Tagged : buying a house in Kamloops

Found 28 blog entries tagged as "buying a house in Kamloops".

Rental IncomeThere are quite a number of variables to consider when purchasing a residential income property.


You’ll likely want to eventually engage with a real estate agent, but prior to doing so it is important to conduct as much research as possible. Remember to approach the purchase with an unbiased attitude and evaluate your options based on factual information.
 
Here’s a look at some of the top variables to consider when evaluating potential properties.
 
1. Economic outlook. Locations that are seeing employment growth will typically have more people moving to the area – this should also increase the potential renter pool. Conversely, locations that don’t offer as much employment opportunity or have/will see large employers leaving town, will often

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Mortgage insurance a must for those with high-ratio loans

CMHC mortgage insuranceHot markets and cold feet might keep some people out of the housing market, but a lack of upfront cash doesn't have to be an obstacle. While it's long been the convention in the industry to start with a 20% down payment, the availability of mortgage default insurance means ownership is still possible with as little as 5% down, as long as the buyer meets industry standards of income and creditworthiness.

"What mortgage insurance allows people to do is to get into the market with today's prices, with today's low interest rates, once they have determined that home ownership is right for them," says Mary Stergiadis, principal for Ontario business development at Canada Mortgage and Housing

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Why It Is Better to Work with a Real Estate Agent When Buying a Home

It’s true that home buyers can buy a home without the help of a real estate agent, but buying a house is not as simple as buying a cup of coffee or How long house listednew clothing. Purchasing a home is more complicated than it looks and the real estate transaction involves interacting with many key persons in the process – the lender, the appraiser, the home inspector, the lawyer to name some. It would be really overwhelming for you if you deal with the whole process alone.

While you can save money by doing the hard work alone – going solo is not the way to go and in the end may cost you more than the real estate commission your agent gets.

Here’s why you should drop the idea of going solo. This

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While you save up your down payment, take these 5 steps to get you closer to closing.

For renters planning to buy a home, preliminary steps like creating a budget and saving for a down payment are obvious. Here are five more advanced steps toward moving out of your rental and into a dream home of your own.

Understand the full cost of home ownership

First time home buyersAs a renter, a single rental fee covers your monthly housing payment. But as a homeowner, four main factors go into your monthly housing payment: principal, interest, taxes and insurance (P.I.T.I.). Understanding these costs will help you determine how much house you can afford.

Together, principal and interest comprise your monthly mortgage payment, with the principal paying down your loan balance

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Fixed rate Vs Variable rate mortgageThe gap between variable rate mortgage and fixed rate mortgage products has narrowed in recent years. And while fixed rate mortgages are starting to rise they offer certainty in a monthly payment. On the flip-side, variable rate mortgages remain low, but are the riskier of the two choices – so how do you choose?   Your income, lifestyle and risk tolerance will weigh heavily on your decision and will inevitably determine which product suits your circumstance.   Risk versus reward   The appeal of variable rate mortgages (also called adjustable rate mortgages) is that the interest rate is typically lower than that of fixed rate mortgage products. However, the main drawback is the risk involved. Without warning, interest rates could increase…
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What is a mortgage..Sometimes concepts in the finance world can be tricky. We get so caught up in trying to understand what all the offerings are that we forget to understand the simple things. When is the last time that someone said what a mortgage really is? Or explained why I can only buy a home for $350,000.00. We all have questions in the back of our minds that we don't articulate because we are just too embarrassed. Here are the top five things you are afraid to ask.

 

1. What is a mortgage?

A simple enough question but not one that people seem ready to admit to . A mortgage is a loan secured by real property, commonly referred to as real estate. In essence it is a contract that includes rights and obligations of both parties. The term actually comes from a

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Analysts at BNP Paribas say the Bank of Canada will be forced into another interest rate cut - a negative move for the value of the CAD

Underlying U.S. dollar strength and weaker oil prices below $45 kept Canada’s commodity influenced currency near the three-week lows hit Friday.

Near-term, the loonie will take a fundamental cue in Friday monthly growth data, forecast to show the economy grew a third straight month in August, albeit barely with forecasts of 0.1 percent.

The soft growth data has not been enough to convince the Bank of Canada that rates should remain where they are.

Indeed the steady rates profile - arguably a positive for the CAD at this stage - come despite the BoC revising down growth projections for 2016 and 2017 while

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High demand coupled with a lack of inventory. Sound familiar? That combination is not just the domain of the residential housing market, but also the multi-residential property market in Vancouver, as investors, big and small look to get a piece of the action.

According to Avison Young’s Fall 2015 BC Multi-Family Investment Report, demand for multi-residential properties in Metro Vancouver and throughout the province remained exceedingly strong in the first half of 2015. Rental property KamloopsPrivate buyers – both local and foreign – and, to a lesser extent, institutional investors and REITs, were increasingly willing to accept record pricing and highly compressed capitalization rates as the cost of entry to British Columbia’s coveted multi-family real estate market.

Rising

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Whats the difference between Assessed, Appraised and Market values???

Value of your homeUsually, market value is determined by what a buyer is willing to pay for a home, and what the seller is willing to accept. The recent agreed upon sale price of a home is usually the best determinant of a property's market value. However, there are circumstances where the price paid for a home is not the true market value. For example, there may be a special relationship between the parties which resulted in a much lower value being paid. Also, a buyer may have been willing to pay a premium for a property for some reason, and so it sold for much more than it would otherwise be worth.

There are several things to consider when determining the pricing of your home for sale. The most

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Want to know which of he Kamloops communities had the most selling action in the 3rd quarter of 2015?

Kamloops Home Sales

To see what for is for sale currently in the number 1 sub division of Brocklehurst CLICK HERE or to see all of Kamloops CLICK HERE

To see the full list of all Kamloops properties sold in the 3rd Quarter of 2015 CLICK HERE

To sign up for this information to be emailed to you CLICK HERE

 

 

 

 

© Kamloops and District Real Estate Association

 

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