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Wed, 08 Apr by Team Cavaliere

FOR ALL BLOGS AND EVERYTHING REAL ESTATE, UPDATED DAILY – CHECK OUT OUR NEW WEBSITE FROM THE LINK BELOW

HomesInKamloops.com

Regards,

Vince Cavaliere

Licensed Agent

Broker Owner

(250-374-1925)

Tips to Deal with Moving Stress

Tue, 31 Mar by Team Cavaliere

There are many ways to beat stress when moving but when in the process it’s easy to get overwhelmed.  Here are some helpful tips to make your move go as smoothly as possible.

 

  1. Make a list – Write down all the things that will need to be done during your move. To make it even easier, you can also make your list a timeline which will remind you when certain things need to be done.
  2. De-clutter – 20 years of stuff piling up in your basement? Clear it out!!!!! Before packing or during packing go through your items and donate or throw away the things you no longer use. Not only will this clear space for your new home, it will also help you feel good about the move.
  3. Ask for help – Don’t be afraid to ask friends and family for help, they have been there before too! Ask them if they would mind helping with packing or if you have kids maybe they could watch them for you while you pack. There are many ways people can help!
  4. Have a backup plan – Booked your moving company? Just to be sure, you can always book the Team Cavaliere moving trailer or ask Uncle Joe to help out in case of an emergency.
  5. GO WITH THE FLOW – Things can and will go wrong, you will need to be flexible and give yourself some room to deal with these little problems.

 

If you have kids:

  1. Give your kids as much information as possible about the move and make it understood that they can ask you any questions.  This will help your child feel more confident and can even be fun if they feel involved.
  2. Ask them to sort their own room or help organize their things.
  3. Make a “moving survival kit” box or have them make one that includes things your child will need in the move such as games, books, photos of friends, etc.
  4. If you have a baby or toddler try and have someone watch them for moving day.

 

If you have pets:

  1. If possible leave your pets at a friend or family member’s house until you have moved, if you can’t leave your pet with someone leave them in one room with some water and their toy while your stuff is being moved out.
  2. If you are moving far ensure you have blankets, food & water in the car for your furry friends!
  3. If your moves requires a big move or overseas. Your pet should be tattooed or micro chipped in case they get lost, your name & contact information should be clearly visible on their collar. There are also many doggy day cares around to help you out as well.
  4.  If your dog is staying with friends try to arrange the furniture before they get to the new home or keep them in empty water with water and toys.
  5. Stick to your pet’s regular schedule as much as possible, regular walks and play time will help them with the stress of moving.

 

 Unpacking:

  1. Move your furniture and larger items in first.
  2. The best place to start unpacking is the kitchen; you will need to eat at some point…  Start with the things you use most often and you can leave your special china and things you use less in boxes to be unpacked later.
  3. Next are the bedrooms, then the bathrooms (although hopefully you kept some toilet paper aside).
  4. Now that all your main rooms are unpacked you can focus on unpacking your office, rec room, etc.
  5. Once everything is unpacked or as you unpack each room you can decide where you want your pictures and decorations can go (the fun part!).

 

In the meantime, if you have any questions regarding the information provided or about the Kamloops Real Estate market, contact me or one of our experienced Team Members at River City Realty. We’ll be happy to answer any of your questions. We can be reached at 250-374-1925

 

Regards,

Vince Cavaliere

Licensed Agent

Brokerage Owner

Cost of Buying a Home

Mon, 23 Mar by Team Cavaliere

Deciding to buy a home is a major decision, both financially and emotionally.  Since buying a home is probably the single largest purchase a person will ever make, it is important to do your research and know ahead of time all of the costs associated with doing so.  Today’s blog will help new buyers better understand all the costs associated with buying a new home!

 

Legal Fees and Expenses: It is normal practice in BC for buyers to use a lawyer or notary public to transfer ownership of the property.  A lawyer also looks out for your best interest by:

  • -searching the title in the Land Title and Survey Authority Office
  • -ensuring the sellers old mortgage is properly discharged
  • -confirming all payments the seller is responsible for have been made
  • -preparing a Statement of Adjustments outlining all monies owed by you and the funds you will need to complete the  transaction
  • -delivering the final amount due to the seller and ensuring you are registered as the owner in the Land Title and Survey Authority Office

 

Lawyers’/Notary fees generally vary depending on the amount of work done to convey the file. A standard transaction usually costs between $500-$1500.

 

Home Inspection: Although doing a home inspection isn’t mandatory, it is highly recommended.  A home inspection will usually look at the following things:

  • -The foundation
  • -Electrical
  • -Roof
  • -Plumbing
  • -Heating and cooling

Although home inspectors cannot guarantee that you won’t have any problems with the house, they do provide you with piece of mind and often can save you money down the road by identifying problems before they become too big.  Keep in mind that inspectors don’t look inside walls and most don’t include termite inspections.  Costs will vary depending on the size of the home but you can expect to pay $300-600.

 

Other Inspections:  As mentioned, a home inspection may not look for termites.  If you are considering buying a home in an area with known termite activity you may want to have a termite inspection done.
Other inspections include water quality inspection.  If you are moving to a property that relies on well water you may want to have the well inspected for water quality and quantity.  Some areas may not have potable water from the well, while others may have low GPM (gallons per minute).

 

GST:  In BC if you are buying a brand new home, you will have to pay GST.  However, there may be some rebates available depending on the purchase price of the home.

 

Property Transfer Tax: Property transfer tax must be paid on all purchases unless you qualify for a first time home owner’s grant.  Property transfer tax is 1% on the first $200,000 and 2% on the remainder.  For instance if you purchase a house for $350,000 you would owe 1% of $200,000 which is $2,000 plus 2% of $150,000 which is $3,000 for a total of $5,000.  For more information of the First Time Home owner Program visit the government of BC website: http://www.sbr.gov.bc.ca/business/Property_Taxes/Property_Transfer_Tax/ptt.htm

 

Property Tax:  If the current owners have already paid the current year’s property tax, you will have to reimburse them for your share of the year’s taxes.  Your lawyer will take care of this calculation for you.

 

Survey Fee: Sometime your lender will request a property survey to verify the property’s boundaries and ensure the property is within the boundaries.  Often times the seller will have a copy of the survey certificate, but if they don’t, it may be your responsibility to pay for the survey costs.

 

Appraisal Fee: Sometimes your lender will request an appraisal of the property in order to approve your financing.  This is done on the lenders part to ensure you are not overpaying for the property and that you aren’t asking to borrow way more than a property’s actual value.  Some lenders cover the cost of this but others will require you to pay.

 

Home Insurance: Your lender will usually insist that you have home insurance to cover the property in case of unforeseen events.  If you think about this from the banks point of view, it makes sense for them to require you to have home insurance.  After the entire house is their collateral for the loan.  If something were to happen that completely destroyed the house, such as a fire, the insurance company would be required to pay out your mortgage first, before you receive any insurance proceeds.  Your home insurance is based on the value of the house and what its replacement cost would be.  Your lawyer will sometimes require confirmation that insurance has been arranged.

 

Mortgage Insurance:  Mortgage insurance protects the lender if you were to default on your mortgage.  It is usually required when your mortgage is over 75% of the appraisal cost of your home.  It protects the lender in case the price of your house has decreased in value and the value of your home is insufficient to repay the cost of your debt.  The cost of mortgage insurance is usually added to the total loan amount and paid for over the term of the mortgage.

 

Hook-Up Fees:  They may be minor in comparison to other fees associated with the purchase of your house, but it’s still important to keep hook-up fees in mind, especially if you are on a tight budget with the purchase of your new home.  Hookup fees may apply for utilities such as electricity, gas, telephone, internet and cable/satellite.

 

Moving Costs: Depending on how much content you have and how far you are moving, costs can vary significantly.  For example if you are moving from Toronto to Kamloops, and you are currently in a 4 bedroom home, you need to ensure you get quotes ahead of time for the move so you aren’t caught off guard when the time comes.  However, if you are just relocating in Kamloops the cost may not be so big.  Also, if you buy or sell your home with Team Cavaliere you can use our moving trailer free of charge!  Contact us for more details.

 

Household Goods:  This section is endless and entirely depends on how much money you want to spend on your new home.  There are some important things to keep in mind when purchasing a new home such as appliances, window coverings and furniture.  If appliances aren’t included in the deal, you will have to purchase this yourself.  Fridge, stove, washer/dryer, microwave, and dishwashers can add up very quickly. It’s also important to remember the small things associated with moving.  If you are purchasing a house with a pool or hot tub, you may need to buy cleaning supplies, or if your new home has a backyard with grass you may need a lawn mower.  Many people also like to get the locks re-keyed or changed when they buy a new house, but that is personal preference. That being said doesn’t forget to add a bit onto your budget for all the small things as well!

 

Other costs:  Other costs that should be taken into consideration are things like condo or strata fees and the cost of maintaining your new home. Inevitably something will leak or break, so make sure you have some money set aside for minor repairs that may come up.

Overall buying a new home can seem like a never-ending financial burden, but at the end of the day, it’s an incredibly rewarding experience to own your own home! As long as you are aware of the costs associated with buying a new home before you actually buy, and budget accordingly so that you don’t buy a home that is more than you can afford, then the costs associated with it aren’t as overwhelming.

A good real estate agent can also help you in understanding many of these costs, so if you are interested in buying a new home contact we today and we can get you started on the road to becoming a new home owner.

In the end, we suggest that you budget 2-3% of your total purchase price for closing costs. While that may be a bit high, it will ensure that there are no surprises on completion date. Buying a home should be a fun and exciting time, nothing will dampen your day more than an unexpected bill.

 

In the meantime, if you have any questions regarding the information provided or about the Kamloops Real Estate market, contact me or one of our experienced Team Members at River City Realty. We’ll be happy to answer any of your questions. We can be reached at 250-374-1925.

 

Vince

Regards,

Vince Cavaliere

Licensed Agent

Broker Owner

When is The Best Time to Sell Your Home?

Thu, 12 Mar by Team Cavaliere

One of the main questions I always receive has to do with how to time your house to the current market. When is the best time to sell? I firmly believe the best time to sell is when others don’t. That being said, generally most people are not motivated or excited about the prospect of selling in the winter.

 

Often at this time of year the inventory decreases, primarily because people become disinterested or lose the motivation to move during the winter. In my experience over the years, generally the winter months are actually a good time to have your house for sale, for a couple of reasons. First of all, the inventory is down there is less competition. Secondly, while there are fewer buyers, the ones that are prepared to get out in the cold are truly motivated. For example, relocation buyers, they generally can’t pick the season so when they are coming to town; they’re motivated to find their perfect home.

 

In the meantime, if you have any questions regarding the information provided or about the Kamloops Real Estate market, contact me or one of our experienced Team Members at River City Realty. We’ll be happy to answer any of your questions. We can be reached at 250-374-1925.

 

Vince

Regards,

Vince Cavaliere

Licensed Agent

Broker Owner

Kamloops Real Estate Monthly Statistics – February 2015

Fri, 06 Mar by Team Cavaliere

The Kamloops Real Estate Board residential sales statistics for February 2015 has been released, showing better than expected sales, compared to February 2014.  The number of single family residential sales were up by 29 units or approximately 19%.  The Kamloops Median price for single family homes is still $366,500 – $6,000 higher than 2014. While these numbers are fantastic, we feel that the market conditions are very stable with inventory level, rising as summer approaches.

 

One of the most active areas in February 2015 was South Kamloops which had 16 sales in February compared to only 9 sales in February 2014. Bachelor Heights, North Kamloops, Sun Peaks, and Sahali all saw an increase of singly family residential sales compared to 2014. Aberdeen continues to show strong sales with Westsyde, and Juniper Heights dropping by 4 and 3 sales respectively.

 

There were a total 2682 active listings (including lots, acreages, apartments etc) in Kamloops at the end of February 2015, which is very similar to the number of active listings at the end of February 2014.

 

As mentioned above, the current Kamloops & Area Real Estate market is stable, while the Canadian economy is showing no sign of a collapse or further slowing, the Canadian dollar and oil prices continue to be far below previous years. The links below will offer more detailed data on specific neighborhoods & price points.

 

In the meantime, if you have any questions regarding the information provided or about the Kamloops Real Estate market, contact me or one of our experienced Team Members at River City Realty. We’ll be happy to answer any of your questions. We can be reached at 250-374-1925.

 

Regards,

Vince Cavaliere

Licensed Agent

Broker Owner

 

February 2015 – Analysis of MLS Activity

February 2015 – Comparative Analysis by Property Type

February 2015 – Residential Sales by Sub Area

The Top 5 Do’s and Don’ts in Home Staging

Tue, 24 Feb by Team Cavaliere

The early spring home selling-season is kicking off and there’s no time like the present to start decluttering.  Transforming your lived-in home into a show-worthy property to make a positive impression on potential buyers. That means attending to the most important details that will create mass buyer appeal and increase your home’s value.

 

A seller has to try to be objective by looking at their home as a product or some other commodity that one would purchase; you have only one chance to get it right so present your home in the best possible light. While some homes may require more work than others, the following link represents our top staging “do’s and don’ts” that are essential in getting your property ready for sale.

 

Ninety-Five percent of homes that are staged by professional home staggers sell, on average, in 35 days or less and for near the asking price – versus 140 days for non-staged homes, according to a study by the Accredited Staging Professionals (ASP), a national staging trade organization.

 

For further information about The Tops 5 Do’s and Don’ts in Home Staging, click the attached link below. If you have any more questions please don’t hesitate to contact one of our team members at River City Realty 250-374-1925.

 

The Top 5 Do’s and Don’ts in Home Staging

 

 

Home Buying Myths

Tue, 17 Feb by Team Cavaliere

There tends to be common misconceptions in Real Estate transactions, either as a first time buyer, or looking for an investment property. It is very important to understand that the buying process can be stressful, but if you’re well informed of what is really happening in the market and are being guided by the right people, this process becomes much easier.

 

One of the most popular myths is that you don’t need a Realtor! But why is this even a question? Realtors know the ins and outs of the area and surrounding areas, as well as these Real Estate professionals are specialized in knowing the market and providing you with the best customer service whether you are looking to buy or sell.

 

Buyer’s most common mistake is the immediate reaction to put as much cash down as they can when buying a new home because they will have to borrow less, have a smaller mortgage, and insurance payment. However, putting a big down payment is not a requirement and is not always the right thing to do. You can sometimes put as little as 5% down depending on the bank, but this will likely give you more flexibility to spend on home care, improvements, or other circumstances.

 

Assuming that you have to have the most perfect credit in order to get a loan isn’t always the case. Some buyers have less than perfect credit and lenders are often more willing to work with these people to help them find the best possible situation. Credit is not the only thing that can lenders look at when approving a loan, but your score may affect the interest rate on your mortgage. Always be aware of your credit and your credit score, and always double check your credit before applying for a mortgage.

 

If you have any more questions please don’t hesitate to contact one of our team members at River City Realty 250-374-1925.

 

Millennials… What do they need from a Realtor?

Tue, 10 Feb by Team Cavaliere

As a millennial myself, growing up in this type of technology feels pretty normal, but really it may not be the same for all. Think about just the last 15 years with how technology has developed, from flip phones to smart phones, from discmans to iPods, and from palm pilots to tablets. Millennials have grown up in a technology based culture, where technology is the way for millennials to connect anywhere, whether it is via a smartphone, an iPad, or a tablet. Millennials tend to have a tendency toward instant gratification; they believe life is full of unlimited opportunities and are more connected by technology than any previous generation.

 

Many millennials that are first time buyers are not likely to rush into buying a home. As a realtor you want to be aware of how to connect with millennials and how to cater their needs. Millennials are not very patient and when they want something to happen, they want it to happen immediately. As a realtor, it will take time working with millennials, but by using technology, and adapting to this type of culture, not only will it make things easier working with them, but will make yourself more successful as well.

 

Please see the attached link for further information on what millennials need from a realtor.

 

Millennials… What do they need from a Realtor?

 

Kamloops Real Estate Monthly Statistics – January 2015

Tue, 03 Feb by Team Cavaliere

The Kamloops Real Estate Board residential sales statistics for January have been released and we can see that the numbers are on par for the same time last year. The numbers of single family residential sales this January were 119 compared to 114 in January 2014. However we have observed an increase in sales over last month of more than 1.12% in sales or equivalent to approximately $5million.

 

One of the most active areas in January was South Kamloops which had 11 sales in January compared to only 8 sales in January 2014. Bachelor Heights, North Kamloops, Sun Peaks, and Westsyde all saw an increase of singly family residential sales compared to 2014. The areas that saw the greatest drop in sales from January 2014 were Brocklehurst, and Juniper Heights dropping by 4 and 5 sales respectively.

 

In January 2015 there were 390 active single residential homes listed for sale in Kamloops which is very similar to the number of homes listed in January 2014 (411).

 

The median residential price in Kamloops rose from $352,000 in 2014 to $395,500 in 2015. This increase in price is due to the greater number of homes sold in the $320,000 – $439,999 price range and have 6 homes sold in January over $600,000.

 

As the current Real Estate market is stable, don’t be afraid of the economic market as it is having ups and downs (Commodities – Oil). However, if you have any questions regarding the information provided or about the Kamloops Real Estate market, one of our experienced Team Members at River City Realty will be happy to assist you. We can be reached at 250-374-1925.

 

January MLS Activity

January Sales by Sub Area

January Comparative Analysis

 

 

 

Is Now a Good Time to Buy a Home?

Fri, 23 Jan by Team Cavaliere

The Bank of Canada announced this week that it is lowering its target overnight rate to 0.75 per cent. This is due to the fact of the recent decline in oil prices that will consequent negative impact on Canadian growth and inflation. According to the BCREA the BC housing market should continue to benefit from the low and now likely lower mortgage rates. This may be as long as until 2016 as it is unclear how long the Bank of Canada will keep the overnight rate at 0.75 per cent but given strong growth of pre-oil shock, if oil prices rise as expected in the second half of the year we could see this move to 0.75 per cent reversed by the end of 2015.

 

For Kamloops, the Real Estate market is still very buoyant, and has not took a dramatic hit to the Real Estate Community from the drastic drop in oil prices. As of today January 23, 2015 there are 596 active single family homes listed on the Kamloops & District Real Estate Association Board. While the current inventory is low, the current Kamloops market is still continuing to grow and expand, with new listings daily. We expect that this is a great time to start looking for an opportunity to either buy or sell a home. Inventory will continue to rise over the next few months as the weather warms, which will give Kamloops buyers and sellers a chance to take advantage of the market while the interest rates are so low. For more detailed market evaluation call us at 250-374-1925.

 

See the link below for some basic information about whether or not its the right time to buy a home.

 

http://canadianfinanceblog.com/is-now-a-good-time-to-buy-a-house/