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        <title>Kamloops Property For Sale Real Estate Blog</title>
        <link>https://www.kamloopspropertyforsale.com/blog/</link>
        <description>Visit the Kamloops Property For Sale Blog to find out useful and interesting real estate articles on real estate in Kamloops and BC. How do the rules for property in BC effect you? How do you save for a deposit and find out about the market in Kamloo</description>
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    <guid>https://www.kamloopspropertyforsale.com/blog/why-invest-in-kamloops-real-estate/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/why-invest-in-kamloops-real-estate/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>Why Invest in Kamloops Real Estate?</title>
    <description> <![CDATA[ 
Why Invest in Kamloops Real Estate?


I have lived in Kamloops almost all of my life and I have never seen so much buying demand, so little inventory, and skyrocketing rental rates. I've read countless reports of the hundreds of renters staying in hotels waiting for a home or suite to come on the rental market. My clients who are purchasing investment properties tell me experiences of advertising suites and having people offer to pay them just to view the suite and have a chance at getting it. I'm hoping the madness stops as it simply isn't sustainable nor is it fair to those who cannot afford a down payment in an ever rising housing market, yet it's the perfect storm for investors.


The other attraction for those able to buy a rental home, is that real estate prices in Kamloops are still relatively affordable compared to the Lower Mainland, yet we are only 3 hours away from the center of Vancouver. Despite the less expensive purchase price, rental rates are fairly close to being equivalent with rates being charged by our neighbors to the south. It is no wonder why people want to live in Kamloops with cheaper housing, less traffic, less rainfall (although admittedly we do get snow in the winter), a full-fledged university, and so many other benefits. Love the outdoors? There are over 100 lakes within 30 min of Kamloops and countless recreation, camping, and other opportunities available.


So let's get back to housing. The average price of a single family home in Kamloops is currently around $725,000 while in Vancouver a single detached home would cost you about $1.87 million. If you are looking for homes with basement suites in Kamloops, there are regular options in the $600,000 to $675,000 range. Most investment properties require a minimum 20 down payment, so at a price of $650,000 you would need to come up with an initial down payment of $130,000 plus closing costs. The average single family home in Kamloops with a basement suite would offer 2-3 bedrooms upstairs and a 1-2 bedroom suite. Typical rental rates, depending on the level of updates in the home and the location, would bring in $1800 to $2200 per month for upstairs and $1200 to $1600 downstairs for an average of$3000 to $3800 per month. After factoring in a mortgage rate of 2 for the remainder of the purchase price, property taxes, insurance, and utility costs, these properties generate significant monthly cash flow and a return on investment (ROI) ranging from 18-25 per annum. That's a great return on investment and doesn't include price appreciation as the Kamloops real estate market continues to climb.


For those who are looking for a less expensive option to get into the real estate market, I have had many clients recently purchase half duplex investment properties or townhouses. The average cost of a half duplex in Kamloops currently ranges from $450,000 to $550,000 and townhouses can be anywhere from $300,000 to $450,000. Keep in mind that most half duplexes come without strata fees, while townhouses will have strata fees of $200 to $350 per month. The good news is that rental rates remain high for both half duplexes and townhouses with some still up in the $3000 per month range. A half duplex with 4-5 bedrooms bringing in $3000 per month will get you up in the 20-25 ROI range. For those investors from out of town it is important to focus on homes which will require minimal maintenance requirements, or you can hire a property manager which generally has a cost of about 10 of net monthly revenue. There are investment options for just about everyone in Kamloops.


With high demand and limited supply, it will take some patience, and you have to be ready and willing to act quickly when the right property comes up. We are still seeing full conditions of financing, inspection, etc. for most purchases.  I am happy to generate a cash flow analysis for any investment opportunities that are of interest, and I offer walk-through videos and recordings for those from out of town. I am always available to answer any questions. 


 


Doren Quinton


Owner / Sales Representative Century 21 Desert Hills Realty


doren.quinton@century21.ca 


250-319-9765


 
 ]]> </description>
    <pubDate>Mon, 31 Jan 2022 10:37:00 -0800</pubDate>
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<item>
    <guid>https://www.kamloopspropertyforsale.com/blog/now-is-the-time-to-sell-your-kamloops-real-estate/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/now-is-the-time-to-sell-your-kamloops-real-estate/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>Now is the time to sell your Kamloops Real Estate</title>
    <description> <![CDATA[ 
The housing market, like most markets, is cyclical.


These cycles can be greatly influenced by a number of factors, including interest rates, economic conditions and consumer confidence, which can create a shortage or surplus in housing.


A seller’s market happens when there’s a shortage in housing or more potential buyers than homes. A buyer’s market, on the other hand, occurs when there is a surplus in housing or more homes for sale than buyers. A balanced market happens when there is the same number of homes for sale as there are buyers.


STOP PRESS: January 2021 - It's a sellers market RIGHT NOW


Seller’s market at-a-glance




More buyers than homes for sale


Prices tend to be higher because of increased demand


Homes sell quickly


More likely to be multiple offers on a home, which gives sellers negotiating power (and conditional offers may be rejected)




Buyer’s market at-a-glance




More homes on the market than buyers


Prices tend to be lower because of increased supply


Homes are more likely to sit unsold


Housing surplus can slow rising prices and even lead to price reductions


Buyers have more choices and more leverage to negotiate




If you’re looking to buy (or sell) a home, it’s important to know which type of market you’re entering into. If you’re unsure, ask your real estate agent. Of course, selling a home in a seller’s market is optimal, as is buying a property in a buyer’s market. But people don’t necessarily have the luxury of timing their home sale or purchase to coincide with the most advantageous market. It could be quite likely, for instance, that you’d be buying in a seller’s market or selling in a buyer’s market.


HOME VALUES EXPLAINED - CLICK HERE


Tips on selling your home in different housing markets


Selling in a seller’s market is generally quick and easy. In a buyer’s market, with an abundance of properties sitting idle, you may want to do some legwork to help sell your home. There are a number of things you can do to improve your chances for making a sale. These include:




Understand the local market and your competition


Price your home right (and conservatively)


Make sure your home is ready to be shown at all times (consider using a professional home stager who can help show off the best features of every room in your house)


Be accommodating to your real estate agent's/prospective buyer’s schedules (think of every showing as the one that could get you the sale)


Be flexible with your terms (offer an extended closing date or lower your asking price)


Be patient (and stay positive)




If you get an offer early on, give it serious consideration because a better offer may not come along


REQUEST A FREE MARKET EVALUATION - CLICK HERE


Multiple offers


In a seller’s market, with fewer homes available to purchase and more buyers looking, you’re more likely to get several offers on your home. Here are some things you can do to help increase your likelihood for getting multiple offers:




Keep your home clean, clutter-free, presentable and ready to show (hire a professional stager if you can – see above)


Consider pricing your home slightly below its fair market value




Work with your real estate agent to ensure that your home has sufficient market exposure (i.e. list on REALTOR.ca), create print materials, such as flyers or postcards with key selling points and a professional quality photo of your home, post on social media, consider newspaper/magazine ads, list on other real estate listing websites and your agency’s company website)


Be ready to show your house on demand (with no appointment necessary)





Tips on buying a home in different housing markets


With more homes for sale than buyers and potentially lower prices, a buyer’s market could be a great time to buy a new home. Before doing so, however, consider the possibility that home prices could continue to fall, meaning your new purchase might be worth less than you paid for it in no time. Of course, what goes down may eventually come back up. Still, if you wait for prices to drop even further, you might miss out on a great opportunity.


If you’re looking to buy in a difficult seller’s market, there are things you can do to improve your likelihood for success.




Get pre-approved for a mortgage first, so you know how much home you can afford


Put forward a strong offer with a significant deposit amount


Move quickly on a home if you like it (and be aggressive without being annoying)


Make your offer as attractive and uncomplicated as possible (i.e. eliminate as many contingencies as possible, such as a contingency on sale of your existing property, shorten the closing date or come up with a larger down payment)


Be agreeable and responsive


Be flexible with your move-in date


Appeal to the seller with a personal letter




Bidding wars


If you should find yourself in a bidding war with another potential buyer, try to not show your hand to them or the seller. Instead, try to figure out the seller’s trigger—such as a specific closing date that would work for them—and include that in your offer. This could potentially give you an advantage over other offers. Also, keep in mind that sellers prefer offers that have no conditions attached.



 ]]> </description>
    <pubDate>Fri, 15 Jan 2021 09:03:00 -0800</pubDate>
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<item>
    <guid>https://www.kamloopspropertyforsale.com/blog/bc-real-estate-facts-and-forecast-for-2021/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/bc-real-estate-facts-and-forecast-for-2021/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>BC real Estate Facts and Forecast for 2021</title>
    <description> <![CDATA[ 
What will Kamloops Real Estate do in 2021? Is it time to sell or buy your Kamloops real estate?


Read what the BC Real Estate Association thinks and the stats for 2020


Fourth Quarter – November 2020


The COVID-19 pandemic and associated recession have impacted housing markets in unexpected and unpredictable ways. Despite what may be the worst recession in BC history, the housing market had a record fall season and prices are rapidly rising as pent-up demand floods into an under-supplied market. As that pent-up demand from the loss of a spring season fades, sales will likely slow from their current pace, but activity is expected to remain strong as record-low mortgage rates and a recovering economy continue to drive sales.


The average Canadian 5-year fixed rate has fallen to under 2 per cent, the result of a rapid and overwhelming policy response to the COVID-19 pandemic from the Bank of Canada. The Bank has signalled that it may hold its policy rate at its effective lower bound of 0.25 per cent until as late as 2023 and will continue its quantitative easing program until the Canadian economy is on a sustained path to full recovery. The combination of those actions by the Bank of Canada should keep mortgage rates very low for the foreseeable future.


The BC economy is showing signs of recovery, though that recovery is very much K-shaped in that some sectors are recovering at a much faster rate while others continue to languish. Higher-wage sectors have seen employment fully regain pre-pandemic levels, which partially explains the continued strength of the ownership market in BC. Positive developments in the search for a COVID-19 vaccine will help broaden the recovery in 2021 and allow for a normalization of immigration to BC. Those factors will further boost the already strong housing demand.


On the supply side, active listings remain low due to hesitation on the part of sellers to list during the pandemic. Some additional supply may come online following the end of mortgage deferral programs, but given the tightness of market conditions, that supply is unlikely to be disruptive.





A strong second half of 2020 has sales on pace to reach 90,450 units. We anticipate strong momentum heading into 2021, with sales ultimately rising 9.7 per cent to 99,240 units. The provincial MLS® average price will finish the year up 9.9 per cent before rising a further 2.6 per cent in 2021.


ECONOMIC OUTLOOK


The COVID-19 recession has battered many sectors of the BC economy, forcing the closure of small businesses and restaurants, halting the flow of international tourism and causing an unprecedented rise in unemployment. As a result, we expect that BC’s real GDP will decline in 2020 by 5.5 per cent, the second worst recession in the province’s history.


The severity of the COVID-19 recession alone makes it stand out in comparison to previous business cycles, but there are many other ways in which the COVID-19 recession has been far from typical. The speed and scale of job losses experienced in the spring were unlike anything the province has experienced in past recessions.


The BC economy shed close to 400,000 jobs in the first two months of the pandemic, prompted by a shutdown of economic activity to help contain  the spread of COVID-19. As more was learned about  how to mitigate the spread of the virus, the economy  entered a re-opening phase, allowing businesses to resume operations and workers to return to jobs.  While the BC economy has been recovering lost jobs  for several months, there is still a long way to go to get back to normal. Employment remains 4 per cent below pre-pandemic levels and the provincial unemployment rate, though improved, remains elevated. 


Despite a high unemployment rate, consumer spending has largely recovered. Provincial retail sales have already returned to pre-pandemic levels, and the housing market is posting its strongest sales in years. Both of those developments can be at least partially traced to the unusual impacts of this recession on the labour market, and the rapid and overwhelming response from policymakers.


One of the defining characteristics of the COVID-19 recession is the asymmetric impact on the labour market. The heavy burden of job losses has occurred in front-line service sector employment, particularly in the hospitality and restaurant industries. Looking deeper at employment impacts by wage tiers, there is a stark difference in the experience of this recession for high-wage sectors versus low-wage sectors. 


These employment impacts are far from the norm. In past recessions, the BC economy has experienced  relatively uniform job losses across all sectors. Indeed, data from past recessions shows the impact on low-wage sectors is often more muted. However, in the COVID-19 recession, those jobs have been hit the hardest by far, while employment in above-average wage sectors has risen back to pre-COVID-19 levels.


While lower-income households have seen spending rise due to government transfers like the Canada Emergency Response Benefit (CERB), high-income households are not spending at their usual rate. With fewer retail stores open for shopping, and limited travel opportunities, as well as some added precautionary savings, the second quarter of 2020 saw an extraordinary increase in household savings rates. 


The Canadian household savings rate climbed to a record high of 28.2 per cent in the second quarter, eclipsing the previous record of 21.2 per cent in 1982. As a result, many households have not experienced the type of financial vulnerability you would normally observe in a recession, particularly in one as severe as 2020.


Because employment in higher-wage sectors that support homeownership has been largely unscathed, and given actions by the Bank of Canada to dramatically lower borrowing costs, activity in the housing market has more than recovered its pre-pandemic levels. In past recessions, BC home sales typically posted an initial steep decline before bouncing back along with the wider economy.


On average, that recovery has taken place over more than a year. In contrast, the COVID-19 recession has seen a remarkably swift rebound in home sales, not only to pre-COVID-19 levels but to multi-year highs. At the same time, households have been wary to list their home for sale during the pandemic, and those that may have been forced to sell due to unemployment or loss of income have benefited from CERB and the CMHC mortgage deferral program. As a result, we have seen rising sales activity and a falling supply of listings, which has led to rising home prices.


An unexpectedly strong housing market has meant that residential construction, typically a sector that posts dramatic declines during recessions, has continued largely unabated. Housing starts in BC are on track to reach about 37,000 units this year, down from 2019’s record, but still a strong level of new home construction.


As the economy continues to heal, major capital projects resume, and a successful vaccine becomes available, employment will continue to recover, particularly in those parts of the economy with the greatest exposure to the pandemic. We expect a strong recovery for the BC economy in 2021, with real GDP growth, perhaps exceeding 4 per cent. However, that recovery is very likely to be K-shaped, in that some sectors will grow at a much faster rate while others continue to languish. It will therefore require significant government support, both provincially and federally, to bridge the pandemic and post-pandemic economies.


BCREA Housing Forecast





 


 


Housing markets across the Thompson-Okanagan region, serviced by the South Okanagan Real Estate Board, the Okanagan Mainline Real Estate Board, and the Kamloops and District Real Estate Association, fully recovered from the pandemic that halted home sales in the spring. Pent-up demand from inactivity during the initial phase of the pandemic translated into stronger than average sales in the summer and fall.


By the end of September, employment in the Thompson- Okanagan region was 3 per cent above pre-pandemic levels. However, employment has not yet recovered in hard-hit sub-sectors such as accommodation/food services, transportation, retail and construction. Compared to the same time last year, employment is down by 5 per cent.


While there is concern over the rising number of COVID-19 cases across the province, we expect momentum in MLS® sales to continue into next year given prevailing demand and record-low mortgage rates. We are forecasting home sales in the South Okanagan area will finish the year up  by 24.4 per cent, and by 6.8 per cent in 2021 to 2,350 units.


The Okanagan Mainline area is expected to experience a rise of 15 per cent by the end of 2020, and by another 5.9 per cent in 2021 to 9,000 units. Kamloops home sales are forecast to increase by 2.9 per cent this year, and by 8.1 per cent in 2021 to 3,200 units.


While demand is anticipated to remain relatively strong in 2021, the supply of active listings remains low throughout the region as potential sellers continue to put off listing their properties and new listings are quickly absorbed by surging demand.


Government support and mortgage deferral programs also helped to prevent financially vulnerable households from being forced to sell. As a result, market conditions have tightened, and prices are accelerating by double digits across the Thompson-Okanagan. 


As a result, the MLS® average prices at the end of 2020 will be up by 14.5 per cent in South Okanagan, 11.5 per cent in the Okanagan Mainline, and 7.2 per cent in Kamloops. Those outsized increases in average prices are somewhat skewed higher by an uptick in the share of single-detached homes, as buyers increasingly desire extra space.


Strained supply across the Thompson-Okanagan region is unlikely to be relieved anytime soon, as housing starts are forecast to decline by 60 per cent in Penticton and by 2.6 per cent in Kamloops, but are expected to increase slightly in Kelowna by 3.4 per cent.






 


 









 











 
 ]]> </description>
    <pubDate>Tue, 29 Dec 2020 10:59:00 -0800</pubDate>
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<item>
    <guid>https://www.kamloopspropertyforsale.com/blog/why-the-holidays-are-a-good-time-to-sell-a-house/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/why-the-holidays-are-a-good-time-to-sell-a-house/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>Why the Holidays Are a Good Time to Sell a House</title>
    <description> <![CDATA[ 
When it comes to real estate, the ideal time to sell your home often falls in the spring months, or is it?


After all, many people hunker down during the winter months or are too busy with the holidays to think about purchasing a new home. And don't forget, people like to start shopping in the spring to make sure they are settled in their home before the start of a new school year.


On the other hand, some people do need to sell over the holidays, and some buyers have no alternative but to buy a home during the holidays. Whether or not it's best to keep your home on the market will come down to personal preference, but there are some benefits and drawbacks you should consider as you make your decision.


The best time to sell a house, by the numbers


Spring is typically thought of as the best time to sell a house since historically this is when most transactions occur and when homes sell the fastest. Seasonality impacts how supply and demand in the housing market change at different times of the year. Homes also tend to sell faster in the spring and summer months. The median days on market, which represents the median number of days a home is actively listed on the market before an offer is accepted, tends to be significantly longer in the winter.


But what if you can't wait until the weather warms up to get your house on the market? Have you ever considered putting your house up for sale around the holidays? It may not seem like the most ideal time, but it does have its benefits—provided you position your home in just the right way. Sure, you may not get in the middle of a bidding war, but you are going to deal with serious buyers who are ready to pull the trigger.


There’s Less Inventory 


Conventional wisdom says people should wait until the spring to get the most from a home sale. After all, inventory normally picks up in the spring when the weather starts to get warmer. This often leads to price wars breaking out in coveted neighborhoods. A home in a great area with a lot of potential buyers can sit on the market for just a few weeks or, in some cases, even days.


But that doesn't mean people don't look—or buy—at other times of the year. In fact, there are plenty of homes listed around the holidays that may command more money, even if the inventory is limited. If you play your cards right, you may even be able to sell your home quicker than ones listed in the spring. One of the reasons is the lack of competition during the holidays. There are so many different reasons why people won’t list their houses just before or during the holidays—some don't want people tracking in snow and dirt during each showing while others just want to relegate the holidays to family time.


Whatever the reason, don't discount the holidays because serious buyers won't have an endless list of homes from which to choose so there's more time for them to focus on yours. Furthermore, the limited range of options available to a buyer means you may be able to command a higher asking price for your property. If you do your research, stage your home properly, and price it right, you could attract the perfect buyer and be on your way out the door into a brand new home.


 Buyers Are More Serious 


Most open houses take place during the spring and early summer. It isn't unusual to see people saunter into a property without a clear plan to buy. People often check out homes just for the sake of looking. After all, hitting open houses is a favorite pastime for many real estate interested buyers.


But if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and is ready to pull the trigger. Anyone shopping for a new home around Thanksgiving, Christmas, or New Year’s is undoubtedly going to be a serious buyer—they aren’t going to spend their precious time around the holidays seeing how the other half lives. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sales process.


That Warm and Cozy Feeling


The holidays are often a time when people gather around fireplaces, have hot chocolate, and make nice smelling cakes and pies. Homeowners who put their houses up for sale during the winter months can stage their house to give off the comfy and homey vibe that appeals to many buyers. Some people may argue that showing a house in the winter is hard to do because there’s snow on the ground, the house is drafty, and the curb appeal is lacking.


But keeping the heat up, having a pie baking in the oven to give off a pleasant smell and keeping the sidewalk and driveway clear of snow and ice can boost a home’s appeal. Not to mention that buyers tend to be more emotional during the holidays and will make decisions based on the feeling a house conjures up. During the spring, there is a lot more foot traffic in homes that are up for sale. Buyers may not be able to do a thorough walk-through with so many distractions. Or they may feel uneasy about the number of people looking at it and can leave with a bad feeling about the home.


 An Appealing Neighborhood 


One of the staples of the holiday months, particularly around Christmas, is that many people adorn their homes with festive lights and decorations. That is also true of local communities where lit-up snowflakes and wreaths can be found on lamp poles up and down the main streets. People purchasing a home during that time may see the neighborhood in a different light—more festive and cheerful—and may be more willing to consider an area that they may have been on the fence about. Again, this is all about tugging on the heartstrings. People who buy during this time of year may be more prone to emotional purchases, so it bodes well if there's a lot of triggers that can reel them in from an emotional standpoint.Duty Calls


Another good reason is timing. The end of the year is typically the time when people get notified that they will be moving because of a job transfer, or perhaps another offer comes through from another company that's just too good to pass up. Those people are going to need a home sooner rather than later, and as a result, they'll be hunting for a new home during the holidays. These buyers can’t wait for the spring, which is why listing during the holidays can get the home sold and sold quickly.


End-of-Year Tax Breaks


Reducing the property tax bill may not be the main reason buyers purchase a new home, but it could be why serious buyers make a move during the holidays. That’s because buyers can deduct the mortgage interest, property taxes, and interest costs of the loan if a sale closes on or before December 31. The tax deductions can be significant and could prompt a buyer to move during the holidays instead of waiting until the spring.


The Bottom Line


Nobody wants their home to languish on the market nor do they want to have to lower their asking price. And while many fear that reality if they list their home during the holidays, this often that isn’t the case. When you sell your home during the holidays, you will face less competition, find more serious buyers, and may even be up for a quicker sales process. It also presents a unique opportunity to create a warm and cozy environment that you can’t present during the spring or summer months.



Drawbacks to Selling Your Home Over the Holidays


There are potential drawbacks to keeping your home on the market throughout the holiday season. Not all of them will apply to you, but it's best to be prepared for everything that could go wrong with a holiday home sale—then be pleasantly surprised when not all of these negatives apply to you.




First-time home buyers, not knowing any better, could think you are desperate. Buyers might try to negotiate or give you a lowball offer.


It's inconvenient during the holidays to always be ready for a home showing at a moment's notice. Not everybody wants to keep the house spic and span when cooking, wrapping gifts, and throwing parties.


You're appealing to a much smaller inventory of buyers who have specific needs that your home might not match.


It's almost impossible to close a financed transaction in December if the offer is received mid-month. Buyers who want to close after the New Year will probably make offers in January.


If you remove your home from the market, it can return as a brand new listing in January, thereby drawing more traffic because it's fresh and exciting.


Your agent might be on vacation in December and unavailable as the market moves into a seasonal slowdown. Other real estate professionals might be unavailable when you need them as well.




Benefits to Selling Your Home Over the Holidays


Some sellers insist on leaving their homes on the market through the holidays. This can work out great for sellers in some cases, but it all depends on factors like local customs, what neighbors are doing, and how real estate activity is viewed by others during the holiday season in your area. Every town is different.


Reduced inventory over the holidays generally means less competition. However, the pool of buyers also drops. In parts of the country where it snows, buyers may think twice about bundling up and trudging through the snow to go looking at homes, when they'd rather be gift shopping or staying at home in front of the fireplace. On the other hand, if you live in an area with a milder climate, buys could be undeterred, and you will only benefit from the lack of inventory on the market through the holidays.


If you have a hard-to-sell home with drawbacks and defects (like a bad location, for example), you might get shoved to the bottom of the showing list if you wait until spring to sell your home. There might be too many other much nicer homes for sale at that time. Your hard-to-sell home might rise to the top when there are fewer homes for sale over the holidays.


 


 Scale Back the Holiday Decorations 


If you decide to keep your home on the market, back off on the decorations. Too many decorations can be overwhelming and distracting. Don't make the mistake of thinking buyers will &quot;see past it,&quot; because they can't. As agents sometimes say, &quot;the eye buys.&quot;


Minimizing decorations will make your home feel more spacious and keep pathways clear. When buyers enter your home, you want them to imagine putting their furniture in each room, making it theirs, and they can't do that if your holiday decorations dominate the stage. Not to mention that, by avoiding excessive family pictures and personalized decorations, you are protecting your privacy during home showings.


 Holiday Decorating Compromises for Stubborn Sellers 


You don't have to altogether avoid putting up a Christmas tree, menorah, or any other seasonal displays, but you should aim to keep the decorations to a minimum. Here are some tips for sellers who can't resist the urge to decorate for the holidays:




Don't block or cover up important selling features such as fireplace mantels, stairs, or stained-glass windows.


Tone down the size of the tree, if you plan on getting one. In place of a 10-foot tree, try decorating a table-top, four-foot version.


Stack wrapped presents in one corner or a closet.


Use more splashes of red than green—red is an emotionally appealing color.


Resist the urge to hang banners, and use greenery instead, such as evergreen or rosemary garlands.


Display centerpieces made from pine cones or other wintry pieces of nature.


Set a plate of cookies on the counter, next to festive paper napkins for guests.


Simmer spicy apple cider on the stove, and set out cups and serving utensils.


Consider hiring a home stager to do seasonal home staging with the buyer in mind.





 


 





 
 ]]> </description>
    <pubDate>Thu, 08 Oct 2020 11:57:00 -0700</pubDate>
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<item>
    <guid>https://www.kamloopspropertyforsale.com/blog/bc-real-estate-market-post-pandemic-recovery/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/bc-real-estate-market-post-pandemic-recovery/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>B.C. real estate market post-pandemic recovery.</title>
    <description> <![CDATA[ 
The B.C. Real Estate Association's latest housing forecast was released Tuesday and shows that while sales in 2020 did fall to &quot;historic lows&quot; in April, they have since rebounded to pre-pandemic levels and even puts the year on track to outdo 2019 sales.


Among the industries still grappling with the impacts of COVID-19 this year, the B.C. housing market is not one of them.


The Canadian real estate market dipped in April this year, amid the lockdowns and economic impacts brought about by COVID-19. Although the pandemic stopped what was predicted to be a strong spring 2020 market, transactions started to pick up around May and June.


The B.C. Real Estate Association’s latest housing forecast was released Tuesday and shows that while sales in 2020 did fall to “historic lows” in April, they have since rebounded to pre-pandemic levels and even puts the year on track to outdo 2019 sales.


The association’s third quarter forecast report predicts 82,380 home sales by year’s end, a 6.5 per cent increase over 2019’s 77,351 residential home sales. The average home price is also forecast to rise 7.7 per cent this year and 3.7 per cent in 2021.


Canadians showing more interest in suburban and rural homes for sale, as work and life dynamics shift


While that seems contrary to the state of the economy, the BCREA’s report notes that COVID-19 job losses have largely been experienced by lower paid, frontline service workers that typically make up a younger demographic, while those in higher-earning jobs – who drive home ownership – have seen their employment recover. That, coupled with record-low mortgage rates and buyers seeking more space at home, have prompted a burst of sales activity that had been paused in the early weeks of the pandemic. The pandemic has prompted many Canadians to reassess their living situations.


According to a survey conducted by Leger on behalf of RE/MAX Canada, 32 per cent of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. This trend is stronger among Canadians under the age of 55 than those in the 55+ age group. Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. According to the survey, 44 per cent of Canadians would like a home with more space for personal amenities, such as a pool, balcony or a large yard.


And although recessions, job losses and decreased income have historically forced home owners to sell — leading to a higher supply of available homes — physical distancing, reluctance to move during a pandemic, and mortgage deferrals have also slowed housing supply throughout the spring.


As a result, many B.C. markets are now seeing rising home prices despite the province’s continued struggle with COVID-19 and pandemic recovery.


The BCREA is also predicting 2020’s sales will set up 2021 for another year of continued growth, with a possible 17.6 per cent increase up to 96,860 sales next year.


Western Canada Housing Market


While COVID-19 lockdowns in March and April slowed down the housing market in Western Canada, transactions in Kelowna, Saskatoon and Vancouver resumed by May, with sales in both May and June surpassing year-over-year levels. Many buyers put their plans on hold at the peak of COVID-19 lockdowns, but they returned to the market quickly to make up for lost time.


Edmonton’s housing market quickly bounced back to pre-COVID levels in June, while Saskatoon experienced its busiest June in years; this momentum is anticipated to continue into the fall market, with brokers and agents estimating a three-per-cent increase in average residential sale prices for the remainder of the year.


Overall, brokers and agents in Western Canada say the potential buyers they are talking to are not too concerned with a potential second wave of COVID-19 impacting their real estate journey.





 



 ]]> </description>
    <pubDate>Thu, 08 Oct 2020 10:55:00 -0700</pubDate>
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<item>
    <guid>https://www.kamloopspropertyforsale.com/blog/how-to-interview-a-real-estate-agent/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/how-to-interview-a-real-estate-agent/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>How to Interview a Real Estate Agent </title>
    <description> <![CDATA[ 
Things You Should Know Before You Sign an Agreement


Buying or selling real estate in Kamloops its best to get a great Realtor.


Smart consumers will interview several potential real estate agents before they settle on which one they want to work with, and good agents are selective about their clients, too. Just as you're sizing up a good fit, the real estate agent will likely be interviewing you as well. Be wary of agents who don't ask you questions and probe for your motivation. 


The interview stage of the relationship is important for everyone involved. You can interview the agent over the phone, or get together at their office for the first meeting. Even a top-producing agent will be prepared to meet you at your home to help you make your choice.


You'll also want to confine the questions you'll ask your realtor to certain areas, but be sure to hit on these 10 areas if they're important. You don't want to overlook critical issues. 


How Long Have You Been in the Business?


The standard joke is that there's nothing wrong with a new agent that a little experience can't fix, but that's not to say that freshly-licensed agents can't be good ones. Much depends on the level of their training and whether they have access to competent mentors. A newer agent might have more time to concentrate on you unless they are holding down another job. You can ask about this as well.  




That said, there's no bar exam for real estate agents and no school offers a degree in how to handle problems in a transaction. Agents learn on the job. The more sales an agent has completed, the more they know.




What's Your Average List-Price-To-Sales-Price Ratio?


An agent's average ratio depends on the market. A good buyer's agent should be able to negotiate a sales price that's lower than the list price, at least if you take sizzling sellers' markets out of the equation. A competent listing agent should have a track record for negotiating sales prices that are very close to list prices.


Listing agents should have higher ratios that are closer to 100, while buyer's agents' ratios should fall below 99. Keep in mind that sometimes market value has no bearing on the asking price, and ratios are meaningless in this case. Don't put too much emphasis on them. 


You might also want to find out just where most of these homes were located. Is the agent familiar with the neighborhood you're interested in or where your property is located? This can be an important consideration. 


What's Your Best Marketing Plan or Strategy for My Needs?


You'll want to know how the agent plans to search for your new home if you're a buyer, and how many homes she thinks you're likely to see before you find the one you want. Will you be competing against other buyers? How does the agent handle multiple offers?


As a seller, you'll want to know exactly how the agent will market your home. Is a direct mail campaign appropriate? Where and how often do they advertise? What kind of photography does she offer? Do they market online? What steps will they take to prepare your home for sale?


Ask if there's anything about your home that might detract from its potential for sale. You could possibly remedy and avert the problem. 


Can You Provide References?


You might not need references if the agent has tons of reviews online, and some experienced agents might feel insulted if you ask for them, but a new agent most likely won't.


Even brand new agents should have references from previous employers. Ask to see them and find out whether any of the individuals are related to the agent. Find out if you can call the references with any additional questions.


What Are the Top Three Things That Separate You From Your Competition?


A good agent won't hesitate to answer this question and should be ready to fire off several reasons why the are best suited for the job. Everyone has their own standards, but most consumers say they're looking for agents who say that they're honest, trustworthy, assertive, and excellent negotiators. 


They might tell you that they are always available by phone or e-mail, or that they are a good communicator. They might indicate that they are friendly and able to maintain their sense of humor under trying circumstances—and there will be some


It all comes down to the characteristics and qualifications that you value most. 


Can I Review Documents Ahead of Time? 


A good real estate agent will make forms available to you for preview before you're required to sign them. Ask for these documents upfront if at all possible—and make sure during the interview stage that an agent is amenable to this.  


As a buyer, ask for copies of the buyer's broker agreement. Is it exclusive or non-exclusive? Ask for copies of agency disclosures, any purchase agreements, and buyer disclosures. You'll also want to see the agency disclosure if you're the seller. Ask for a copy of the listing agreement as well, and of your seller disclosure. 


How Will You Help Me Find Other Professionals?


Your agent should be able and more than willing to supply you with a list of vendors such as mortgage brokers and home inspectors as an example. Let them explain who they work with and why they choose these particular professionals. 


Ask for an explanation if you see the term &quot;affiliated&quot; anywhere. This could mean that the agent and her broker are receiving compensation from that particular vendor. If so, you could be paying a premium for the service.


 How Much Do You Charge? 


Don't ask if the fee is negotiable because all real estate fees are negotiable to a certain extent. Agents typically charge 7 on the first $100,000 and 3 on the balance, this is split 50/50 with the other agent (buying or selling). The adage that you get what you pay for holds true in real estate. Top agents tend to charge more.


What Kind of Guarantee Do You Offer?


Will the agent let you cancel the listing or buying agreement if you sign only to realize later that you're unhappy with the arrangement? Will the agent stand behind their service to you? What's the company policy about canceled agreements? Has anybody ever canceled an agreement with them before?


What Haven't I Asked You That You Think I Should Know?


Pay close attention to how the real estate agent answers this question. There's often something else you might need to know, something you forgot to mention. 


You want an agent who will take the time to answer this one and make sure you feel comfortable and secure with their knowledge and experience. They should know how to listen, how to counsel you, and how to ask the right questions to find out what they need to know to better serve you.


The Bottom Line


Most real estate agents will welcome an opportunity to be interviewed, and top agents will always try to make a point of meeting you. Try to limit your questions the most important issues for you and for your needs. And don't interview agents from the same company.


 



 ]]> </description>
    <pubDate>Fri, 25 Sep 2020 14:05:00 -0700</pubDate>
</item>
<item>
    <guid>https://www.kamloopspropertyforsale.com/blog/how-to-prepare-your-house-for-sale/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/how-to-prepare-your-house-for-sale/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>How to prepare your house for sale</title>
    <description> <![CDATA[ 
How To Prepare Your House For Sale


Expert insights on selling it quickly and for top dollar


For most people, listing their house for sale isn't a spur of the moment thing. People often think about selling their house for years before ever actually selling it. Yet, given how much time and thought people tend to give it, many people don't do enough to prepare their house for sale (or prepare themselves for what's to come). They just get to a point where they decide it's time to sell and they pop a sign in the yard.


This often leads to people not selling their house for as much, as quickly, or as smoothly as it could have. Or at all. On the other hand, there are people who do too much and spend way more time and money than they should.


They may very well do things that help their house sell as quickly as possible and for as much as possible, but they don't net as much as they could have because they put more money into it than they can recoup from the sale.


It's a fine line. You don't want to do too little or too much...


Which is why I created this article — to help you prepare for the sale of your house just the right amount. The more time you have, the more leisurely and thorough you can be. At the same time, don't worry if you're in a rush. Much of what you'll read here can be done in a pinch. Whether you have a few years, a few weeks, or a few days before you put your house on the market, this article will help you put your best foot forward.


As you read through it and as you prepare your house for sale, feel free to reach out to me if you're ever in doubt about something you're considering doing (or not doing). I'll be glad to give you my thoughts on whatever you're considering


Try On Some Shoes


The first thing you should do doesn’t require much work, but that doesn’t mean it’s an easy thing for everyone to do... Leave your house.


Go for a ride, go run some errands, or just go to work. Pretend that you have an appointment later on to see a house you might want to buy...and that house is your house. When you return home, you’re going to look at it through the eyes of a buyer. It sounds easy enough, but it’s hard to look at your own house objectively. It’s easy to get used to things that might turn a buyer off. So your task is to put yourself in the buyer’s shoes and try to think and feel how they would about your house when they see it for the first time. As you head back home, pay attention to what you see as you drive up… How does the landscaping look?


How about the exterior? Now walk up to the front door (or whatever door a potential buyer will walk through)...


Was the pathway in good shape? Beyond that, was it actually appealing? Is the front door striking or just blah? Or worse, is it in bad shape?


Walk inside…


Stop. Look around. Don’t just go through the motions of walking where you normally walk when you come home. Buyers won’t just rush in; they’ll pause for a moment or two. What do they see in those first moments?


Walk around the inside…


If you didn’t know the house, which direction do you think you would walk as the buyer? Go that way. Look through each room with fresh eyes. Make sure you open up closet doors because buyers certainly will If you have a garage, check that out too… Make sure you take a peek around the garage because most likely that’s the way you (and a future buyer) actually leave and come into the house.


Walk around the outside…


Buyers won’t just see the exterior from the front if they’re interested. They’ll want to take a walk around the entire house and property. So make sure you head outside. You might want to use a back or side door since that is how many buyers will go outside when they come see your house.


OK, you’re done. Are your feet sore? (It can be tough walking in someone else’s shoes…) Now be honest: How’d it look? Would you buy your house? Would you be willing to pay your price?


Would you be worried that if you don’t hurry and make an offer someone else will come along and scoop up your dream house right out from under you?


If you’re being honest, there’s probably at least a few things you made note of that you should do something about. But before you go knocking things off that list, let’s take a look at a few of the most common things sellers overlook.


Declutter  


The image most people have from watching TV shows is that most people live in pristine houses where everything is orderly and in its proper place. However, if you were to randomly pick 100 houses to go into on a “normal” day, without warning, you’d find that most people live with a decent amount of “clutter” in their homes...not like Martha Stewart or a Pottery Barn catalog.


We’re not talking “hoarder” level clutter, but most people have a certain level of clutter they live with. Which is fine. Most people truly live that way. In fact, the buyer and future owner of your house will probably live that way. But before you put your house on the market, it pays to give the clutter you’ve accumulated some attention. 


One of the first (and most important) things you should do is declutter.


Go room by room and get rid of anything you don’t want, use, or need. This is the best time in life to rid yourself of stuff you never even realized you still owned. Then put away whatever stuff you still want or need (but don’t actually use on a daily basis). Yes, that includes the pile of mail bills on the kitchen counter And I don’t mean stuff it all in a closet or the garage Remember, buyers will look in those places. If you have too much stuff and not enough room to keep it all in a tidy manner while you sell your house, rent a storage unit. You can reunite with all your stuff once your house is sold. This is just temporary. 


De-Smell  


Ok, “de-smell” probably isn’t a real word. But just hang with me for a moment... Does your house stink? Whether it does or not, it’s unlikely that anyone would actually say yes. We get used to how our house smells, so it’s hard for most people to honestly answer that question.


The best way to determine if you need to address an odor is to ask someone who doesn’t live there. Try not to ask someone who visits your house regularly though.The best suggestion I could give is to ask a real estate agent to come by and give it the sniff test. We’re in houses all the time, so we know when something just doesn’t smell right. The most common smells homeowners are often unaware of are: Pet odors Pungent or distinct food odors from cooking Teenage kids Cigarette or cigar smoke


Even when people are aware of an odor they should deal with, they often think that masking it with candles, potpourri, or air fresheners is a good solution. It isn’t. Even though they smell nice, doing this can trigger curiosity from buyers about the smells you might be trying to hide. The best thing to do is to eliminate the source of the smell (if possible) prior to putting the house on the market. Obviously this isn’t easy to do with pets or teenagers, but if and when possible, get rid of the source. Like, stop cooking tuna fish and onion sandwiches while smoking cigarettes And maybe convince your kids that camping outside in a tent with the dog would be loads of fun for a while. (I kid, I kid.)


You should also give your house a thorough cleaning. This is probably a good idea even if there’s no distinct smell. If you’re a good cleaner, this involves just a little time and elbow grease. If not, this is a great reason to splurge and hire a cleaning crew to come in and freshen up. If that doesn’t work, sometimes people have to replace carpeting or repaint in order to eliminate extremely foul odors. Hopefully you won’t have to go to that extreme. But if you do, it’s worth the money because a house with a smell will not sell…


...at least not for as much or as quickly as it might have.


Don’t Take It Personally  


Most people have heard that you should “depersonalize” your house when you’re selling it. That term gets thrown around a lot. Most people think it just refers to pictures of themselves or family. But taking down some pictures isn’t the whole picture; it also means removing any decor that’s more of a personal taste.


For instance, you might be super proud of your hunting skills, but displaying your taxidermy trophies on the wall might be off-putting to buyers. Or you may just have some really interesting or artsy furniture. While it may be hip and stylish, it could be distracting to the average buyer. Buyers need to be able to come in and focus on how their own furniture and belongings will look. If they can’t overlook your personal flair, they could be less likely to make a strong offer (or one at all). As proud as you might be about what makes your house your home, make it as easy as possible for them to feel like it could be their home.


The Lightbulb Moment


Here’s another bright idea Make sure all of your lightbulbs are working, and make sure they cast an appropriate amount of light upon each room. You wouldn’t believe how many houses on the market have lights that are burnt out. Dark rooms simply don’t show well. Even worse, non-functioning bulbs can cast a negative light on the owners (pun intended). In other words, buyers might think, “Well if the owners don’t take care of the basics like lightbulbs, what else are they neglecting?”


Sometimes it isn’t a matter of having bulbs out...it’s a matter of having the wrong bulbs. Bulbs are not a one-size-fits-all type of thing. Sometimes people will have bulbs that are way too bright or just cast the wrong feel in a room.


Some rooms deserve a crisp, clean, bright light. (Like in a kitchen.) Some are better off with softer, warmer lighting. (Like in a den.) So make sure to give some thought to how the lighting in the room makes you feel. Is it appropriate? If not, try to find the perfect bulbs for the room.


Also, make sure that when your house is on the market, the lights are easy to turn on for the agent showing the house. If a light switch that controls certain lighting isn’t easy to find, make sure that you leave it on before a showing or leave a note letting people know where the switch is.


In fact, if you know there’s going to be a showing, it’s not a bad idea for you to turn on the lights before the buyer comes. It’s simple enough to just ask that the agent turn off the lights once they finish showing the house. That way they can just walk in and get the full effect without having to look for the light switches.


Fix It Or Forget It?


It’s easy to learn how to live with certain little issues around the house. Many people don’t even view certain things as an issue until they’re selling their house. Like that gurgling noise that comes from the sink, for example. It might have bothered you at first, but then it just faded into the background once it became familiar. Or the drippy faucet. It’s not like it doesn’t work, it just likes to not stop working entirely when you turn it off. No big deal. As a homeowner, things like that aren’t always bothersome enough to justify hiring someone or fixing it yourself.


It doesn’t just have to be plumbing, of course. It could be the chipping paint on the ceiling...which happens to be caused by a small leak in the roof when it rains hard. Or a loose cabinet door that doesn’t close quite right. Whatever it is, there’s probably something around your house that could stand to be fixed.


But here’s the question: Should you fix these little issues before putting your house on the market?


The popular and most standard answer in the real estate industry is, “Yes.” And let’s just say that it can’t hurt to fix the little issues around the house. It’s like we talked about with the light bulbs that are burnt out — if buyers see smaller issues around the house, they might also wonder about what else you haven’t taken care of.


But, on the other hand, you may be able to ignore the minor fixes and just see if the buyer brings them up during home inspection requests. It may be less costly and easier to negotiate a credit or agree to repair something only when a buyer actually asks for it to be repaired.


The same goes for more serious issues like an HVAC system that’s not working properly. You should probably fix that sort of thing prior to putting your house on the market, but it could make sense to just wait and see how buyers react.


There’s no absolute answer to this. So the best thing to do is make a list of all of the issues around your house and ask your agent for their advice. You may even want to hire a home inspector to perform a pre-listing home inspection so you won’t get caught off guard by what your buyer’s inspector will likely find. Doing this is never a bad idea.


Reservations About Major Renovations


As an agent, I get asked a lot about renovations and, more specifically, whether they’ll increase a home’s value (or if they’re even necessary to do before selling). It’s a good thing to ask about because many people don’t ask and then end up regretting the work they did.


Quite often, a renovation project ends up costing the homeowner more than it actually increases the value of the house. Sure, it might increase the value, but there’s a good chance it won’t increase it enough to justify the time and cost of having done it. That’s not to say that it never makes sense to do a renovation project before selling. Some certainly do improve the value beyond the cost of doing it. And sometimes doing a renovation can make the difference between getting a house sold more quickly versus sitting on the market forever or simply not selling.


Renovations like a new kitchen or bathroom are often cited as being a great return on investment. They can be. But they might not be for you and your particular house and situation. So make sure to think twice before doing any major renovation to your house prior to putting it on the market. Make sure to run any project you are considering by your real estate agent.


Pro tip: While we’re on the topic, make sure you have permits for all work you’ve done on your house over the years. If you do, have them handy. Buyers and their representatives will request copies most likely. If you do not, make sure to get them. Also, gather up all receipts, guarantees, and warranties for the work done.


Enthusiasm For Your Curb  


A buyer’s enthusiasm for your house starts at the curb. First impressions count — not only on dates and job interviews but also when you’re selling a house. If you want to be appealing to buyers, you have to make sure your house has “curb appeal.”


Curb appeal isn’t just about the outside of your house looking attractive, it’s about everything that leads up to it — your landscaping, walkways, driveway, decks, patios, fencing...basically anything you can see from the curb before the buyer even drives up to your house to see it. It’s usually the first image they see when they’re searching for houses online, which is where most buyers are looking. The last thing you want is a buyer scrolling past your house, let alone rolling past it in a car because it lacks curb appeal.


Here are some things you should consider:


Does the roof look good? Or does it need to be power-washed or even replaced?


Are the gutters clean?


Are the windows clean?


Does the exterior need power-washing, a paint job, or new siding?


Is the lawn well kept? Are there bare spots?


Are shrubs and trees trimmed?


Are flower beds weeded?


Are the walkways, driveway, and any patios or decks clean and in good shape?


As with interior repairs and renovations, you shouldn’t necessarily go overboard to enhance the curb appeal. There’s a fine line you don’t want to cross. So make sure to consult with a real estate agent for advice on what you should and shouldn’t do to spruce up the outside of your house prior to hitting the market.


Prepping With Pets


If you don’t have any pets, you can skip this section. But if you do have pets, this section might be a hard pill to swallow. Pets are part of the family for many people.


If you own any pets, you need to consider and plan for what you will do with them when there are showings. Well, at least ones that roam around the house. Fish in a tank or hamsters in a cage...not much to worry about. But a large dog or a quick cat that’ll bolt out the door when someone walks in...that’s another story.


It’s especially important if your pet is aggressive, loud, or distracting. For example, a barking dog may not be dangerous, but it can keep a buyer from feeling at ease while looking at your house.


Most people with pets simply require advance notice for any showings so they can arrange to either secure or remove their pet from the house. This is fine, but it can get in the way of buyers coming to see the house, especially if it’s difficult to get an appointment. So make sure to be ready to jump whenever someone asks to come see the house.


Your best, most motivated buyer may want to see your house on the spur of the moment. And if they can’t see yours easily, they may buy another one they were able to go see. So if it’s going to be too difficult for you to accommodate showings on the fly, you may want to consider arranging to have your pet stay somewhere else.


Where To When…


Where are you moving once your house is sold?


This is probably not the first time you’ve heard that question. In fact, you’ve probably already asked yourself that question. Because if you’re like most people planning on selling their house, it’s a huge concern. In fact, many people who are planning on selling their house are often more concerned with where they’re going than on preparing their house for sale. Unfortunately, this often leads to them making mistakes and losing money.


For instance, they find a home they want to buy and then just throw their current house on the market with little or no preparation. Or they accept a weak offer because they don’t have a choice. And there are others who won’t even accept the best offer they’ll ever get because they’re worried about finding their next home before accepting an offer...only to never see as good of an offer come around again.


The reality is, most people can’t buy a new home without first selling the house they own. And that can make people nervous. People often ask, “What if I sell my house and then I can’t find something to buy?”


Ideally you’ll be able to find something you love once your house is [under contract / in escrow]. Or perhaps you’ll be able to negotiate terms that will give you ample time to look for a new home.


But have a backup plan just in case. Have a plan for where you’ll live for a while if you get a great offer but can’t find a home you want to buy right away. This could mean living with family for a while, or maybe you’d prefer finding a short-term rental or hotel.


Again, this isn’t to say that you’ll need to do this, but planning on the “what if” will put you in a better, stronger position as a seller. Being able to say yes to an offer, when other competing sellers may hesitate, can increase your odds of getting your house sold before others — and for the best possible price and terms.


Funding Your Future


Many people don’t realize that it’s important to get pre-approved for a mortgage on their next home before they even begin to sell their current house. If you have enough cash to buy whatever you want outright, there’s no need to do this. (Nor is there as much concern about trying to time the sale of your house with the purchase of another one.) But most people need the proceeds of the house they will sell in order to qualify for a mortgage and buy another one.


You shouldn’t wait until your house is [under contract / subjects] to make sure you can qualify for another mortgage. That’s a mistake many people make. They think they have to wait and see how much their house sells for first, or they simply presume they’ll qualify for a mortgage in the amount they want or need.


 The last thing you want to do is put your house on the market and accept an offer, only to learn you don’t qualify for the amount you want or need. So make sure you speak with a lender or two prior to putting your house on the market.


They’ll want to know how much your house will probably sell for, and you’ll need to give them an idea of how much you owe on it. They’ll be able to pre-qualify you or even give you a conditional pre-approval.  


(Note: pre-approvals carry more weight than pre-qualifications, but that’s another article).


Unthink


So, how much do you think your house will sell for? 


Most people have a number in their head. Some people just pluck it out of thin air. Others look online at the MLS. Some take how much they owe, add the amount of money they’ve put into the house in upgrades, then add how much commissions will be, and then add how much they want or need to be able to buy their next house.


Unfortunately, none of those methods are accurate. You’d be better off buying one of those magic eight balls and giving it a shake. Or better yet, put a bunch of home prices on a dartboard and throw darts until you hit the one you like best. The most accurate way to know how much your house is worth is to get a thorough market analysis from a local real estate agent — one who knows his or her stuff inside and out.


Problem is, many homeowners do have a number in their head, and that number is often unrealistic. They tend to get defensive or angry when they hear the truth, insisting on listing their house for more than it’s worth. Then they’ll shop around for an agent who says what they want to hear (just to get the listing).


Listing your house for more than you should is one of the most deadly sins of selling your house. You could prep your house in every way possible and make it look better than anything else on the market, but if it isn’t priced correctly it’ll never sell. And over time, you’ll lose leverage (and money) because buyers take note of how long a house has been sitting on the market.


You’re better off pricing your house accurately from day one. This doesn’t mean you’re “giving your house away” or are “losing money.” Yet many people feel that way because they had an inflated value in their head. But that value and that money never actually existed. So, the best thing you can do is to unthink whatever value you have in your head. Do whatever it takes. Meditate. Go away to a spa for a weekend and get massages. Live with Tibetan monks for a few days.


Once you unthink the values in your head, get a thorough “comparative market analysis” (CMA) by a thoughtful, knowledgeable real estate agent whom you trust...and then trust what he or she says. Base your hopes and next moves on that number, not any other number you may have already thought.


Line Up Your Listing Agent


Throughout this article, I’ve mentioned that you should speak to a real estate agent for further insight and advice in regard to many of the things we’ve covered. While all of this is good advice, no house, area, market, or moment is the same. It’s easy to do more than you need to — or less than you should — if you’re not in the market day in and day out like a real estate agent.


It’s a good idea to actually line up the agent you will use to list your property before you even start prepping your house for sale. Beyond just getting his or her valuable input, which can save you time and money on your preparations, having your agent involved as early on as possible can benefit you (and the agent) in many ways:  




The agent will get to know your house and property better, which will help them formulate their marketing, sales strategy, and talking points.


The agent will get to know you and your situation better, so you can get the best, most thoughtful advice possible.


You will form a better working relationship and build trust that will benefit you during the sale of your house.


Your agent can “prime” the market by talking up your house to other agents and potential buyers before your house even hits the market.




There’s a lot that an agent needs to do in order to present your house in the best possible light. (Paperwork, photography, sales copy, marketing materials…) And the more time he or she has to work on these things, the more accurate, stunning, and effective they will be.


Too often, homeowners do whatever prepping they’re going to do on their own, and once they’re ready to list their house, they call in several agents to compete for their business. But when they do that, they lose a lot of value they could’ve received from their agent by interviewing and making their decision ahead of time.


So, before you do any of the preparations recommended in this article, make sure you’ve lined up the agent you’ll be listing your house with so he or she can be involved with your entire process.


This Might Also Be Helpful


Whether you’re preparing to sell your house in the next couple of weeks, months, or years, I hope you’ve found this article useful (and enjoyable)


Hopefully this article helps you get your house prepared and sold for as much (and as quickly) as you wanted. A market evaluation of your home is a great place to start and of course, just like this article, it’s free and there’s no obligation. All you have to do is call me and we can setup an appointment to go over your home. (You can either email or call me), I’d love the chance to work with you.


Just give me a call before you’re ready to sell so I can help you prepare your house for sale...not just get it sold for you


Compliments of:


Danielle Doucet


Kamloops Property For Sale Realtor at Royal LePage Westwin 250.319.5896 danielle@kamloopspropertyforsale.com


With over 40 years in Kamloops, Danielle has a powerful talent that lies in knowing how to, through inspiration and passion, attract and orchestrate the right people needed to successfully complete the transaction.She motivates everyone involved with her genuine and infectious enthusiasm to deliver the highest possible level of customer service in a way that emphasizes everyone’s importance in the acquisition. She strives to deliver better than expected results thereby ensuring long-- lasting memories of a well-managed and exciting home selling or buying experience. About her dedication to her clients – Danielle explains, “My clients are very important to me and I take seriously the expression and level of confidence they place in me. I spare no effort to ensure they receive the utmost in professional service. Future clients can contact me personally at any time. It would be my pleasure to meet with you and discuss how I can help you achieve your real estate goals.” Expect excellence.



 ]]> </description>
    <pubDate>Sun, 06 Sep 2020 11:34:00 -0700</pubDate>
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    <guid>https://www.kamloopspropertyforsale.com/blog/bc-real-estate-home-prices-forecast-to-rise/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/bc-real-estate-home-prices-forecast-to-rise/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>B.C. real estate: home prices forecast to rise</title>
    <description> <![CDATA[ 
B.C. real estate: home prices forecast to rise 7.7 percent by end of 2020, and 3.7 percent in 2021


B.C. realtors expect not only to sell more homes this year and the next compared to 2019.


They also anticipate prices to rise in 2020 and 2021. The B.C. Real Estate Association predicts 2020 to finish with a 7.7 percent increase in average price over 2019. The BCREA also forecasts a further increase of 3.7 percent in 2021.


In Greater Vancouver, the association anticipates the average price to jump 5.9 percent over 2019. For 2021, the average price in the region is predicted to rise 2.4 percent. In the Fraser Valley, the BCREA expects the average price to grow 6.7 percent in 2020, and 2.6 percent in 2021.


It can be recalled that the Canada Mortgage and Housing Corporation thinks otherwise. On June 4, 2020, CMHC predicted a nine to 18 percent decline in average home prices in the country over the next year. The federal housing agency reiterated its dim outlook a few weeks later on June 23. That was when CMHC released its outlook report for the summer market.


“House prices will likely fall because of uncertainty over the economy’s path,” the agency stated particularly for major urban centres. Unlike the CMHC, the BCREA has rosy prospects, which it laid out in its third quarter housing forecast Tuesday (August 25). In terms of sales, the association predicts 82,380 transactions in 2020, representing a 6.5 percent increase over 2020.


In 2021, the BCREA forecasts sales to rise to 96,860, for a further 17.6 percent increase.


According to the association, a “recovering economy and low mortgage rates” will “drive demand”. The BCREA noted that market activity has been strong amid the ongoing COVID-19 pandemic. While sales “initially fell to historic lows in April”, the association noted that the market later “soared, more than regaining pre-pandemic levels”.


The same phenomenon happened in the rest of the country.


The Canadian Real Estate Association recently reported that the residential market set a new record in July 2020. The CREA reported that sales last month “posted the highest level of any month in history”.


According to the national association, a total of 62,355 transactions happened in July 2020, marking the &quot;highest monthly sales figure on record going back more than 40 years&quot;. In its third quarter housing forecast, the BCREA noted that the recession caused by the pandemic is “on pace to be one of the worst on record” for the province. “However, looking at recent data in the housing market, it would be difficult to tell there was a recession at all,” the association stated. The BCREA pointed out that the “explanation for the counter-intuitive performance of the housing market lies in the very unusual characteristics of the COVID-19 recession”. “Unlike in a typical recession, many of the job losses have been felt in lower-wage, frontline service sector jobs, typically held by younger workers,” the association stated. “Meanwhile,” the BCREA continued, “higher-wage sectors that tend to drive the ownership market have seen employment levels fully recover.”


“As a result, sales activity has spiked as record-low mortgage rates unleashed a wave of pent-up demand previously sidelined by the pandemic,” the association explained.


Undeterred by predictions of falling prices, home construction in Canada jumps to new high


Canada Mortgage and Housing Corporation said it more than once. Home prices will fall, according to the national housing agency.


Developers and builders are unfazed. They’re building away. RBC Economics reports that new homebuilding in Canada grew again in July 2020. A total of 246,000 homes started construction last month, the “strongest” in two-and-a-half years, and 11 percent “above year-ago levels”. The report prepared by RBC economist Claire Fan came out Tuesday (August 11).


Condos and other multi-unit homes led the growth in new home construction, accounting for 75 percent. Multi-unit starts totaled 184,000 in July 2020. New home construction in July 2020 surpassed the 212,000 housing starts in June. Homebuilding hit a low of 165,000 in April because of the COVID-19 pandemic. In a previous report, Fang noted that “even the lowpoint in April wasn’t as big a decline”. In May 2020, new home construction bounced back with 196,000 units.


CMHC has been saying that average home prices will drop nine to 18 percent.


In the August 11 report, Fang also noted that more and stronger homebuilding activity is expected in the coming period. Fang likewise reported that real estate boards in major urban centres like Vancouver, Toronto and Calgary are indicating sale increases in July. “There are still plenty of downside risks for the housing markets outlook,” Fang wrote. The RBC economist noted that “overall labour market is still weak”. Also, “lower immigration flows also mean less demand for new supply of housing”.


“But, for now, both new building activity and home resales have shown stronger trends than feared,” Fang wrote.



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    <pubDate>Wed, 02 Sep 2020 13:00:00 -0700</pubDate>
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    <guid>https://www.kamloopspropertyforsale.com/blog/real-estate-and-radon-in-bc-what-it-means-to-you-as-a-buyer-or-a-seller/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/real-estate-and-radon-in-bc-what-it-means-to-you-as-a-buyer-or-a-seller/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>Real Estate and Radon in BC - What it means to you as a buyer or a seller</title>
    <description> <![CDATA[ 
Radon Precautions for Buyers and Sellers


It is important for home buyers and sellers to understand the risks associated with radon levels in homes, and to have enough information about radon to make an informed decision when buying or selling real estate.


So what is Radon?


Radon is measured in becquerels per cubic metre (Bq/m3).


Radon is a naturally occurring, radioactive, odourless, and colourless gas that is generated through the decay of uranium and other elements in soil minerals. In fact, radon is present at different concentrations (depending on the makeup of bedrock or sediment) throughout Canada. As radon seeps up through the ground, it can find its way into your home through cracks in your property foundation and walls. If radon levels are too high in a home, the health risks are so significant that it becomes a material latent defect. The highest levels of radon concentrations are found in the interior and northern regions of the province.


Because new homes are built to be energy efficient and are sealed from the outside, radon can build up in your home over time and reach dangerous levels. According to Health Canada, radon is the second leading cause of lung cancer in Canada after smoking. In 2014, the BC government amended the building code to require new properties to include rough-ins, or a passive pipe in the basement, which can make it easier (and cheaper) to install a radon mitigation device in the future if it’s needed, for radon remediation in certain areas.




Radon is not a problem outside because it is diluted when released into the air. It becomes a health risk if it accumulates to high levels in enclosed spaces such as homes, especially areas that have inadequate ventilation (e.g., basements). Radon is the main cause of lung cancer among people who have never smoked tobacco. It increases the risk of lung cancer in smokers. The risk of developing lung cancer depends on how much radon is in the indoor air, as well as how long the exposure is. Short-term exposure to radon does not pose a significant risk.


The BC Lung Association has a comprehensive website on radon, called RadonAware, with information and resources for the public, building professionals, researchers and others. It also allows you to order a radon test kit.




Where in BC to Test


While all residents of BC are encouraged to test their homes for radon, those living in areas of the province where previous testing has shown that indoor radon levels are high in particular should test their homes to ensure levels are below the national guideline of 200 Bq/m3.


Areas of BC known to have elevated radon in homes are: areas east of the Coast Mountains, including the Kootenays, the Okanagan Valley, Northern Interior, North Thompson, and Peace River. Approximately 5 to 40 of these interior homes may have radon levels in excess of Canada’s national guideline.Previous testing has shown that areas west of the Coast Mountains [e.g. Lower Mainland, Vancouver Island, Fraser Valley, Sunshine Coast, and Prince Rupert] tend to have low residential radon levels (i.e. below 200 Bq/m3).


How radon enters a home


Radon typically seeps through the ground and into buildings through cracks in the foundation and/or floor slabs. According to the Canadian Real Estate Association's Homeowners Guide to Radon, radon can also enter through other openings, like unfinished dirt floors, window casements or gaps around service pipes. Factors like bedrock and soil types, soil moisture level, and seasonal temperature fluctuations also influence indoor radon levels.


Radon and lung cancer


High levels of radon in a home is the second leading cause of lung cancer in Canadians. A report from the Canadian Association of Radon Scientists and Technologists (CARST) explains why:




When inhaled, radon gas particles remain in lung tissue and begin to decay. As the radon particles decay, they release bursts of radiation that can damage the lung tissue cells. Over time, the cell damage can lead to the development of lung cancer.




What is considered a &quot;high level&quot; of radon? While Health Canada advises Canadians to pursue a radon level &quot;as low as reasonably achievable,&quot; 200 becquerels per cubic metre is considered the maximum allowable. There is no lowest threshold, as risk of lung cancer increases with radon concentration. For that reason, the World Health Organization suggests homeowners take action if concentrations are over 100 becquerels.




Measuring the Radon Level in Your Home




Radon levels in a home change significantly over time. They can rise and fall from one-hour or day to the next and seasonally. For this reason, measurements taken over a longer period of time are more accurate. Health Canada recommends that homeowners do a long-term radon test, for a minimum of three months, during the fall or winter and that the detector is placed in the lowest level of the home (where homeowners spend a minimum of 4 hours per day). A three-month test represents a person's annual average exposure and should be used to determine if a home's radon concentration exceeds the Canadian guideline level of 200 Bq/m³.


Testing and mitigation


The good news about radon is that testing and mitigation are relatively affordable and easy. Anyone can test their home for radon. All it takes is a radon testing device that can be found at stores like Home Hardware, Walmart or Home Depot or ordered online from the BC Lung Association's RadonAware homepage.


While radon mitigation is also relatively straightforward, it's best to hire a radon mitigation specialist certified by the Canadian - National Radon Proficiency Program (C-NRPP) to take on the job, which can cost between $500 - $3000 depending on the size and style of the home. Fixes can involve improving ventilation, sealing cracks in foundation walls and floors, or installing a depressurization system to draw radon away from the basement.


The Canadian government has a great resource page on Radon CLICK HERE to learn more.



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    <pubDate>Wed, 26 Aug 2020 09:13:00 -0700</pubDate>
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<item>
    <guid>https://www.kamloopspropertyforsale.com/blog/covid-19-and-the-canadian-real-estate-market/</guid>
    <link>https://www.kamloopspropertyforsale.com/blog/covid-19-and-the-canadian-real-estate-market/</link>
        <author>steve@pixeladventures.com (Steve Harmer)</author>
        <title>COVID-19 and Real Estate Market Trends</title>
    <description> <![CDATA[ 
The global pandemic may have brought the Canadian real estate sector to a near standstill this spring, but over the longer term it appears to have stoked homebuying intentions.


It almost goes without saying that COVID-19 has had a far-reaching impact on the Canadian economy and healthcare system in the first half of 2020. As expected, the spring housing market was much cooler than 2019, with the Canadian Real Estate Association (CREA) confirming that May 2020 recorded the lowest volume of sales in May since 1996. Despite the significant drop in sales volume due to the pandemic, though, national home prices remained relatively stable. 


After a quiet April, market activity began to pick up in local housing markets across the country in May: more buyers resumed their home searches, and more sellers began to list their homes. With more home buyers and sellers hopping off the sidelines, housing competition is starting to heat up in many regions. In Toronto and Vancouver—Canada’s largest markets—demand and supply were evenly matched in May, whereas in Southern Ontario markets like Ottawa and Hamilton-Burlington, buyers faced ever fiercer competition for available homes than last year. In Edmonton and Fraser Valley, B.C., on the other hand, demand and supply dynamics gave buyers in May marginally more leverage than sellers. 


Given how swiftly conditions have changed and continue to evolve in housing markets across the country, prospective home buyers may be wondering: Is now a good time to jump into the market? Perhaps. With interest rates at historic lows, if you are able to buy and hold a home for the medium to long term, this might be a good time to buy. Here are all the factors you should consider as you make your decision. 


Fourteen percent of current renters say they plan to purchase a home within the next 12 months, up from 7 reported in late 2019, according to new survey results released by Mortgage Professionals Canada.


The top reasons cited by renters for wanting to purchase a home include:




28: “I want to live in a nicer home”


14: “My home is no longer suitable”


14: The current situation makes this a good time to get a deal”


12: “Low interest rates make this a good time to buy”


11: “I want to live somewhere less expensive”




The percentage of renters who say they would never purchase a house has also fallen by more than half, from 32 at year-end 2019 to 14 post-COVID. Among current homeowners, the results show 9 plan to buy within the next year, which is also up from 7 at year-end 2019. Study author Will Dunning, Chief Economist at MPC, admitted to being surprised by the results showing increased homebuying expectations for the near future.


“It is possible that the evolving emergency has caused more non-owners to decide that they want to buy homes (for example, to move out of an apartment building, where social distancing is challenging, to a lower-density environment),” he noted, while adding historically low mortgage rates are also making homeownership more affordable. Dunning did caution, however, that buying intentions don’t always fully translate into actual home purchases, for several reasons. “Some people, when they research their options, may decide not to buy,” he said. “Or, they might discover that because of the mortgage stress tests, they would be unable to obtain the financing they would require.”


Account for your finances and your lifestyle needs


For many Canadians, finances are just one part of the story, and the decision to buy a home often goes beyond the dollars and cents. To put it simply, people need to make changes in their lives and move—regardless of whether there is a pandemic or not. 


If you have done the math and are confident about your financial ability to carry a new home, this is a great opportunity to take advantage of low interest rates. Consider why you want to buy in the first place. Perhaps you’ve had a relationship or family change; a divorce or a baby on the way are common reasons people choose to move. Alternatively, do you want to be closer to family, in a good school district, or have better transit access? If you started planning a move before the pandemic, consider whether and how COVID-19 has altered these priorities. 


Once you’ve determined why you need to move, consider how your lifestyle needs may evolve. After all, you will be living in the home you purchase for at least a few years, so you need to think about whether the home you buy is a fit for your needs both today and tomorrow. If you can find what you want, in the location you desire, and are comfortable living there for at least five years, take the leap. 



Get local with market data - Get hold of a REALTOR®


When you’ve made the decision to move forward with a home search, you’ll likely (and should) turn your attention to how the housing market is performing. After all, buying a home is a major personal commitment, and also one of the biggest financial investments most people will make. 


With everything going on, in addition to sales updates from national and local real estate boards, a number of Canada’s most established financial institutions, economists and housing corporations have attempted to predict the size and duration of the impact of COVID-19 on the housing sector. 


Expectedly, no two forecasts are the same, and this goes back to how unprecedented COVID-19 is. For example, the Canada Mortgage and Housing Corporation (CMHC) predicted the housing market will see a historic recession in 2020—with sales volumes dropping between 19 and 29 and prices declining between 9 and 18 from pre-COVID levels. On the other hand, TD Bank’s late-April report noted home prices in Toronto could rise 8 by year end. 


While high-level data from real estate boards and financial institutions can provide valuable perspective on how the housing market is performing at the macro-level, real estate is hyper-regional, and in many respects, local. The type of property, the neighbourhood you’re interested in, and your budget will all play a role in the level of competition you’re likely to face and ultimately the price you can expect to pay. For example, high level data shows that real estate is quite competitive in several areas of Southern Ontario, as noted. Within these markets, however, the first-time buyer category in particular—where homes are priced under $700,000—is the busiest, whereas competition for homes at higher price points is a lot calmer. 


Working with a real estate agent you trust is one way to cut through the noise and understand how far your dollar will go in real estate based on your situation and your needs. A good real estate agent acts as a trusted expert who can provide you with the facts, data and insights that are most relevant to your purchase decision, so you can make an informed choice that you are comfortable with now and in the future. 


Ask prospective agents questions like, “How well do you know this area?” and “How many homes have you helped sell or purchase in this area in the last year?” to get a gauge on their local expertise. Asking how much of an agent’s business comes from referrals is also a good way to understand how successful they are. 


Remember that real estate is a long-term decision


Finally, remember that real estate is a long-term investment. If you are looking to make short term, speculative investments, this is a particularly risky time to do that in real estate (and otherwise). Further, churning real estate has real costs that eat into any sale price, which include but aren’t limited to land transfer taxes, realtor professional fees and moving costs. 


Once you’ve carefully weighed your personal needs against your financial appetite and obligations, and have also considered the context of the real estate market in your area, take the plunge if you’re confident that everything lines up. If you can buy and hold for the long term, there are some great pockets of opportunity out there. 



Existing Home Owners


For existing homeowners, their biggest motivator for wanting to purchase a new home is that their current home is no longer suitable (38), whether due to size or location. Another 13 said they want to live in a nicer home, while 12 cite low interest rates.


The report further explored reasons why respondents said their current dwelling is not suitable, the majority of which are directly related to the lockdowns in place earlier in the year:




“Spending more time at home means I need more space”



31 for owners and 33 for non-owners






“The space isn’t conducive to the inclusion of a dedicated work area and can’t be or isn’t easily modified”



17 for owners, 24 for non-owners






“When quarantined, the property doesn’t support my mental health or provide enough outdoor space”



14 for owners, 17 for non-owners






“I need to live somewhere where social distancing is easier”



9 for owners, 7 for non-owners








Additional Mortgage Consumer Trends


Here are some of the other key findings from MPC’s report, Rapidly Evolving Expectations in the Housing Market:




House price growth expectations



They’re the “smallest we’ve ever seen,” the report noted






Canadians’ confidence in their ability to weather a downturn in the housing market



Unchanged from pre-pandemic results, at a score of 6.91 out of 10, with 10 representing strong agreement






How Canadians view their homes



They predominantly see their homes as a place to live (75), and to a lesser degree as an investment (25)






Is now is a relatively good time to buy?



There was a slight rise in the score among homeowners, but a more significant rise among non-owners, from a negative score of 5.23 at the end of 2019 to a positive score of 6.28 in this survey






Interest rate expectations



Responses in previous surveys “always show an expectation of rising rates”


The latest response “might be the lowest ever recorded by this survey”






COVID-19 impacts



20 of homeowners reported impaired income due to COVID-19


68 of first-time buyers and 75 of repeat buyers said they would have no difficulty making their mortgage payments


1 of first-time buyers said they would only be able to make partial or infrequent payments (vs. 0 for repeat buyers)








“What we have seen clearly is that the vast majority of homeowners are not feeling a long-term financial impact related to COVID-19, and that potential homebuyers are still very much in the market for a home, signs of which are being seen in regions across the country,” said Paul Taylor, President and CEO of Mortgage Professionals Canada.



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    <pubDate>Thu, 13 Aug 2020 10:30:00 -0700</pubDate>
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