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:

How would you describe today’s 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!

Entering the current Okanagan Real Estate Market can be a scary yet positive experience. It’s important to be informed, so we asked Charlene Volk to answer some 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 QVA 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 individual unique situation.

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

What if something goes sideways?

What if the sale on 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 prior to 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.

 

 

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, there are multiple buyers 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 home 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?

Some key things 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 prior to 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.  By 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 Quincy Vrecko and Associates have 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.

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

luxury home salesQuincy, in your opinion, how is the current market affecting luxury home sales?

The average day on 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.

luxury home sales

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.

What 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, 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 has really 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.

Stay warm this winter

As the cold air creeps in and the 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 your 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!

Health and Saftey 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 out 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 prior to viewing any homes.  Our agents are asking 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, surfaces to door handles, we will ensure all areas will be wiped clean prior to 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 there are any elderly or immunocompromised individuals that 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 are in need of 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.