8 Mistakes to Avoid When Buying a Home

You’ve been saving for awhile, weighing your options, looking around casually. Now
you’ve finally decided to do it—you’re ready to buy a house. The process of buying a
new home can be incredibly exciting, yet stressful, all at once. Where do you start?
It is essential you do your homework before you begin. Learn from the experiences of
others, do some research. Of course, with so many details involved, slip-ups are
inevitable. But be careful: learning from your mistakes may prove costly. Use the
following list of pitfalls as a guide to help you avoid the most common mistakes.
1. Searching for houses without getting pre-approved by a lender:
Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification,
the first step toward being pre-approved, will point you in the right direction,
giving you an idea of the price range of houses you can comfortably afford. Preapproval,
however, means you become a cash buyer, making negotiations with the
seller much easier.
2. Allowing “first impressions” to overly influence your decision:
The first impression of a home has been cited as the single most influential factor
guiding many purchasers’ choice to buy. Make a conscious decision beforehand
to examine a home as objectively as you can. Don’t let the current owners’ style
or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these
homes may actually suit your needs and offer you a structurally sound base with
which to work. Likewise, don’t jump at a home simply because the walls are
painted your favourite colour! Make sure you thoroughly the investigate the
structure beneath the paint before you come to any serious decisions.
3. Failing to have the home inspected before you buy:
Buying a home is a major financial decision that is often made after having spent
very little time on the property itself. A home inspection performed by a
competent company will help you enter the negotiation process with eyes wide
open, offering you added reassurance that the choice you’re making is a sound
one, or alerting you to underlying problems that could cost you significant money
in both the short and long-run. Your Realtor can suggest reputable home
inspection companies for you to consider and will ensure the appropriate clause is
entered into your contract.
4. Not knowing and understanding your rights and obligations as listed in the
Offer to Purchase:
Make it a priority to know your rights and obligations inside and out. A lack of
understanding about your obligations may, at the very least, cause friction
between yourself and the people with whom you are about to enter the contract.
Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack
of awareness of how the clauses apply to the purchase, could also contribute to
increased costs. These problems may even lead to a void contract. So, take the
time to go through the contract with a fine-tooth comb, making use of the
resources and knowledge offered by your Realtor and lawyer. With their
assistance, ensure you thoroughly understand every component of the contract,
and are able to fulfill your contractual obligations.
5. Making an offer based on the asking price, not the market value:
Ask your Realtor for a current Comparative Market Analysis. This will provide
you with the information necessary to gauge the market value of a home, and will
help you avoid over-paying. What have other similar homes sold for in the area
and how long were they on the market? What is the difference between their
asking and selling prices? Is the home you’re looking at under-priced, overpriced,
or fair value? The seller receives a Comparative Market Analysis before
deciding upon an asking price, so make sure you have all the same information at
your fingertips.
6. Failing to familiarize yourself with the neighbourhood before buying:
Check out the neighbourhood you’re considering, and ask around. What
amenities does the area have to offer? Are there schools, churches, parks, or
grocery stores within reach? Consider visiting schools in the area if you have
children. How will you be affected by a new commute to work? Are there
infrastructure projects in development? All of these factors will influence the way
you experience your new home, so ensure you’re well-acquainted with the
surrounding area before purchasing.
7. Not looking for home insurance until you are about to move:
If you wait until the last minute, you’ll be rushed to find an insurance policy that’s
the ideal fit for you. Make sure you give yourself enough time to shop around in
order to get the best deal.
8. Not recognizing different styles and strategies of negotiation:
Many buyers think that the way to negotiate their way to a fair price is by offering
low. However, in reality this strategy may actually result in the seller becoming
more inflexible, polarizing negotiations. Employ the knowledge and skills of an
experienced realtor. S/he will know what strategies of negotiation will prove
most effective for your particular situation.

I am the GUY that will make a difference! 

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605
O 250.768.8001
http://www.connectwithkaren.com/

One for the Money, Two for the Show!: A Manual to Prepare your Home for Selling

“You never get a second chance at a first impression.” We’ve all heard this expression before. And now, while you are preparing your house to sell, it should not be far from your mind. While logical factors such as price and location narrow

the pool of houses a potential buyer will look at, the ultimate decision to buy a particular house is fuelled by a mixture of logic and emotion. And emotion often wins out. The same might be said for the process of selling a home. For this reason, Real Estate Agents, when they talk to you about buying real estate, will refer to your purchase as a “home.” When discussing the sale of your current home, however, an agent will refer to it as the “house.” This is a conscious choice. The agent knows that buying a house is often an emotional decision, while, when selling a house, emotion should be separated from the process.

Buyers are searching for a “home”—a place in which they will feel comfortable, secure, and happy, a place in which they can imagine settling down and raising their family. As a seller, your goal is to cultivate these feelings through the property you’re selling. Look at your house as a marketable commodity. A buyer’s emotional response is triggered early, so you want to ensure you have done everything you can to encourage a positive response to your house from the outset. Within minutes—even seconds—of pulling into your driveway, buyers have formed an impression that they will carry with them through the rest of the showing, and beyond. Keep in mind, this impression will not only influence whether or not they make an offer, but also what they consider to be the value of the property.

If you’ve ever visited model homes, you’re familiar with effective presentation styles.

Have you ever walked into one of these homes and immediately begun taking stock,

planning how to get your home to look that good? Well, now is the time to take some of these steps. Of course, there are ways to achieve the same effect in your own home without incurring model home costs. When homes create this immediate type of emotional appeal, they tend to sell quickly— and for more money. Use this as a  guide to get your house into selling shape before you put the property on the market, and you’ll be well on your way to a successful sale! 

I am the GUY that will make a difference! 

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605
O 250.768.8001
http://www.connectwithkaren.com/

The Best Asking Price for your Home

Setting a realistic price for your home that reflects current market values will help sell your home quickly and for top dollar.  When you price your home properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers—which may net you even more in the long run. 

Your property has the best chance of selling within its first seven weeks on the market.  And, studies indicate that the longer a property stays on the market, the less it will ultimately sell for.  A property priced 10 % more than its market value is significantly less likely to sell within this window than a property priced close to its actual market value.  About three-quarters of homes on the market today are 5-10 % overpriced.  Sellers will usually over-price their homes by this margin if, either, they firmly believe the home is worth more than what the market indicates, or if they want to leave room for negotiation.  Either way, if you choose to over-price your home by this amount, you run the risk of increasing the amount of time your home spends on the market, and decreasing the amount of money you’ll ultimately receive. 

At the other end of the selling spectrum are houses that are priced below a fair market value.  Under-pricing often occurs when the owner is interested in a quick sell.  You can bargain on these homes attracting multiple offers and ultimately selling quickly at—or above—the asking price.

The knowledge and skills of an experienced Realtor will be invaluable when determining an appropriate asking price.  It is the job of your Realtor to know the current market and market trends inside and out, to be closely connected to the real estate market at large, and to be aware of other properties currently for sale in your particular area.  Based on this range of connections and knowledge, your Realtor should counsel you on how to price your home properly in order to attract the highest price possible, in the shortest period of time.

Before approaching this process, you should first do some homework yourself.  You’ll need to know the workings of the current market before you even begin to think about setting an asking price.  The market will always influence a property’s value, regardless of the state of a home, or its desirability.  Here are the types of market conditions and how they may affect you:

1. Seller’s Market:

A Seller’s market is considered a “hot” market.  This type of market is created when demand is greater than supply—that is, when the number of Buyers exceeds the number of homes on the market.  As a result, these homes usually sell very quickly, and there are often multiple offers.  Many homes will sell above the asking price.

2. Buyer’s Market:

A Buyer’s market is a slower market.  This type of market occurs when supply is greater than demand, the number of homes exceeding the number of Buyers.  Properties are more likely to stay on the market for a longer period of time.  Fewer offers will come in, and with less frequency.  Prices may even decline during this period.  Buyers will have more selection and flexibility in terms of negotiating toward a lower price.  Even if your initial offered price is too low, Sellers will be more likely to come back with a counter-offer. 

3. Balanced Market:

In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers.  When a market is balanced there aren’t any concrete rules guiding whether a Buyer should make an offer at the higher end of his/her range, or the lower end.  Prices will be stable, and homes will sell within a reasonable period of time.  Buyers will have a decent number of homes to choose from, so Sellers may encounter some competition for offers on their home, or none at all.

Remember, a Realtor is trained to provide clients with this information about the market, helping you make the most informed decision possible.  The right Realtor will guide you through the ups and downs of the market and keep you up-to-date with the types of changes you might expect. 

Evaluate your house in the other main areas that affect market value:

1. Location:

The proximity of your home to amenities, such as schools, parks, public transportation, and stores will affect its status on the market.  Also, the quality of neighbourhood planning, and future plans for development and zoning will influence a home’s current market value, as well as the ways in which this value might change. 

2. Property:

The age, size, layout, style, and quality of construction of your house will all affect the property’s market value, as well as the size, shape, seclusion and landscaping of the yard.

3. Condition of the Home:

This includes the general condition of your home’s main systems, such as the furnace, central air, electrical system, etc., as well as the appearance and condition of the fixtures, the floor plan of the house, and its first appearances.

4. Comparable Properties:

Ask your Realtor to prepare you a general market analysis of your neighbourhood, so you can determine a range of value for your property.  A market analysis will provide you with a market overview and give you a glimpse at what other similar properties have been selling for in the area.

5. Market Conditions/ Economy:

The market value of your home is additionally affected by the number of homes currently on the market, the number of people looking to buy property, current mortgage rates, and the condition of the national and local economy.  

I am the GUY that will make a difference! 

 I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605
O 250.768.8001
http://www.connectwithkaren.com/

Just Listed - 4638 Raymer Rd - MLS 10105106.

Looking for a great rancher in the Lower
Mission? Look no further. 

 

 With almost 1700 sq.ft. of living space this two bedroom two bathroom no step rancher should not be overlooked. Bright (two skylights) and open concept kitchen and family room area
lead out to a private patio surrounded by fruit trees (4 peach, 1 apricot and 2 plum). Bay windows in the kitchen, living and master bedroom make this home feel very spacious. Ample parking here. 60 feet of RV parking on the side and an oversize double car garage (20 W x 23 L).New roof. Great mud room or utility area as you enter into the home from the garage. Very functional floor plan. This home really does have it all. Won’t last, call me today!
For more details and photos go to www.connectwithkaren.com

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®

Coldwell Banker Horizon Realty

C 250.878.3605

O 250.768.8001

http://www.connectwithkaren.com/

New Listing - #1204- 2210 Upper Sundance Drive

Located in sought after Shannon Lake this 2 bedroom plus den 2 bathroom 1039 square foot condo will be sure to please.  

This condo is bright and clean as a whistle.

 The Shannon Lake area is conveniently located (walking distance to corner store and Shannon Lake Pub) minutes from downtown West Kelowna, close to Shannon Lake Elementary and the Shannon Lake Regional Park. It's just an amazing area to live! 









 Strata fees are $334.00 per month and two parking stalls (one underground and one surface) are included. This is a family and pet friendly complex. The complex has outdoor pool, hot tub and guest suite - that's a real bonus for those out of town guests!

 The 180 degree view from of Shannon Lake and the surrounding mountains and golf course is breathtaking.







 

 
I am the GUY that will make a difference! 

 I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Beautiful Home with In-law suite and Inground swimming pool!

Just Listed  2034 Horizon Drive Fantastic home with 2 bedroom in-law suite and in ground salt water pool located in prestigious West Kelowna Estates. 6 bedrooms, 3 full bathrooms and an absolutely gorgeous kitchen and great room. Enjoy peaceful surroundings from your deck while you over look the pool area. This is a fabulous entertaining home. The kitchen (brand new Samsung appliances) has one of the largest granite islands I have seen! Newly landscaped front yard, freshly painted from top to bottom with earth tone colors, new pool cover and new hot water tank. Oversized double car garage with double doors and RV parking too! West Kelowna Estates (Rose Valley) is conveniently located minutes from the bridge and to the Rose Valley Regional Walking Trail network as well as numerous amenities. It's just an amazing area to live! It's a four season playground here in the sunny Okanagan. This home is a must see! For more details & photos & virtual tour go to www.connectwithkaren.com & call Karen Guy, Coldwell Banker Horizon Realty, 102-3480 Carrington Road, West Kelowna BC V4T 3C1 at 250.878.3605 or 250.768.8001. MLS 10104977

I am the GUY that will make a difference! I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

7 Mistakes to Avoid When Selling Your Home

Selling your home is a complicated process.  It’s natural to feel overwhelmed by the magnitude of details involved, but the experience can be very manageable—and educational!—when broken down into its component parts and plotted out into steps.  The following is a list of common pitfalls encountered during the home-selling process.  Use these as a guide to help your journey remain a smooth one.   

1. Faulty Pricing:

It is essential you determine the asking price of your home based on its market value.  Too many times home-sellers let emotions or needs influence their asking price, drawing from numbers based on the price paid for the house originally, or the amount of money they’ve invested in the home.  This mistake may prove to be a costly one.  If your home is priced significantly higher than what the market is bearing at the time, prospective buyers interested in your style of home will reject it for larger homes listed at the same price.  And, those buyers who do see your house may have significantly higher expectations than what you have to offer.  Ironically, over-pricing your home actually increases the chances that your home will sell for less than it is worth.  Driving prospective buyers away will increase the amount of time your home stays on the market, which raises an additional red flag for buyers.  They become wary of the reasons your home has not sold, thinking, and “If no one else has bought it, there must be something wrong with it.”  The bottom line:  price it correctly, and they will come. 

Be vigilant, too, of pricing your home too low:  a lack of market value awareness could result in selling your home for much less than it’s worth. 

1. Neglecting to showcase your home: 

Take the time to ensure you’re offering the best possible first impression of your home to buyers.  A few improvements done to your home before placing it on the market can increase the chances of selling quickly, and for more money.  When buyers spot an area of your home in need of repair, they consider this perceived cost when deciding upon an offer price—if they haven’t already been scared away.  And since buyers often aren’t sure about the cost involved for repairs, they will create a larger margin for error in their asking price.  Sellers are always better off dealing with these repairs themselves. 

In addition to taking care of fix-ups, make sure the house is clean and welcoming, and the yard is well-groomed.    

1. Choosing the wrong realtor: 

Many sellers choose the realtor who tells them the highest asking price.  This       should never be the sole basis on which you choose a realtor—you must have confidence in the full spectrum of your realtor’s experience and abilities.  Keep   the following questions in mind:  can this agent explain to you all aspects of the selling process?  Does she/he have a good grasp of the market?  Does she/he have     access to a large pool of buyers and a marketing plan to attract them?  An experienced realtor will usually cost the same as an inexperienced realtor, and holding out for experience could mean more security that your ultimate home-selling goals will be attained. 

1. Trying to “Hard Sell” During Showing: 

Buying a home can be an emotional and stressful decision, and potential home-buyers don’t want to feel pressured when viewing a home.  So, let your home speak for itself.  Allow potential home-buyers to comfortably view the house and property.  Don’t try haggling or pointing out every improvement you’ve made.  Good realtors let buyers discover the house for themselves, only pointing out features they’re sure will be of interest, and being receptive to any questions the buyers might have. 

1. Mistaking “Lookers” for “Buyers”: 

Some people who look at your home may not be serious about buying.  Many who view homes may just be getting a feel for the market, gathering ideas for “showcasing” their own home, or even just looking for decorating tips.  Of the people who are looking to buy, those who do not come through a realtor can be 6 to 12 months away from buying.  They may still be in the process of selling their own home, or saving money for a new one.

An experienced realtor is trained to separate the “Lookers” from the “Buyers.”  Realtors should usually establish a potential buyer’s savings, credit rating, and purchasing power.  If your realtor hasn’t looked into a buyer’s financial background, you should take the time to investigate.  This will save you valuable time in marketing toward the wrong people. 

1. Limiting the marketing and advertising of the property: 

A good realtor will ensure that your property is showcased and marketed in the best, most effective manner possible, employing a wide spectrum of marketing techniques.  He or she should be committed to selling your property, making the effort to distinguish your home from the hundreds of other homes on the market.  Most calls are received—and viewings scheduled—during business hours, so your realtor should be available to field these calls from prospective buyers.  Lack of realtor availability, limited viewing times, not allowing a “For Sale” sign on your front lawn, can all affect the exposure your home gets to the pool of potential buyers, and will ultimately affect your bottom line. 

1. Being unaware of your rights and responsibilities: 

It is essential that you are thoroughly aware of the details involved in your real estate contract.  These contracts are often complex—but no matter how confusing and convoluted the language, the contract is legally binding.  As soon as you sign your name, you are responsible for all of its contents.  Not knowing your responsibilities could cost you thousands in repairs and inspections.  Have an experienced realtor explain the contract to you, or get your lawyer to review it, before you accept.

I am the GUY that will make a difference! 

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605
O 250.768.8001
http://www.connectwithkaren.com/