don’t have the patience to wait for a website to load.

If your Realtor’s® webpage takes longer than five seconds to show up (two seconds would be even better), it will start to lose traffic.

Professional Photos and Video

They say a picture is worth a thousand words. For Kelowna real estate, that holds especially true. By taking the time to have professional photos and videos taken of your property, and using them to showcase your property on a listing website, it will stand out. Not only does imagery attract the eye, it can explain things in a way words cannot.

Easy to Navigate

In the world of web design, simple is better. The main goal of your Realtor’s® website should be to steer traffic towards your listings. If visitors to the website get confused or frustrated, it’s not working.

Contact Information

Once a homebuyer views your property and decides they want to book a showing, or better yet, make an offer, they need a way to contact your sales agent. This information should be readily available, not only on the ‘Contact’ tab, but also on the listing webpage.

People communicate in so many ways these days, so it’s useful if your agent lists their:

  • Phone number
  • Email
  • Social media channels (Twitter, Facebook, Pinterest etc.)

For other qualities to look for in a real estate agent, check out our post: Kelowna Real Estate: What to Look for in a Listing Agent.

 

Are you looking for a professional Kelowna real estate agent who combines the best of industry experience and new technology to promote your listing? Call the specialists at Quincy Vrecko & Associates.

3 Things to Look for in a Listing Realtor®

Working with a professional agent can make a big impact on how the process unfolds when selling luxury real estate.

 

Selling luxury real estate in Kelowna requires a unique skill-set. Without the right combination of experience, confidence, and aptitude, a Realtor® might struggle to attract the type of exposure your Okanagan property deserves. That’s why it’s important to seek an agent who thrives in an upmarket environment.

Similar to selling high-end automobiles, upscale properties need professional sales associates who understand the unique characteristics of the property, as well as the kind of the clients they attract. And that’s just the start. They must also face the unique challenges of:

  • Pricing
  • Marketing
  • Negotiating

 

1. Pricing Luxury Real Estate

Unlike many entry- to mid-level homes, luxury houses aren’t mass-produced by a single developer. They are typically designed by architects and custom-built by expert craftsmen. This makes it extremely difficult to price homes in this market because it’s challenging to find a list of comparable properties.

An experienced sales agent will understand the intangibles associated with high-end homes in Kelowna and help you determine a realistic asking price. In addition to a home’s size, build quality and amenities, they will factor in things like:

  • Waterfront
  • Privacy
  • History
  • Neighborhood
  • Views
  • Current market conditions

To learn about other important factors when dealing in high-end real estate, read: Luxury Real Estate Tips: Beyond Location.

2. An Invaluable Resource

To sell luxury real estate, the listing agent must become highly familiar with the property and its surroundings. That means doing research to:

  • Learn about the neighborhood and the people in it
  • Know what local amenities are available
  • Understand your home’s key selling features
  • Detect and address any potential obstacles to a sale

Some sales agents will even visit other relevant properties to understand how your property fits into the picture. Armed with this information, your Realtor® will be ready to field questions and address any objections or concerns as they arise.

When it comes time for showings, your Realtor® will be able to walk visitors through the complexities of the property and highlight key benefits so they understand its value. This requires an understanding of a high-end buyer’s needs to help them invision themselves living in your home. 

3. Marketing for Success

Buyers in today’s luxury real estate market can come from anywhere. A quality Realtor® recognizes this and will apply their broad industry connections and resources to promote your property effectively so that it reaches the target audience.

Part of that includes enforcing strategic, ongoing social media marketing campaigns and hosting a professionally designed website that will showcase your listing for maximum effect. This includes:

  • Stylish web design that’s easy to navigate
  • Professional videos and photography
  • Detailed information providing buyers with everything they need to know

It’s not uncommon for buyers to make an offer on a home sight-unseen, based on what they see on a website listing.

 

Selling luxury real estate is a specific industry niche that is best handled by a professional sales agent. To earn maximum return on your next listing, call the specialists at Quincy Vrecko & Associates.

Why Luxury Real Estate in Kelowna is a Sound Investment

There are a number of current market conditions that make luxury real estate in Kelowna a Sound Investment opportunity.

Our Kelowna realtors often get asked if luxury real estate in Kelowna is still a good investment. Our answer is a resounding ‘Yes.’ Of course, it depends on what you’re looking for, but if you do your homework, you’re sure to find some great opportunities on the local market.

There are a number of factors at play that make the current conditions appealing to certain segments of investors. Some of these include:

  • Low Canadian dollar
  • Low mortgage rates
  • Slumping oil prices

For foreign investors, and for Canadians who were considering investing in luxury real estate south of the border, the low loonie instantly makes investing locally an attractive option. And should you require financial backing, lending rates are close to all-time lows.

To learn more about how the Canadian dollar is affecting Kelowna houses for sale, read our post: How Is Luxury Real Estate in Kelowna Affected by the Low Loonie?

Demand for Waterfront is Rising

If you look around at prime real estate in Kelowna, and further afield in the Okanagan, there’s only so much to go around. This is particularly true of high-end waterfront properties. While luxury developments continue to spring up, there is a finite amount of waterfront real estate available. This makes it a desirable investment because it:

  • Is likely to appreciate over other types of real estate
  • Provides a lifestyle opportunity, as well as an investment opportunity
  • Will garner interest should you decide to sell at a later point

More for Your Investment Dollar

Compared to the luxury real estate markets in centres like Vancouver and Toronto, your buying power will go a lot further in Kelowna. Real estate prices have skyrocketed in those cities, while they have continued to rise at a more modest rate in the Okanagan.

For instance, in certain parts of Vancouver at the moment, $1 million might get you a townhouse or an apartment. In Kelowna, you could easily find a large, well-built family home in a desirable neighbourhood with things like:

  • Large yard
  • High-end appliances
  • Detached garage
  • Landscaping
  • Privacy

Kelowna Continues to Grow

As the Interior’s largest city, Kelowna already has a lot going for it. It is a vibrant community with plenty of arts, culture, amenities, outdoor opportunities and an international airport nearby. It also boasts steady economy that includes a nice blend of:

  • Tourism
  • Agriculture
  • Industrial
  • Government
  • Private

However, the area is also becoming known for its burgeoning tech sector. Coupled with increasing opportunities for post-secondary and professional training (i.e. UBC Okanagan, Okanagan College and other trades schools), Kelowna and the surrounding region appear destined to grow and prosper.

Solid Long-term Investment

Even in light of the recent fall of oil prices, or looking further back to the financial downturn in 2008, luxury real estate in Kelowna still remains a good long-term investment. If you look at the big picture, and go back 30 years, real estate is still valued much higher than it was.

Are you searching for luxury real estate investment opportunities in Kelowna? The expert realtors at Quincy Vrecko & Associates have a team dedicated to upscale listings. Call us to discuss your property investment goals.

Finding the Right Realtor When Searching Kelowna Houses for Sale

Finding the right Realtor® is an important step when searching for Kelowna houses for sale.

Buying a home is the single biggest investment most people make in their lives. Choosing the right Realtor® when you’re searching for Kelowna houses for sale can really help the process go more smoothly and allow you to realize your real estate objectives.

With potentially hundreds of Okanagan Realtors® to choose from, how will you know which one is right for you? Perhaps you’ve worked with one in the past and you’re comfortable with them. Or maybe you’re close friends with one who you trust.

If you don’t have those kinds of connections, here are some qualities you might find useful in a Kelowna real estate agent…

Knows the Area

Buying property is about so much more than the house and land you see on the listing. It’s also about the:

  • Lifestyle opportunities
  • Local amenities
  • Surrounding area
  • Neighbours

A Realtor® who understands the area, and can provide you with local insight, is an invaluable tool when searching for Kelowna houses for sale. Better yet, a Realtor® who lives and works right in Kelowna will be that much more in touch with what’s going on.

Listens to Your Needs and Concerns

A good Realtor® is a good listener. Before you begin the process of buying Kelowna real estate, it’s a good idea to have a sit-down and discuss your goals. An experienced sales associate will use this information and, combined with their industry insight, refine your search to find suitable property matches.

If you’re wondering what to look for in a home, read our post: Kelowna Houses for Sale: Creating Your Ideal Wish List.

A good realtor should also act as a sounding board, voicing any concerns that come up during the process. For instance, if the type of property you’re describing isn’t in line with your chosen price range, they should speak up.

Does It as a Full-time Job

Not all Realtors® work in the industry full-time. Some do it as hobby or for some extra income. If it’s not their primary focus, they might not be as fully committed as someone who does it as a full-time professional. Some of the benefits of working with a permanent sales agent include: 

  • Constantly aware of market trends
  • Negotiating skills stay sharp
  • Intimately familiar with industry regulations
  • Ongoing and established connections in the industry
  • More accessible when you need them

Approachable

It can take weeks and sometimes months of hunting through Kelowna houses for sale before you find your dream home and make an offer. It’s a good idea to align yourself with someone you’ll be comfortable working with throughout the duration.

Busy, but Not Too Busy

Having a go-getter in your corner is great when you’re hunting for Kelowna real estate. However, you don’t want someone who is too busy or they might not have enough time for you.

An experienced sales agent can be a great help when searching for Kelowna houses for sale. Come and talk to the specialists at Quincy Vrecko & Associates to discuss your real estate objectives.

What to Look for in a Luxury Real Estate Agent When Buying a Home?

Choosing a Realtor® that specializes in luxury real estate will help you find the right properties and make informed buying decisions.

Luxury Real Estate Agent

Buying luxury real estate is an intricate process. To understand how it all unfolds, and to give yourself the best chance of achieving the top value for your investment, it’s worth aligning yourself with a professional sales agent who understands how the upscale market works.

All properties are so unique when it comes to high-end real estate in Kelowna. It’s impractical for homebuyers to take a one-size-fits-all approach and expect to yield satisfying results. By working with a Realtor® that specializes in this market segment, you’ll have the insight you need to make informed buying decisions.

 

Understanding Waterfront Properties

Luxury real estate on the waterfront is one of the most sought after property types in the Okanagan because it: 

  • Provides an exclusive lifestyle
  • Is in constant demand
  • Offers better value than larger city centers like Vancouver 

When searching for Kelowna luxury houses on the water, it’s important to understand the rules and regulations governing access and usage. A Realtor® who specializes in this market will be able to answer questions like:

  • How is the property affected by riparian regulations?
  • Are there any no-build zones?
  • Does your dock conform to existing bylaws?
  • Where does the home’s water source come from?

To learn more about the waterfront in Kelowna, read our post: Luxury Real Estate: 4 Hottest Waterfront Areas in Kelowna.

 

Understanding Kelowna Neighbourhoods

The City of Kelowna and surrounding area are blessed with a diverse cross-section of geographical neighborhoods, each with its own unique features and selling points. This gives homebuyers plenty of options during their search for luxury real estate opportunities.

It is a professional sales agent’s job to know each of these areas intimately and relay their insight to clients. For instance, a luxury home along the Upper Mission will receive different sun exposure compared to one on Lakeview Heights. Or perhaps there is a nearby orchard to a prospective home that periodically fires off a cannon to ward off birds and predators. It’s subtle details like these that help buyers make informed decisions.

 

Understanding Negotiating Tactics

People with the means to buy and sell luxury real estate typically have a high degree of business acumen. By having an experienced sales agent on your side that employs strategic negotiating tactics, you stand a better chance of brokering a favorable deal.

 

Understanding Client Expectations

Homebuyers in the upscale market demand an exceptional level of professionalism and service. For a sales agent to be truly effective, they need to:

  • Be comfortable working with high-end clients
  • Take the time to understand each client’s individual needs
  • Provide honest, upfront advice to ensure the client’s real estate goals are fulfilled

 

Are you looking for a professional sales agent with the experience and determination to sell your home? Call the Kelowna real estate specialists at Quincy Vrecko & Associates.

Kelowna Real Estate: What to Look for in a Listing Agent

Finding a professional, trustworthy sales agent is an important step when listing Kelowna real estate.

Professional. Reliable. Motivated. These are just a few of the traits you should look for in a sales agent when listing your home on the Kelowna real estate market. But these days, that’s no longer enough. It takes someone who is able to keep up with the ever-changing trends of this fast-paced industry.

The Internet has forever changed the way homeowners sell their homes. Finding a Kelowna Realtor® who not only understands those changes but embraces them, will help your listing:

  • Get maximum exposure
  • Spend less time on market
  • Receive offers closer to the asking price

Working with the right associate will also make the sale process an enjoyable one.

 

Full-service Showings

When interested homebuyers and their agents book an appointment to view a home, the listing agent doesn’t usually attend the appointment. This is somewhat counterproductive because they’re the one with all of the information not mentioned on the listing brochure, such as:

  • Location of buried gas lines or septic fields
  • Recent renovations
  • Information about neighbors

A Kelowna real estate agent who attends showings for your listing will be able to answer buyer questions directly, calming any fears or objections on the spot. 

Another advantage to the homeowner is you get instant feedback after the viewing:

  • Were the buyers interested?
  • Did they seem likely to make an offer?
  • Did they have any concerns?

 

Online Marketing Strategy

For years, print ads were the norm for promoting Kelowna real estate listings to the public. While they can still be effective, there are many more options available to get your property noticed by interested buyers:

  • Fully functional websites
  • Social media
  • Online ads

By working with a Realtor® who uses an effective digital marketing strategy, not only will your property gain exposure in the Okanagan, it will reach potential buyers all over the world.

 

Search-optimized Websites

If your Kelowna Realtor’s® website doesn’t appear on page 1 of a Google search when a prospective buyer enters an industry-related term (such as ‘Kelowna houses for sale’), you’re missing out on valuable exposure. Most people will rarely go beyond a page or two of results when conducting online searches.

And when a homebuyer does land on the website with your listing, it needs to capture their attention by being:

  • Professional
  • Visually appealing
  • Easy to navigate
  • Responsive (functions well on both computers and mobile devices)

Your listing should contain all of the necessary information about your property so buyers can make informed decisions even before they book a viewing. Some of the key components include:

  • Engaging marketing content
  • Professional photography
  • Video walkthroughs
  • Multiple contact options (phone, email, Twitter, etc.)

If you’re considering listing your home for sale, take a moment to read our post: How To Do Home Staging Well: Tips from Our Kelowna Realtors.

 

Are you looking for a professional sales agent with the experience and determination to sell your home? Call the Kelowna real estate specialists at Quincy Vrecko & Associates.

Kelowna Real Estate Firm Launches New Division

Professional sales agents with QVA Homes unveil new eight-point campaign.

QVA Homes division is setting a new standard for customer service in Kelowna real estate.

The old ways of selling real estate just aren’t good enough. Forget about self-serve showings. Forget about limited feedback after showings. And wave goodbye to the traditional real estate agent. Cue, the Kelowna real estate team that is reinventing the game when it comes to buying and selling homes in the Okanagan. With the launch of its new QVA Homes division, the professional sales agents at Quincy Vrecko & Associates are showing their commitment to customers by adapting to real estate trends.
After listening to client feedback, the highly trained associates at QVA Homes have unveiled a new campaign that will change the way real estate is done forever. Aptly called ‘The QVA Difference,’ it focuses on eight specific client-focused initiatives to streamline the buying and selling process. The ultimate goal is to help clients fulfill their real estate objectives in an enjoyable, rewarding manner.

For more information, read the full press release by clicking the link below:

Kelowna Real Estate Firm Launches New Division

Kelowna Houses for Sale: 4 Questions to Ask at an Open House

When you’re visiting Kelowna houses for sale during an open house, it’s a good idea to come prepared with questions for the listing Realtor®.

Preparation is a key ingredient for buyers looking at Kelowna houses for sale. Not only does that mean researching properties before you visit them, it means being ready to ask questions when you’re at an open house.

There’s only so much information you can glean from a listing sheet, so sometimes you need to dig a little deeper to find the answers you’re looking for. A listing agent can often be a tremendous resource because they’re familiar with the property and owners.

Open houses are typically the only chance you’ll get to speak with the listing agent directly. So take advantage and fire away. Here are some questions you may want to add to your list:

 

1. Have There Been Any Offers?

Before you set your heart on a particular property, it’s worth asking whether the house has received any: 

  • Interest from other buyers
  • Formal offers that were rejected
  • Accepted offers that fell through

If an offer has been made but has yet to be accepted (i.e. legally binding), you have a choice to make. You can either wait and see how it plays out, or you can submit your own offer and risk a bidding war.

 

2. When Was the House Last Updated?

You can usually tell a lot about the condition of a house simply by walking through it. However, there might be recent improvements or upgrades that you’re not aware of. Some of the main ones you might want to ask about include:

  • Roof
  • Furnace
  • Hot water tank
  • Major appliances
  • Any other major renovations

 

3. How Long Has It Been on the Kelowna Real Estate Market?

Your Kelowna realtor will be able to tell you the number of days a property has been listed for, but it might not tell the whole story. The listing realtor might be able to explain why a house has been on the market for a long time. For instance, it may have had an offer and subsequent extensions, but eventually fell through.

 

4. What’s the Neighbourhood Like?

The areas surrounding Kelowna houses for sale can sometimes be just as important as the homes themselves. There are a number of amenities and lifestyle opportunities you might want to ask about: 

  • Are there kids in the neighbourhood?
  • Is there a lot of traffic?
  • What is the nightlife like?
  • Where are the nearest restaurants, cafes and shopping?
  • Are the neighbours social?

 

Answering these questions will help you determine whether this is the type of neighbourhood you and your family will want to reside in for the foreseeable future. 

If you’re searching for the ideal family home, check out our post: How To Choose the Right Kelowna Real Estate for Your Family

When looking at Kelowna houses for sale, it can be helpful to have an experienced realtor who uses effective buying strategies. To learn more about this, call the professional sales agents at Quincy Vrecko & Associates.