Tuesday, October 14, 2008

My Kelowna Real Estate - How to Set an Offer Price


There is no set equation to determine how you’ll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You’ll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you’re willing to offer.

Concentrate on the following areas to help you determine an offer price:

Comparable Sales

Compare prices of homes that are similar to the property you’re considering in the following areas: number of bedrooms and bathrooms, square footage, lot size, type of construction, and garage space.
The most comprehensive and in-depth information can be accessed through the Multiple Listing Service (MLS). Your Realtor, who will be working closely with you to set your offer price, can help you navigate this service.

Property Condition

Observe how the property compares to the rest of the neighbourhood. Is it average, above average, or below average?
Look at structural condition: walls, ceilings, windows, floors, doors.
Pay close attention to: bathrooms, bedrooms, condition of plumbing and electricity.
Also check the fixtures: light switches, doorknobs, drawer handles, etc.
What is the condition of the front and back yards?

Home Improvements

Cosmetic changes can be largely ignored, but any major improvements should be taken into account.
Take special note of: room additions (especially bedrooms and bathrooms).
Items such as swimming pools may be taken into account, but usually won’t affect your offer. Your Realtor can offer your guidance in these matters.

Market Conditions

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.

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.

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.

Comparable sales information helps you establish a price range for the home you’re interested in. Adding in the additional factors mentioned above will guide your decision of whether you consider a “fair” price to be near the upper or lower limit—or the middle—of that range. Keep in mind, this price should be the one you’d be happy with once all negotiations are said and done. The price you decide to begin with depends on your particular style of negotiation. Most Buyers begin the negotiation process with a number lower than the “fair” price they’ve come up with.
Elizabeth Antal and Zsolt Ketesdi - My Kelowna Real Estate
#206 1180 Sunset Drive
Kelowna BCCanada V1Y 9W6

Toll Free 877.717.1886
Phone 250.717.1886
Fax 250.717.1889
Email: Elizabeth@mykelownarealestate.com or Zsolt@mykelownarealestate.com
Website: http://www.mykelownarealestate.com/

REAL ESATE INVESTMENT BLOWS AWAY STOCKS!

A recent article on July 12th 2008, in the business section of the Kelowna Daily Courier by Joseph Roberge, Investment Advisor, purported that over the last 30 years the S & P TSX Index outperformed Real Estate Investment. He claimed that the stock index averaged 10.8% per year while Real Estate was 7.7% average gain over the same period.


He conveniently omitted that:

1. The equity increase in your principal residence is tax free while stock gains are taxable. Advantage Real Estate!

2. You can live in your Real Estate Investment but not in your stocks. Advantage Real Estate!

3. You can buy Real Estate with a low down payment effectively increasing your yield. You need cash to buy stocks. Advantage Real Estate!

4. You can rent out all or part of your Real Estate and let your tenant buy it for you. Stocks you have to pay for yourself.


Advantage Real Estate!Bert Chapman is the Managing Broker/Owner of Premier Canadian Properties and past President of the Okanagan Mainland Real Estate Board

Sunday, September 14, 2008

My Kelowna Real Estate - Website



At MyKelownaRealEstate.com we are industry leaders focused on Lifestyle, Investment and International properties.

Through our affiliation with Christie's Great Estates we have access to world markets which give us the ability to service our clients with a wide variety of Local & International properties.

What our clients like about us is that we are in the industry for long term, "We create business today and lasting relationships for tomorrow!"
Let MyKelownaRealEstate.com help you every step of the way. When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task, and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.

While at your side each step of the way, we will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. We will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.

Our team is always familiar with the current homes on the market, and we know neighborhood values well, so we can help you determine which properties are fairly-priced and in good condition before you start your search.

Click here for a Free Home Evaluation




Elizabeth Antal and Zsolt Ketesdi - My Kelowna Real Estate
#6 - 3185 Via Centrale,
Kelowna, British Columbia
Canada V1V 2A7

Toll Free: 1.877.717.1886
Phone: 250.717.1886
Fax: 250.717.1889
Email: Elizabeth@mykelownarealestate.com or Zsolt@mykelownarealestate.com
Website: http://www.mykelownarealestate.com/

Wednesday, July 30, 2008

REAL ESATE INVESTMENT BLOWS AWAY STOCKS!

A recent article on July 12th 2008, in the business section of the Kelowna Daily Courier by Joseph Roberge, Investment Advisor, purported that over the last 30 years the S & P TSX Index outperformed Real Estate Investment. He claimed that the stock index averaged 10.8% per year while Real Estate was 7.7% average gain over the same period.

He conveniently omitted that:
1. The equity increase in your principal residence is tax free while stock gains are taxable. Advantage Real Estate!
2. You can live in your Real Estate Investment but not in your stocks. Advantage Real Estate!
3. You can buy Real Estate with a low down payment effectively increasing your yield. You need cash to buy stocks. Advantage Real Estate!
4. You can rent out all or part of your Real Estate and let your tenant buy it for you. Stocks you have to pay for yourself.

Advantage Real Estate!Bert Chapman is the Managing Broker/Owner of Premier Canadian Properties and past President of the Okanagan Mainland Real Estate Board

Saturday, June 14, 2008

Elizabeth Antal - My Kelowna Real Estate

Elizabeth Antal specializes in Lifestyle, Investment and International properties. Hiserxperience and dedication to her profession has created ties and connections on a global scale with active private investors and business executives. Elizabeth facilitates the acquisition of property often before they even hit the Market. She has matched her client’s needs with excellent opportunities for buying and selling real estate, both locally and Internationally. Elizabeth has a much respected reputation as a finely polished and skilled negotiator. These skills have given her the competitive edge needed in today’s active Real Estate Market, to ensure that her clients needs are met 100% every time.

Elizabeth Antal
Sunset Drive Branch Address : #6 - 3185 Via Centrale,
Kelowna, British Columbia V1V 2A7
Phone : 250.765.0570
Toll-Free : 1.866.765.0579
Fax : 250.765.0577
Email : Elizabeth@mykelownarealestate.com
Web: http://www.mykelownarealestate.com/

Zsolt Ketesdi - My Kelowna Real Estate

Zsolt Ketesdi is known in the Industry for his professionalism. Zsolt is MyKelownaRealEstate.com client relations manager, working with our buyers and sellers to ensure their exact standards are not only met, but exceeded. Zsolt understands how important it is to have a professional looking after your interests in the process of buying and selling real estate. He has been serving the community with honesty and integrity. Zsolt has helped buyers locate property often before they even hit the market. Zsolt's ties to the Hungarian community have proven to be a valuable asset to his clients and colleagues.

Zsolt Ketesdi - Unlicensed Assistant
Sunset Drive Branch Address : #206-1180 Sunset Drive,
Kelowna, British Columbia V1Y 9W6
Phone : (250) 717-1886
Toll-Free: (1-877) 717-1886
Fax : (250) 717-1889
Email : Zsolt@mykelownarealestate.com
Web: http://www.mykelownarealestate.com/