Meeting Deadlines in Unprecedented Times

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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.

housing market deals
How 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 slowdown, 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 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 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 for meeting deadlines and making sure the deal runs smoothly?

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

2021 Big White Real Estate Market

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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 to 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 who 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 Condo #201 - 80 Kettle View Road

  • 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.

 

 

Okanagan Real Estate Market Q&A

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Entering the current Okanagan Real Estate Market can be a scary yet positive experience. It’s important to be informed, here are questions you may be asking yourself.

Why is it important to use a realtor when buying or selling in this current Okanagan market?

Our current Okanagan Real Estate market can be tricky to navigate! An experienced Realtor can provide you with the knowledge you need to make an informed decision.  But it’s not just as simple as picking any Realtor.  Trust is key – get to know your Realtor, let your Realtor get to know you. Choose a Realtor that you are comfortable communicating with, one that has the knowledge, experience, and dedication required to guide you through the process. At VREG we are committed to providing you with the best service possible!

  • Accountability
  • Dedication
  • Integrity
  • Knowledge
  • Perseverance
  • Professionalism
  • Understanding

What are the risks of unconditional offers?

There can be many risks associated with unconditional offers.  Are you ready and willing to accept those risks?  My go-to response with unconditional offers is “Just don’t do it”.  However, having said that, in some instances, it may be an option for you. It’s really dependent upon each unique situation.

Before making such an important decision you may want to consider:

What if something goes sideways?

What if the sale of your current home collapses and you are not financially able to carry the cost of both properties?

What is there are issues with the home that could have been discovered in a home inspection (i.e. outdated plumbing or wiring, asbestos, former grow op)

What if you are preapproved but your financial situation changes suddenly?

What if the bank requires an appraisal and the appraisal comes in lower than expected?

 

These are just a few things to consider and you should always discuss these and other risks with your Realtor before making an offer.

 

What are your tips for first-time homebuyers?

Your first home is usually your first big investment. It’s an exciting time but it can be overwhelming if you’re not familiar with the process.

First and foremost choose a Realtor to guide you along the way! Your Realtor can aid you each step of the way and make things much less stressful for you.

 

Get preapproved – Before you start looking for that new home, make sure you know exactly what you can afford.  The last thing you want to do is find the perfect dream home only to discover you cannot qualify to purchase it.

 

Create a budget – There are other costs involved than just purchasing your home. Your Realtor and mortgage professional can help you determine the other costs you will need to consider. Legal fees, Property Transfer Tax, Utilities, Taxes, maintenance, strata fees, etc.

 

Determine what your needs and wants are – create a wish list and discuss it with your Realtor. Some things to consider while making your wish list:  Are there certain neighborhoods you prefer? How many bedrooms/bathrooms are a must? Are you willing to look at a fixer-upper or does it need to be move-in ready? Your Realtor will help you narrow down your wish list and save you valuable time by looking at the appropriate properties for you.

 

 

Multiple Offers in the Current Real Estate Market

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With the hot Kelowna Real Estate market in full swing, multiple offers have become the norm as buyers compete to secure a property.  Being the winning bidder in a multiple-offer situation takes strategy.  We talked to our in-house expert, Tracey Vrecko, who has been helping buyers and sellers come out on top in this crazy market.

Why are so many homes going into multiple offers?

This is simple supply and demand.  There is so little inventory of homes for sale in Kelowna and West Kelowna so when a home goes on the market, multiple buyers are competing for it. There are a large number of buyers coming in from out of town pushing demand even higher.

What is the strategy when working with sellers looking to sell their homes in Kelowna?

Exposure is key to realizing top dollar for your home in any market, especially when looking to generate multiple offers.  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.

 

When presenting a home for sale in today’s market, marketing is so important to attract buyers and highlight features that show value.  We offer several ideas to prepare the home for sale and offer full marketing packages that include:

  • Clear photos of each room and outdoor area
  • Floorplans with room measurements
  • VR tours with hotspots detailing features
  • Digital feature sheet

Also, any additional information you can provide to the buyer will help buyers prepare for multiple offers.

When working for a home buyer, how do you win out against other bidders?

One key thing to consider when you are competing against other buyers on the same property is to make your offer as clean as possible while still protecting yourself.  Try to complete some of your due diligence before making the offer so you can limit the number of conditions such as:

  • Financing
  • Home inspection
  • Reviewing of title, property disclosure statement, city file, strata documents, etc.

Home buying and selling can be emotional, so it is also a good idea to write a cover letter with your offer.  It could help tip the scales when a seller knows who will be occupying their home. I have even seen pictures of potential buyers in some offer presentations.  Any little bit helps.

Find out what possession the sellers prefer.  Being flexible with dates could make your offer more appealing to the sellers.

There are other strategies with respect to deposit and price that can make or break you from being the winning bid.  Each situation is different, so, having a professional realtor with experience in working with multiple offers representing you to advise you on price and deposit.

Multiple offers can be overwhelming for both buyers and sellers and there can only be one winning bid.  The team at Vrecko Real Estate Group has helped many buyers and 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.

Luxury Home Sales in the Current Real Estate Market

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The current real estate market in the Okanagan is booming and at an all-time high. Following the largest luxury home sale in Okanagan, we asked our luxury expert Quincy Vrecko what this means for luxury homes.

1570 Antler Court QVA luxury Front of houseQuincy, in your opinion, how is the current market affecting luxury home sales?

The average day on the market has dropped substantially, so instead of luxury homes taking perhaps a year to sell, they’re selling within 3 or 4 months. This is because there is a lot more pent-up demand. Because of that demand, we’ve seen prices notch up, and we’re also seeing multiple offers situations which is something we haven’t seen in the luxury market before.

4-180 Sheerwater-Quincy Vrecko Kelowna Luxury Real Estate

With this high demand, what are the key things people look for in a luxury home?

The first thing people look for is lake views, that’s a big one. Swimming pools are also a big point for people coming from Alberta or the Lower Mainland. Additionally, people look for a three-car garage, privacy, and of course like anything else: location. Those are the biggest key factors in the search for a luxury home. Of course, the finish and quality of the build, a reputable builder, and similar homes surrounding them is really what defines that luxury market.

Where is that market coming from? Local? Out of town?

Right now, the biggest push we’re seeing for luxury home sales has been from the Lower Mainland, where people have been able to sell their homes for a fair bit of money, which allows them more freedom coming up to the Okanagan. In the last 2 months, we’ve also seen a push coming from Alberta, which hasn’t happened in quite some time because of the slowing of their economy. But with the housing market doing quite well in Alberta and the housing market doing well in the Lower Mainland, this is what I call the perfect trifecta: We’ve got 2 large markets, with populations of 4 to 5 million, feeding into the Kelowna market driving the values up.

147 Upper Canyon Drive Quincy Vrecko Kelowna Luxury Real EstateWhat do you think is the future of luxury home sales?

The future of luxury home sales, from a listing point of view, is strongly affected by things getting more technologically advanced. Virtual reality and 3D have been playing a huge role in today’s market. Not just because of COVID-19, but because the buyers are becoming savvier, and more comfortable with technology. Floor plans and layouts are a very big drive in the luxury market right now. Going forward, as far as the luxury market goes, waterfront is going to be a big push. As they’re not making any more, people’s options and choices are very limited. And, like everything else, it’s going to be about the location, lake views, the fit and finish and automation of the homes, and garage space, and that’s what’s going to continue to drive that luxury market in the future. When it comes to where people are going to be coming from, I think we’re still going to see a very strong push from the Lower Mainland.

We’re seeing Alberta, as I mentioned, but we’re also seeing Toronto starting to push this market, whether it be vacation homes or retirement homes. With everything that’s happened in the world, with COVID-19, people’s habits and how they’re working have changed. This has allowed people the freedom to move from these larger centers to smaller centers such as Kelowna, as they don’t have to go to an office and they can work from home.

Relocating to Kelowna

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Relocating is one of the most stressful things we can do, leaving a safe and familiar place for something new and uncertain is something we all struggle with. There are many benefits to moving to Kelowna but the transition can be strenuous.  When considering a move there is a long list of things to consider. Let’s walk through some of the most asked questions when relocating to Kelowna.

Always ask the question the “The Three P’s”:

People: When looking for a new place to call home, it is a good idea to consider not only who will be living there but also any visitors. If you are someone that has plenty of families it is best to look for homes with a little extra space or maybe a carriage home!

Pets: Do you have any pets that are making the move with you? if so, the realtor needs to be aware of this as this will be search criteria. If you need a yard, this will shift your search to single-family residential and away from strata properties.

Parking: How many cars do you have? Any toys? These are all great things to know as it is a factor in deciding if your new home is the right fit for you!

When moving cities, provinces, or countries, it is very hard to get the timing of the sale of your home and the possession of your new home to line up. Figuring out your timeline before you commit to the move is very important and can save you a fortune!

 

Having an experienced, local realtor is extremely important. You are going to want someone who knows the area and can fit your lifestyle with your neighborhood.  If you are looking for an active, social lifestyle then a more central location is going to be your go-to but if you want a more retirement and residential lifestyle, Lower Mission or Glenmore would be a great fit. These are all things that make using a Kelowna Realtor so important when relocating to Kelowna.

Hiring a real estate company’s relocation expert can take the sting out of many details involved in the transition and bring better solutions at a faster pace than if you try to relocate on your own.

 

Contact us for more information on relocating to Kelowna.

Cozy Decorating Tips – A Guide to Staying Warm this Winter

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Stay warm this winter

As the cold air creeps in and winter coats become a necessity being cozy is what we are all striving for. We have some great ways to add comfort and warmth to your home this Holiday Season. With the recent snowfall, it is evident that the blankets and hot chocolate have made their debut this past weekend! Here is your guide to staying warm during this cold spell.

  1. Layer up Rugs

We layer our sweaters and blankets during the cold season so why not layer up the rugs as well! Whether you have hardwood, laminate, or tile, layering up on rugs is a great way to keep your feet cozy as well as adding great texture, color, and warmth to any room.

 

 

Bring on the Blankets

Adding blankets to any room will make it feel cozy and warm. Add a wicker basket to the corner of your couch in your family room with multiple blankets and your guests instantly have a way to cozy up while they are over for a cup of hot cocoa over this Holiday Season!

 

 

Add a Reading Corner

Do you have that corner in your home that you can’t figure what to use it for? We’ve got you covered! Add a big comfy chair, a table and a lamp and voila you’ve got yourself a nice reading corner. Cozy up in the morning with a nice cup of coffee, bring over your favorite book and you may have your new favorite spot in the house!

 

Try Dark Colours

Accent walls are a great way to add to a room. Try dark charcoal or dark brown as an accent wall behind your bed in your room and instantly add a cozy feeling. Just make sure you use lighter fixtures such as white end tables or a light grey headboard so it doesn’t make the room feel too dark.

 

Start your Fire!

This is one that people tend to forget… You add all the cozy fixtures in your home such as blankets, throw pillows, and rugs but you forget that simply lighting the fire will instantly make your home feel cozy and add warmth on those cold winter days. If you don’t have a fireplace, lighting a Holiday scented candle will do the trick!

Now your home is nice and cozy for the wintertime and you are thinking of putting it on the market. Contact our knowledgeable professionals of Quincy Vrecko and Associates who are here to guide you through the ins and out of Real Estate, call Tracey Vrecko at 250-575-6448 today!

Move to Kelowna From Saskatchewan

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Move to Kelowna From Saskatchewan

Why did you move to Kelowna from Saskatchewan?

I first started thinking about the move when my partner, Landon and I were just sitting in our freezing car in the middle of January on a -45-degree morning. We sat there complaining about how awful it was and decided we couldn’t do another winter like this. That started our journey to B.C. I wasn’t set on any particular city, I just knew I loved this province and it was where I wanted to start planting roots. As we did our research on the major cities in B.C., Kelowna became an obvious choice. It had everything, endless outdoor adventures, opportunity and it wasn’t too big. Five months later we had everything we owned strapped to our car and we hit the road!

 

What do you love about Kelowna?

Kelowna never ceases to amaze me. Every day I drive by Gyro Beach and I still pull over to admire the view. It is such a breathtaking city. The mountains, the lake, I could stare at them all day. I thought when I left Sask (Land of the Living Skies) I would miss the sunsets but the Okanagan has not let me down if anything they are even better because you can hike any one of the amazing mountains around Kelowna and REALLY see the gorgeous sunsets from a perspective I had back home.   

What do you like to do in Kelowna?

The outdoor lifestyle is huge here in Kelowna. One of my favorite places is Cedar Creek, it’s a beautiful beach but also a dog park which makes it my go-to with my two dogs. The water is so clear and it’s the best place to catch the sunset. Since I have been in Kelowna, I have been on too many hikes to count and I am always finding new ones to add to the list. My next adventure is to conquer the skill of snowboarding this upcoming season! 

What do you miss about your hometown?

The only thing I miss about Sask is my family and friends, I left everyone when I moved to Kelowna. It was a big change to go from a huge family to not knowing anyone other than Landon, don’t get me wrong it has been so much fun meeting new people and figuring out who I want to be out here but my family will always keep me tied to Saskatchewan. Well, at least until I can convince them to move out here too!

Since making the move to Kelowna I have not looked back since. Not only do I live in one of the most beautiful places, but I also feel like I belong here. I have had so many great opportunities since and I know there are many more waiting for me. I am so excited about my future here in the great OK.

Virtual Real Estate & Technology

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Virtual Technology

The world has moved towards a new way of living, and we are all doing our part in social distancing.  One of the top real estate teams in Kelowna turns to virtual real estate to continue selling property in Kelowna. The team at Vrecko Real Estate Group continues to service buyers and sellers by way of virtual real estate technology.  

“We have been using virtual technology for years, and now it is the time to really rely on it to keep our business alive.”  Tracey Vrecko, Marketing manager for Quincy Vrecko and Associates.  

This top real estate team has established several outlets for virtual real estate to connect buyers and sellers.  For years, they have been ahead of the curve and have been offering: 

Website Live Chat

Online Market Evaluations

VR home tours

 

“Ultimately, our goal is to stay connected while we all work through a new reality.  We have had a lot of questions from the public about what is happening in Kelowna real estate.  We are open, and we are here to answer questions and help where we can.”

 

VR

Virtual Reality Tour

The use of virtual real estate technology will allow the team to keep social and physical distancing rules and regulations while providing real estate services.  Every member of the team specializes in all areas of real estate. These Specialities include but are not limited to single-family residential homes, condos and townhouses, new home construction, real estate development, waterfront property, luxury real estate, and investment property.  

 

 

Market Evaluation

Market Evaluation

 

Over the next few weeks, the team at Vrecko Real Estate Group will be highlighting and explaining the different techniques used to connect through virtual real estate.  Find out how you can benefit from the different virtual real estate platforms to keep connected and informed during these complicated times.  

 

“We are committed to continuing the flow of real estate information, and will do so in a safe and effective way. Your health and safety is our main concern.  Stay safe and stay home.” 

 

Log onto QuincyVrecko.com for all your virtual real estate needs.  You can ask questions using Live Chat, fill out a form for a free home evaluation, or tour any of our many amazing properties by way of a virtual tour.  

As always, for more detailed information, call (250) 868-3602 to reach one of our agents by phone.

 

Covid-19 and Real Estate in Kelowna

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Health and Safety is Our First Priority


The team at Quincy Vrecko and Associates is taking the COVID-19 global pandemic very seriously.  As the news changes daily, we have implemented new procedures while we continue selling real estate in Kelowna.  We want to ensure the health and safety with everyone we come in contact with directly or indirectly.

While we remain open for business during the Covid-19 crisis, we are doing so in a different way. The team at Quincy Vrecko and Associates is relying more now than ever on technology to connect with buyers and sellers.  We continue to use social media marketing platforms to market our listings and answer questions from potential buyers. Real estate in Kelowna will continue to be desired, and with the use of photos, video, virtual reality, and “Live Chat” with one of our agents we can stay connected and engaged with our clients.  

We take the health and safety of our team, staff, clients, and the community very seriously.  We want to reassure our clients and the public that we are taking every precaution when showing properties and engaging the public.  We are practicing social distancing by traveling in separate vehicles and traveling in small groups.  

Extra Precautions

To prevent the spread of Covid-19 in our community, we are screening all buyers before viewing any homes.  Our agents are asking for details of previous travel history and current health conditions to determine any risks.  Once screened we are limiting the number of homes shown. While showing properties, we are monitoring contact with any surface and using disinfectant wipes if any contact is made.  From light switches and surfaces to door handles, we will ensure all areas will be wiped clean before exiting the property.    

All homeowners should rest assured we are taking every precaution to ensure no cross-contamination or transfer of germs. Your safety is our utmost concern while trying to bring buyers and sellers together.  

 

 

Our Community

Even more important than selling real estate in Kelowna, we want to take the time to recognize the most vulnerable in our community. If any elderly or immunocompromised individuals need support during this COVID-19 pandemic, our team is ready and willing to help.  We are taking all proper precautions when helping the public and we are diligent in making sure we are practicing social distancing.

From Quincy Vrecko, Tracey Vrecko, Christopher Ward, Charlene Volk, Steve Hyndman, and Kiana Sander, we want the community to know we are here to help. Please reach out to any of us if you need help.

Thank you

Furthermore, we want to recognize the heroes beyond the frontlines of the Covid-19 crisis.  We want to thank the men and women who are restocking shelves, helping others, and going the extra mile to ensure the safety and security of the community. Â