Home Buyer Quandry

Here at Quincy Vrecko and Associates, we help people buy and sell luxury Kelowna real estate. But while many of our listings are high-end Kelowna homes, we do work with all types of budgets and we have helped many first time home buyers get into the Kelowna real estate market as well.

If you’re wanting to get onto the property ladder, now is a great time to buy a home: the housing market is performing well, interest rates are low and Kelowna rental occupancy rates, and therefore rents, are high.

All that said, buying a home can be a daunting experience. After all, it is a big investment (most likely the biggest that you’ll ever make) and that can lead to caution and second guessing. Of course, you want to think thoroughly about your purchase, but avoid being over-cautious in the process. So, how do you know if you’re ready to buy a home?

 

home buyerYou’re in a Good Place Financially

The most important part of the puzzle. Obviously, if you’re looking to get into the market, you need to have the money set aside for a down payment. Not only that, you need to have consistent income to cover your mortgage payments and some money in your savings for unexpected emergencies, etc.

 

home buyerYou Know Where You Want to Live & Your Life is Settled

There’s little point in buying a home if you think you may be jetting off to Australia for a year right after you’ve moved in. Moreover, if your life is not settled and you’re not sure what you’re going to be up to in six months, it’s probably not the best time to buy. If you’re ready to commit and your life is settled, that’s another good indication you may be ready to buy.

 

home buyerYou’re Aware of What You’re Looking For

If you’re wanting to buy a home, you need to think about what you’re after. Are you looking for a large family home with a sizeable backyard, or are you looking for a downtown Kelowna condo? Knowing what you’re looking for is another good indication you’re ready to dive in and take the plunge. If you are looking for homes in Kelowna, you can browse Tracey’s listings of fine Kelowna homes or Quincy Vrecko’s luxury homes listings.

If you’re looking to buy or sell property in Kelowna or the surrounding area, please contact us. We can help!

Okanagan-Shuswap

Well, September is here and fall is just around the corner. The August sales stats from the Okanagan Mainline Real Estate Board (OMREB) have also arrived at Quincy Vrecko and Associates, so that means we can take a look back at how the Okanagan-Shuswap real estate market performed over the course of summer 2014.

It’s fair to say that the market has bubbled along nicely all summer long. Indeed, July 2014 was the best July that the Okanagan real estate market has seen since 1980! August was also a strong month with sales on all MLS® property types up 23% overall, compared to the figures for August 2013.

In a press release discussing the stats, Okanagan Mainline Real Estate Board President Darcy Griffiths stated: “Year-over-year and month-over-month, the Okanagan-Shuswap housing market continues to strengthen and has maintained a strong upward sales trend for the past six months as we make steady strides toward recovery… More buyer activity in the higher price range reflects the renewed confidence of BC consumers as our provincial economy improves and the return of Alberta buyers as they cash in on booming job opportunities and accelerated market values in their province.”

The region that saw the most significant improvement in sales activity for August 2014 over the same month for 2013 was the Shuswap, with an increase of 34%. Meanwhile, the Central Okanagan’s figures were up 23% and the North Okanagan saw an increase of 15%.

Whether you’re looking to buy or sell a piece of luxury Kelowna real estate or a modest family home, please contact us.