Spring is just around the corner and if you are thinking of selling, this is time you want to start preparing your home for sale in Kelowna.

This can seem like a daunting task, especially if you lived in your home for quite some time. But it doesn’t need to be! Think of it as pre-packing. So leave yourself enough time so you are not feeling the pressure. Here is a timeline you can follow to pace yourself and ensure it’s all done on time.

2-4 weeks before listing your home

Declutter and Pre-pack

Pick up some boxes from U-haul or Home Depot and get packing. This pre-packing stage will save you time when you are ready to move. This stage of preparing your home for sale will allow you to keep only things you want to bring to your new home.
As you sort through items in your home, sort in piles of what you want to keep, things you would like to sell, and things you want to give to charity.

The items you would like to keep but don’t need for the sale of the home can be boxed up and stored in the garage or storage unit. These items could be:

  • Seasonal clothing
  • Personal items you will not need until you move
  • Small decorative art
  • Memorabilia and personal photos
  • Books
  • Larger equipment you are not using

539 Metcalfe Back Patio EntranceWhile your home might feel a little depersonalized to you, it is important for a new buyer to see their belongings and their lives in the home.

To lighten up rooms, if there are excess or large furniture pieces, move them into storage if you are keeping them, and if not, sell or pass them on to a local charity. Less is more!

Paint and touch-ups

Touch up all the wear and tear on the home. The easiest way to do this is paint. Patch up any nicks and dings in the walls and either touch up with the same color or if it hasn’t been painted in quite some time or is a bolder color, take the opportunity to repaint the home in a neutral tone. It’s amazing what a fresh coat of paint will do, so it’s worth the time when preparing your home for sale.

Don’t forget the baseboards! Use a bright white for baseboards and trim. Over the years, the vacuum cleaner does a number on the baseboards and it is important for them to look bright white.

Other things to consider looking at:

Loose door knobs
Burnt-out light bulbs
Weather stripping on doors
Any items that have broken or worn out over the years

1-2 weeks

It’s crunch time! But don’t let that get you nervous, all the really hard work is behind you. Now is the time to focus on being ready for photos. Keep in mind when preparing your home for sale, professional photography will happen about a week to 10 days prior to going live on the MLS.

Get outdoors

It’s time to focus on the outside. Touch up paint, fix anything that needs tending to. Give some love to the garden beds with a fresh load of mulch or cedar chips. Good curb appeal leaves a good first impression. Do a fresh mow to the lawn just before photos.

Cleanliness is next to Godliness

Back inside, pull out the bucket, gloves and cleaning materials and get prepared for a deep clean. For photos, ensure all surfaces are clean and dust free. If you are running out of time, there are great cleaning companies in town that can take this off your hands.

And don’t forget:

Air intake vents
Bathroom fans
Blinds and ledges
Cleaning carpets

It’s a good idea to call a window cleaning company to clean the windows inside and out. Most will do power washing as well to get rid of dust, debris, and cobwebs that accumulated over the winter.

Days before

Ok, you are almost there. You have worked hard preparing your home for sale and it’s about to pay off. Photos are done, the sign is up and you are ready to get your home on the MLS.
You may not recognize your home, but it is now ready for a new homeowner.

Extra tips:

For photos and showings, get rid of any evidence of pets
Avoid any strong smells when you have a showing
Move cars and toys out of the driveway

A few nice touches:

Get some fresh flowers
Use white bedding and towels for a fresh natural look
Find a playlist with soft music

Download our photoshoot prep guide and showing guide for extra tools when preparing your home for sale.

The Vrecko Real Estate Group offers a variety of services to help in preparing your home for sale. Reach out to one of the professional real estate agents to discuss your needs and they will be happy to help you through the process.

Big change to strata rules

Significant changes have been recently made to the strata rules.  The Vrecko Real Estate Group explains what they are and how they will affect you when buying and selling a strata title property.    

On November 21, 2022, Bill 44 was introduced and took immediate effect to change certain key by-laws to all strata properties in the province of BC.  These changes to strata rules affect rental rules, age restrictions, and electronic meetings.  

No Rental Restrictions Allowed

  • There shall be no rental restrictions authorized in any strata corporations in BC.
  • A developer will no longer be forced to issue Rental Disclosure Statements and strata will not need to keep those records.
  • The strata corporation will not be allowed to screen tenants, authorize screening criteria, get the approval of tenants, require the insertion of terms in tenancy agreements or restrict the rental of a strata lot.

The most significant change to the strata rules here is lifting rental restrictions on those strata buildings that currently do not allow rentals.  

As a buyer of a strata property, you no longer need to limit your search if you plan to use the property as a rental.  This will give the buyer more options in buildings that were restricted prior to the new change in the strata rule.  

If you are a property owner and considering selling your condo in Kelowna or area, this change in the strata rule will benefit you if you are currently in a building with restrictions. 

The Upside

This change could provide more rental options for those looking for rental units and attract investors to purchase rental units in buildings they previously could not.  

The Downside

While the change could provide more rental options, some property owners prefer when buildings are mainly owner-occupied.   Furthermore, strata councils now does not have right to be involved in the screening process which may be risky if a homeowner is not familiar with the process.  

Age restrictions

  • Age restriction bylaws will only be allowed for buildings that are designated for ages 55 and up.
  • The age restriction would not apply to a caregiver who resides in the strata lot, providing care to another person who lives in the strata lot and is dependent on caregivers for disabilities, illness, or frailty.

Before the change to the rule, condos and townhouses in Kelowna had the right to have age restrictions under 55+.  Aside from the well-known 55+ communities, other common age restrictions were 19+ and 45+.  

Electronic meetings

All strata corporations will be allowed to hold yearly and special general meetings by phone or other electronics (no bylaw required)

Issues using voting cards and secret ballots at electronic general meetings will be decided by:

The electronic means must enable the chair of the meeting to identify whether a person attending by electronic means is an eligible voter.

There will be no requirement to issue a voting card to an eligible voter in a yearly or special general meeting by electronic means.

An eligible voter attending a yearly or special general meeting by electronic means will not be required to vote by secret ballot.

Pets

The section about limits to pets is being reworded for clarification.

Additional information

Strata may continue to have bylaws that prevent or diminish short-term rentals such as Airbnb and VRBOs.

Residential Tenancy Branch policy guidelines have been updated to show that strata can grant a notice to terminate a tenancy and apply to the Residential Tenancy Branch for conflict settlement in place of the landlord. Visit the BCFSA website here to learn more.

Change in the Real Estate Rules and what it means to you

“Cooling off Period” for Buyers known as Home Buyers Rescission Period

Coming off an unprecedented real estate market, a change in the real estate market rules was made by the government of BC in an effort to protect homebuyers.  In this article, we provide clarification on how this change will affect you as a consumer.   

Effective January 3, 2023 the Home Buyers Rescission Period (HBRP) allows the buyer of a residential property the opportunity to rescind their offer within 3 days of acceptance of the offer.  This comes with a financial penalty and cannot be waived by the buyer or seller.  

Once the contract of purchase and sale is accepted by both the buyer and seller the rescission period begins the next business day.  This allows the buyer 3 business days to rescind the offer.  If the buyer chooses to rescind their offer during this time, a Notice to Rescind shall be delivered to the seller along with the rescission fee. 

If the offer contains subjects (financing, home inspection ect.), this runs concurrently with the rescission period. This new change in real estate does not begin after subjects are removed.

Rescission Fee

If a rescission notice is served to the seller, the buyer must pay the seller 0.25% of the purchase price of the property.  

Example: 

Purchase price:  $ 1,100,000.00

Rescission fee:  $ 2,750.00

The Home Buyer Rescission Period applies to the follow types of real estate transactions:

  • Single family detached property
  • Semi-detached house
  • Townhouse or duplex
  • Condo or other multi-unit dwelling
  • Residential strata lot
  • Manufactured home

The team at Vrecko Real Estate group share some of their top questions: Vreckos knowledgable team for home buyers recession period

FAQ: 

Why make this change in the real estate rule?

This rule was implemented as a result of the unprecedented estate market of 2020 and 2021.  Where home buyers were being forced to make a quick decision, sometimes sight unseen with no conditions to protect them.  If a homebuyer wanted to secure a property during this time, in many cases the only option when competing with multiple offers, was to make their offers as appealing as possible. Often resulting in unconditional offers, thousands (sometimes hundreds of thousands) of dollars over the asking price.  This rescission period will now allow buyers to secure a property but have an option to back out within the 3 days if they get “cold feet”.  This comes with a fee, however, will give the buyer a peace of mind.  

How does this affect someone Selling?

As a home seller, this change in the real estate rule won’t dramatically affect their ability to sell to a qualified buyer.  After an accepted offer, while waiting for the rescission period to expire, the homeowner is still able to show the property to potential buyers and also consider any back up offers.  The difference will be when an unconditional offer is accepted, the property is not sold until that period expires.  If the rescission is exercised and the Notice of Rescission is delivered, the seller is entitled to 0.25% of the purchase price and is free to move onto the next offer.  

Why now?  Hasn’t the market cooled off already? 

Some argue this change in the real estate rule comes a little too late.  Yes, the real estate market has seen a dramatic decrease in sales over the last 6 months.  In most markets, this decrease has put an end to the frenzy which led to multiple offer situations.  

Regardless, this change in the real estate rule is here to stay and will be there to protect future home buyers.  

 

For more information on the Home Buyer Rescission Period visit the BCFSA wesbite.

 

This is a question that comes up often as homeowner looks to make their next move.  The real estate market in Kelowna changes year to year.  While it might make sense to sell before you buy a new home in some market conditions, it could be risky in others. 

 

Things to consider before making the decision to sell before you buy: 

 

What type of market is it?

Seller’s market: 

When the market is considered a Sellers’ market the risk is lower if you decide to sell before you buy.   A Seller’s market is when the active inventory of listings is lower than the demand of homebuyers.  This market condition often generates multiple offer situations, giving the seller an advantage to choose price, terms and dates that work for you.  However, one thing to note if you are buying and selling in the same market, you will be faced with the same challenges as a buyer when buying a new property.  

 

Balanced Market: 

A balanced market is when the number of homes for sale in Kelowna meets the demand of buyers looking to purchase a home in Kelowna.  Typically average days on market is 90 days to sell, which would give you time to find a property to buy.  These market conditions will lower your risk if you decide to sell before you buy.  And you would have more options

  • Placing an offer on a property with the subject to selling your home
  • When securing an offer, ask for longer possession dates to allow time to find a new home

 

Buyer’s Market: 

While this market condition is great to buy a home, selling a home can become more difficult.  A buyer’s market is when the inventory of homes for sale are far higher than buyer demand.  Days are market are well over average and sometimes forcing sellers to reduce listing price in order to sell. This would be very risky to sell before you buy a new home as you risk not only owning multiple properties, you risk buying high and selling low.  Your agent should always recommend selling before you buy or at minimum having a condition to selling your home.  

 

Are you in a position to carry two properties?

Something to consider when trying to make the decision to sell before you buy is your ability (and comfort level) in owning two properties.  

There is always a risk when you decide to sell before you buy a new home.  And, your decision would be based on weighing out the risk and reward.  Perhaps you secure the home or property that you’ve been dreaming of, and holding two properties is worth that risk.  

 

Charlene Volk from the Vrecko Real Estate group reviews the following questions when a client is considering taking the risk of buying before selling.  It’s important to know what you are getting into.

  • As it may take some time to sell your home and are you willing to wait?  
  • Does the risk outweigh the reward?  
  • Have you considered the cost of holding two properties?

With all things considered, you should talk to a professional real estate agent before you decide to sell before you buy a new home.  They can review what is the best choice for you and your situation. 

 

Every professional real estate agent at Vrecko Real Estate Group has extensive experience in buying and selling real estate.  Based on your specific situation, they can direct you and give you advice to make the best decision for you and your needs.

So you’ve made a choice to sell your home. Whether you have a plan for your next move or not, this is a big decision that brings up many questions.  Choosing a Realtor to help you is your first step. 

Need more room?  Too much room and need to downsize?  Whatever the reason, this is a big decision that requires a great deal of support.

When you are looking to sell your home, one of the first things to consider is choosing a Realtor that can get the job done.  And make the process as smooth as possible of course.  Because let’s face it, this is a big decision and it’s hard work!

Getting your home ready for sale can be overwhelming.  The pre-packaging, decluttering, depersonalizing and finding a spot to tuck away your things when you get notice of a showing.  All while trying to live your day to day lives!   

And on top of this, you want to make sure your home is priced to sell while not leaving money on the table.  And in a reasonable amount of time with terms and conditions that are work for you.  Wow…where do you begin?

You begin with choosing a Realtor that will help you step by step.  Someone who will manage expectations and make this experience positive, productively and with the least amount of stress on you and your day to day life.   

This is why, the tips from the pros came up with the most important things to consider when choosing a Realtor to sell your home in Kelowna.  

  1. Experience and Expertise

When choosing a Realtor you will want to find an agent that has experience in the market in which you are selling.  Marketing a waterfront home is very different from a condo in downtown Kelowna.  While a single agent can do both, you want to ensure the experience is there.  Look at the Realtor’s portfolio of sold listings and ask them about how they plan to market your home to stand out from your competition.  An experienced Realtor will be able to pinpoint a target market based on the features of your property. 

2. Direct Connection with team support

There are great Realtors that are backed by a top real estate team.  Working with a Realtor on a team gives you the advantage of the experience and expertise of not just one professional real estate agent, but the whole team. But, when choosing a realtor from a team, ensure you have direct connection and communication with that one agent and not redirected to an agent on duty.  This direct connection will allow for better communication and feedback.  Not only with you but with potential buyers.   That agent should know your home inside and and out so when a prospective buyer calls, that agent can answer all of their questions. 

3. Testimonials and References

The best way to find out if you are on the right track to choosing the right realtor is to find out the experiences of their past clients.  Look at their website and read the testimonials of past clients.  Or you could ask for references.  Find out if the needs of past clients were met and the experience they had with that agent.  

 “One of the best references I ever had was from a Buyer who was represented by another agent.  They bought one of my listings where I represented the Seller.   They said I was so tenacious when it came to negotiating for my seller, they would only use me to sell their next home. And they did!”    -Quincy Vrecko Quincy Luxury Agent

Selling a home is not just a transaction, it’s a partnership between Seller and Realtor.  While considering all these tips when choosing a Realtor, is important to pick someone you feel comfortable with.  Browse through the bios and testimonials of this top real estate team.  Our diverse team caters to different areas of expertise and a wide range of skillsets to help your sale a smooth one.  

Real Estate Tips from the Pros

The real estate market in Kelowna has seen a shift like never before.  So whether the market is up or down, there are some fundamentals to real estate that never change.  The team at Vrecko Real Estate Group has seen it all and shares with you professional tips to help navigate any market.  

In this series, the professional real estate agents with Vrecko Real Estate Group cover topics related to buying and selling real estate.  They answer questions and give real estate tips on how to make your next real estate transaction a smooth one.  

Part one of the series covers topics related to buying a home.  Whether you are a first-time home buyer or you are a seasoned home buyer and have bought and sold many homes, these tips will help you with your next purchase.  

Part two dives into selling a home.  There are so many important things to consider when selling a home in Kelowna.  The goal when selling a home is to sell for top dollar in a reasonable amount of time and make the process as streamlined as possible.  And these real estate tips for selling will help you meet those goals.  

Part One – Selling a Home

  • Choosing a Realtor 
  • Do you sell before you buy
  • Preparing your home for sale
  • Disclosures, warranties ad representation
  • Showing your home
  • The offer, counter offer, and acceptance
  • Preparing for the move

Part Two – Buying a Home

  • Choosing the right real estate agent
  • Steps to starting your search
  • Mortgage broker vs Bank
  • The offer process from beginning to end
  • Preparing for your new home
  • Moving day
  • Building a home

Each series will have real estate tips and advice from members of the Vrecko Real Estate Group.  This team of Kelowna Realtors has an average of 20 years of experience and are experts in sales, communication and negotiating.  Tracey Real Estate Agent

“We hope you find this information helpful.  Our team is here to help and guide you through every step of the way.  Our phone is always on!”

Tracey Vrecko, Realtor with RE/MAX Kelowna, 17 years in the industry 

Stay tuned for the first instalment- Buying a home: Choosing the right real estate agent.  

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 offer 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 with respect to 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 Quincy Vrecko and Associates 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. 

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 Quincy Vrecko and Associates, 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. Our marketing assistant Eva Caouette gives us her best advice on marketing your home.

 

Why is marketing so important in today’s market?

Many homes are selling with multiple offers and over listing price, 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 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 actually 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 ideal presentation?

Preparing your home for photos is very important, and there is lots 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, give them the opportunity 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, shampoo bottles, can make a huge difference in how your home presents.

 

Selling your home is an exciting time, and we at QVA 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!

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. We talk to our expert and office manager Shandel Rodrigue about deadlines and documentation flow in this current market:

housing market dealsHow 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 slow down, 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 and 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 in order 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 to meeting deadlines and making sure the deal runs smoothly?

Real estate transactions can be stressful for anyone, that 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 completing as seamlessly as possible. Good luck and happy house hunting! I look forward to speaking with you!

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: Steve Hyndman specializes in recreation properties and gives us the inside look into the Big White market, what has caused 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 that 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 real estate market

  • 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.