First time home buyers

The housing market is crazy and out of balance right now.

It’s 2017 and interest rates are still low, home values are up, but something is lacking. It’s SELLERS! Inventory is down from this time last year, and we were thin on inventory at that time. What does this all mean? It means that we are seeing homes sell the first day they are on the market, with multiple offers, and with many offers over asking price. It is tough sledding for buyers right now. This makes for a hard time for people moving with their job to Kamloops and are forced to maybe overpay or cannot find a great home.

There are always some steps you can take to get at the front of the queue, get a great Realtor working for you, get yourself put on the MLS PCS (Private Client Services)

A mortgage is a huge undertaking

Just getting one sometimes can be hard. You have got your mortgage but did you look at the small print and read it? Here are some handy facts that you may not know.

1. How much of your payments go toward interest

Most mortgage payments are what they call blended payments, which combine repayments of the principal as well as the interest at once. When you start paying off your mortgage, a significant part of your payments are going toward the interest, not the principal. Over time, however, the principal of your loan decreases, which means that the amount you will owe in interest decreases as well. As such, the portion of your payment that goes toward the interest will decrease over time, and the amount that

January is the time for resolutions, and for many people, one of those resolutions is getting a mortgage and buying a house.

But if you’ve been keeping abreast of the recent changes in the mortgage industry or even casually following economic forecasts, then the prospect of 2017 may have you a little wary.
 

Assessing your personal situation

Only about half of Canadians think that this this is a good time to buy a home or a condominium in their community, according to a survey that was part of the latest Annual State of the Residential Mortgage Market in Canada.
 
“The fall 2016 responses to this question have been contrasted with consumer opinions on how the new mortgage insurance rules would affect their ability to buy a home or condominium.

2017 Royal LePage real estate forecast

Canada’s residential real estate market saw significant year-over-year home price appreciation in the fourth quarter of 2016, supported by considerable gains in the Greater Toronto Area (GTA) and Greater Vancouver, according to the latest Royal LePage House Price Survey and Market Survey Forecast.

The prediction for 2017 isn't as dire as some experts would have you believe; in the year ahead, Royal LePage expects the regional extremes in house price appreciation to narrow in 2017, primarily due to a price correction in the Greater Vancouver housing market, strong but moderating price appreciation in the GTA, and welcomed upward price trends in Quebec, Atlantic Canada and Alberta.

“The disparity in home price

So what does LOW HOUSING INVENTORY mean to you?

Real estate is always subject to cycles, especially around growing and expanding communities like Kamloops. The reality is this area is now facing a shortage of housing inventory. If your a buyer moving to the area it is key to find a local experienced realtor who can get you up to speed on your knowledge of Kamloops real estate market, its not all doom and gloom as we show in this article. If you are a seller then the local "know-how" of a realtor is key in getting your house listed at the correct price with the best exposure possible. If you are selling and buying within Kamloops then there is even more need for a great local Realtor to get you the best of both sides of your deal.

From the Bank of

There’s Strength in Numbers, Especially When It Comes To Making Mortgage Payments

So you’ve been renting for several years and you’ve worked your way into a sound financial situation. Time to buy a house, right? Absolutely. But the important question is: what kind of a house? After sharing buildings with other tenants you’ll probably be imagining moving your family into a snug little single dwelling castle of your own. However, that isn’t necessarily the wisest decision for everyone. Of course, there is something undeniably appealing about having a place all to yourself – but don’t forget to consider the charms of sheltering a tenant or two under your newly purchased roof. Buying a Duplex, Triplex or Fourplex can have a huge impact on your future as a

Low Home Appraisal - What now?

In the home-buying process, there are several crucial steps along the way that Sellers and Buyers alike will have to navigate: the home inspection, title issues, getting a survey and negotiating when an appraisal comes in significantly lower than the accepted offer.

When this happens both sides can go through many different emotions.

Either you, as the Seller, will feel as though you paid more than the property’s worth, especially if you just recently completed renovations, or, if you’re the Buyer, and you don’t have extra cash to hand over, the deal can fall apart. (Your lender’s not going to spring for a higher loan amount if the appraisal came in lower than expected, so Buyers will have to make up that difference

House hunting might seem like an easy thing.

You go online, search for a home and put in an offer, but there are some key steps you need to consider when you’re entering the real estate market. Here are eight house hunting tips you might want to consider before starting your home search.

1. Take an honest look your personal finances before you start your search.
   Understanding your personal financial situation is the first step in finding your dream house. You will need to know how much you can contribute to a mortgage payment, the cost of maintaining a home, and also if you have any liquid funds to contribute to settlement costs. Don’t skip this step because you don’t want to fall in love with a house just to discover you can’t afford to live

Are there any great houses for a good price?

I have written before to advise home sellers about some of the key things they can do to improve the marketability of their properties. However, awareness of these same principles can also help the sharp-eyed home buyer to land a great place at a bargain price. The crucial thing, always, is to remember what’s important in a home, and what isn’t. Some of the apparent “problems” with a property may actually be very easy to fix. As always use your professional Kamloops Realtor to help you uncover a great property that is right for you.

Here are some of the ways you can find a great deal by disregarding some of the relatively minor problems with a home.

Some of the relatively minor updates needed for

If you bought or sold a home recently, chances are you signed a listing agreement – but did you truly understand what you were signing?

Selling a home is a stressful time and can be worse if an employment change for example is forcing you to move quickly. While a common component of real estate transactions, listing agreements can have language that can be overlooked. Here’s what you should know about them – before signing on the dotted line.

What is a Listing Agreement?

A listing agreement is standard paperwork between the listing agents brokerage and the Sellers of the property. This document is much like an employment contract between the Sellers and the Listing Brokerage. This paperwork is completed before the listing can be active as an