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Monthly Kamloops Real Estate Stats for May 2017

Wednesday, June 14th, 2017

Median Residential House Price $437,900 up 2% from April 2017

Residential units May 2017 sold up 14% from April 2017

Average Days on the Market May 2017 33 days down 29% from April 2017

Most active areas in Kamloops were Aberdeen, Sahali and Brocklehurst

Most active price range

$320,000 – $359,900  46 sales

$360,000 – $399,900  34 sales

$400,000 – $439,900  35 sales

$600,000 plus             43 sales

Kamloops Real Estate Statistics for August 2016

Sunday, September 11th, 2016

Comparing August 2016 to August 2015

 

Comparative Statistics for Kamloops (Residential Only)

 

  August

2016

August

2015

 
Number of New Listings 429 392  

UP 9.44%

 

Residential Units Sold 362 264 UP 37.12%
Avg. Days on Market 53 60 DOWN 11.6%
List to Sell Price Ratio 98.18% 97.22%  

UP 0.99%

 

Median

Residential Price

$419,00 $378,000  

 

UP 10.85%

 

 

Total Monthly Sales $$ $127,636,731 $83,952,683 UP 52.03%
Active Listings 1708 2042 DOWN 16.3%

 

 

 

*The above information is from sources deemed reliable but it should not be relied upon without independent verification.

Thrifty secrets for home sellers

Wednesday, February 3rd, 2016

Thrifty secrets for home sellers

linda,When preparing your home for market, tackle improvements that will help you obtain the best price and sell within the shortest amount of time. These inexpensive projects can go a long way:

  1. Clean and clear. Declutter top to bottom and store the excess offsite. Clean thoroughly, clear cupboards and countertops and keep décor items to a tasteful few.
  2. Tear up dingy broadloom. Replace it with a choice of cost-effective, neutral flooring options. Or if you like what you see underneath, have it professionally refinished.
  3. Paint it. Opt for neutral colours, in matte or eggshell finishes to camouflage flaws. Finish trim in satin, semi- or high-gloss.

Put my expertise to work for you! Ask me about preparing your home for optimal resale value.

Linda Klein
Agent
250 374 1461 (Office)
lindaklein@royallepage.ca
http://www.royallepage.ca/lindaklein

Royal LePage Westwin Realty- Kamloops

All offices are independently owned and operated, except those marked as indicated at www.royallepage.ca/disclaimer. Not intended to solicit currently listed properties or buyers under contract. The above information is from sources believed reliable, however, no responsibility is assumed for the accuracy of this information.
This email was sent by Linda Klein of Royal LePage Westwin Realty- Kamloops
800 SEYMOUR Kamloops, BC, V2C2H5
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Variable or Fixed rate Mortgage

Friday, November 27th, 2015

 

Courtesy of  4Front Mortgages!

Rates Are Rising
After the Liberal majority win, the government of Canada bond yields started climbing, most likely due to the fact the Liberals have larger spending plans.

Variable Rates
Variable rates have gone up.  What this means is the discount that lenders give off of the Prime Rate has decreased.  A few months ago you could negotiate discounts around .60% – .80% below Prime.  Now discounts are around .30% – 40%. This takes the average variable rate you can get to the 2.35% level.  Previously at 2.00% a variable was an easy sell.  Now, with 5 year fixed rates at around 2.70% the choice isn’t as obvious.

Prime – 2.70%
The Prime Rate, currently at 2.70% may go up earlier than we all thought. With spending promises to keep, combined with a strong US economy it looks as though the long-awaited rate hike could take place in mid-2016. The first rate hike will likely be .25%, which would bring a variable rate to 2.60% (assuming you can still obtain .40% off of Prime), narrowing the gap between fixed rates to a lowly 0.10%, making fixed very appealing now. If you do choose a fixed rate, it is possible that you will qualify for more.  Lenders are required to ensure you can afford your mortgage if rates go up and if you’re in a 5 year fixed term that is all the assurance a lender needs.

Additional Considerations for Fixed Rates

Penalties – Penalties from some lenders (mainly banks) can make getting out of a fixed term very punitive.  Therefore, if you’re considering a 5 year fixed term but not too sure if you’ll be in the home for the full term consider going with a lender who offers a fair penalty calculation.

3 Years – The average time a first time homebuyer keeps in their property is 36 months. Going with a 5 year term may not be the best option if you’re unsure of how long you’ll need that mortgage for. Yes, you can always move mortgages from one property to another, however it can add some complexity to your application

Historical Considerations – Variable rates have been proven to be cheaper in “the long run”. Yes, math doesn’t generally lie, but what’s good in the long run may not necessarily be good for the next 5 years.

Linda Klein Kamloops Real Estate Music in the park July 2015 Schedule

Sunday, July 5th, 2015

Music in the Park runs all summer long.

The free entertainment takes place 7 p.m. to 8:30 p.m., unless otherwise stated, each night at the Rotary Bandshell in Riverside Park, 100 Lorne St. All shows are rain or shine, but subject to change.

Included links to the bands, so you can check them out beforehand.

July

Riverside Park

July 1 – Canada Day celebrations

July 2 Tiller’s Folly (Canadiana celtic)

July 3 Greg Drummond (Canadian folk rock)

July 4 – Kingpins (classic rock)

July 5Gary Comeau and Cannery Row (Cajun)

July 6Nova Scotiables (East Coast)

July 7 – Beyond Brass (big band classics)

July 8 – Sean Ashby (Sarah McLachlan guitarist)

July 9 – Mike MacKenzie Blues Band (classic rock and blues)

July 10 – Hijacked by B.C. Living Arts – Tribute to Leonard Cohen, Bruce Cockburn and The Band with Van Damsel – 6:30 p.m.

July 11 – Hijacked by B.C. Living Arts – Tribute to Joni Mitchell, Neil Young and The Band with The Caspians and James Wolf – 6 p.m.

July 12Cécile Doo-Kingué (blues)

July 13100 Mile House (English folk roots)

July 14 – Wild T and The Spirit (blues)

July 15 – Scattered Atoms (blues and R&B)

July 16Sally and the Melo Hearts (current and classic rock)

July 17Sabrina Weeks and Swing Cat Bounce (blues)

July 18Ben Klick (country rock)

July 19 – Impulse Response (R&B)

July 20Jane Perrett (classical soprano and showtunes)

July 21 – Ben Caldwell and the Folk Road Show (roots and folk)

July 22Cod Gone Wild (Maritime fun)

July 23 – BCLC Midsummer Music Jam featuring Catch 22 (1980s music)

July 24 Sarah Burton (rockin’ roots pop)

July 25Sherman Doucette (blues harp)

July 26Dave Lang and the Insolent Rabble (swing jazz)

July 27Twin Peaks (duo)

July 28Tanner James Band (folk roots and country)

July 29Kirby Sewell Band (blues)

July 30 – The Longriders (Lynyrd Skynyrd tribute)

July 31 – Trama (rock)

Linda Klein Kamloops Real Estate Weekly Mortgage rates for week of June 15th 2015

Tuesday, June 16th, 2015

DLC Weekly Rate Minder courtesy of Starr Webb

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84% 2.19%
3 YEARS 3.39% 2.25%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

Pre-approvals, more important and less concrete than ever

Wednesday, June 3rd, 2015
 Courtesy of Starr Webb Dominion Lending

Going through the pre-approval process is more important than ever to both you and your Realtor, but the actual term ‘pre-approval’ is potentially misleading.

You may be pre-approved for a certain mortgage amount, however there are still a number of variables that can enter the picture once an offer is accepted. That’s why it is imperative that one always include a clause in the offer along the lines of ‘subject to receiving and approving financing’. (There are variations to be discussed around the specific wording.)

Often clients are reluctant to write the initial offer on a property without feeling like they are 100% pre-approved.

An understandable desire. The risk, though, is that some may falsely believe that they have a guarantee of financing. They don’t.

A lender must review all related documents – not just those of the clients, but also those from the appraiser and the Realtor – as the property itself must meet certain standards and guidelines.

The pre-approval process should be considered a pre-screening – a first step only.

It does involve review and analysis of the client’s current credit report; it should also include a list for the client of all documents that will be required in the event that an offer is written and accepted. Clients should also come away from this initial process with a clear understanding of the maximum mortgage amount they qualify for, along with the various related costs involved in their specific real estate transaction. Equally important: with the completed application your broker is able to lock in rates for up to 120 days.

Why won’t a lender fully review and underwrite a pre-approval?

  • Lenders do not have the staff resources to review ‘maybe’ applications – they have a hard enough time keeping up with ‘live’ transactions.
  • The job you have today may well not be the job you have by the time you write your offer.
  • If more than four weeks pass, all of the documents are out of date – by lender standards – and a fresh batch needs to be ordered and reviewed.
  • The conversion rate of pre-approvals to ‘live transactions’ is less than 10%.

It is this last point that makes it so difficult to get an underwriter to completely review a pre-approval application as a special exception.

The bottom line is that a client’s best bet for confidence is the educated and experienced opinion of the front-line individual with whom they are directly speaking – and that’s their Mortgage Broker. This individual will not be the same person who underwrites and formally approves the live transaction when the time comes.

This disconnect between intake of application and actual underwriting of a live file makes having a ‘subject to receiving and approving financing’ clause in the purchase sale agreement so very important.

Perhaps the most significant factor in undermining the solidity of a client’s preapproval is the relentless pace of change of lending guidelines and policies – changes implemented not only by the Federal Government but also by the lenders themselves. It is very easy to have a pre-approval for a certain mortgage amount rendered meaningless just a few days later through changes to internal underwriting guidelines. Often these changes arrive with no warning and existing pre-approvals are not grandfathered.

It is absolutely worthwhile going through the pre-approval process before writing offers, and in particular before listing your current property for sale or accepting offers. This will give you a good idea of your maximum mortgage amount as well as securing a rate for you. It is a worthwhile endeavour.

Just be aware that aside from the key advantage of catching small issues early and securing rates, a pre-approval is not a 100% guarantee of financing.

But the good thing is, I can help you with this process!

Linda Klein Kamloops Real Estate Mortgage rates for week of March 16th 2015

Tuesday, March 17th, 2015

DLC Weekly Rate Minder courtesy of Starr Webb

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.99% 2.69%
2 YEARS 2.94% 2.24%
3 YEARS 3.44% 2.49%
4 YEARS 3.94% 2.59%
5 YEARS 4.79% 2.69%
7 YEARS 6.04% 3.39%
10 YEARS 6.50% 3.84%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

DLC Weekly Rate Minder

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.

Linda Klein Kamloops Real Estate Mortgage rates for week of February 23rd 2015

Wednesday, February 25th, 2015

DLC Weekly Rate Minder courtesy of Starr Webb

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.99% 2.69%
2 YEARS 2.94% 2.39%
3 YEARS 3.44% 2.54%
4 YEARS 3.94% 2.64%
5 YEARS 4.79% 2.69%
7 YEARS 6.04% 3.79%
10 YEARS 6.50% 4.39%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

 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.

Linda Klein Kamloops Real Estate Mortgage rates for week of February 9th 2015

Wednesday, February 11th, 2015

DLC Weekly Rate Minder courtesy of Starr Webb

• Explore Mortgage Scenarios with Helpful Calculators on http://www.starrwebb.ca
Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.99% 2.69%
2 YEARS 2.94% 2.39%
3 YEARS 3.44% 2.54%
4 YEARS 3.94% 2.64%
5 YEARS 4.79% 2.74%
7 YEARS 6.04% 3.79%
10 YEARS 6.50% 4.39%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.85%
Variable rate mortgages from as low as Prime minus 0.65%
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.
MLS® MLS REALTOR® Realtor