Okanagan Real Estate News from Heidi Lussi August 2017   

 
Selling a home can often trigger a wide range of emotions.  This month’s article discusses how to keep your emotions in check so that your real estate roller coaster ride will be a smooth and enjoyable experience.

There are also some tips to help ease your family back into the school routine as well as a couple of apps to help you with those do-it-yourself projects.

Thanks so much for checking out this month's newsletter.  Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

The Heidi Lussi Real Estate Team

In this issue...
Okanagan Real Estate Market Update 
Strong residential sales despite summer slowdown.

Residential sales in the Okanagan region of Revelstoke to Peachland moderated slightly in July, with 961 sales posted to the Multiple Listing Service (MLS®), down 6% from June, and just 2% fewer than July last year reports the Okanagan Mainline Real Estate Board (OMREB).

“While sales activity typically slows over the summer months, with this July no exception, pricing and days on market continue to show strong demand for available housing supply,” says OMREB President and active Central Okanagan REALTOR® Tanis Read.

At $504,712, the average July price in the region was a mere 1% lower than June and 6% higher than this time last year, while days on market, or the average time it takes to sell a home, was 63 in July, as compared to 73 in June and 79 last year.

“Although these figures offer a general overview of market conditions, averages tell only part of the story and prospective buyers and sellers can benefit from consulting a real estate professional about how current conditions impact the neighbourhood or housing type of interest,” comments Read.

“One might be surprised at how sales and pricing within certain communities and/or housing types can run counter to general market conditions,” notes Read, adding that a REALTOR® who knows the local market can bring a level of knowledge and in-depth data analysis that can help inform decision-making.

Year-to-date, buyers of homes in the region served by OMREB were primarily those who already live in the area, at 56%, with first-time buyers accounting for 20% of the buying population, followed by move-up buyers at 17%.  Buyers from the Lower Mainland and Vancouver Island accounted for 19%, followed by Alberta buyers at 10%, with buyers from outside Canada comprising a mere 2%, according to a monthly survey that OMREB has conducted since 2010.

“OMREB collects this data to inform our knowledge of the market and current trends, which, in turn, enhances our members’ service to Okanagan real estate consumers,” says Read, noting that, since survey inception, buyers have largely been those who already live in the region.  While Alberta buyers were the next populous group until 2015, this group has since been displaced by buyers from the Lower Mainland/Vancouver Island.

Preparing for the Real Estate Roller Coaster Ride 
Never wear your emotions on your sleeve during the real estate ride.

Selling your home is a huge financial transaction that can trigger a roller coaster of emotions.  When you're being tossed around at every turn, you need to hang on and stay on track.

Although you’ll likely have a strong connection to your home, try not to get offended if a potential buyer wants to rip up your kitchen or paint over the wood trim.

Also, never take comments personally.  It’s natural for people to complain when they're interested in something so while criticisms may seem negative, they’re actually a sign that the buyer’s interested in your home.

If you receive a “low ball” offer, remember that it’s often just a starting point but be aware of tactics such as “low balling” where an attractive price is initially offered only to be adjusted at a later point on the basis that circumstances have changed.  Recognizing these strategies will help you keep a balanced perspective.

If you’re able to generate multiple offers, make sure you consider more than just the price.  There’s nothing worse than accepting a conditional offer just because it's over the asking price only to have it fall apart a month later when you could have accepted a firm cash offer that was almost as good.

It’s completely natural for both buyers and sellers to experience a wide range of intense emotions as they navigate through the complex real estate process.  However, if you hop on the real estate roller coaster with a competent agent by your side, you’ll not only enjoy the ride but you'll look forward to doing it again!

Getting Ready for School Daze 
Going back to school can be tough after the lazy days of summer.

Getting back into the school routine can sometimes be a little hectic.  Here are a few tips that will help make it a little bit less stressful on everyone:

  1. Shop Early - The first few weeks of school are very busy and unpredictable so be sure to purchase your back to school items as early as possible.

  2. Sleep Easy - Ease back into the school routine by gradually adjusting bedtimes (and wake up times) a week or so before to help everyone get back into the routine.

  3. After School Plans - Start discussing extra-curricular activities and homework routines so you can organize your Fall schedule.

  4. Have a Hub - Hang a calendar in a central spot where everyone can write down their activities and attach a folder for notices and permission slips so that everything's in one place.

  5. Be Positive - If your child is anxious, listen to their worries but also pay attention to how you’re feeling as sometimes the parent’s anxiety can rub off onto their kids.

Going back to school is a very exciting time (for you and the kids) but it’s also a period of emotional adjustment so try and make yourself available as much as possible during the first few weeks.  With just a little planning, getting back into the school routine can be a nice, smooth transition.

Do-It-Yourself Apps 
Your smartphone should be an essential part of your DIY toolkit!

If you're constantly procrastinating over household projects, you should check out a few home improvement apps for some inspiration!

You’ll soon become a DIY master with the thousands of how-to guides at WikiHow complete with illustrations and videos on every imaginable topic.

There’s also iHandy Level which will help keep you on the level if you’re hanging a picture or if you need to measure a precise angle.

These are just a few examples of the many apps that are available.  From picking paint shades to renovating your home, a smartphone will be the lightest and most versatile tool you’ll ever own!



PS Are you sick of scouring the paper and MLS sites looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Sit back, relax and let us do the work for you!

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