Good Thing to know When Buying Real Estate In British Columbia
Is The Canadian Economic Situation - Stable?
We have all learnt the Bank of Canada's views on this; that any difficulties are only short-term and then things will be getting better rapidly. This is based entirely on a probable but uncertain supposition that levels of energy charges will not rise, and that they're more likely to decline. The current reasoning for the depression, however, is thought to have arisen from events in Japan. A perfectly credible reason, but underneath this problem the consumers are the individuals who influence our economy. The disaster in Japan will affect us, just as it affects the rest of the world, but it is without doubt not the main reason. The majority of consumers are bewildered by the results of gasoline prices and erratic job growth.
In the US previous to the depression, the Canadian debt, how much income a person has in comparison to how much debt, was only slightly lower than the Canadian ratio is now. If there were difficulties with debt, what we can certainly say, is that the banks would be better able to deal with it. It is always a concern to home owners that house prices are going to fall even more so during any recession; but at the end of the day the effect on bank profits are not going to be as bad as they were a few years ago. In the US there have been bailouts that sway the US economy, although with the banking situation as it is in Canada we are unlikely to see the same thing happening here.
The one thing that has to be clear to everyone is that the Canadian economy is closely linked to that of the US - particularly in the field of bank stocks and BC Real Estate. Thus, it doesn't matter how strong and stable the situation on the domestic market presently is; US problems have the potential to hit us hard. Furthermore with the European problems affecting countries such as Greece, they could escalate and become Canada's problems if it starts affecting the wider markets. In this situation, we could face a series of very unfortunate events: a decline in commodity prices, destroying the economy's potential, or shifts in the equity market and the above-mentioned contagion of the housing sector in case of tightened credits.
Overall, the situation seems to be stable as it is, but much more will be seen in the future.
Article Source: http://EzineArticles.com/6581258
Thinking Of Selling Your Kelowna Real Estate Or West Kelowna Real Estate Here is a Great Article To Read First.
Improving the Real Estate Value of Your Home
Selling your home is a bittersweet affair. While you may be excited about moving to a new residence, your current abode has served as a place where many nice memories were made. You look back fondly on the days you threw parties, witnessed small children engage in food fights, shooed your pets when they tried sharpening their claws on the precious wooden fixtures, and a host of other events.
Over time you may have slackened off in maintaining your house, while Mother Nature subjected it to many harsh weathers. Physically, the house has changed and so has its real estate value. Now that you plan on selling it, it's time to spruce it up in order to attract a buyer as well as allow you to command a good price.
Here are several suggestions you can follow for preparing your house:
• Start getting rid of useless clutter. These are items that have zero resale or sentimental value. If you find anything that is worth donating to charity - old toys, books and clothes - then pack them up and send them over to people in need.
• Inspect each room in the house for cracks, leaks and similar defects. Their severity will impact your home's real estate value, so document everything that you see on a notepad.
• Write down a solution for each defect. Does it need just a quick coat of paint? Is new plumbing the only answer? You won't be able to justify a high price tag if the house's defects require lots of professional intervention.
• Do minor repairs you can easily handle. If you have tools available at home, you should have no trouble performing repairs that don't require a professional's attention. Some examples are fixing leaky faucets, replacing light bulbs, and repainting your child's bubble gum pink bedroom wall into a neutral shade that's easier on the eyes, like beige or pale yellow. These little changes can still do wonders for real estate value.
• Organize your daily living staples into one or two cabinets. Then, keep the rest of the closets and cabinets in the house empty for potential buyers to inspect. When trying to sell your home, expect prospects to snoop around a bit to see how organized and well-maintained the house is. Chances are, they will check every nook and cranny, down to the hinges. Giving them empty cabinets and closets to inspect will allow them to see the quality of the house while imagining how their own things would look stored inside them.
• Always keep the house and outer surroundings clean and tidy for spur-of-the-moment buyer visits. Don't throw your house's real estate value down the drain by letting the potential buyer see your unmentionables drying outside or lined up in the bathroom. This would be very embarrassing for both parties!
• Keep your refrigerator clean and presentable. You wouldn't want a prospect to catch a whiff of week-old Chinese takeaway or that unsealed tub of Caesar salad dressing sitting in your fridge as you open the door to proffer him a soda. There are people who judge others based on the cleanliness and contents of this particular appliance. Never give them the impression that you're a slob.
There are a lot of crappy overpriced homes on the market right now, and they will continue to languish until the price is low enough to entice an investor buyer to fix up the property.
On the other hand, there is a dearth of nice, high quality homes at reasonable prices. So the first step to getting multiple offers on a home is listing the home at market value, or even a tiny bit below market value. By doing this, you will get the attention of buyers who have been waiting for the right house to come on the market.
Second, the house needs to be very clean, in good condition and free from major defects. If you want to get several offers on a property at market value, it needs to stand out as the clear quality leader in the neighbourhood. Fresh paint goes a long way, but the houses that get noticed also feature new windows, refinished hardwoods and a new roof. These are things that homeowners frequently let go.
Putting your home on the market is like entering a beauty contest, and these upgrades can help you win.
If the house is vacant, staging is very important to motivate buyers to write offers. Of the last 4 vacant houses that I have had staged, 3 have received multiple offers. This is anecdotal evidence, I know, but I am starting to notice a trend here.
Taking quality photographs of your beautifully staged home will also attract attention and motivate buyers to take a closer look. If your photos are not great, you won't get the traffic you need in order to get more than one offer.
Landscaping is important too. A new front yard that looks like a carpet might cost $1,000 to install, but it will provoke a strong response from buyers. I have seen this happen on a couple of listings recently.
Yes you can get multiple offers on beat up houses too... by offering them at prices that are attractive to investors. Real estate investors are always looking for properties that have good profit potential, and when a home is offered for sale at a wholesale price, the investors will flock to the property and get an auction going.
Sometimes bank owned (REO properties) are priced at below market values, and the offers come pouring in. I wrote an offer for a client on a 4-plex last year, and it was a de facto auction situation. We wrote an above asking price offer, but another party offered way above asking price. The bank was able to move the property quickly at market value for investors. Win/Win.
One more thing that is so obvious to me, but may not be obvious to all is: List the property with a REALTOR. They have tools tools and the skills to get your property sold for top dollar.
Les York Helping People, Buying and Selling Real Estate for 23 Year in the Kelowna , West Kelowna and surrounding Okanagan for over 23 years.
Article Source: http://EzineArticles.com/616739
What Is Home Staging ?
Kelowna Real Estate Sales are not exactly a Sellers Market right now! Home staging is the Very best proven way to get top dollar for your home as you prepare it for sale. Heres a great Video explaining home stagingwith lots of helpful tips.
Check out my new Real Estate Tool Microsoft Bing Mapping tool to look around town and see the community you might like to live in. Then use the ‘points of interest’ buttons to search for nearby schools, parks or even the closest coffee shop!
The Art Of Real Estate Negotiations
Real estate negotiations can work in a multitude of ways, there are a lot of great ways to successfully close the deal and sadly, there are still a lot of bad ways to go to a bad deal and that is something that all of us aim to avoid as much as possible.
There are a lot of books and e-books littering around the Internet where people can use and read and even learn how to close deals and how to successfully negotiate deals. Be wary though as there are some unscrupulous individuals who might give off some really bad pointers and wrong ideas to close and deal with clients in the real estate business.
On the opposite side, there are lots of great ideas that can fill over two or more books. If you look at some autobiographies and some books published by successful estate tycoons like Celebrity Apprentice big boss Donald Trump and Sam Zell, you will notice that they use various methods and approaches when doing their real estate negotiations.
Here are some tips that you can use if you are an agent or broker to successfully close real estate negotiations or deals:
Hear them out - it is important to let the person you are dealing with speak first and it is more important to hear them out if you want to successfully close any and all real estate negotiations. Listening gives you a lot of clues and cues with regards to what they would really want and helps you gauge what counter offer you can give.
Information is Important - Doing your homework before a particular meeting can make or break a real estate negotiation. It would not kill you to look into the likes and the dislikes of the client, the middle man and all the other people involved from the other side of the deal. Ask any successful real estate agent and they will tell you that getting the good side of the clients can do you wonders.
The Power of Persuasion - persuasion is a powerful tool that must be utilized by real estate agents that want to make it big in the future. The persuading power is something that cannot be learned and mastered overnight. It needs a lot of study and a lot of practice. You will know that you have successfully become a powerful persuader if you notice that people do what you want without realizing that it is what you want, you're powers of suggestion will play a big role in reaching for your goal and role.
Be Hard - Sometimes, being hard in a negotiation is one of the things that is the hardest to do. This is because there are lots of things that may not be favorable to you but is definitely favorable for the other party. Sure you can go and give in to a few of these demands but there's definitely a line in the sand so to speak that should not be crossed. When doing concessions with the opposite party, it would be a good idea to make them fear the idea of getting a better concession especially if it will cost them more or if they stand to lose.
As you can see, negotiation is an art, and you are the artist. And like any type of art, it requires a lot of learning, experience and skills to become the best artist in the industry that's as thriving and as old as the civilization itself.
Article Source: EzineArticles
Need Help With your Negotiations Les York Has been Nagotiating Real Estate Deals in Kelowna,West Kelowna and surrounding Okanagan Real Estate for over 23 years.
Canada Real Estate - The Growing Industry
The Canada real estate market presents a wide and untapped opportunity to the prospective investor both for the short terms as well as the long term. The market is still not saturated and is growing at a healthy rate which is in sharp contrast to the US market. This has been fuelled by the performing economy and a presence of a sizeable immigrant population that is actively saving and investing to build up their real estate portfolios. Canada offers its inhabitants nice comfortable homes along with a stable employment and an admirable standard of living.
Canadian property prices have climbed up gradually since the economic and financial crisis ended, even though the U.S. real estate prices had resumed their decline. The Canadian real estate market has made a quicker economic recovery than its US counterpart helped by a sounder banking industry combined with low interest rates and increased buyer confidence.
The Canada real estate market offers a number of entry points catering to a wide range of budgets ranging from the small apartments to the large farms and ranches including properties with their own water bodies. Making real estate investments can be far more money-spinning and worthwhile than other forms of investments. The most popular investment in property is purchase of rental houses. The money returns that an investment property provides are not restricted to monthly cash flow only. Remember that each time when one makes a mortgage payment then you are indirectly paying to yourself only.
The presence of Oil sands in Alberta and the increased commercial exploration activity has resulted in boom in property prices. Edmonton being the capital of Alberta has benefited immensely from the increased investor boom and new inhabitants. Even though prices have increased, they are within manageable and affordable levels compared to the national market. The market is driven by the end buyer and not by speculation so the price spike has not been too sharp unlike in other regions like Vancouver where the boom cycle has been fuelled by intense speculation. This makes the current scenario interesting and enticing for the end home buyer who wants to own their first home or upgrade or buy an extra property for rental income.
Article Source: http://EzineArticles.com/6423858
Economical Influences On Real Estate
Good Article read
If you are on the fence about buying Real Estate in Kelowna ,West Kelowna and the surrounding beautiful Okanagan Valley the California of Canada.
With the downfall in the economy, people are surrounded with the problems they have never faced before. The circumstances have became so harsh that people have had to leave their hard-earned properties instantly. Still, in other circumstances, there are some entrepreneurs who turn situations such as those into a rental opportunity. Some experts like a property management company can allow those people that once were homeowners an opportunity to now become renters.
With the bad economic situation, came a two-pronged effect in the property buying and selling market. Due to high interest rates, the homeowners are flooded with big time debts and there was a mass amount of people selling their homes as the prices dropped to their lowest in history. Even downgrading to a smaller residence wasn't an option for some. This brought a big dilemma in the property business and things turned out to be very atrocious in the end for homeowners, but the renters and the management companies have held their own.
Buying property today is still a big risk although it is improving. Most people are still counting on renting homes until they can feel more financially secure. If you own a property today, save it and rent it out if you want to bring it in use. Renting will give you cash and you do not have sell it in undervalued circumstances. Be smart. Do your research. Seek the advice of people who were managing properties before we found ourselves in this economic circumstance. They will have some advice and suggestion for your property management because this will not be a new venture for them. They will have experienced what it like to try to rent a property out when the economy is thriving and will give you a better view of the ups and downs of management role.
Nobody knows about the future and what the housing market will be like down the road. Even the experts disagree about how long this financial situation for most people will continue. As we look around, we find that some industries are starting to make a comeback. As the people who are employed by these industries make more money, they will make more purchases and the economy will return to a place where people can once again buy their own homes.
No matter how the economy rebounds, however, there will always be a need for rentals. People who are just beginning their careers, those that are living in a new area and need time to research a specific area of a city or town before they buy, those that find themselves in a high school tax area but no longer have children that live at home. There are many reasons for renting a property. If you are lucky enough to have the ability to purchase an extra property during this time of lower prices, then go for it! Property rental and management will always have a place in market regardless of the economic state of the union.
Article Source: EzineArticles6115610
Good Article to read when Real estate Shoping in Kelowna ,Westbank and the surrounding areas don't just get caught up on the Beauty of the Home for Sale.
By no means a guide to a complete home inspection, just a few points to consider when looking at a house to purchase.
1. Water - drainage
Water is the great equalizer, the "Driver of Nature". Any way you look at it, it is a force to be reckoned with and should be one of the first considerations when buying a house. What's the average rainfall, snowfall and where does this water go? Is there a creek that is a trickle when you first see it hold the potential to become a raging, destructive torrent following an excessively heavy rain or snow melt? Is the property in a flood plain or part of a high water table?
As you approach the house, take note of the overall topography. Is it level or inclined. If it is inclined does it slope towards the house or away. You can probably guess that the ground should be sloped away from the house. As you walk around the house look for natural drainageways leading away from the house for the direct surface runoff to follow. Keep an eye out for drains, signs of puddling where water may have pooled and evidence of erosion from water.
2. Structure - roof, foundation, exterior walls
When you look at the roof, look for any signs of sagging, uneven or damaged sections. Unevenness could be nothing more than a poor installation of a second layer of shingle or it could be a warped roof deck. On the other hand it could be symptomatic of a structural problem or a problem that has been corrected. Either way, make note of it and when you get to the buying process make sure you mention it to your Home Inspector. He or she will know what to look for in determining the cause.
Take a look at the foundation as you walk around the house. Do you see any long open cracks, bowing or flaking in the wall? If the house is raised with a crawlspace measure to see if access to the area under the house is safe and easy. That could come in handy during final inspection and if a repair person ever has to go under the house. When there is a basement involved, look for signs of moisture and cracks. When the house is built into a hill and you are looking into the buildup, note what type of floor (dirt, gravel, concrete, etc) and again look for any signs of moisture. Sometimes an underground spring will show up after heavy rain or snow and you'll see old water trails through the dirt or gravel.
Walking around the house, when you're not looking at the roof, foundation and drainage, take a look at the walls. Look at the condition of the paint or stain and if it's stucco note any cracks. Does the trim on the house appear vertical and are the windows square? Notice any sagging or bulging. If the siding is aluminum or vinyl, check the same things and look for missing pieces.
3. Vehicle access - driveway, parking, garage
Chances are you will be driving in and out of the driveway and if it's part of the house, the garage at least twice a day, leaving and coming back. Is the driveway at least 8 feet wide (9 feet would be better) and does it slope up or down towards the house. If it's the latter, there could be some drainage issues that will need to be addressed. If it's the former, be sure you will be comfortable heading up hill everytime you come home - especially if you're in the snow belt.
Another important consideration is if the driveway empties out into a busy street. If so, is there room for the driver to turn the car around in order to head out instead of back out into the traffic. Also take note of the surface. Dirt could turn into mud, gravel could shift and make low spots and if asphalt or concrete note extensively cracked areas.
4. Electrical & Plumbing
Again, while you're walking up to the house take a note of the electrical wires. If there aren't any, than your house is service by underground cables. If the wires are visible overhead, note if they pass through trees and that they are fastened securely to the house. Look around for any outside outlets. If you're up for it, open the main panel box and note whether it's a fuse or circuit breaker type and if there are any labels. If and when you get to the buying process your home inspector will take it from there. This type of inspection is more or less to satisfy your curiosity and to let you know what you'd be in for if you blew a circuit.
When you're inside, look for smoke detectors in the bedrooms, GFCI outlets in bathrooms and the kitchen, flip a few switches and look at plugs. Again, you're not checking the system just making sure there's nothing blatantly wrong and that you could live with what you find.
Plumbing is easy, do the toilets flush, does water come out when you turn the tap and is anything leaking. Actually there are a couple of more things you want to check out. Would the water come from a well or the municipality. If it's the former where is it and if it's the latter, where's the meter and shut off to the house. You don't want to be turning it off at the meter. Secondly is the drainage system connected to a municipal sewer system or a septic tank or cesspool. If it's one of the latter, where is it located and has the septic tank ever been cleaned.
5. Heating and Cooling - does it work, how old
At this point, you're probably finished looking at the house and you either like it or don't. If you are so inclined, now's a good time to check out the heating and cooling systems. If you're ready to buy, you can leave that up to your inspector however, if you're curious there's a couple of questions you should ask. First, what type of furnace is it, how old is the system and does it turn on when you operate the thermostat. Be aware not to turn on the air conditioning if the outside temperature is below 50 degrees.
These 5 points are very general in nature and came about from a conversation over dinner. My new friend, noting that I was a home inspector, asked what were the top 5 points the new home buyer should look at when considering buying property. What a great table topic! I took the points we discussed and put them in this article. My hope is that armed with this information you'll be able to quickly determine whether a house is up to par or not before you get into the buying process. Once you decide you're interested purchasing the home, it's time to call in an experienced, professional home inspector to make sure all the systems are working correctly and there aren't any structural defects that could be unsafe or cause problems down the line.
Article Source: EzineArticles 6111414
Great Article for Seller's in the Okanagan Real Estate Market and home owners alike to give a different thought on Home Improvement before entering your home in to the Okanagan Real Estate market.Even If you are not planing to Sell your home at the present time and you just want to make some improvement to your home you need to read this article and get some advice on what would be the best Choice.
Get It Sold: How Tattoos And Home Improvements Go Hand-In-Hand
Have you ever seen someone's tattoo design and thought, "What were they thinking?" Or maybe you have a tattoo and questioned your choice of ink art. Now have you ever gone to someone's house or seen one on TV and after seeing a certain feature or layout thought the same thing, "What were they thinking?"
Many of you may know people who have/had "significant other" tattoos, but they are no longer together. Or maybe someone has a tattoo in a different language, only to find out the meaning is different from what they thought. Tattoos are like fixtures on our body, and similar to real estate, can cause regret down the road if we are not careful with our choices. Designs that are trendy now, may not be in the future. Or we may love something enough today to make it permanent, only to grow out of it later. Sure, things can be done to either a tattoo or a home to "fix" it, but it comes at a cost and can leave lasting unwanted memories.
Homeowners also need to contemplate their choices because they too can be final. House hunting shows on TV have shown places where careful or practical planning may not have been a factor. There have been bedrooms so narrow you can stretch out your arms and touch both sides at the same time, bathrooms where you can't sit on the toilet without hitting your knees on the wall, and kitchens so tight some of the appliances have to be in another room. Homeowners also have to be wary of fads that may be "in" right now, but could end up hurting the value of your home in the future. While not always the case, some past examples would be rooms covered in wood paneling, wallpaper or bathrooms with colored toilets.
One thing to keep in mind is just because you like it, doesn't mean it's best for your home. Quirky or unique additions or features in a home can give it personal flavor, but from a possible resale standpoint, can decrease its value. Home buyers are looking to purchase a house to make it their own, and may not want to buy a home where the previous owner's tastes are evident.
Therefore, before making any home improvements, check with experts to see if it will add value to your house or if it could cause more harm than good. As for getting a tattoo, it's a personal decision. If you decide to get one, just remember, it's something you'll have for the rest of your life so choose wisely.
Real Estate Sellers: List with me and watch what I can do! Custom web addresses directly to your property on both my personal website and my brokerages site will help market your property directly to buyers and increase the speed at which your property is found.
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