Kelowna Real Estate News & Market Trends

You’ll find our Kelowna, BC blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 1, 2021

IMPORTANT PROJECTS FOR YOUR HOME

IMPORTANT PROJECTS FOR YOUR HOME

 

Take advantage of good weather to make your home better

With a summer of increased freedom and high temperatures, you may be thinking of outings and exploring instead of your home base. Yet this is an excellent time to tick some important maintenance items off your list. Of course, you need to keep an eye on the air pollution index and wildfires, but it always feels good to get some outstanding projects accomplished while the weather cooperates.

 

Wood Work

Check over the wood exteriors on your house and in the yard. Examine the deck, wood siding and fences to find any rot or damage and replace boards with fresh ones. An affordable alternative could be head to some local cabinetmakers or other woodworkers to see if they have any scraps you can buy and fit to your needs. Use a pressure washer to deep clean and consider adding a fresh coat or stain or paint where necessary.

Crack Attack

Say no to cracks… in your driveway, sidewalks, or patios. Use some crack seal to fill in the gaps before colder weather comes, as water freezing in cracks will cause them to expand and spread further. Speaking of cooler weather, you will want to seal any cracks and gaps in your windows before they turn into autumn drafts.

Clean-up Time

 

Clean out eaves troughs and soffits from the gunk and reuse that can build up throughout the year. Remove all trash and debris that settles outside basement windows in the window wells. Clean out and organize the garage by eliminating any junk and selling items that you haven’t used in the past couple of years. Make sure all hazardous items are properly stored such as paint, fertilizer, etc.

 

Posted in blog
June 9, 2021

Top 5 Home Renovations & Upgrades for the Best ROI

Now that the spring market is in full swing, and with summer right around the corner, sellers are looking to list their home in the hottest season of the year. However, with listing naturally comes thoughts of upgrades to complete to ensure your home really stands out and gets the attention it deserves. Before diving into renovation projects, check out these 5 upgrades that won’t only make your home sparkle, but will also garner the highest return on investment so that your money is put to good use.

When preparing for home renovations, whether it be to upgrade your home for yourself, or getting it ready to sell, trying to choose between projects can be daunting. Your home is an investment, and every dollar you spend should count. To ensure you are spending your money wisely, it is important to understand exactly what a return on investment is, and which home renovations offer optimum returns.

In real estate, a return on investment often referred to as ROI, is the difference between how much you gained or lost financially on your investment compared to how much you put into it. When upgrading your home, you should be looking at renovations that will provide the best return on investment. In the current climate, many homeowners are taking advantage of market conditions to capitalize on their ROI, as the demand for homes, especially those outside of the major metropolitan cities, lies in their favour.

 

Here is your guide to the Top 5 home improvements that you can make to receive a maximum Return on Investment.

 

Kitchen Upgrades

Return On Investment: 75% +

 

Cross-culturally, kitchens are typically the meeting place for families; It is where we gather, where we eat, and where we laugh. It is a room that see’s a lot of use, and when modelled or staged just right, it can be the selling point that many buyers are seeking. Fortunately, you don’t have to do a complete redesign and renovation to make an impact. A minor remodel with cabinet updates, a new countertop and updated fixtures, hardware, storage solutions, lighting, and a fresh coat of paint will give a complete facelift to any kitchen space and have buyers lining up to have their offers reviewed.

There are many aspects of the kitchen remodel that a handy man or woman can do on their own, or if you are looking for someone to complete the work for you, hardware stores and contractors have great options that will transform your kitchen, ceiling to floor.

 

 A Splash of Paint

Return on Investment: 50%+

 

Adding a fresh coat of paint may be one of the best ways to bring life back into your home, at a manageable cost. Not only does it brighten up your space (provided you are using light, neutral colours), it also makes the home appear clean and fresh, untouched, well maintained, and when done right, it can highlight some of its best features. Having a quality paint job will also reassure buyers that there is less work to do on the home when they take ownership. Having your home painted before selling is an upgrade that almost guarantees a good Return On Investment.

 

 Flooring Upgrades or Repairs

Return on Investment: 80%+

A huge feature buyers look at when pursuing homes, whether in person or online, is the type of flooring installed and the condition that it is in. If you are wall to wall with tired, worn out, or dated flooring, it can easily distract from the rest of the home’s great features. Reviving the ground you walk on with something more practical and modern is a great way to improve the overall appearance of your home, and is an expense that has great potential for a high ROI. While some homeowners are experienced in laying down flooring, getting a professional to do the job will ensure it is done properly the first time around so that it looks its absolute best and maximizes your return. If your flooring is in decent condition, it may just require a bit of TLC. See here how to refinish your existing hardwood flooring so that it looks and feels as great as it did when it was first installed.

 

 Home Repair and Maintenance

Return on Investment: 60% +

When home renovations are on your mind, you may find yourself dreaming of a kitchen project similar to the ones seen on HGTV’s Extreme Makeover: Home Edition. While those renovations are great to watch on television, they are time consuming, expensive, and despite how great they look, they don’t always bring back the highest returns. This is why it is so important to be smart with your home renovation projects. If there is a lot of maintenance that needs to be done on your home, having that up to date may be more useful than projects that work on the home’s aesthetic. Ensuring home repair and maintenance are caught up can offer a buyer peace of mind and reassurance knowing that they won’t need to worry about any pricey repairs in the near future. Servicing or replacing central air and furnaces, hot water heaters and duct work is a great place to start, but don’t forget to take a look at bigger items like an old roof, or outdated windows and doors. These repairs will help the bones of the home stand out, and that is something buyers don’t often ignore.

 

Bathroom and Powder Rooms

Return on Investment: 60%+

Beautiful bathrooms and powder rooms are great ways to garner some attention when selling your house. If you want to go above and beyond a typical deep clean in your bathroom and really dress to impress, look into a complete transformation by introducing modern designs, and bringing as much light and space as possible. Bathrooms can easily feel like a luxury these days, and with the right upgrades, your porcelain and your return on investment will be something to brag about.

 

 

Curtesy or Royal Lepage Kelowna 

Posted in blog
June 1, 2021

May Blog

Kelowna is British Columbia’s new hot-spot for home-buyers. With an unprecedented number of sales to kick off the spring season in March, and many people relocating from all across the country to enjoy the hillside views and life on the water, preparing buyers for the market is essential. Here is everything you need to know about buying a home in Kelowna in this new era.

 

What Can A Buyer Expect when buying a home in Kelowna

 

Spring is in full swing in Kelowna BC, and a busy season in Real Estate awaits, with eager buyers looking to settle into their new homes in the Okanagan Valley. As a result of homeowners and renters re-prioritizing housing and living standards, Kelowna is already seeing an unprecedented influx in sales.

 

Many buyers are looking to abandon big city living to enjoy the space, the views, and the small town life that Kelowna and the Okanagan Valley have to offer. It is easy to see why the interest exists; Kelowna is an attractive destination for tourists with desirable climate, lakeside location, plenty of wineries and both summer and winter sports to enjoy in this historical centre in southern British Columbia, so why not make it your place to call home?

 

In any market, when it comes to finding a home that suits your needs, the process can feel time consuming and overwhelming. There is a lot of work to be done to secure the home of your dreams and with the growing demand in Kelowna for single family and townhomes, being prepared is your best bet. Here is what you need to know as a Kelowna-bound buyer in 2021.

 

Low Inventory or High Demand?

 

With how competitive the market is today, many buyers are experiencing tremendous frustration. The high demand for single family homes, condos, and townhouses without the inventory to support it is leading to a “buyer’s fatigue”. While it may seem like there is a low inventory, the true story is that the demand for homes in Kelowna is the highest it’s been at in over ten years.

 

Although homes are being sold quickly, it is important to note that not every home is getting multiple offers or seeing bidding wars. It is because of dynamic situations like this that makes it all the more important to approach buying a house with a certified REALTOR ® who has experience navigating the market. Being prepared will have you putting your best foot forward, and working with your agent will take some of the stress off of you and your family when buying in these market conditions.

 

 

 

 Multi-Unit Properties

 

As Kelowna becomes more and more recognized as a top choice for homeowners and first time buyers looking to relocate or settle down, the trend of multi-unit properties is increasing as well. Multi-units or multifamily properties are an excellent way to invest in Real Estate. Two to four unit properties are a great way for investors to make a safe purchase that could have tenants paying down their own mortgage, especially in an owner-occupied situation, all the while building towards greater financial freedom. When buying a multi-unit property, owners can decide to have as much or as little involvement as they please; They can choose to be an active landlord on the premises, or contract out a company to fill vacancies as they come. With families looking to indulge fully in the Okanagan Valley lifestyle, and AirBnB’s as a popular solution for travellers looking to avoid hotel stays, no matter how you market your multifamily property, retaining occupants for a stable investment can be done easily.

 

 

 

First Time Home-Buyers

 

While experienced home-buyers may have more capital to use when relocating to Kelowna, first time home-buyers might feel that they are being priced out of the market. It is important to know that there are programs offered in British Columbia to support first time home buyers. Qualified first time home buyers who are applying to this program can receive land transfer tax exemptions, allowing them to budget more money for the downpayment and less for these administrative fees. For more information on benefits you can receive as a first-time buyer, talk to your agent today.

pre-emptive and Bully Offers

 

You may have heard of bully-offers when looking to buy a house, and though some people stray from allowing these types of offers, it is a strategy that just might work with today’s market conditions. Presenting a seller with a pre-emptive or bully offer is essentially a way of getting your offer reviewed before its official list date. This tactic allows a buyer to potentially beat out the competition who are waiting for the presentation date before making their move. While these types of offers can give some people an unfair advantage, many who have dealt with disheartening losses, multiple offer situations, or for buyers that are just eager to purchase the specific property, resorting to this strategy and presenting the seller with an offer that has few to no conditions, is usually above asking price, with a pre-approval for financing or cash offers just might be the solution they are looking for.

Not every seller will entertain pre-emptive offers, and buyers have to be sure they want to take the risk that it presents. When submitting this type of offer without conditions or pre-inspections, you may end up taking a financial loss that you were not expecting. It is important to know the pros and cons of this tactic and proceed cautiously with the help of your REALTOR ® in any situation.

 

Come Prepared, Leave Happy.

 

Lastly, the best thing any buyer can do in the market we are seeing today is to come prepared. Do your research. By this, we mean have a list of wants and needs, desired neighbourhoods, amenities you are looking for, bedrooms, bathrooms, and anything else that may affect your house hunt. Additionally, ensure to get pre-approval from a lender, as this will play a big role in your quest to buy a home. For any questions, concerns, or for help moving forward, call your Royal LePage agent today. We know that buying a house is a big thing, and we are here to help you navigate this journey to find and enjoy your future home in Kelowna, B.C.

 

 

 

For more helpful articles, visit the Royal LePage Kelowna Blog.

 

https://royallepagekelowna.com/royal-lepage-kelowna-blog/

 

Posted in blog
Jan. 5, 2021

Decemeber Market Stats

As we start the new year the market remains strong.

 

In the residential market listings are down 7% Sales are up 34.86% and inventory is down 43.24 %

 

In the Condo Market. Listings are up 7% Sales are up 12.87% and inventory is down 10%

 

In the Townhouse market Listings are down about 1% 

Sales are up 29.84% and inventory is down 36.33%

 

If you are thinking of buying or selling in 2021 feel free to reach out 250-317-4599 or Tyler@TylerZeeman.com

Posted in blog
Dec. 14, 2020

Demember Market Stats

The Kelowna market has stayed hotter then toilet paper sales in March 

In Novemebr the Single family market is up +74.3% with 291 sales and inventory is down - 43.2% 

 The townhouse market has stayed hot with sales up + 82.85%with 106 sales and inventory down -19.9%

The condo market is up +74.2% with 169 total sales and inventory is down only 4%

 

With inventory so low the market is expected to say hot. Royal Lepage Canada just realeased the 2021 forcast which predicts Canadian home prices with RISE 5.5% Sounds like great news for the Okanagan Market!

 

Happy Holidays Everyone 

 

Tyler Zeeman 

RLP 

 

Posted in blog
Oct. 28, 2020

Weekly Real Estate Update

As we move into the fall market, Real Estate in Kelowna remains strong with low inventory. 

The week of October 19th - October 25th 2020 saw 149 Listings, 182 Sales and only 14 expired listings 

The Highest sale of the week was $5,500,000 and the lowest was $410,000

Are you looking to make a move this winter now might be the best time with interest rates so low give me a call at 250-317-4599 

 

Posted in blog
May 7, 2020

April Market Stats

Posted in blog, Market Updates
April 22, 2020

Buying and Selling during COVID-19

Hi Everyone, 

Real Estate is affecting us in an interesting way so far. Mainly how we conduct business. It is too early to see how the COVID-19 virus will affect the market in the long term. One thing is for sure is that people still need homes. 

Ask yourself this simple question:

Is it critical I move right now?

If the answer is YES, I will help you make it as safe as possible.

If the answer is NO, I suggest staying in your current home right now may be a safer decision. 

Circumstances are often out of our control. If you must buy or sell a home here are a few steps that my family and I are taking: 

Listening to government & health authority instructions and strictly abiding or surpassing them.

Educating myself on the ever changing topic of the COVID-19 virus/pandemic.

NOT hosting Open Houses until further notice. 

Working home full-time. 

Encourage Buyers to do a "drive-by" prior to booking a viewing. 

Ensuring there is a hand washing area at property. 

Removing paper towels used from Seller's home.

touching of surfaces during viewing. 

Monitoring my own health and qualifying clients on recommendation by health authority. 

following all showing guidelines set by the real estate council during cover-19

I am proud of all the work that our health care workers, truck drivers, supermarket employees, food industry workers,  different level of governments and many others are doing.

 

 I recognize it will be financially difficult for many sectors including arts and entertainment, retail, bars, events organizers, for anyone who can't work from home and small businesses. Many jobs have already been lost. My heart goes out to you all. 

 

Something I learned and use often: even though those are serious times for our community, careful preparedness, stress and worries are all normal parts of the process. We all get affected differently. If you are low on supplies, fully quarantined and need help, or simply need someone to talk to, don't be shy to reach out. I'll do anything I can to help. 

 

Call Text or email if you have any questions 250-317-4599 or tyler@tylerzeeman.com

Posted in blog
April 14, 2020

5 essential tips for first time home buyers

5 essential tips for first-time home buyers 

Buying your first home can be a daunting experience.

For many, real estate is a complex and confusing world. And it is tough to know where to start when you’re ready to purchase your first home.

Here are 5 tips that can help!

GET PRE-APPROVAL

This may be the single most important step in the buying process for a first time home buyer having this knowledge will make your home buying experience easier and less stressful 

Pre-approval is key know exactly how you can afford before you start looking.

MAKE A LIST

It is a good idea to write down a list of the things that are important to you when it comes to the purchase of your first home. Separate the list into two columns (needs and wants) this list will be important when viewing potential houses. When viewing these houses, it is important to keep notes so you can remember which features each property had.

KEEP AN OPEN MIND 

It is rare for a first home to be a perfect 10 in all categories however it is possible to find a home you will fall in love with, which is also one that checks off the most boxes on your list.

In faster paced markets where multiple offer situations are normal it is possible that you may miss out on the first house you are drawn to. It is important to remember the right house is still out there and in some cases you will be glad you missed out on the first house.

ASK QUESTIONS

Many first time home buyers are hesitant to ask questions because they don’t want to be embarrassed if they’re not familiar with certain terminology. As a real estate professional I understand the confusing nature of the business and I am happy to help navigate you through the process.

GET A SECOND OPINION 

Even after you’ve found the home of your dreams it is always nice to get someone else’s opinion. Bring a friend of family member you trust along. They may notice something you didn’t and if they love it to you can rest easy knowing you made the right decision 

IF you have any questions or would like to meet and set up a VIP buyers plan please call text or email 250-317-4599 or Tyler@tylerzeeman.com

Posted in blog
Aug. 29, 2018

Central Green Preview