Vernon Real Estate.com

RE/MAX of Western Canada Top 100!

We are super honoured to have been awarded #21 in February and #38 from January - February for all Residential Teams in RE/MAX of Western Canada! Thank You to our awesome clients who continue to choose us for all their real estate buying and selling needs in the North Okanagan!

Call us at 250-260-4711 or email info@vernonrealestate.com and let's discuss your next North Okanagan Real Estate home sale or purchase, with no obligation! 

Buying A Home: What Expenses To Expect

Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, but there are also a host of other and sometimes unexpected expenses to add to the equation. The last thing you want in to be caught financially unprepared by taxes and other hidden costs on closing day.

These expenses vary as some are one time costs while others will take the form of monthly or yearly installments. Some may not even apply to your particular case, but it's best to educate yourself about ALL the possibilities so you will be prepared for any situation. Use the following list to determine which costs will apply to your situation prior to structuring your budget.

1. Purchase offer deposit

2. Inspection by a certified building inspector

3. Appraisal Fee - Your lending institution may request an appraisal of the property. The cost will be your responsibility

4. Survey Fee - If the home you are purchasing is a resale(as opposed to a newly built home), your lending institution may request an updated property survey. The cost for this is your responsibility and will range from $700-$1,000

5. Mortgage Application

6. 5% GST - This fee applies to newly built homes or existing homes that have recently undergone extensive renovations

7. Legel Fees - A lawyer should be involved in every real estate transaction to review all paperwork. Experience and rates offered by lawyers range quite a bit, so shop around before you hire

8. Homeowner's Insurance - Your home will serve as a security against your loan for your financial institution. You will be required to buy insurance in an amount equal to or greater than the mortgage loan

9. Land Transfer Tax - This tax applies in any situation in which a property changes owners and can vary greatly

10. Moving Expenses

11. Service Charges - Any utilities you arrange for at your new home, such as cable or telephone, may come with an installation fee

12. Interest Adjustments

13. Renovations - In order to "make it their own" many homeowners like to paint or invest in other renovations prior to or upon moving into their new home. If this is your plan, budget accordingly

14. Maintenance Fees - If you are moving to a new condominium, you will likely be charged a monthly condo fee which covers the costs of common area maintenance

Our top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful! Let's discuss your next North Okanagan real estate purchase with no obligation, give us a call at 250-260-4711 or email info@vernonrealestate.com

The 42 Annual Realtor Food Drive!

The 42 Annual Realtor Food Drive was a HUGE success and has filled the shelves at the Salvation Army Food Bank in Vernon! On the night of Wednesday, December 4th, realtors from all the different brokerages in the Vernon area descended en masse to the city streets. Homeowners were encouraged to leave what they could on their front doorstep and in turn make a donation to the Food Bank. Early tallies show that just OVER 30,000 lbs of non-perishable food was gathered during this long-running and hugely successful event! 

The Salvation Army Food Bank was grateful for all the volunteers and the generosity of the people of Vernon. The Salvation Army House of Hope has been an active contributor to Vernon's social fabric for over 25 years. More than 1100 people are being assisted through the Food Bank's programs each month and 32% of those assisted are youth and children under 18.

Thank You Vernon for your amazing generosity and we look forward to next year!

10 Things You Should Do Before You Sell Your House

From RE/MAX

1. Welcome buyers

Make your front door visible and accessible to buyers. Paint the door, clear debris and clutter from the walkway and yard, mow the lawn and prune hedges. Pot or plant colorful annuals and perennials to attract attention from the street. Fix broken screens, doorbells, roof tiles, shingles, and outdoor lighting, and replace your doormat. Exterior defects can make a poor first impression on buyers.

2. Make it sparkle 

Cleanliness implies a home has been well taken care of, so deep cleaning can win points with buyers. Buyers scrutinize homes, especially kitchens and bathrooms. Recaulk and repaint to give these grime-prone rooms a fresh and clean look. Clean rugs and carpets to eliminate unsightly stains or dinginess and eliminate odors. Tidy each room, including cabinets, closets and the garage, before showing. And if it seems daunting to do all that cleaning yourself, consider hiring a professional cleaning company to take care of all of it for you.

3. Start packing

Cramped and cluttered rooms turn buyers off and make your house look smaller. A home packed with your personal belongings also makes it difficult for others to envision living there. Start by storing away excess furniture, toys and personal decorations, such as family photos. Pack up things you don’t use on a daily basis, and put them in storage or ask a friend to hold onto them. Decluttering your house also gives you a head start on your move.

4. Paint wisely

A well-done, no-frills paint job is all you need. Put a fresh coat of paint on white or beige walls, and repaint walls that have eccentric or unconventional colors. Nature- and spa-inspired neutral colors, such as taupe and subtle gray, are the best choices. Definitely don’t forget the trim and molding either. And a fresh paint job on outdated or worn cabinetry goes a long way, too.

5. Fix the small stuff

Repair or replace broken or outdated hardware throughout your home. You can install new door handles, faucets, towel bars and curtain rods – fixtures that are readily visible to homebuyers – rather inexpensively. New hardware in the bathroom, kitchen and on windows and doors also improves the functionality and safety of these components.

6. Update lighting

Replace decorative light fixtures that no longer fit your home’s cleaner, fresher look. Install new bulbs with the appropriate lighting for specific areas of your home. For example, ambient, low-key lighting fills a room, whereas directional or task lighting works better in areas like a reading nook. Use accent lighting to highlight focal points in a room, such as the artwork above a mantle, to draw buyers’ attention to certain selling points.

7. Frame windows

Ensure you have the right window treatments, which enhance natural brightness and boost the appearance of a home. Window treatments also can impact a room’s temperature because they reduce or increase the amount of light entering the space. Adjust window treatments appropriately when showing your home in the mornings, afternoon and evenings.

8. Set the table 

Fresh, decorative flowers in the kitchen or on the dining room table are always a nice touch. Also, keep place settings handy for your tables so you can quickly set them out right before showings or an open house. Pull out all the formal stops for a dining room, and keep the table casual in the kitchen.

9. Hide unsightly everyday items

Don’t leave children’s toys and pet belongings out in the open during showings and open houses. Move litter boxes, pet dishes, toys, animal crates and kids’ entertainment to less conspicuous areas of the home, such as an outdoor storage unit or garage before each showing or open house. Also, think about where you can store things like dirty laundry and dirty kitchen sponges.

10. Don’t forget the back

Keep your backyard looking spacious and functional. Plant or pot colorful flowers and keep the landscaping trimmed and neat. Consistently pick up after your pets so buyers feel comfortable touring the yard.

Mortgage Rate Forecast

"Canadian mortgage rates continued to decline in the third quarter as rising trade tensions between the United States and China fed growing fears of a global economic slowdown. Those fears pulled long-term Canadian interest rates low enough to invert the Canadian yield curve, a frequent—though not infallible—pre cursor to recession." Brendon Ogmundson, Deputy Chief Economist BCREA

Read the FULL Rate Forecast here

North Okanagan Real Estate Market Update April 2019

“While spring is usually hustle and bustle, we were curious about what would happen in the market this year, given the relatively slow lead-up and government measures to cool demand,” comments OMREB President Michael Loewen, adding “April’s indicators suggest our market may not be dampening as much as markets elsewhere.” 

North Okanagan Stats:

Units Listed - 443

Units Sold - 208

Days to Sell - 101

Active Listings - 1,033

Average Prices:

Condo - $221,450

Townhouse - $344,237

Lots - $231,563

Residential - $533,300

Read the full news release for the Okanagan here

North Okanagan Real Estate Market Update March 2019

"Despite steady increases in new listings over the past several months, housing supply is light as we head into the spring market, which is concerning and points to a problem we've been stressing for a while: a generalized lack of housing supply." 

-Marv Beer OMREB President

North Okanagan Stats:

Units Listed - 347

Units Sold - 157

Days to Sell - 103

Active Listings - 1,237

Average Prices:

Condos - $196,632

Townhouse - $358,192

Lots - $282,717

Residential - $546,022

Read the full news release for the Okanagan here

The OMREB reports:

“Despite a cold snowy February, the market behaved true to form for the time of year, picking up from the last couple of months,” comments OMREB President Marv Beer. Other indicators further signifying a shift away from the strong sellers’ market of the past several years include an increase in new listings, a growing inventory of homes for sale and lower average pricing.

Average Prices:

Condos - $221,707

Townhouse - $395,629 

Lots - $400,571

Residential = $495,833

Read the full OMREB media release here

North Okanagan Real Estate Market Update December 2018

“Looking to 2019, we can expect that the market will continue to moderate, as compared to recent years, with all signs pointing to more balanced conditions where buyers and sellers are benefitted more equally. Demand is dampening as a result of government policies that erode affordability and purchasing power, yet these effects are continuing to be offset by relatively strong economic performance”

Marv Beer OMREB President

North Okanagan Stats

Units Listed= 121

Units Sold =111

Days to Sell = 116

Average Prices Sold:

Condo = $22,875

Townhouse = $348,484

Lots =$404,889

Single Family = $477,904

Read Full OMREB Media Release here 

April 2018 North Okanagan and Shuswap Real Estate Update

Residential sales for the region of Peachland to Revelstoke tallied 746, 19% more than March, but 9% down from this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).

“Markets are cyclical and what we hope for are smaller peaks and valleys, but it’s difficult to know if that’s what we will get, given the volume of tinkering occurring in the form of Federal mortgage tightening rules and higher interest rates and now a proposed Provincial speculation tax.” - OMREB President Marv Beer

In the North Okanagan there were 391 units listed and 190 units sold in April. The average prices of properties SOLD were as follows: Condo = $197,911 Townhouse = $322,840 Lots = $196,450 Residential = $510,372

In the Shuswap areas there were 298 units listed and 117 units sold in April. The average prices of properties SOLS were as follows: Condo = $322,400 Townhouse = $319,057 Lots = $127,531 Residential = $430,918

Need help navigating the market in the North Okanagan or Shuswap? Contact us today at 250-260-4711 for dedicated, professional, award winning service!