Okanagan Real Estate News from Bo Skapski December 2017   
  Real Estate News




Bo Skapski
Bo Knows Homes Desrosiers Cook Team

Assurance Realty Ltd.
#100 - 1634 Harvey Avenue
Kelowna, BC
250-808-5508 or 1-888-301-2121
www.BoKnowsHomes.ca


 
Staging is all about highlighting a home’s best features in order to ensure it appeals to as wide of an audience as possible. This month's article shows why a properly staged home will sell faster and for a higher price.

There’s also some great advice on how to enjoy a better night's sleep as well as a unique gift idea that helps people in need from all around the world build successful businesses.

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Bo Skapski

In this issue...
Okanagan Real Estate Market Report 
Cooling sales & tight supply temper Okanagan prices.

Residential sales posted to the Multiple Listing Service (MLS®) for the Okanagan region of Peachland to Revelstoke totaled 605 in November, falling 18% from last month’s 736 and up 6% from this time last year reports the Okanagan Mainline Real Estate Board (OMREB).

“Despite a strengthening economy, lower unemployment and near record immigration, both buyers and sellers seem to be laying low as we approach the end of 2017,” comments OMREB President Tanis Read.

“Significant decreases in both sales and new listings in November combined with a significant uptick in average number of days on market may indicate that factors like tightening government regulation around mortgages, tenancy and representation are taking their toll.”

The month of November saw 769 new properties listed, down 14% from October’s 898 new listings, and approximately on par with the 705 new listings that came to market in November 2016. Typical for the fall months, average number of days to sell has increased to 132 from October’s 83 and but is significantly higher than the 97 days on average for the same period last year.

Read notes that average price – $501,335 for November – has moderated slightly with tightening supply and less-buoyant sales. Average price in November was down 5% from October, but up 7% over this time last year.

“Although availability and affordability is beginning to be addressed through new, multi-family residences coming to market in some regions of our area, we may also be seeing a lag of resale product coming to market during the period of transition, which is product primarily represented on the MLS System,” comments Read.

More housing supply (which we are seeing in new construction) offers benefits not only for prospective buyers but those looking to rent and even those considering selling. However, we are not yet seeing the overflow impacts to the resale market. In the meantime, while we are still in a seller’s market, where there are fewer homes for sale to a larger pool of buyers, this can be attractive for those considering listing, but can also pose challenges for those same sellers when they look to find a new home at a price they can afford.

“Even within a local real estate market, conditions can differ within particular sub-regions or the various types of housing product,” says Read, encouraging buyers and sellers to consult a local real estate professional to ensure they have comprehensive data to inform their decision-making.

OMREB’s monthly survey of homebuyers in the region seem to support the impacts of tightening regulation and supply, as fewer first time home buyers – which comprised 15% of the market in November – has decreased significantly compared to the 84-month historical average of 20% of purchasers. The number of move-up buyers has been impacted similarly, which made up 22% of purchases on average in the past seven years, but now only comprises 14% of the purchasing market.

“While market dynamics have definitely changed, it’s encouraging that first time buyers continue to be a strong force within the region as they stimulate the chain of housing ownership”, says Read. “It is also not surprising to see that the number of move-up buyers correlate strongly with first-time buyers, as they tend to rely on first time buyers to purchase their existing homes.”

Setting the Stage for a Perfect Sale 
You only get one chance to make a great first impression!

When you put your home on the market, your goal is to sell it quickly and for top dollar. Properly staging your home from day one will create an amazing impression that will generate a huge buzz!

Staging isn't so much an expense as it is an investment. Not only is your home likely to sell for a higher price but it will probably sell much faster which is important because homes that sit on the market can quickly lose their value.

Staging starts with an ultra clean, de-cluttered and de-personalized home. Buying a home is an emotional decision so buyers must be able to envision themselves living there which is why photographs, trophies and kids' artwork have to go.

A stager also ensures your home is inviting to buyers by enhancing the functionality and flow of each room. They can remove and store furniture so the house looks as spacious as possible and use lighting and other tricks to warm up the feel of your home. A properly staged home will also look much more appealing to those browsing online which will generate more showings.

If you want to stage your home yourself, you'll have to go beyond the basics. Start cleaning up the front yard, the porch, the garage and don’t forget the back garden. Buyers have a tough time visualizing themselves in unfurnished rooms so turn your craft room back into a bedroom or transform an awkward nook into a reading spot by setting out a comfy chair and lamp.

Great lighting will create a warm and welcoming ambience so make sure you update your light fixtures, lamps and light bulbs. Buyers will also be snooping through your cupboards and closets as storage space is often an important factor so don’t forget to stage those areas as well.

A well staged home is much more likely to make a great first impression and capture the hearts of homebuyers. Whether you pay a professional to stage your home or do the work yourself, staging is a worthwhile investment that will massively increase the odds of your home selling quickly and for top dollar.

Tired of Tossing and Turning? 
Healthy sleep habits can greatly improve our quality of life.

If all you’re dreaming of is a good night’s sleep, you’re not alone. Lack of sleep can take a massive toll on our mental and physical health. The following tips will help you get the sleep you need:

  1. It's a No-Glo - Hide all light no matter how faint and turn off your smartphone at least 30 minutes before going to bed.

  2. Chill Out & Warm Up - Keep the bedroom temperature cool and wear socks to bed to help your body evenly transfer heat to the extremities.

  3. Light Bright - Take in all the daylight you can as it changes the melatonin levels in your body which causes you to sleep better when darkness falls.

  4. Keep it Regular - Try to go to bed and wake up at the same time every day. If you get poor sleep one night, don’t have a nap as it will affect your internal clock.

  5. Stay Fit - Exercising early in the day can help you sleep better but avoid it at night. Instead, ease muscle tension with some light, relaxing stretches before hitting the sack.

  6. No Worries - Write a to-do list before going to bed in order to flush out your thoughts and worries. Keep a journal beside your bed just in case your mind starts racing.

Lack of sleep can contribute to major physical and emotional health problems so it's important to consistently practice positive sleep habits. The above suggestions will help you peacefully drift off to sleep each night so you'll be much more energetic and productive throughout the day. Sweet dreams!

Kiva Loans: the gift that changes lives! 
This year, give a gift that keeps on giving, over and over again!
 
If you’re having trouble coming up with a unique gift for that special someone this Holiday Season, why not consider a Kiva gift card!
 
Kiva is a non-profit organization that makes it easy to lend money to low-income entrepreneurs in over 80 countries. Loans start at just $25 which goes directly towards starting a business.

The recipient goes online and chooses someone to loan the money to and once the loan has been repaid, it can be re-lent to someone else or it can simply be withdrawn. It’s a win-win scenario as not only does it help out the borrower but the lender walks away with a great feeling!



PS Instant Email Notification
Searching for Kelowna BC real estate MLS listings used to involve calling on signs or newspaper ads and stumbling onto open houses. The problem with these methods is that you only see a small percentage of what's on the market. The MLS site is far more effective; however, only limited information is revealed, such as the price and number of bedrooms. As a buyer, you want to know all of the pertinent information such as the address, taxes and so on.
An Easier Way...
Our home search technique emails you Kelowna BC Real Estate MLS listings which match your criteria! Just fill out the checklist and whenever new MLS listings hit the Kelowna BC real estate market matching your criteria, they're flagged and automatically emailed to you. There's no need to spend your spare time searching for homes which may not even match your criteria - just sit back and relax!
Free & No Obligation...
Best of all, this exclusive service is offered to you absolutely free and with no obligation. Just take a few moments to complete the following checklist and you'll instantly be on your way to mastering the Kelowna BC real estate market!
http://www.boknowshomes.ca/instant-email-notification.php 

Not meant to solicit clients already under contract.