Kamloops Property For Sale Real Estate Blog - April, 2016

Inspection needed even when buying new condo?

Many buyers think it's unnecessary to hire a building inspector before purchasing a new condo.Is that correct? In most cases yes.

Prospective owners often assume a condo building and their unit of interest is fine and everything is to code and working properly. While this is usually the case, purchasers still need to protect themselves against those rare occasions where a problem exists.

A recent case, for example, someone moved into a newly constructed condo where someone had inadvertently dropped a piece of plywood down the chimney flu, blocking it off. When the new owner lit the fireplace, smoke backed up through the unit.

Although the condo corporation took care of the fireplace, the owner was responsible for the smoke cleanup. A pre-purchase…

3996 Views, 0 Comments

Top 10 Ways To Scare Away A Potential Home Buyer

Home owners who are currently selling their home or are thinking about selling their home are likely to face challenges before and during the home selling process.  

Many of the challenges that are faced during the home selling process cannot be controlled by the home owner. Things such as local market conditions, unrealistic home buyers, and low-ball offers are just a few examples.

When buying a home, there are many things that can scare away a potential buyer from a seller’s home. Keep in mind, some buyer’s can be scared away by very minimal things.  Many of the things that can scare away a potential buyer are things that a seller has complete control over.  Many of the things that can scare away a potential buyer are actually fairly minimal while…

2313 Views, 0 Comments

Five steps you can take to help your aging parents manage their finances

As the population ages, many Canadians will find themselves managing wealth for their parents.

Seniors own an estimated one-quarter of all financial wealth and over the coming years, their children, some of whom may qualify as seniors themselves, will be not only helping them manage it, but will likely also be the ultimate recipients of whatever is left over after their parents have passed on..

By 2036, Statistics Canada estimates that the over-65 cohort will represent more than 25 per cent of the population — more than triple the number of Canadians over the age of 65 in 1960.

Difficulty managing finances will likely creep up gradually, so aging parents may not ask for help, or even realize they need it. Signs such as unopened mail, large cash…

2007 Views, 0 Comments

Fixed or floating? The great mortgage debate of our time

Fixed or floating?

For those taking on a mortgage or renewing one, it’s a question that can be complicated.

On one hand, interest rates are at historic lows. The Bank of Canada’s benchmark overnight lending rate is at 0.5 per cent. To some borrowers, this might suggest it’s a good time to lock in at a low rate for a long time.

On the other hand, to the surprise of almost no one, the bank suggested that it anticipates no changes. “The near-term outlook remains broadly the same as it did in January,” it said in its most recent rate-setting statement, on March 9. That suggests a floating rate might make sense. The issue becomes more complicated, though, because borrowers likely won’t find much advantage.Compared with times when interest rates were…

2146 Views, 0 Comments

How first-time home-buyers are bridging the gulf between their dreams and reality

Anyone wanting to buy her first home, especially in a big city, sees the gulf between her dreams and reality.

From the Financial post

A so-called starter house in Toronto and Vancouver may cost more than $1 million. In January, the average price of detached homes hit a record high of $1.83 million in the Vancouver region; meanwhile, a tiny fixer-upper in Vancouver’s posh Point Grey neighbourhood sold last month for $2.48 million.

“It’s that white picket fence dream; the dream of owning a home still exists but it needs to be augmented for today’s reality,” says Ryan McKinley, a senior mortgage development manager at Vancity, a Vancouver-based credit union.

“It used to be that you get out of school, get your first job and there you are with your…

2103 Views, 0 Comments

Why It’s Critical to Teach Your Children Financial Life Skills

Today’s world is moving faster than ever, and that includes the exchange of money.

How often do you make financial decisions per day, 10, 20, 30 times? Whether it’s the decision to buy organic food, new sports equipment for the kids, or gas for the car, financial decisions are a huge and fundamental part of our everyday life. Would it help if our kids had some guidance on how to make all those little decisions effectively, so they can create a solid financial future? You bet; there is an epidemic of adult children staying in their parents’ homes or moving back home because they cannot financially support themselves. Check out this NEFE study on parents financially supporting adult children.

When do you need to start? Now. There is a real urgency to…

2235 Views, 0 Comments

BC Home Sales Post All Time Record

Vancouver, BC – April 15, 2016.

The British Columbia Real Estate Association (BCREA) reports that a record 12,560 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, up 38 per cent from March of last year. Home sales last month eclipsed the previous record of 11,683 unit sales in May of 2007. Total sales dollar volume was $9.69 billion
in March, up 66.9 per cent compared to the previous year. The average MLS® residential price in the province was up 20.2 per cent year-over-year, to $771,620.

“Housing demand has never been stronger in the province,” said Cameron Muir, BCREA Chief Economist. “Most large population centres of the province are now experiencing record levels of housing demand.”
“Strong employment growth,…

2164 Views, 0 Comments

Avoid mistakes that can derail selling a house

Things that can affect a home sale

Are the neighbours nice? What's the kid's favourite spot to play? What repairs have you made? What does THIS thing do? How long does it take to get to the airport? Really, that quick? Well, what about in rush hour?

No one's better able to answer those and a million other buyers' questions than you. You can be a font of wisdom and confidence and expertise, the ideal person to advocate for your biggest asset.

But there are some common mistakes, errors we see in the real estate industry every day, that could make you, let's say ... the less-than-best person.

Beautiful pictures, a thoughtful comparative market analysis, a smartly worded MLS listing, great exposure through Internet real estate sites and your own…

1923 Views, 0 Comments

Moving? Plan ahead

Anyone who's ever moved can tell you how much of a hassle it is

And spring and summer are peak times for moving. Matt Guest, owner of First Rate Movers Inc. , helped compile this list of moving to-dos to take some of the stress out of the process.

RESERVATIONS

Try to book a moving company or a truck as early as you can to make sure you have what you need on the date you need it. Guest says that although the busiest times for moving companies is between April and August, it's even worse during the last week of each month. Make arrangements sooner rather than later.

NOTIFY & COLLECT DOCUMENTS

If you're moving out of the area, make sure to let all the firms you deal with know about a month before the move so they can collect your records - in…

2053 Views, 0 Comments

Small Down Payment Doesn’t Mean The Buyer is Not Qualified

Even with lending standards tightening up following the financial crisis, there are still a number of low-down payment loan options for qualified buyers.

Unfortunately, some sellers and their Realtors are making the mistake of pushing away these buyers by demanding a higher down payment than is truly necessary.

There seems to be some confusion on the part of these sellers and their agents as to what qualifies a buyer to get a loan, and whether that no-down payment buyer will be a good person to sell to. In many cases, a buyer with a twenty percent or more down payment is no more likely to get a loan than a no or low down payment borrower but don’t make the mistake of brushing aside a qualified buyer by demanding too high a down payment when selling…

2029 Views, 0 Comments