Kelowna Real Estate: Home Buying Expenses to be Aware Of

The time has come, you are ready to purchase some Kelowna real estate. The excitement hits and you are ready to find Kelowna real estate for you and your family. Before you start your search for Kelowna real estate, consider these few home buying expenses to be aware of. It’s not just about the purchase price, don’t forget to budget for the other home buying costs. These can come during, before or after you purchase your Kelowna real estate.

Lawyer Fees

Yes a lawyer costs money, and a lot of it! Do your research, find a Kelowna lawyer who can do the job and are affordable for you and your family. You will need a Kelowna lawyer to do the paperwork for your Kelowna real estate. It is also important to hire a Kelowna lawyer as they will review all paperwork associated with your upcoming purchase. For a list of recommended lawyers in Kelowna, contact our team!

Home Inspection for your Kelowna Real Estate

One of the home buying costs that Kelowna home buyers tend to forget about is a home inspection. This is a home buying cost you need to budget for. Home inspections range depending on the size of the home and any extra things your home inspector may add on. If you are purchasing Kelowna real estate, talk with your Kelowna real estate agent about the benefits of a home inspection. Each home is different, chat with your real estate agent today!

Moving/Packing Expenses

One most people forget to budget for is the moving expenses as they come after you purchase a Kelowna home. Don’t forget to budget for your moving truck, boxes, tape, bubble wrap etc. The small things do add up and when you are in the middle of making a big investment into your Kelowna home, keeping your expenses in tact will help.

These are just a few expenses associated with purchasing Kelowna real estate. To start your search for a Kelowna home, contact our team at Quincy Vrecko and Associates. It’s really important to have a great real estate agent on your side who can not only explain the process of purchasing a Kelowna home but can also walk you through expenses and upcoming costs you may not be aware of. Tracey Vrecko with Quincy Vrecko and Associates is dedicated to helping you find Kelowna real estate. Whether it be your first time or tenth time, Tracey’s knowledge in real estate can help you through the process of finding your Kelowna home. Call 1-778-760-2860 and speak with Tracey today!

Top 3 Luxury Vacation Spots from Kelowna

With the cold weather upon us, it’s safe to say everyone is trying to get out of this weather and to somewhere warm and tropical. That being said, the million dollar question is… where do we go? If you are looking for a perfect vacation spot to travel to from Kelowna, look no further. What are our top three luxury vacation spots from Kelowna?

Bora Bora

over the water bungalow

Bora Bora

The ultimate luxury destination! Perched above the beautiful ocean you will find guest bungalows. If you are searching for ultimate relaxation and breathtaking views of the ocean then this is the perfect spot for you. You’ll be happy to know the average temperature this time of year hits around 30 degrees. Soak in the sun rays, take in the spectacular views from your over the water bungalow and enjoy all this island has to offer. Luxury at its finest!

Phoenix

When most people say they are getting away for the winter, they tend to head down south to Phoenix. Phoenix is known for their hot temperatures! This is the perfect spot if you are looking to get away from the cool weather in Kelowna. Bring your golf clubs down, enjoy a round or two at some of the best golf courses. Good news! You can even fly direct to Phoenix from Kelowna. What are you waiting for?

sandy beach luxury vacation spot

Hawaii

Hawaii

Why choose one luxury destination when you can choose eight? The state of Hawaii is home to eight beautiful islands. Park it on one of the eight islands or feel free to island hop and enjoy more on your luxury vacation. Plant your feet in the sandy beaches, snorkel with turtles and fish, and enjoy the best polynesian food on these islands. The best part of travelling to Hawaii this time of year is the Whales! This time of year is considered whale season and you can often see whales breach very close to the shores of Maui in Kaanapali. Do we need to say anymore? Book your ticket now!

Well there you have it! If you are looking for a hot luxury destination from Kelowna, then Bora Bora, Phoenix or Hawaii may be your best bet! These hot luxury destinations are sure to give you that jolt of heat you need right before spring hits. I don’t know about you but I can’t say no to hot vacations, no snow and a little relaxation!

Christmas Movie List to get you through the Holidays

The Holidays are finally here. For most of us that means some down time off of work and relaxing in our Kelowna real estate. One of our favourite parts of the holidays is binge watching all of the classic Christmas movies. The hardest part is choosing which ones to watch! The team at Quincy Vrecko and Associates have put together a list of our top three favourite classic Christmas movies you should watch this Holiday season.

The Grinch

sitting by the fire watching a Christmas movie

Warm up to a nice fire

One of our top movies to cuddle up to is the Grinch. A classic family favourite that has been around for ages! If you are looking for a funny movie with a different approach to a traditional Christmas movie, then The Grinch is a must see for you and your family. Our favorite way to watch The Grinch is by warming up to a hot fire and drinking some hot chocolate. A portion of the movie is set outside on cold winter day. The hot chocolate and warm fire are a great way to keep you warm watching this family favourite. 

Elf

This is a no-brainer… the Elf! This movie will have your family craving pasta with chocolate sauce, candy and pop… well maybe! A fun classic movie! After all,

“The best way to spread Christmas cheer is singing loud for all to hear”

Our favorite way to watch the movie Elf is by playing Christmas Movie Bingo! You can either make up your own bingo cards or find handy printable ones online. Anytime you see an object from your bingo card on the movie, you mark it off your bingo card. A row of 5 wins! A non-traditional way of watching a movie and makes it more interesting.

three children sitting in indoor movie theatre

Create an indoor movie theatre

The Polar Express

Another traditional family favourite is the Polar Express. A mysterious train ride to the North Pole is all that we will say for this classic! You’ll have to watch it to find out why we love this Christmas movie so much!! Our favorite way to watch this Christmas Movie is by making a family fort. Grab the family and some warm blankets and you’re set. The trick to a family fort is to let your children take the lead on this one. Give them the blankets, pillows and anything else they made need to make the fort.

There you have it, our top three Christmas movie picks for 2017. From the team at Quincy Vrecko and Associates, we hope you all have a great Holiday break. Enjoy the time off and stay warm! If you are looking for Kelowna luxury real estate to watch one or all of these Christmas movies in, contact the Quincy from Quincy Vrecko and Associates. Quincy Vrecko has over 28 years of luxury sales experience. If you are looking for a real estate agent who is knowledgeable in the luxury real estate market, look no further! Quincy specializes in buying and selling luxury waterfront homes. Contact Quincy Vrecko today 250-863-8810!

The Advantages of Buying a new Kelowna Home

With the Kelowna real estate market not slowing down, it’s not a surprise that there is new developments being constructed. Are you searching for Kelowna real estate?  Are you hesitant to purchase a new home build? The team at Quincy Vrecko and Associates have put together a list of some advantages of buying a new Kelowna home.

It’s Brand NEW!

brand new kitchen with white cabinets and grey accents in a Kelowna home

Cypress Point listed with Quincy Vrecko and Associates

This one is a no-brainer. If it is a new build in Kelowna, no one has ever lived in it. Some of the advantages of this are, it is generally modern and up with the new home trends. There is no out-dated kitchen you have to renovate. Old and stained carpets don’t need to be ripped out either! Just a modern and brand new home with brand new finishings.

Your Choice – for the most part

If you are purchasing a brand new home, chances are you are able to pick some of the finishings, colour schemes etc. This is all dependant on each development so check with your Kelowna real estate agent first beforehand. This is a huge advantage of purchasing a new home. If you have dreamed of a white kitchen with grey accents, now may be the time!

Black Mountain golf course

Golf Course located beside new development

Amenities for your Kelowna Home

Are you looking for a new gym to join in Kelowna? Do you enjoy an outdoor dip in the swimming pool? Are you a golfer? One of the advantages of a new development for Kelowna real estate is amenities. Most of the new Kelowna developments are building amenities within or around the new build. If you enjoy swimming, working out in the comfort of your own home, or golfing then this may be the perfect fit for you.

If you are looking for a new development in Kelowna, contact the team at Quincy Vrecko and Associates. Our Cypress Point development is located in Black Mountain. It is close to golf courses, has stunning views and outstanding features. Chris Ward, our Kelowna Cypress Point expert is ready to assist you with your next development purchase! New year and a new build? That flows nicely! Call 1-778-760-2860 today!

Market Statistics November 2017

graph showing trends in Kelowna real estate market for November 2017

Monthly November Kelowna Real Estate Stats

The Kelowna real estate market shows no sign of a slow down as we approach the end of 2017.  

For the month of November, the Okanagan Mainline Real Estate Board (OMREB) posted a 12.8% increase in sales over the same month last year in market statistics.  The average price for a single family residential home continues to rise with a 10.4% over this time last year and a strong 14% year to date.

What are the factors affecting our Kelowna Real Estate market statistics?

Inventory vs. Demand

Inventory of homes for sale in Kelowna remains low, and there is still demand from buyers looking to buy a home in the Okanagan.  There may be a light at then end of the tunnel for those buyers as we saw a much-needed 20% increase in new listings in November.  This is a welcoming change for the tight Kelowna real estate market.  

For those still looking to sell their home, we are still very much in a sellers’ market and with only 3.5 months of inventory to sell, it is forcaseted this trend will continue into 2018.  In order to make the shift to a more balanced market, we would need to a significant increase in new listings to raise the inventory to 5-8 months of sell through.  

Average Sale Prices

The overall average sale prices in the Central Okanagan has increased over last year.

Year to date, the Kelowna luxury home market has seen an increase of 20% in sales of luxury homes over 1 million dollars, which has made a significant impact on the average home sale price.   The average price breakdown are as follows:

Single family residential $674 598

  • Townhouse $469 053
  • Condos $334 106
  • Building lots $285 126

This increase in sales in a typically slower time of the year could be due to the pending new mortgage rules to be implemented January 1st.  Home buyers are scrambling to have a purchase contract in place to qualify for their mortgage before their buying power is decreased in the new year.  For more details on the new mortgage rules, read our most recent blog with our thoughts.

Whether you are buying or selling Kelowna real estate, it is important to use a professional real estate agent that knows the current market conditions and watches market statistics and can look after you best interest.  Whether you are buying and selling a condo or townhouse, or looking to build, Tracey and her team can guide you through the process.  For expert advice in waterfront properties and luxury homes in Kelowna, Quincy is your best choice.  He is the a leading waterfront and luxury specialist dealing exclusively in properties over 1 million dollars.  The team at Quincy Vrecko and Associates has professional real estate agents that cover every part of the market. Call 1-778-760-2860 today! 

Top Waterfront Communities: West Kelowna

Recently, we wrote a blog about the top waterfront communities located in Kelowna. Now it’s time to take a look across the lake at West Kelowna. West Kelowna is a visually appealing city. If you are a wine connoisseur or simply love a glass of Okanagan wine, West Kelowna is the perfect place for you. West Kelowna is where you will find most of the top wineries. Mount Boucherie, Mission Hill and the list goes on. West Kelowna is known for their great hiking and biking trails, and of course some of the top luxury waterfront homes. If you are in search of a luxury waterfront home, consider some of West Kelowna’s top neighbourhoods such as these.

Westside Road in West Kelowna

view from Westside Road West Kelowna luxury home

Westside Road View

Are you are looking for a luxury waterfront home in West Kelowna with spectacular views of Lake Okanagan? Then Westside Road may be the perfect fit for you. This sloped waterfront community is known for having lots of privacy. You are not directly on the Lake Okanagan when you purchase your luxury waterfront home on Westside Road. This top waterfront community has steps down to Lake Okanagan which is a plus! You can enjoy the waterfront from higher up and in turn have tons of privacy.

Casa Loma in West Kelowna

This older waterfront neighbourhood is turning over to new builds and updated family homes. Enjoy the sun rise off of the waterfront and take in the evening sunset. This flat waterfront community is located just over the William Bennett Bridge. So living in this quaint private area puts you just minutes to downtown.  Get the best of both worlds, a quiet community with beaches and walking trails and the convenince of being close to the hustle and bustle downtown Kelowna.

view from luxury home in West Kelowna Lakeview Heights

Lakeview Heights Lake View

Lakeview Heights in West Kelowna

Well wine lovers… this neighbourhood is for you. This waterfront community is close to some of the top wineries in West Kelowna. Mission Hill, Quails Gate to name a few! You can frequently find Quincy Vrecko and Associates in Lakeview Heights. This luxury waterfront community features some of West Kelowna’s top waterfront homes and condominiums.

If you are looking for a luxury waterfront home in Kelowna, contact Quincy Vrecko. Quincy Vrecko is a luxury real estate agent with Quincy Vrecko and Associates of RE/MAX Kelowna. Quincy has over 28 years of luxury sales experience. He is knowledgeable in the luxury real estate market. Quincy specializes in buying and selling luxury waterfront homes. He can assist you with your next West Kelowna luxury waterfront home. For more up-to-date information on the luxury real estate market, contact Quincy Vrecko today 1-250-863-8810!

 

Luxury Real Estate: How to Sell a Kelowna Waterfront Home

Selling a Kelowna waterfront property is much different than selling a Kelowna family home. A luxury home buyer views things a bit differently. When you walk into a Kelowna waterfront property as a luxury home buyer, you are looking for a few different things to catch your eye. As a luxury home seller, its beneficial to know exactly what to do when selling your Kelowna waterfront home. Getting an offer on your Kelowna waterfront home is not as easy as placing a sign on your front lawn and waiting for someone to call you.

Staging is Key

320 Poplar Point - wonderfully staged luxury waterfront home

Staging your luxury waterfront home is key

First off, if you are selling your Kelowna waterfront home, you have to stage it like a Kelowna waterfront home. When your home is listed with a luxury price tag, homebuyers want to feel that way the minute they step foot in your front door. Focus on the flow of the home, colours of the decor and don’t forget the artwork on the wall. Don’t stop at the interior of your Kelowna waterfront home, stage the “waterfront”. When homebuyers are looking to purchase a Kelowna waterfront home, it’s obvious they are looking at the “waterfront”.

Market with outstanding photography and videography

One of the first things your potential homebuyer will look at is online photos and videos of your Kelowna waterfront property. Ensure that the luxury Kelowna real estate agent you choose to market your Kelowna waterfront home markets your home with high-end videos and photography. First impressions are everything, you want to ensure that your home stands out from the rest. What makes your Kelowna waterfront home unique?

luxury waterfront home on Okanagan Lake

320 Poplar Point Drive – listed with Quincy Vrecko and Associates

Hire a Luxury Kelowna Real Estate Agent

One of the best things you can do to ensure your Kelowna waterfront home sells is to hire a luxury Kelowna real estate agent. It is incredibly important to work with a luxury Kelowna real estate agent who is experienced in selling waterfront homes in Kelowna. A luxury Kelowna real estate agent can provide you with knowledge and expertise for selling your Kelowna waterfront home. Luxury Kelowna real estate agents do an outstanding job with their marketing plans. They know exactly how to negotiate a multi-million dollar luxury property.

If you are looking to sell your Kelowna waterfront home, contact Quincy Vrecko with Quincy Vrecko and Associates. Quincy Vrecko has over 28 years of experience in luxury sales. He has strategic marketing plans for each of his luxury real estate listings. By doing so, we ensure you get the best possible price. Each of our luxury real estate listings receive high end videos, photos and a virtual reality tour. For more information, contact Quincy 250-863-8810!

3 Ways to Increase the value of your Kelowna Home on a Budget

Are you looking to list your Kelowna home but want to make a few upgrades first? Are you looking to increase your Kelowna home value but are on a bit of a budget? Don’t worry, we totally get it! When people think of adding value to their home, they instantly think of large renovations that take time, effort and a LOT of money. Not everything you do to your Kelowna home has to cost a lot of money. A few small upgrades can change the look of your home and can add value. Do it the right way and you’ve got yourself a whole new look and congratulations, you did it all on a budget.

Fresh Coat of Paint

couple painting their room white

A fresh coat of paint for your Kelowna home

A simple yet effective way to increase your Kelowna home value is by adding a fresh coat of paint. Out with the old floral print wallpaper and in with some modern and eye catching walls. A coat of fresh paint can really transform a room. From dark and crowded areas to bright and open living, a fresh coat of paint could be all our home is longing for.

Clean your Kelowna home

Cleanliness is key when your Kelowna home is up for sale. Old saying, you only get one first impression is very true. Make your home sparkle the minute that your potential home buyer walks through your Kelowna home. You can hire a Kelowna cleaning company that can do a deep clean of your house for you. Depending on the size of your Kelowna home, they are generally inexpensive to have done.

maintained front lawn with flowers and landscaping

Tidy up your front lawn

Tidy up your Front Lawn

Lawn maintenance is everything for your home. You would be surprised as to how many Kelowna home buyers will do a quick drive-by before calling their Kelowna realtor to view your home. If your home doesn’t jump out at them during their first drive-by they may not take the time to check out the interior of your home. Some Kelowna home buyers are very visual. They drive by your home and the first thing they think of is… work! The amount of work they are going to have to do to make the front lawn more appealing.

The best thing you can do to find out what you need to do to increase the value of your home is to call a Kelowna real estate agent. A Kelowna real estate agent is able to come and take a look at your current situation and give you a few ideas of what you may be able to do to help increase the value of your Kelowna home. If you are looking for a Kelowna real estate team to assist you, call the team at Quincy Vrecko and Associates. Our team of professional real estate agents have years of experience selling homes in Kelowna and are ready to give you some great advice to increase the value of your home. Call 1-778-760-2860 today!

Oct/27 Kelowna Market Stats

Graph showing statistics of Kelowna real estate market October 2017

What was the Kelowna real estate market up to this October?

Kelowna real estate sales remain strong going into the fourth and final quarter of 2017

Despite the small decrease posted in October, sales of Kelowna single family home decreased slightly from this time last year and are at par from the previous month.  

“It is typical for this time of year to see a slight slowdown in new listings and sales. I really enjoy the fall market as it allows us to spend a little more time with homebuyers.” says Tracey Vrecko, a top Kelowna real estate professional with RE/MAX Kelowna.

The inventory of Kelowna homes for sale remain a challenge for buyers. The fall market allows for some breathing room compared to the hot summer market.  There were 878 new listings in October compared to 1118 in September. The average days on market have rising from 72 to 82 day to sell.  While these number are all very common for this time of year, there is one irregularity.

The average price for a single family Kelowna home is up to $526,418. This is a 16% increase from this time last year.  This irregularity is due to the increase in sales of Luxury homes in Kelowna. This includes the sale of the most expensive waterfront property this year posted at 6.4 million.

“The fall luxury real estate market has been very strong this year. When it comes to these types of properties, they don’t follow the typical sales cycles.” notes Quincy Vrecko, the top luxury real estate specialist with RE/MAX Kelowna.

In the month of October there were 6 sales of waterfront homes in Kelowna compared to only 2 in the hot July summer market.  Overall, there were 11 luxury homes that sold in Kelowna and surrounding area for over 2 million in the month of October. These higher priced properties have raised the average single family home sales for the month.  

As home buyer demand remains strong even in the fall/winter months, the Kelowna real estate market continues to grow.  To ensure you are keeping on top of the changing market conditions, hire a professional Kelowna real estate agent. Quincy Vrecko and Associates is one of the top real estate teams with Re/Max Kelowna. Our team of professional real estate agents can help through the home buying process, giving you expert advice.  If you are looking for a Kelowna family home, condominium, penthouse or a luxury waterfront home call 1-778-760-2860! 

Should I list my Kelowna home for sale now or wait for the spring?

Leaves are off the trees and snow is starting to fly, should you list your Kelowna home for sale now or wait for the spring?  This is a question we often get from Kelowna home sellers at this time of year and our answer is always the same….an absolute yes!  This is a good time of year to list your Kelowna home and here are 3 good reasons why.  

Low Inventory for Kelowna homes for sale

snow filled backyard in Kelowna home for sale

Don’t worry about your snow filled backyard

At this time every year, the number of Kelowna homes for sale decreases.  There are typically 25% fewer listings than in the Kelowna spring/summer market, making an already tight market, even tighter.  A concern sellers seem to have is the outdoor living space not looking it’s best.  We say, it’s all relative.  Every Kelowna home on the market is in the same condition.  The advantage to lower inventory levels, is that you have fewer Kelowna homes to compete with buyer demand remains strong.

Serious Buyers

A big misconception sellers have is that they feel their window of opportunity to attract a buyer has passed as summer comes to an end.  I can say with confidence, this is not the case.  In fact, in the fall/winter real estate market we see more serious buyers that are having to move in what is typically an off season.  Kelowna homes for sale in this season will see longer days on, however, fewer showings to produce an offer.  

moving day circled on a computer screen calendar

Benefit from a longer possession

Longer possession

No one likes to move during the holidays which is why buyers looking for a Kelowna home for sale at this time of year, are typically wanting a longer possession.  A longer possession date will give you more time to organize and plan out your next Kelowna move so you are not feeling rushed to move out.   

If these 3 reasons don’t convince you to list your Kelowna home for sale now, maybe these statistics will help:

In June 2017, in the “peak” of the Kelowna real estate market, there were 1200 new listings and 684 sale transactions.  In October of this year, in what people say is an off-season market, there were 800 new listings and 563 sales transactions.  So if you compare July to October that is a 33% decrease in new listings (which means less competition to you) and only a 18% decrease in sales.  That’s some pretty good odds for you as a Kelowna home seller.  

So if you are now convinced, call one of the best real estate teams in Kelowna at 1-778-760-2860, or start here with a Market Evaluation of your Kelowna property. Our team of expert real estate professionals will guide you through the home selling process and position your Kelowna home to sell, in any market!