Kamloops Property For Sale Real Estate Blog - Buying a home

Down Payments Delay Homeownership by up to 35 Years

In a nationwide survey of over 9,000 prospective homebuyers carried out on its platform, Point2 Homes found that 66% of the Millennials interested in purchasing a home would like to do so within one year.

However, almost half (49%) of the survey-takers aged between 25 and 38 years old have savings significantly under the national average down payment amount, which is $25,000. Moreover, some of the Millennials in the survey state that they haven’t managed to set aside anything at all, meaning that the desire to buy a home might be in conflict with Gen Y’s budgetary realities.

Most Millennials Set Aside Less Than 10% of their Monthly Income

35% of Millennials state that they set aside less than 10% of their income each month and 30% of respondents…

1781 Views, 0 Comments

How to Take Equity out of Your House to Buy Another

There are some parts of Canada where the prices of real estate have already shot up toward what is likely to be a peak for the time being.

In some other areas, though, the markets are just heating up, and interest rates are still relatively low. This makes this a terrific time to start investing in real estate. However, if your liquidity is on the low side, where do you get the funds?

Why borrow against home equity?

What is home equity? It’s the difference between the market value of your home, as determined by an appraisal, and what you owe on the mortgage. If you bought a house for $750,000, and you’ve paid down the balance on the mortgage to $250,000, but the value of the home has gone up to $900,000 in the years since you bought it, you have…

2650 Views, 0 Comments

Shhh! Don't say you like the house!

Many homes these days have surveillance equipment ranging from high-tech motion detector and video cameras to so-called “nanny-cams.”

Home buyer beware! The seller may be watching. And listening.

A growing number of home sellers are using security cameras and microphones to watch potential buyers as they tour their houses or condos. They then may use what they hear or see as leverage in price negotiations.

Home sellers also use such equipment to protect their belongings during open houses and showings. The trend has been fueled by the spread over the past five years of inexpensive Wi-Fi enabled cameras and mics that homeowners can buy and set up themselves for home security. Motion sensors notify them by text or email that a visitor is in their…

1510 Views, 0 Comments

Negotiations After the Purchase Contract is signed..

When buying a home – most of the negotiations occur before the seller and buyer sign the contract.

You’ve found the perfect Kamloops home for sale. You write an offer.  It gets accepted. And now, you feel like the transaction is a done deal.

Although, the negotiations don’t necessarily end with the acceptance and signing of the purchase contract. In fact, sometimes negotiations continue after the signing. In many cases, just after the buyer home inspection, issues typically arise, and any such issues can spark another round of buyer and seller negotiations.

So, you do the home inspection, which brings up a whole slew of issues. The electrical wiring isn’t up to code, there’s water leaks in the basement, and squirrels have wreaked havoc on the…

1504 Views, 0 Comments

Home values explained for your Kamloops real estate.

Several factors affect the value of a house, and a single house may be valued at varying figures.

The two assessments of primary concern to buyers and sellers are the market value and the appraised value but other factors such as appraised also comes into play. Understanding a home’s true market value is about more than pictures, software assessments and price-per-square-foot. Whether you’re a current homeowner thinking of selling or are house-hunting, it’s crucial you understand what factors affect home valuation. By partnering with a local market expert, sellers will avoid pricing their house out of the market (the kiss of death in real estate) and buyers will ensure they get a good deal on their next home. 

The market value of a home is…

1800 Views, 0 Comments

What Will You Do With Your Investment Property?

One of the beauties of real estate investing is the numerous options to make money which the industry gives you.

Whether you are looking for quick cash or for long-term income, whether you are after passive income or don’t mind rolling up your sleeves, real estate has the right answer for you. Make sure you have a great Realtor and financial advisor when embarking on any of these life altering decisions.

The Advantages Of Fix And Flip

• Quick Money

The number one pro of the fix and flip strategy is that you make fast money. You can conclude your whole endeavor in a few months and walk out of it several thousand dollars richer. As far as real estate goes, this is the fastest way to make money. And depending on how good you are at buying low…

1506 Views, 0 Comments

Kamloops Not Immune from Provincewide Slowdown in BC Housing Market

The province-wide slowdown in the BC housing market continued in January. Sales were down 33 per cent compared to the same month last year, while the average home price was down just under 8 per cent.

A large part of that is due to the stress tests on mortgages, according to BC Real Estate Association Chief Economist Cameron Muir.

“Pulled as much as 20 per cent of the purchasing power out of the many potential buyers and that doesn’t go on without seeing an impact,” he said. “Many markets now are showing signs of buyers market territory which means some downward pressure on prices, but many other markets are firmly in balance territory – prices rising around the rate of inflation plus or minus 2 per cent a year.”

Kamloops was a little better off…

1311 Views, 0 Comments

6 Home-Buying Warning Signs You Shouldn't Ignore (And What To Do About Them)

Between rising home costs, low inventory and the prevalence of all-cash offers, potential home buyers will readily tell you: It’s rough out there.

So if you’re lucky enough to find an affordable house you like, you may feel the pressure to make an offer right away.  Not so fast.

Before you put down that deposit, don’t forget to carefully inspect the home—even if it appears to be in good condition. “Looks can be deceiving,” says Leslie Piper, a consumer housing specialist for Realtor.com. Of course, there are some flaws you can ignore, like outdated appliances and misguided paint choices. But there are others that might be true deal breakers. And if you overlook the wrong ones, your new home can quickly become a money pit, says Ilyce Glink, a real…

1765 Views, 0 Comments

Advantages & Disadvantages Of Buying A Foreclosure

Once upon a time it was possible for buyers to identify a bank foreclosure from a mile off.

They were often run-down, stripped-to-the-bone and abandoned buildings which looked completely uninhabitable. However it’s a different ball game today, as many banks now choose to renovate their real estate owned (REO) properties before listing them on the market for end users to purchase. This prevents investors and contractors from making a lucrative profit through the bank’s loss.

Banks are cleverer these days, and they understand that the market has improved significantly in recent years, so they won’t come across as desperate anymore. Instead of trying to sell as quickly as possible, they look to minimize their losses. This ultimately creates both…

1716 Views, 0 Comments

Buying a Home in British Columbia

Article Provided by Real Estate Council of British Columbia

Buying a home is the largest investment most of us ever become involved in.

Yet people sometimes take less time over it than they do when buying a new car. That’s because it’s unfamiliar territory to many of us. We don’t know what questions to ask. We may take things for granted, rely on others when we shouldn’t, and sometimes we later wish we had known more about the process involved.

The Real Estate Council of British Columbia feels it is important for you to understand the procedures normally involved in the purchase of a home, to recognize the significance of the documents you will encounter, and to understand the role of other people who may be involved in the transaction. Buying a…

1390 Views, 0 Comments