Do I need a REALTOR® to sell my home?

 

Asian couple, woman in red dress, sitting on a couch, smiling and shaking hands with a realtor

These days, you can find an online video or how-to article for just about any DIY project… but when it comes to the single biggest financial decision of your life, there are sound reasons for choosing a professional. 

A REALTOR®1 will guide you through the entire process from start to finish. They provide skilled guidance on preparing your home for the market, viewings, negotiations and navigating the legal process of the transaction. Their expertise in the real estate market can also help you set the correct listing price for your home.

Here are some benefits to consider:

MARKETING AND SHOWING YOUR HOME: Top realtors will have access to best-in-class marketing services to show your home at its best and to as wide of an audience as possible. From photography services, staging, viewings and digital marketing, having a skilled professional on your side will get the most traction to your listing.   

ACCESS TO A LARGE NETWORK: A licensed real estate agent will have access to a large network of potential buyers. Through their professional databases and relationships with other agents, a realtor may have other clients, or colleagues with clients, who are interested in purchasing your home. They also have access to insights that can help you make a more informed decision, like comparable prices, market conditions and other trends.

NEGOTIATING: It’s called the art of negotiation for a reason – it is a real skill. A realtor is a professional negotiator who understands your local market. They know what has sold in the area and where demand is coming from. Lean on them to help you get the best sale price for your home.

NAVIGATING THE TRANSACTION: Having an experienced professional on your side will take the stress out of the critical paperwork that is necessary when selling your home. When working with a realtor, you will have the confidence that all your affairs are in order.

ACCESS TO OTHER PROFESSIONALS: It’s always helpful to have referrals from friends and family when hiring a professional. Just as you may be referred to an agent, your agent can refer others to you. Real estate professionals have access to a large network of home inspectors, appraisers, contractors, financial advisors and mortgage brokers, and movers, to name a few.

Want to find a Royal LePage real estate agent in your area?


1The 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.

Single Story For Sale in Okanagan Falls, Okanagan Falls

Photo Link

•  5542 sqft , 6 bath , 7 bdrm single story – FOR SALE  CAD2,750,000 . Charm and exquisite craftsmanship MLS® 194219

ONE OF A KIND! This newly built contemporary 5,542 sq. ft. home exudes charm and exquisite craftsmanship the moment you walk through the door. Home Features; Extensive use of windows (with remote blinds) generously showcasing the South Okanagan, 6 bedrooms, of which 2 are primary bedrooms with glamorous en-suites, main floor features connected living & dining room with direct access to the beautiful infinity pool, two hot tubs and a rooftop patio to take in perpetual panoramic Skaha Lake views! Lower level is perfect for entertainment, movie theatre or billiards. This resort-like home offers over 1200 square feet of patios and over 800 square feet of balconies. To complete this package a triple garage with the potential for a car lift. Distinctively rare living experience is what this home offers. Start living the Okanagan Dream. State of the art Heating and Cooling System, no costs spared on this immaculate home

Click here for: Property information

Planning to renovate your home? Here’s what you need to know to maximize your return on investment.

 

Bright, modern, renovated white kitchen with blue island and gold fixtures

If you’re working on a home improvement project – whether for you to enjoy, or in preparation to put your property on the market – you may be interested to know which renos will give you the most bang for your buck.

A kitchen renovation is the most worthwhile home improvement, and has the potential to increase the value of your property by 20%, according to a recent survey of Royal LePage experts.  

“A kitchen is perceived as the gathering place and the heart of the home,” said Mike Heddle, broker and team leader, Royal LePage State Realty. “When a potential buyer views a home for the first time, the one thing that will stand out – for better or worse – is what the kitchen looked and felt like. They may not remember the size of the bedrooms or the colour of the walls, but they will remember the kitchen.”

Highlights from the national release: 

  • Royal LePage professionals say, on average, bathroom renovations can increase the value of a home by 16%
  • Finished basements and basement apartments have the potential to increase a home’s value by 15%, according to survey results
  • Outdoor entertaining space and landscaping have the potential to increase a property’s value by an average of 10%, according to respondents
  • For Canadians looking for general guidance on where to invest in their home renovation projects, 87% of surveyed experts recommend interior renovations

Do I need a REALTOR® to purchase a home?

 

Realtor in a blue suit shows a young couple a property, couple entering through front door

While there are plenty of great resources available to help you narrow down what you’re looking for, and research the region or neighbourhood that may best suit your lifestyle, consider these benefits to hiring a real estate professional when buying your next home.

A REALTOR®1 will not only take the time to help you find the right property, but also assist you through the buying and closing process. By getting to know you they can make suggestions of similar properties in similar neighbourhoods that may be off your radar. They have their fingers on the pulse of communities across the region they cover. They will advise you through the offer process and once a bid is won, they can recommend trusted professionals to help you complete the transition. 

Here are some benefits to consider:

ACCESS TO A LARGE NETWORK: A licensed real estate agent will have access to more available properties than the general public. Through their professional databases and relationships with other agents, a realtor knows what properties are coming on the market before they are posted, and may have other clients, or colleagues with clients, who are preparing to sell a home that fits your criteria. Some homes are sold prior to being listed and others are only publicly listed for a very short time. You could miss out on your perfect home.

NEGOTIATING: A realtor is a professional negotiator, and it is part of their job to get you the best possible deal on a property. They have insights into the local market, and with access to important data, they have a deep understanding of property values in a particular area at a given point in time.

NAVIGATING THE TRANSACTION: A real estate agent is an expert in their field, and having an experienced professional on your side will take the stress out of the critical paperwork that is necessary when purchasing a home. A realtor will guide you through one of the most significant and important transactions of your life.

ACCESS TO OTHER PROFESSIONALS: It’s always helpful to have referrals from friends and family when hiring a professional. Just as you may be referred to an agent, your agent can refer others to you. Real estate professionals have access to a large network of home inspectors, appraisers, contractors, financial advisors and mortgage brokers, and movers, to name a few. When you hire experienced experts, you get what you want the first time while saving time and money.

Want to find a Royal LePage real estate agent in your area?


1The 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.

Apartment For Sale in Main South, Penticton

Photo Link
Plenty of natural light, floor to ceiling windows in the living room

•  950 sqft , 2 bath , 2 bdrm apartment – FOR SALE  CAD444,900 . This immaculately kept, NE corner home  MLS® 193987

This immaculately kept, NE corner home offers 950 sq. ft. comprising of 2 bedrooms and 2 bathrooms. Notable features of this home are; plenty of natural light, floor to ceiling windows in the living room, open and nice flowing living space for easy entertaining, cozy balcony off of living room, well laid out kitchen w/sit up island, cozy gas fireplace, upgraded window coverings, spacious master with double closets and 3pc ensuite. This home also has a 5×8 storage locker located on the second floor and one secure, heated underground parking stall (#12). There is even a place for your pet to burn off some pent-up energy! All this conveniently located across the street from Cherry Lane Mall. No age restrictions, 2 pets permitted w/restrictions, 3-month min rentals. All measurements are approx.-Buyer to verify if important.

Click here for: Property information

Single Story For Sale in Main South, Penticton


Fabulous custom built, 1744 square feet, 3 bedrooms, 3 bathrooms home

•  1744 sqft , 3 bath , 3 bdrm single story – FOR SALE  CAD749,900 . Lots of skylights, immaculate home  MLS® 193725

The Springs. One of a kind! Fabulous custom built, 1744 square feet, 3 bedrooms, 3 bathrooms home. Large bedrooms, Vaulted ceiling, gas fire place, newer furnace and central air, newer flooring, plumbing updated, u/g irrigation, partially remodeled and updated decor. Lots of skylights, immaculate home. Private patio and great location. RV Parking. Low maintenance fee $75.00/month. *Restrictions, 1 pet allowed, 55 plus, and limited amount of rentals

Click here for: Property information

Click here for virtual tour: https://youriguide.com/201_3400_wilson_st_penticton_bc/

The Rental Application Process: What to Expect

 

Like applying for a job, you’ll also need to apply as a tenant when you want to move into a new apartment. Therefore, understanding the entire rental application process is essential if you want to be approved for the unit of your choice. Here’s what it entails:

What Is a Rental Application Form?

In the U.S. and Canada, potential tenants are often required to submit a rental application form to the landlord or property management company when they wish to rent a unit. The form basically provides the owner with all the information they need to determine whether a candidate can reliably pay the rent.

As well as being able to fulfill financial obligations, the application process is also used to filter out candidates that don’t match other criteria. This can include pet owners in a pet-free apartment or smokers in a non-smoking home, for example.

When and Where Do You Fill It Out?

Nowadays, many landlords and property management companies allow you to fill out your application form online. This is a fantastic time-saver and is often used by leasing firms that offer online tours. The option to apply will be readily available once the tour has been completed.

Other companies will require you to fill out the form in person, often at the leasing office. This usually follows a tour, viewing or open house. If you’re prepared in advance, it shouldn’t take too long to complete the application form. This leads us to the next point…

What Paperwork and Information Do You Need to Provide?

The most important information a landlord is looking for is your credit score and proof of income. This enables them to figure out whether you will have any problems paying the rent each month or not while seeing if you have any outstanding debts that could cause problems. The following documents are typically accepted as proof of income:

  • Recent pay stubs (previous three months)
  • Bank statements
  • Tax returns
  • W-2s / T4 slips
  • Employment history and resume

You must give consent and provide all the necessary information for the landlord to run a credit check on you. You’ll generally need to supply the following:

  • Full legal name
  • Addresses for at least the past two years
  • Social security number / Social insurance number
  • Date of birth
  • Current employer
  • Current landlord

In addition to this, you’ll also need to prove your identity and supply contact details such as phone number and email. A copy of your driver’s license or passport is ideal for proof of ID. Character references from employers, colleagues, previous landlords, and even professors or your doctor are also a good idea.

Is There an Application Fee?

This depends on where you’re applying. In the U.S., application fees are applied to fund processing costs such as running credit checks. In some U.S. states, this fee is regulated not to exceed the actual charges the landlord pays to carry out these checks. In others, there are no limits. Generally speaking, you can expect to pay between $25 and $100 when applying for a rental in the U.S.

In Canada, application fees are prohibited by law in some provinces, such as Ontario and British Columbia. However, some landlords may still ask for a fee though this must be refunded either by the end of your lease if your application is successful or straight away if not. Such fees can cost around $150.

How Long Does It Take and What Happens Next?

Your application will typically be processed within one to three business days. In the best-case scenario, you can view and apply for an apartment and sign the lease agreement on the same day. Other times, it can take up to a week to verify certain information.

If you’re not accepted, the landlord is under no obligation to let you know. But if you are approved, you’ll be contacted and asked to sign the lease agreement. But, of course, you’re not obliged to sign just because you were approved, so you can still say no if you’ve changed your mind.

However, if you’re happy with the rental, you can sign the lease agreement. Just bear in mind that it’s a legally binding contract.

How Can I Improve the Chances of My Application Being Accepted?

There are three major things you can do to improve your chances of being approved:

  1. Improve your credit score: Most landlords are looking for a score of at least 600. Also, be sure to pay off any outstanding bills and debts.
  2. Check you’re earning enough: Your gross income should be at least three times more than the monthly rent for most landlords to consider your application.
  3. Be honest: Background checks will be made, so be upfront about anything that might cause you issues. A cover letter is a great idea.

BC Housing presenting the Skaha Lake affordable housing project to Penticton City Council

 

Affordable housing proposal

An introduction to the affordable housing project planned for Skaha Lake Road and Green Avenue West will be coming before Penticton City Council on Tuesday, revamping the three motels that were purchased by BC Housing last may.

BC Housing’s Skaha Lake Assembly Redevelopment Project involves the Meadowlark Motel, Sun Valley Motel and Mayfair Motel, all in the 2000 block of Skaha Lake Road, which were bought for $7.9 million, along with Skaha Sunrise Apartments.

According to the presentation, the project is set on building affordable rentals for singles, families, workforce, seniors, and persons with disabilities, living in the Penticton area.

Their project timeline starts with initial engagement with tenants and site neighbours along with the Penticton Indian Band Technical starting now through May.

This spring and summer will see work done on a technical site analysis and concept development.

Public engagement for all residents of Penticton on draft concepts is estimated to go forward in the fall.

The Municipal Public Process will follow in the fall and winter of 2023.

BC Housing shared back in May that the eventual aim for the project was to combine the buildings into 105 homes for people with low incomes.

At this time, the project is presented as an affordable housing project, not a supportive housing project.

City council has had a contentious relationship at times with BC Housing, previously requesting an independent audit of all BC Housing supportive housing facilities currently in town before they approve another.

Penticton city council narrowly approved a building permit application from BC Housing for a locally-operated recovery housing complex at 3240 Skaha Lake Road in November.

Canada’s hot recreational property market is set to keep sizzling through 2022

 

Despite a return to international travel, demand remains strong in many recreational regions across the country

Young boy sits on a dock with his grandfather at sunset, fishing and laughing

Strong demand for cottages, and properties in close proximity to lakes and mountains, continues to outpace supply in recreational regions across Canada. According to the Royal LePage 2022 Spring Recreational Property Report, the aggregate price of a single-family home in Canada’s recreational market is forecast to increase by 13% in 2022, to $640,710. This is following a 26.6% year-over-year increase in prices last year. 

Even taking into account reduced pandemic-related restrictions, including a return to international travel, and the potential for a series of interest rate hikes over the course of the next two years, experts in recreational regions say the spring market is already off to a competitive start. According to the report, 84% of recreational property experts report lower inventory than last year in their respective regions. 

“The factors challenging Canada’s residential real estate market – chronic low supply and growing demand – are amplified in the recreational property segment,” said Phil Soper, president and CEO, Royal LePage. “Demand for recreational properties continues to vastly outstrip inventory in many cottage regions across the country. Waterfront and mountain-top locations near cities are limited by nature, even in a vast land like Canada, forcing buyers into multiple-offer scenarios. Even more than in urban regions, it is vital that buyers and sellers employ the services of a local agent who has recreational market expertise.”

Highlights from the national release:

  • Nationally, the aggregate price of a single-family waterfront property surged 21.5% year-over-year in 2021.
  • Single-family homes in Ontario’s recreational property market recorded the highest year-over-year aggregate price appreciation in 2021, rising 34.6%. 
  • Quebec and Atlantic Canada expected to see highest recreational property price gains in 2022, rising 15%; single-family recreational homes in Ontario and British Columbia forecast to increase 13% and 12%, respectively.

For more information and regional insights, read the complete Royal LePage 2022 Spring Recreational Property Report. 

Single Story For Sale in Rural, Oliver

Photo Link
2,300 sq. ft. 5-bedroom rancher with a separate basement entrance

•  2241 sqft , 2 bath , 5 bdrm single story – FOR SALE  CAD749,900 . Situated along Okanagan River MLS® 193542

Do you need 3 bedrooms on the main floor? This home has that) 2,300 sq. ft. 5-bedroom rancher with a separate basement entrance which could provide a mortgage helper if needed! Situated along Okanagan River and surrounded by sprawling gardens and yard totalling .50 Acre! Main level offers an open concept which allows for an over abundance of natural light. This home has had some updates and shows very well. The single car garage measures 13’6″ in depth & 20’3″ in width. This change was done to create a nice laundry/mudroom. Please view floor plans and virtual tour.

Click here for – Property information