Kelowna Real Estate Market Statistics for July 2017

graph showing real estate market trends for Kelowna July 2017

Kelowna Marketshare Report July 2017

 

The temperatures in Okanagan are heating up! Yet, the Kelowna real estate market showed a slight cool off for the month of July.  This raising questions from buyers and sellers; “is the market starting to show a shift away from the strong sellers market?”

The Kelowna real estate market has been a seller’s’ market for over a year. This is due to a lower number listings and a strong demand by buyers. Which forces large increases in the average sale price for a single family home Kelowna. While listing inventory remains low, for the first time in a long time, the housing market is starting to see price reductions from the original listing price.

July posted a small 6% decrease in sales from June numbers. 961 sales registered as reported by the Okanagan Mainline Real Estate Board (OMREB). The average sale price for a single family home in Kelowna now sits at $692,838, only a slight decrease from June values.  

Tracey Vrecko, a top Kelowna Realtor with RE/MAX Kelowna, says these statistics are typical for this time of year, and comments,

“while the summer is a busy time for tourism in Okanagan, homes sales are usually a little quieter than the spring.”  

Year to date, the Kelowna Real estate market has seen an increase of 11% in home values over this time last year.  

While signs still point to a seller’s market, is is possible the fall could show a shift to a more balanced market, which would be welcome change for buyers looking at buying a home in Kelowna. There has been an increase in price reductions over the last 30 days. This shows that those strong increases over the past few months could be coming to an end.

Looking ahead to the fall, there are some factors that have, and could continue to affect the Kelowna real estate market.  The recent hike in interest rates, change in government and recent environmental threats such as fires and floods.  

Watching any changes to the real estate trends is important when marketing a home for sale. The team at Quincy Vrecko and Associates provide an advanced web marketing platform to all of their listings in Kelowna. This includes detailed analytics.  The advantage of the of these analytics are to track where the buyers are coming from on each listing. That way an effective target marketing strategy can put in place.  

With the strong increases in property values in Kelowna, it is still a great time to sell you home. Values remain strong. A more balanced Kelowna real estate market could mean there will be more to choose from.  Then you won’t feel the pressure when selecting a home.

 

The Process of Selling a Kelowna Home

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This past week we wrote a blog on the process of buying a Kelowna home, so to do a follow up, the team at Quincy Vrecko and Associates have outlined the process of selling a Kelowna home. If you are in the market to sell a Kelowna home, we’ve got great tips for you!

lady shaking mans hand standing considering selling a Kelowna home

Hire a great Kelowna Realtor

Hire a Kelowna Realtor

When you start to have thoughts of putting your Kelowna home on the market, it’s time to think of what Kelowna realtor you will hire. If you are going back and forth whether you should hire a Kelowna realtor or do it yourself, check out, why should I hire a Kelowna realtor?

Prepare your Kelowna Home for Sale

One of the most important steps in selling a Kelowna home is preparing it. Preparing your Kelowna home for sale will not only attract buyers but could result in a great sale. Some ways you can prepare your Kelowna home for sale is,

  • Boost your curb appeal

  • Get rid of unnecessary clutter

  • Hire a professional staging company

Sign your Paperwork

Similar to a home buying process, you are just signing the paperwork to list your Kelowna home. Your Kelowna realtor will go through all the necessary paperwork needed to list your Kelowna home. If you have any questions, ask away. This is your time to familiarize yourself with all of the contracts and paperwork!

Schedule an Open House

The first two weeks your home is on the market tends to be the busiest. That is why it is important to have your Kelowna realtor do an open house within the first few weeks of your Kelowna home hitting the market. You will attract the most potential buyers at once and can in turn drive a sale!

Accept an Offer

Congratulations! You have received an offer on your home. First things first, review the offer with your Kelowna real estate agent. You want to make sure you look over every page to ensure that you know exactly what the offer entails. Once you have accepted the offer, the buyer will go about removing subjects and you can just sit and wait for the good news!

Couple standing beside a sold sign of a home with keys in hand

Subjects are removed, your home is now SOLD!

SOLD!

Best thing to hear from your Kelowna real estate agent is, “they have removed subjects, congratulations, your home is now sold!”. We are so happy for you and for the next adventure you are about to partake in. Now, start packing, cleaning and decluttering so you are ready to go for your next home!

The process of buying and selling a Kelowna home can be quite different but one thing is common, you’ll need a great Kelowna real estate agent to help with your sale. Tracey Vrecko from Quincy Vrecko and Associates is ready to get your home SOLD! Call Tracey to begin the home selling process today, 1-778-760-2860!

 

Kelowna Real estate Market statistics for June 2017

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graph showing monthly statistics for the month of June 2016 in Kelowna real estate

Kelowna Real Estate Market Statistics for June 2016

June was another busy month for the Kelowna real estate market. Posting a 8% increase in Kelowna property values over last month.  Sales volume is down 24% from this time last year due to low inventory levels. The average price for a single family home in Kelowna has reached a record high of $716,474.00.

Historically, the Kelowna real estate market is the most active in the summer months. With lower inventory levels and the high demand for real estate in the Okanagan, this is driving values up in our area.  Buyers are having to pay more for a home in Kelowna than ever before.

Last year in the month of June, the average price for a single family home in Kelowna was only $582,420. This year the Kelowna real estate market has a seen a 23% increase since this time last year making buying an affordable home a thing of the past.

“This increase in values is making it difficult for first time home buyers to enter the market. The good news is that interest rates are still low. Yet finding an affordable single family home is becoming very difficult” – Tracey Vrecko 

Vrecko explains that there are alternative options for first time home buyers looking to get into the real estate market if they can’t afford a single family home.  The listing inventory of condominiums and townhouses in Kelowna is up from this time last year.  This is a great way for a  first time home buyers to get into the hot Kelowna real estate market.

According to the Okanagan Mainline Real Estate Board (OMREB), listings of condominiums and townhouses has increased 8% from this time last year. While single family homes has seen a 7% decrease in active listings.

Whether you are a first time homebuyer or you’ve been through the home buying process before, Vrecko encourages you hire a real estate agent. A professional real estate agent can help you navigate through this hot Kelowna real estate market.  “For most homeowners, this is the their biggest investment”  says Vrecko, “and you should choose a professional real estate agent you can trust, who has experience in buying and selling in your market.”

Tracey Vrecko is a part of the team at Quincy Vrecko and Associates.  She has over 15 years experience successfully helping buyers and sellers with their real estate transactions.  Tracey specializes in first time home buyers, single family homes from 500-1000, townhouses and condominiums in Kelowna and surrounding area. Call Tracey Vrecko today 1-778-750-2860!

 

Top Parks in Kelowna to Visit this Summer

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Looking for a evening stroll? Are you wanting to take your children on a picnic? Kelowna has some amazing parks where you can enjoy scenery and beautifully landscaped areas all in one visit. The team at Quincy Vrecko and Associates have put together a list of the top parks in Kelowna!

Bear Creek Provincial Park

Located in West Kelowna is Bear Creek Provincial Park. With over 170 hectares, this park is sure to have something for everyone in the family. Enjoy canoeing, hiking, biking or just sit at a picnic table and enjoy lunch with your loved ones.

City Park

Another one of the top parks in Kelowna is City Park! Located in Downtown Kelowna close to Highway 97. City Park is one of Kelowna’s hottest parks in the Summer. There are plenty of things to do in this park,

  • Beach Volleyball

  • Take a dip in Okanagan Lake

  • Enjoy the Children’s Waterpark

Mission Creek Regional Park

Head over to the Mission and enjoy another one of the top parks in Kelowna – Mission Creek Regional Park. This spectacular park includes over 12 km of hiking trails, a place for an afternoon picnic and much more! Enjoy the amazing scenery while strolling through this 92 hectare park. Mission Creek Regional Park borders Mission Creek for 3km so take the family on an afternoon stroll and enjoy all this park has to offer!

Waterfront Park

Located on Water Street in Downtown Kelowna, Waterfront Park is home to many Summer activities in Kelowna. Enjoy breathtaking views of Lake Okanagan, and the mountains surrounding you. A walk through Waterfront park truly gives you a taste of what Kelowna is all about.

Kelowna is full of great parks, but that is not only what Kelowna is known for. We also have great real estate. If you are looking to purchase Kelowna real estate, contact the team at Quincy Vrecko and Associates. One of our knowledgeable Re Max  associates are always ready to help you find exactly what you are looking for.  Call one of our Kelowna Realtors today 1-778-760-2860!

 

Process of Buying a Kelowna Home

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Are you looking to purchase a Kelowna home? The process of buying a Kelowna home involves a great Kelowna realtor who is going to work with you to find the home of your dreams. Whether you are looking to downsize, upgrade or purchase your first home there is steps to go through to go from searching for your Kelowna home to closing the sale.

Finding a Kelowna Realtor

In order to begin the process of buying a Kelowna home, you need a great Kelowna realtor who can assist you. A Kelowna realtor knows the ins and outs of the market and can help you with the search for your Kelowna home. To find a great Kelowna realtor, check out why should I hire a Kelowna realtor?

Begin your Home Search for Buying a Kelowna Home

Once you have a great Kelowna realtor, it’s time to begin your home search. Your Kelowna realtor will begin by gathering information and criteria for what you are looking for in a Kelowna home. Once your Kelowna realtor has gathered all of your information and criteria, you will then most likely be sent a few homes that tick off your boxes!

Showings!

By far the best part of searching for a Kelowna home is the showings. You get to go through potential homes and search for your future home! Your Kelowna realtor will begin to explain the features of every home and answer any questions you may have. Once you have found one you really like, it’s onto the next step!

Put in an Offer & Remove Subjects

Once you have found a Kelowna home that you love and ticks off all of your boxes, it’s time to put in an offer! This process can be a bit stressful so here are some tips,

  • Know the max you are willing to spend before writing anything on paper

  • Know that this may not go through so keep an open mind on other options of homes you saw and if it does go through, congratulations!

Once you have put in an offer, you’ll have to go through removing your subjects. Depending on what you placed in the initial offer will depend on how this part of the process goes, so ask your Kelowna realtor for some advice on how to remove subjects with ease.

SOLD!

Congratulations, you have just removed subjects on your home and it is now SOLD! You are officially a homeowner and we couldn’t be more happier for you. It is now time to pack, schedule movers and enjoy moving into your new place.

The process of buying a Kelowna home can be tricky and stressful, that is why you need a great realtor to guide you through this process. If you are searching for a Kelowna realtor who can help you find your next home, contact the team at Quincy Vrecko and Associates. Call 1-778-760-2860 today!

 

Why is a Home Inspection Important?

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Are you in the process of purchasing a Kelowna home? First off, congratulations! What an exciting time for you. The team at Quincy Vrecko and Associates want to ensure this Kelowna home purchase is as smooth as possible! First things first, home inspections… why are they important? Do we need to get one done on our potential future Kelowna home? What is the reasoning behind a home inspection?

A home inspector will examine all aspects of the home that you may not notice when walking through the

large magnifying glass over a Kelowna living room

What will your home inspector look for?

home.

Things a Home Inspector will look for,

  • Heating

  • Roof

  • Walls

  • Foundation

  • Electrical system

  • Attic

  • Ceilings

  • Much much more!

The home inspector will be able to give you a detailed outline of what is wrong with the home and what you may have to replace down the road. This can save you money as you know if there will be any big expenses coming up to be aware of and if this Kelowna home is still a contender!

Most of the time a home inspection will be a “subject” on your purchase contract. Now the benefit in placing as a subject on your home is if there is substantial underlying damage on the home that you could not have noticed while doing the initial viewing, you can most of the time, back out of the sale.

We highly recommend attending the home inspection. We especially recommend attending the inspection if you are a first time home buyer as will have more questions about your first home that your inspector can answer. Attending your home inspection has plenty of benefits. The inspector will not only walk through the home and give you and the seller a detailed outline of the condition of the home but they can also walk you through where all of the shut off valves are, inform you of approx life of your roof, appliances etc. and is there to answer any questions or concerns you may have of the home.

If you are still struggling to see the importance of a home inspection, contact the team at Quincy Vrecko and Associates! One of our knowledgeable associates would love to sit down and discuss the importance of a home inspection! Call 1-778-760-2860!

 

Canada Day in Kelowna

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Happy 150th Canada! Canada Day is just around the corner and it’s a big one this year! Are you struggling to arrange a plan for this big day? The team at Quincy Vrecko and Associates have done some digging and found the following great ideas for you and your family to enjoy this Canada Day.

Start your day off by heading over to the Prospera Place and enjoy folk styling dancing & singing! Don’t take off yet, enjoy some amazing German sausages and desserts from all over the world. Did I say dessert? Sure did, a birthday wouldn’t be a birthday without an amazing cake! Wish Canada a Happy Birthday after the amazing performance by enjoying a delicious piece of cake around 1:00PM.

Now if you are still not full from the amazing food held at Prospera Place, head on over to Water Street where they will be featuring some of the best 18 food trucks in Kelowna! Take a delicious bite of food and stroll through Made in Canada Marketplace. Support local companies by purchasing Canadian arts and crafts from some amazing locals.

Are you looking for activities for the young ones? Not to worry, take them over to Pioneer Gardens where there will be a Kids Zone with inflatable bouncers! Head over afterwards to the Kelowna Art Gallery to partake in some chalk art and paint-a-box!

Other amazing activities this year all over Downtown Kelowna are,

  • Ki-Low-Na Friendship Centre “Blanket Exercise”

  • Great Canadian Colour’in provided by Opus

  • Parks Alive – Power Stage

  • TD Beach Stage

Even though the Canada Day fireworks have been postponed for August long weekend, there are tons of great activities to partake in this year to wish Canada a big Happy Birthday! Enjoy these activities and more this Canada Day in our beautiful city!

Are you looking to purchase a home in our beautiful city Kelowna? Contact the team at Quincy Vrecko and Associates. Aside from providing you information on what to do this Canada Day, the team at Quincy Vrecko and Associates are here to provide you information on the Kelowna market to prepare you to purchase your home. Contact a team member today 1-778-760-2860!

 

Benefits of an Open House

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Your Kelowna home is up for sale and your Kelowna realtor starts asking you what date works best for an open house? You instantly pause and think, what is the benefit of an open house? Well, the team at Quincy Vrecko and Associates have some secrets to share… Get your Kelowna home sold faster in this red hot market.

Bulk of people through your home

Open houses tend to run for 2-4 hours and are generally on the weekend. For all of those people who have a full time job and have children who are in extracurricular activities, it makes it hard to view homes during the week. A family who is looking to find a home may find it easier to view a bulk of homes on a Saturday afternoon. This benefits you as the seller as you will have a group of people go through your home at once. This will alleviate the stress of having plenty of showings sporadically during the week.

It gets people interested in your home

Hosting an open house, you may get people through your home who were just driving through the neighbourhood and stop in. They may not even be looking to purchase a home yet but they see your home, it ticks off their boxes and they may be considering moving now. On the other side, it gets people in your home who may be unmotivated to book a showing as they don’t feel they are a serious buyer. People coming through your home interested or not, still benefits you as a seller.

You choose your own time and date!

If you work with a great Kelowna realtor, they tend to ask you what date and time works best for you schedule. They may have a great recommendation but you have the final say when you want people coming through your home. You can choose when it works best for you to have a large group of people through your home. Take your family out on great bike ride through Kelowna’s top biking trails and enjoy the scenery while your home’s selling.

In the end, an open house is sure to benefit you as a seller. These are just three benefits of an open house that we shared with you. To learn more contact the team at Quincy Vrecko and Associates today 1-778-760-2860!

 

Unique Ideas to Add to your Kelowna Home

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It is becoming more and more popular to add unique finishings to your Kelowna Home. Whether it be to the living room, kitchen, dining room or master bedroom – it’s important to personalize the home you live in! The team at Quincy Vrecko and Associates are here to help with these great unique ideas to add to your Kelowna home.

Install a Paneled Refrigerator in your Kelowna Home

Looking for a way to take your kitchen to the next level without redoing it all? Look into installing a paneled refrigerator. A kitchen isn’t a kitchen without appliances but that doesn’t mean your kitchen can’t look great at the same time! A paneled refrigerator makes it look like your refrigerator is flush with your cabinetry. What a great unique way to add to your Kelowna home without breaking the bank!

Purchase a Indoor Home Herb Garden

Don’t have an abundance of space in your backyard to have your own garden? Have you always dreamed of using fresh herbs from your garden but don’t know where to begin? We’ve got you covered. It’s time for an indoor herb garden! These great inventions look similar to a kitchen bar fridge but they grow your herbs! Now your dreams of gardening at home have come true!

Create a Spa-inspired Bathroom

Have a long day? First thing you want to do is put your feet up! Why not put your feet up in your spa-inspired bathroom! Our favorite unique idea to add to your bathroom is a soaker tub. Soaker tubs instantly make your bathroom feel luxurious and they add that unique touch that we all dream of!

Sunken Living Room

The living room is a place for gathering, relaxing and of course enjoying a nice glass of Okanagan wine so why not wow your guests by creating a sunken living room. This idea easily separates the kitchen from the living room and yet still connects the home together with a unique touch.

If you are looking for more unique ideas to add to your Kelowna home, contact the team at Quincy Vrecko and Associates. Aside from giving you the best advice on the Kelowna real estate market, we are here to help ensure your home is in the best shape. One of our knowledgeable associates are always ready to answer any questions you may have. Whether it be about how to get your home ready to sell or just general inquires on what the market is up. Contact us today 1-778-760-2860!

 

How to Prepare your Kelowna Home for Sale

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Is your Kelowna home for sale? It is very important to ensure your Kelowna home is the best shape to set your sale up for success. Let’s face it, first impressions are everything in life. So when your potential buyer walks into your home, it is important that your home is in the best shape it can be! The team at Quincy Vrecko and Associates have 3 great ways on how to prepare your Kelowna home for sale.

Get Rid of Unnecessary Clutter

The first thing your potential buyer does not want to see in their future Kelowna home is clutter. Clutter in your home could be hiding your key selling features of your Kelowna home that your potential buyer may not see in the 15 minutes they are viewing your home. Think of it this way, you have 15-30 minutes to really sell your home to it’s potential buyer, is it in the best shape? If you need some tips on how to declutter your home, check out our 7 tips on how to declutter your home. 

Hire a Staging Company

The best decision you can make when getting your Kelowna home ready to sell is to hire a staging company. You would be shocked as to how they can make your home look like it came out of a magazine. They come into your home with a fresh approach and can easily take your home up to the next level. We work with some of the best staging companies in town who we highly recommend!

Fragrances for your Kelowna Home

The first thing people do when they walk into your home is breath. When you are looking at a Kelowna home for sale you use most of your senses. One of the most important senses you will use is your sense of smell. Don’t use the old fashioned sprays, it will not only temporarily mask the smell but most of the time sprays are very strong and can only make it smell worse. Try using essential oils or a stick scent diffuser. Either would work and gradually make your home smell amazing!

These are just some tips on how to prepare your Kelowna home for sale. There are plenty of little things you can do to ensure your Kelowna home is ready to sell. For more expert advice on how to prepare your Kelowna home contact the team at Quincy Vrecko and Associates. One of our knowledgeable real estate agents would love to chat, call 1-778-760-2860 today!