Okanagan Real Estate News from Bo Skapski February 2019   
  Real Estate News




Bo Skapski

251 Harvey Avenue
Kelowna, BC
250-808-5508 or 1-888-301-2121
www.BoKnowsHomes.com


 
Strong communication between you and your agent will help ensure you receive a top-notch real estate experience. This month’s article shares a few tips on how to get the most out of your real estate agent.

There are also a few tips on how to make this the best year ever by stepping outside of your comfort zone, as well as some simple yet effective travel packing hacks!

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!

Cheers!
Bo Skapski

In this issue...
Okanagan Real Estate Market Report 
Residential market highlighted by spike in new listings.

Residential sales in January totaled 310 across the region of Revelstoke to Peachland, 4% fewer than December and a 31% decrease from this time last year.

“Residential housing demand continues to moderate, despite strong economic indicators, suggesting that government intervention is continuing to have an impact,” says OMREB President Marv Beer.

“Buyers, particularly first-home buyers, are likely having to wait longer to realize the dream of homeownership or lessen expectations of what they can afford as a result of stricter housing-related policy.”

New listings more than doubled December’s count, with 913 compared to 426 last month and 19% higher than last January. “This is the highest volume of new listings we’ve had for some time now,” comments Beer, adding “While we’re not out of the woods yet, this will help alleviate chronic housing supply shortages.” The supply of homes for sale last January was sitting at just over 2000 as compared to the current inventory which has now topped the 3000 mark.

Average price, at $482,749, declined 4% from December and 8% from last January. Average days on market, always a good barometer to watch, rose to 102 compared to 99 for both December and last January. It’s important to note that OMREB reports an average of days on market and that the indicator will vary depending on home type and sub-region.

“Typically, when properties take longer to sell, prices tend to moderate as conditions often give buyers an advantage and more opportunity to negotiate,” comments Beer, noting that slower activity is characteristic of the time of year.

Whether you are a buyer or a seller, it’s always a good idea to work with a real estate professional who will protect your interests on such a significant financial transaction. Under current market conditions, sellers can benefit from the knowledge and resources a local Realtor can bring to bear in marketing the property on MLS and across multiple real estate portals.

Buyers can benefit from a professional’s knowledge in evaluating properties for sale and establishing offers to purchase with appropriate conditions and terms. Both buyers and sellers can benefit from a real estate professional’s skill and practice in negotiation.

How to Get the Most Out of Your Agent 
Teamwork makes the dream work when you’re out house hunting!

The relationship between you and your real estate agent should always be productive and honest which is why having an open line of communication is absolutely critical to ensuring a win-win partnership!

Once you’ve discussed and agreed on your agency relationship, it’s time to start working on ways to communicate effectively. Communication is a two-way street, so both parties need to be open and honest at the outset.

Start with the basics by discussing your contact preferences. For instance, specify whether or not you can be contacted at work should your dream home suddenly hit the market. Clarifying these details ahead of time will result in fewer miscommunications down the road.

Also, be clear on which features are essential for your new home. Ranking your priorities will help your agent conduct a more efficient search. However, always try to keep an open mind as it can sometimes be a good idea to “look outside the box” and view homes that don’t entirely match your criteria.

If you're selling your home, make sure you discuss any issues that could either help or hinder the sale. Agents can offer great advice on staging so show them everything no matter how insignificant. For instance, that tiny crawl space you weren't even thinking of mentioning could be marketed as a unique selling feature!

Finally, let your real estate agent know if your needs change and don't ever hesitate to ask questions. If for whatever reason you're not completely satisfied with the way things are going, be completely honest so you can resolve the problem straight away before any hasty decisions are made.

The key to any successful relationship is communication, and the partnership between you and your agent is one that will hopefully continue long after you’ve landed your dream home. That said, please don’t ever hesitate to get in touch with any real estate related questions you may have.

Jump Outside Your Comfort Zone 
If we don’t leave our comfort zone, we’ll never realize our full potential.

If you want to make 2019 your best year ever, you’ll need to dive (or at least step) outside of your comfort zone. Here are a few ideas to help get you started:

  1. Risk vs. Reward - Fear keeps us safe, but it also limits our potential. Make it a habit to take a risk every day as it will challenge your brain and allow you to move forward in exciting new ways!

  2. Just Do It - Tackle a "to-do" you've been putting off by taking small, steady steps. Your newfound confidence will then make it easier for you to achieve other goals.

  3. New You - Take up an activity that excites yet scares you. It can be something thrilling like rock climbing or perhaps enrolling in a new class that pushes you outside of your comfort zone.

  4. Visualize Success - We tend to obsess over potential problems that come along with trying new activities. Instead, focus on the positive aspects and how amazing you’ll feel when things go smoothly!

When you step outside of your comfort zone, exciting changes will start to happen. If you replace negative, fearful thoughts with positive ones, you'll begin to naturally expand what you feel comfortable with, which will continuously fuel your personal growth!

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“The cave you fear to enter holds the treasure you seek.” - Joseph Campbell

Space Saving Packing Hacks 
These packing hacks will help you make more space in your case!

Packing always seems like a chore as fitting everything you need into a suitcase can be a real challenge! Here are a few tips to help you make the most of your case.

First off, divide and conquer your suitcase with the help of a few packing cubes as they’re great for organizing and maximizing space.

Also, stuff socks and other small items inside your shoes and roll up clothes rather than folding them. A sunglasses case is great for storing charging cords or earbuds while pill bottles are perfect for storing tiny items like earrings or sim cards.

Finally, your suitcase will likely receive a fair amount of roughhousing so place a strip of plastic wrap under the cap of your lotions before sealing them up in Ziploc bags to protect other items from getting ruined. Hopefully, these tips will help you maximize space and become a pro packer. Happy travels!



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...
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Not meant to solicit clients already under contract.