September 2014
Kamloops Residential Sales by Sub-Area – Monthly – September 2014
SOURCE: Kamloops and District Real Estate Association
Top 7 Areas
Brocklehurst 74 Sales
Sahali 72 Sales
Aberdeen 65 Sales
South Kamloops 64 Sales
Westsyde 53 Sales
North Kamloops 40 Sales
Juniper 26 Sales
Total Sales in Kamloops 3rd Quarter 565
These dream clients drove expensive cars, lived in a luxury mansion and forged documents to get six-figure home loans. But their past has finally caught up with them and this celebrity couple has been sentenced to prison.
While a sleek Mercedes and a gold watch were once the hallmarks of a successful agent, some experienced agents think that flashy image is doing damage to the reputation of the entire profession.
Today’s super-heated market is making home staging a tough sell, say agents, nonetheless arguing that it’s essential to winning maximum sale price.
“If you spent $5,000 staging your home, it could get you another $50,000 on offer night,” David Fleming, a Toronto real estate agent and author, wrote on his TorontoRealtyBlog.com.
His advice comes even as CREA reports home sales climbed 10.6 per cent in September, with the average sale soaring 5.9 per cent to $408,795. That’s not traditionally the market that recommends staging, say agents.
But the fundamental reasons for staging are the same, regardless of market conditions, say advocates.
“You stage a property in order to drive buyer traffic and show the maximum potential of the space,” Chandra Bradley, CEO of Home Staging Visuals, tells REP. “As a result, you tend to sell faster for higher.”
Staging also helps potential buyers to see the space in a better light. For example, if potential buyers walk into an empty bedroom, they might not believe that a queen-sized bed can fit in the space, Bradley explains, but if that bed is in the room, they can see that.
Staging is also a reflection of the lightning-fast decision making of clients, who are increasingly inclined to place bids on a property before even seeing it in person. It’s for the same reason that staging the outside space is important.
“With landscaping, you need to think about colour and the exterior being well groomed. You also need to think about function in the backyard,” she says. “You want to romance the buyer, so you’re really selling the lifestyle.”
These dream clients drove expensive cars, lived in a luxury mansion and forged documents to get six-figure home loans. But their past has finally caught up with them and this celebrity couple has been sentenced to prison.
While a sleek Mercedes and a gold watch were once the hallmarks of a successful agent, some experienced agents think that flashy image is doing damage to the reputation of the entire profession.
Canada’s housing market – including condo sales – is off to a solid start this fall, with new data pointing to a near 11 per cent rise in sales for September compared to a year ago.
Nationally, sales for all property types rose 10.6 per cent to 42,151 units, led by significant gains in British Columbia, Saskatchewan, New Brunswick and Prince Edward Island. New listings rose eight per cent, thanks to growth in the Maritime provinces, while the average price increased almost six per cent, to $408,795.
Calgary realized the greatest rise in sales, up 31.2 per cent to 488 units sold in September, while the average price rose 8.8 per cent to $318,913. In Toronto, sales rose 20.2 per cent to 1,976 units with average price hiking 7.1 per cent to $366,588.
That increase in activity is being felt on the ground.
“A lot of people start looking for homes, or take up their search again, so I’m not surprised that sales are up,” says David Fleming, an agent with Bosley Real Estate in Toronto. “[September] is one of the busiest months of the real estate calendar.”
In terms of prices, Vancouver experienced the greatest rise, up 11.3 per cent to $476,498. During the month of September, 1,191 condos were sold in the West Coast city.
September’s performance is largely in line with industry expectations.
In August, CREA’s chief economist Gregory Klump accurately predicted no slowdown to Toronto’s housing market. “That’s because there’s a shortage and there will be a shortage because the city is trying to densify,” he said.
Kamloops drivers who travel the Red Bridge are going to have to make alternate arrangements for the next month.
The bridge will be closed to all vehicle traffic starting Monday September 15 while the Ministry of Transportation conducts repairs.
The bridge will remain open to pedestrians and bicycles, but there will be some intermittent delays.
Drivers will still be able to get over the South Thompson River by re-directing to the Overlander Bridge or Highway 5.
The Ministry estimates the closure will last until the middle of October.
| This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)• Our Best National Rates • Explore Mortgage Scenarios with Helpful Calculators on http://www.starrwebb.ca |
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| Prime Rate is 3.00% |
| Variable rate mortgages from as low as Prime minus 0.55%
Please note that rates shown above are subject to change without notice. The rates shown are posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you. |
THOMPSON-OKANAGAN – Attention all sky-watchers, the last supermoon of 2014 will cruise across the night sky on Sunday.
The moon will be 358,398 kilometers from earth making it about 15 per cent brighter and roughly 7 per cent larger, according to National Geographic. Since the distance to earth is 50,000 kilometres closer than other full moons, it’s get the supermoon monicker.
A supermoon happens during the monthly full moon or perigee when it’s egg shaped orbit takes the moon to its closest point to the earth.
“While this is nothing special from a science perspective, it is no doubt very poetical and very romantic,” Adler Planetarium astronomer Geza Gyuk tells National Geographic.
Getting a good view of the supermoon depends on the weather where you are Sunday night since the orb will be visible all night. The Environment Canada forecast for the Thompson and Okanagan regions is calling for partly cloudy skies Sunday evening so weather shouldn’t be an issue.
For the best photos and viewing, it’s recommended you get outside just after sunset when the sky is getting dark. Apparently that’s when the super moon will be at it’s most dramatic.
There were two other supermoons this summer, with the one on Aug. 10 being the brightest and the closest.
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Like many aspects of your life, obtaining financing on a new or existing home can be a lot less stressful and a whole lot more straight-forward if you’re prepared. But if you’re not prepared, there are many common mistakes you can make. Most of these mistakes are easily avoidable with some preparation and informed advice – feel free to call or email with any questions/concerns!
Below are the Top 5 Mortgage Mistakes people make when trying to secure financing for their home:
1. Failing to choose the best product for your situation
There are many different types of loans out there. There are fixed- and variable-rate products, hybrid and no-frills mortgages, lines of credit, term options, amortization choices, and more.
And although choice is great, it can be quite overwhelming without expert advice. While one person would benefit from a variable-rate product, their neighbour may be better suited to a fixed-rate product. The key is to always explain your current situation and future goals in detail so we can select a product that best meets both your current and longer-term needs.
2. Automatically renewing with your existing lender
Although you may feel an allegiance with the current financial institution that holds your loan, they may not be able to offer you the best choices. When refinancing or renewing, it’s important to always shop the market for your best available option, much like you did when
securing your first mortgage. This ensures you end up with the best mortgage rate and terms customized to your unique situation. In many cases your bank will offer you the posted rate in hopes that you’ll simply sign and return the commitment without shopping around. Make sure you do your due diligence when refinancing and renewing. After all, this is your home, your mortgage and your money!
3. Signing documents without reading them
Never sign documents without reading them. If you’re unsure about something, always ask for clarification. Remember that you’re the one entering into the agreement, so you need to understand and agree with that commitment.
4. Taking your credit to the limit
Make sure that your credit balances are in your favour when it comes to your mortgage application. Lenders are looking for an appropriate debt-to-income ratio. In other words, you need to have more income than you have debt. Avoid running up a balance on your credit cards and pay down existing debts as much as possible.
5. Failing to plan ahead
If you know that you’ll need to obtain, renew or refinance a mortgage, it’s essential to plan for it by ensuring your credit is in order. If it’s not, start preparing. Don’t make any purchases on your credit cards that you can’t pay off and if you carry a balance on your credit cards, start paying them down. Refrain from making any large purchases before securing your mortgage. If you’re planning to buy a car, wait until after you have secured financing, as your debt-to-income ratio will rise and you don’t want this to occur while trying to secure a mortgage.
Understanding how the mortgage process works and how lenders qualify your loan will help you avoid the above mistakes.
KAMLOOPS – If you want to get up close and personal with Lord Stanley’s Cup head to the Interior Savings Centre on Saturday.
Kamloops native and Los Angeles Kings Assistant Coach Davis Payne will be bringing the cup with him to the arena from 2-4 p.m. on Saturday, Aug. 23.
The Kings beat the New York Rangers in five games to win the championship, the second for the team in three years. Since June players and staff have been toting the cup around to more than 30 different home towns as well as many beaches and parties.
While the Kamloops event is actually free Payne is asking for those who want to get a picture with hockey’s most coveted prize to make a donation to the Royal Inland Hospital.
| The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Kamloops Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. |
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