Consumer Tips For Real EstateRealtor Knowledge 30 March 2022

Real Estate Report: March 2022


Residential Real Estate Market Heading Into Seasonally Busy Spring Fling

Residential real estate sales for the month of March saw a slight uptick over February sales showing signs that the typically busy spring market has commenced in the region, reports the Association of Interior REALTORS®.

A total of 1,898 residential unit sales were recorded across the Association region, marking a 25% decrease compared to a record-high number of units sold in March 2021. New residential listings coming onto market in March saw a decrease of 7% within the region with 2,871 new listings recorded compared to the same period last year yet increased 55% compared to last month’s 1,850. The overall active listings clocked in marginally below last year March’s active listings with 4,018 listings that is a nearly 3% decrease in year-over-year comparisons.

“It is encouraging to see that in the month of March we saw a slight increase of sales, as well as an upswing of new listings compared to February, which is seasonally expected for the local real estate market as we head into the warmer spring months,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the spring fling seems to have been kick-started which is great news for buyers and sellers, however, new listings are still not coming on to the market at the rate needed to meet demand.”

“Without a drastic supply of housing coming onto market, the lack of inventory will continue to impact buyers and sellers in the coming months,” noted Heizmann.

The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions had double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories, with the greatest increase being for single-family homes in the South Okanagan. The benchmark price for single-family homes in the South Okanagan recorded a 37.6% increase compared to March 2021 coming in at $731,400.

The average number of days to sell a home, always a good barometer to watch, dropped down to 46 days from 54 days last month. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.

Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.

KELOWNA, B.C. – April 7th, 2022 

Consumer Tips For Real EstateRealtor Knowledge 28 February 2022

Real Estate Report: February 2022


Lack of Supply Continues to Drive the Residential Real Estate Market

Residential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS®.

A total of 1,516 residential unit sales were recorded across the Association region, marking a 15% decrease compared to a record-high number of units sold in February 2021. New residential listings coming onto market saw a decrease of 12% within the region with 1,850 new listings recorded. The overall active listings were also far below last year’s February active listings showing a 19% decrease in year-over-year comparisons.

“The persistent lack of new listings coming onto market is far from adequate to meet the demand of buyers locally and those coming from other markets,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing the mismatch of inventory versus demand taking a toll on buyers as they show signs of fatigue in having to compete in a seller’s market where lack of supply is putting upward pressure on pricing, and further on affordability.”

In the South Peace River region, there was a total of 38 residential unit sales recorded in February, with 229 overall active listings, a decrease of 26% compared to the same time last year. The average price for single-family homes and apartments both saw increases in year-over-year comparisons, coming in at $267,712 and $41,333 respectively, while the average price for mobile homes declined 9% to rest at $37,750 in the same period.

“The lack of housing supply continues to be the key driver of real estate market performance with homebuyers and sellers having to navigate through a high demand and low supply situation,” noted Heizmann.

“Instead of looking for quick fixes to dampen housing demand, government policies should focus on measures that could bring more housing to the market, as outlined in BCREA’s recent white paper – A Better Way Home. Providing more options for buyers can help soften competitive market conditions and provide much-needed inventory after months of supply drought,” says Heizmann.

The average number of days to sell a home, always a good barometer to watch dropped down to 54 days. It’s important to note that the average of days on market is for the entire Association region and that the indicator will vary depending on home type and sub-region.

Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.

KELOWNA, B.C. – March 7th, 2022 

Consumer Tips For Real EstateRealtor Knowledge 8 February 2022

Real Estate Report: January 2022


Active Listings Remain At All Time Low For Local Real Estate Market

Real estate professionals continue to support buyers and sellers in navigating the lack of inventory in residential real estate markets across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.

Residential sales for the entire Association region for January 2022 saw a 10% decrease compared to the same month last year with 701 units sold this month and 782 units sold in January 2021.

“The persistent lack of inventory on market makes for challenging times for buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “not only are new buyers frustrated at finding a home but sellers are frustrated at the lack of active supply hindering their ability to move on to a new property as well.”

“The value of working with a professional real estate agent really does make a difference in navigating the complicated buying and selling process, under any circumstances, but especially during these challenging conditions,” says Heizmann.

The supply of active residential listings dipped 38% across the Association region compared to the 2,787 active listings in January 2021 coming in at 1,721 this year. New listings also saw a downtick with 824 new listings for January 2022, compared to 1,094 units during the same month last year.

The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions continued their upward double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories.

In the South Peace River Region, where benchmark pricing is not available, the average price for single-family homes hit double-digit increases while inventory in the same category saw a double-digit decrease of 43% in year-over-year comparisons.

Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.

KELOWNA, B.C. – February 4th, 2022 

Sellers AdvantageThe Gold Standard in Real Estate 18 January 2022

Choose The Gold Standard in Real Estate


Selling or Buying real estate is competitive! It might surprise you to learn that Century 21 Assurance Realty Ltd. in Kelowna is not the largest real estate office in the Okanagan.  Yet, you see our signs everywhere!  That’s because our team of unique, highly skilled, and fun agents produce results. Agent for agent, our top producers beat out the competition in sales volume and customer satisfaction, year after year*.

Backed by the advanced technology of Elevate21, our team of Realtors are specialists in the Okanagan with hundreds of years of marketing, negotiation, and communication experience. It’s our team approach that works.

If you’re looking to join a high-performing brokerage, choose the Gold Standard in Real Estate… we have time for you!

*CENTURION Award* is given to the top 6% of agents across Canada. 29 agents or 36% of Century 21 Assurance Realty Ltd. agents achieved this mark in 2021.


Home BuyersIn The Community 13 September 2021

NatGeo Home Rediscovered: Trailer


 

Check out more videos on our C21 YouTube channel

View more C21 Blogs


 

Hot TipsRealtor Knowledge 19 July 2021

Tuesdays and the Power of Local Market Knowledge


Traditionally on Tuesdays mornings across the Okanagan, local agents gather at their real estate offices to share a coffee, learn market stats, local issues, new listings and tips and tricks from their esteemed managing brokers and leaders. Some offices hold these meetings, and some do not. This week, I am reminded of the importance of Tuesday Team Meetings.

July 13, 2021, marks the return of my brokerages’ weekly in-office meetings for agents and support staff. Since March 2020, my office (Century21 Kelowna) has diligently held zoom and or hybrid zoom and in-personal meetings when allowed by the health order. Each week we did our best to connect our agents to fellowship, education, local knowledge, and inspiration. Yet, something is missing from internet webcam meetings.

Realtor® local knowledge and connection to local colleagues, business practices benefit consumers. Agents who attended these meetings, in my opinion, learn more, learn faster and often give their clients better service. To me, Tuesday morning meetings are part of our “great agent recipe.”

What are the benefits for agents and consumers who work with these agents? There are many, and here are my top five.

5) Better problem-solving. I am not talking grade nine math here. Agents are professional problem solvers, and every transaction, home, contract, negotiation or client need can present a unique challenge. Consistently I have been assisted by a comment, habit or suggestion from a colleague during a Tuesday morning office meeting.

4) Motivation. Real estate can be lonely work. Showing homes and writing contracts is exciting work but hundreds of hours organizing paperwork and conducting research and due diligence is more common. So a weekly boost of energy by sharing time with motivated colleagues is essential.

3) Regulatory and Ethics. Each week, it seems, agents in BC have a new rule and a new form. Yet, these rules and forms protect consumers and give the public trust that they will be treated fairly during a transaction. In addition, weekly meetings are one of the best places for my managing broker to impart her knowledge and ethical guidance to our team of agents.

2) Recent Selling and Buying Trends. My office gives agents a chance to share their new listings. We tour a selection of hi-def photos while the agent pitches the unique features of the property. It’s common for most of our office to be exposed to 30 or more new listings each week on Tuesdays alone. Afterward, we talk about buyer needs, upcoming listings, unique clients requests and troubleshooting. Client information stays private, yet knowledge and wisdom are shared.

1) Better Negotiation Skills. I believe our Tuesday morning meetings help make our agents the best negotiators in the valley. Information is power, and up-to-date and accurate information gives our agents an added advantage at the negotiating table for their clients.

Real estate trading (buying and selling) is complex. Realtors are human. Humans need connection. Tuesday are back! Let’s get it on!

Happy negotiating!


Dean Desrosiers
Associate Broker | REALTOR®

CENTURY 21 Assurance Realty Ltd
Agent Development & Recruiting, Commercial

250-863-4707
dean.desrosiers@century21.ca

Real Estate Coach (NORE®)
www.deandesrosiers.com

Home BuyersHot Tips 19 July 2021

Increased Stress for your Stress Test!

There are a lot of different stressors in the world of real estate right now, particularly for those who are
trying to “get in the game” to buy their first home or investment property. On June 1, the Canadian
government will be adding a little more stress to the lives of those looking to purchase real estate.

**Disclaimer: this is not professional mortgage advice. For particulars of your own financial situation,
you should consult with your mortgage broker.**

Now, onto the good stuff.

What is the Stress Test?

The Stress Test was introduced by the Canadian Government in late 2017 as a market control and
mortgage-default prevention measure. Essentially the premise was this, ‘make Buyers qualify at a
higher mortgage interest rate than what they will actually pay so that if/when the interest rates
increase, homeowners won’t suddenly find themselves underwater and defaulting on their mortgage
payments.’ Some logic there, arguably.

Now there are plenty of opinions for and against this move, but that is neither here nor there for today’s
discussion. Today we are talking about what the changes to that stress test are and how they might
impact you.

So, what are the changes?

The current stress test requires that you qualify for a mortgage at your rate plus 2% or 4.79%, which
ever is higher. As of June 1, 2021, all borrowers will have to qualify at the new stress test levels of either
your rate plus 2% or at 5.25% — whichever is higher.

WOWZA!

What does this actually mean for YOU?

Clearly, these changes will have a large impact on borrowers and their capacity to enter the market.
According to the Green Mortgage Team, this change to the Stress Test will “decrease borrowing power
by approximately 4% to 4.5%,”1 depending on the purchaser’s specific situation.

What should you do?

You could buy a bucket of ice cream, close all the blinds in your house, put on some Adele and eat your
sorrows away… or you can call your mortgage broker and find out exactly how this will affect you and if
there are any measures that you can take to counteract the increased Stress Test rates.

If you don’t currently have a mortgage broker and are thinking about getting into the market, call me or
your Realtor and we will be able to direct you to some stellar Mortgage Brokers who can help give clarity
to what these new rules mean, specifically, for you!

 

More Blog Posts

 


Written by: Justina LeeStolz, PREC2

Connect. Local. Community.

1 https://www.greenmortgageteam.ca/mortgage-stress-test/
2 Personal Real Estate Corporation

Consumer Tips For Real Estate 21 May 2021

Unrepresented is no Party…


Did you know that Real Estate Agents in British Columbia are held to the highest standard of conduct under the law in all of North America?

Well, now you know. But what does this mean?

Real Estate Agents in B.C. are fiduciaries. Or, as Miriam Webster explains, “of, relating to, or involving a confidence or trust: such as held or founded in trust or confidence”. It’s a legal and binding relationship similar to Lawyers and Doctors.

In real estate, the relationship is called Agency or a Client Relationship. When it comes to real estate trading, the act of buying and selling real estate, the rules in B.C. stipulate there are only two types of consumers; clients and non-clients. Consumers in BC must choose. Non-clients or “unrepresented parties” are those individuals or entities who do not have an agency relationship with a licensed agent. Non-clients do not have the protection of a fiduciary relationship. They are not owed any special legal duties. Other than their whits, they have no special legal protection under the law. Clients engaged in an agency relationship with a Real Estate Agent in B.C. are entitled to the following special legal duties.

Loyalty – They will act only in the best interests of their client.

Full disclosure – They must share everything they know that may influence a client’s decision in a transaction.

Avoid conflicts of interest – An agent must avoid any situation that would affect their duty to act in their client’s best interest. For example, when working for a seller as a listing agent, it is a conflict for the listing agent to give agency to a buyer.

Confidentiality – An agent must not reveal private information without the client’s permission. This duty extends after the client relationship ends. The duty of privacy includes, but is not limited to, a client’s reasons for buying or selling, their minimum or maximum price, and or any preferred terms or conditions they may want in a contract.

All agents in B.C. are obliged to act honestly and with reasonable care and skill with clients and non-clients. At the same time, buying and selling real estate is a complex venture, and there is no doubt that a skilled agent working closely with a client under these rules is an ideal match for success.

At CENTURY 21 Assurance Realty Ltd, our agents are trained as fiduciaries to the highest standard and looking forward to helping clients navigate the complex and competitive market.

More Blog Posts 


Dean Desrosiers
Associate Broker | REALTOR®

CENTURY 21 Assurance Realty Ltd
Agent Development & Recruiting, Commercial

250-863-4707
dean.desrosiers@century21.ca

Real Estate Coach (NORE®)
www.deandesrosiers.com

Sellers Advantage 7 April 2021

What’s the Matter… Port?

3D Virtual Tour – The New Standard for Home Marketing and Sales

In 2008, CENTURY 21 Assurance Realty Ltd. pioneered high definition(HD) photography for home sales in the Central Okanagan. At that time, the MLS® System allowed just eight photographs in an online listing. Agents would add extra photos to their listings on their personal websites to give interested buyers a more fulsome view. Even so, buyers were often left in the dark about the home’s layout, site lines from each room, and overall feel.
By 2012, the MLS® system allowed up to 20 photos, and today, Realtor.ca allows 50. Excellent progress for sure. Yet, static photos do not tell the entire story.

 

 

In 2018, CENTURY 21 Assurance Realty Ltd pioneered the adoption of the Matterport 3D system across all of its listings. All new listings; every listing when the seller or tenant allows. No other National Brand can make this claim in the Central Okanagan.
Our Matterpoprt camera shoots 360° scans of the home and stitches them together into a seamless online walk-thru. Prospective purchasers can “walk” from room to room, turn corners, look up, down, and even views through windows/patio doors.
More exposure equals more $$$ for our sellers.
With the average onsite viewing lasting less than 15 minutes (source: NAR 2016), buyers can refresh their memory and excitement of a property after the confusion of a rushed showing.
On Realtor.ca, the 3D Matterport software window shows up on the first page. Our clients’ listings look full and detailed. Buyers are reported to spend more time viewing listings that have a 3D Virtual Tour. 74% of agents using Matterport win more listings and 95% of people are more likely to call about properties with 3D Virtual Tours (source: Matterport)
3D Virtual Tour software also allows buyers to visualize the layout of the home better.
We know from our statistical tracking that buyers often upload our HD photos and 3D Virtual Tour software during negotiations.
In certain price ranges, more than 50% of buyers do not live in the Central Okanagan, and homes are often purchased without a viewing. Does this give our sellers an edge in negotiations? I think it does.

 

Dean Desrosiers
Associate Broker | REALTOR®

Century 21 Assurance Realty Ltd
Agent Development & Recruiting, Commercial

250-863-4707
dean.desrosiers@century21.ca

Real Estate Coach (NORE®)
www.deandesrosiers.com

Consumer Tips For Real Estate 15 March 2021

Marketing, Exposure and Bullies

Realtor Speaking with Clients

 

In a hot real estate market, intuition suggests it would be easy to sell a home. This is true; it can be easy to sell certain properties BUT what about getting top dollar?

Would you think differently if offers on a $700,000 property could vary by more than $100,000? Today, March 15, 2021, this is the real estate market in Central Okanagan.

Sellers can see offers that range from $10,000 under asking price to more than $100,000 over (and more). Often, with the highest offer, condition-free, arriving at the 11th hour. In this type of market, what strategy will get you the most offers in a set period of time?

Thorough Marketing

In a hot market, cutting corners on marketing becomes more costly to your selling price than in a balanced market. What does your agent consider thorough?

For example, in a balanced market, 3D walk-thru (matterport) and professional photos attract buyers and help increase interest in a property. Are these marketing methods important if there are already plenty of interested buyers?

Consider today that many buyers are not able to physically view the property and will write offers based solely on the clarity and quality of the photos, descriptions, statistics, and presentation online.

Other buyers, due to increased numbers of showings and time constraints, will view the property but retain little information because they will be rushed not able to absorb all the features of the property.

A “good” listing can fill in the gaps and will help sellers do better when negotiating starts. What motivates a buyer to pay more? Crystal clear photos of the new fence and landscaping, appliances, updates, and features of the home or grainy, unfocused, and non-existent photos can produce the exact opposite?

On the flip side, savvy buyers are often happy to see a new listing with a single or low-quality photo as the marketing effort. Their curiosity could be rewarded with a diamond in the rough, and with less competition come offer time.

Exposure

Sellers should consider how much time on the MLS is needed for full exposure. A recent poll of top-producing agents suggested that no less than 72 hours would be a fair amount of time. A listing uploaded on Friday would benefit by screening offers no earlier than Monday. After 13 years in the business, I think Tuesday is a better bet. Why?

  • In certain price ranges, up to 50% of the buyers for a home do not live in the area and need time to travel.
  • “The first Offer, Best Offer” is not a valid concept in a seller’s market.
  • Increased time will allow buyers to investigate the property more thoroughly and write offers with fewer conditions or with none at all.
  • More time allows busy couples to coordinate and view properties together and sometimes without being rushed. Buyers who can relax during showings are often more likely to connect with the property.

Bullies

You might be hearing agents talk about bully offers. To some, this is when the seller has agreed to postpone looking at offers for a number of days but prior to this date, accepts an offer. Buyers who had been waiting to present their offer can be left out of the process and are often shocked that the seller would jump so soon. These situations can leave buyers and sellers asking a lot of questions.

The term is not correct. It should read, “an offer the seller could not refuse”. These situations are complex and as a seller, it’s important to understand the risks of accepting such an offer. It’s possible that accepting an offer too early could cost thousands of dollars in a lower sale price. Alternatively, it could be that the seller weighed all the facts and chose the offer because it met their needs.

In any situation, CENTURY 21 Assurance Realty Ltd. agents are specially trained to help sellers understand the market and guide you through a choice that’s right for you. When buying, our agents have the tools to help you secure your new home, investment property or recreational getaway.

 

Dean Desrosiers
Associate Broker | REALTOR®

Century 21 Assurance Realty Ltd
Agent Development & Recruiting, Commercial

250-863-4707
dean.desrosiers@century21.ca

Real Estate Coach (NORE®)
www.deandesrosiers.com