Melissa Vike | Re|Max Real Estate Kamloops Blog

Wednesday, June 1, 2022   /   by Melissa Vike

Sharply Higher Mortgage Rates Will Slow Housing Activity in BC Through 2023

BCREA 2022 Second Quarter Housing Forecast





 






MLS® residential sales in the province are forecast to decline 22% from a record high 2021 to 97,240 units this year. In 2023, MLS®residential sales are forecast to fall an additional 12.4% to 85,150 units.   





 











 






“After a strong first quarter, BC markets are now adjusting to a much different interest rate environment,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates surpassing 4 per cent for the first time in over a decade, the housing market over the next two years may have very little resemblance to the housing market of the past year.” 

On the supply side, we have begun to see active listings move from record lows and re-sale inventories trend back toward balance. However, because inventories reached such low levels over the past year, the journey back to balance may tak ...

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Wednesday, June 1, 2022   /   by Melissa Vike

Higher Rates and Short Supply: The State of Real Estate in 2022

Canada's housing market hit a boiling point last year as homebuyers clambered for real estate in regions with significantly more demand than supply. But now that homeowners and buyers alike are feeling the pinch of rising interest rates and record inflation, the market appears to finally be simmering down.
 
That, in turn, could create a welcome opening for shoppers to be more selective with their searches. However, buyers hoping for a major downturn in prices may be left disappointed. Although home values in some segments are beginning to sag under the weight of higher borrowing costs, a persistent housing shortage is expected to keep prices high.
 
Read on for a closer look at some of the top factors impacting Canada's real estate market and how they could affect you. 
 
 
RISING MORTGAGE RATES ARE COOLING AN OVERHEATED MARKET
 
Over the past couple of years, homebuyers have faced record-high price appreciation and intense competition—int ...

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Monday, May 2, 2022   /   by Melissa Vike

Home Staging Tips to Sell Faster

Staged homes can sell quicker and for a higher price, because they showcase the home’s best features and downplay its weaknesses. 

What is Home Staging? 

Home staging is the process of preparing a home for sale by increasing its appeal to a wide range of homebuyers.  

You want homebuyers to easily envision themselves moving in and living there. They need to see it as their dream home. 

Here’s what you can do: 

1. Focus on the key rooms 

There are several areas that homebuyers are zeroing in on when they look at your home, with the living room, kitchen, primary bedroom, and dining room topping the list. 

If you can’t get to every room, make sure that you spend your time, energy, and money on these rooms. 

2. Clean, clean, clean 

If you can’t stage every room in your home, you can still clean every room. It’s essential. It signals pride of ownership; ...

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Monday, May 2, 2022   /   by Melissa Vike

5 Ways to Write a Winning Offer in Today’s Real Estate Market

Our nation is in the midst of a shifting real estate market. But even as the buying frenzy begins to slow, many properties are still receiving multiple offers.1
 
So what’s the best way to compete as a buyer–especially if you’re wary about overpaying?
 
While a high offer price gets attention, most sellers consider a variety of factors when evaluating an offer. With that in mind, here are five tactics you can utilize to sweeten your proposal and outshine your competition.
 
We can help you weigh the risks and benefits of each tactic and craft a compelling offer designed to get you your dream home—without giving away the farm.
 
1.   Demonstrate Solid Financing
The reality is, no one gets paid if a home sale falls through. That’s why sellers (and their listing agents) favour offers with a high probability of closing. 
 
Sellers particularly love all-cash offers because there’s no chance of fina; ...

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Saturday, April 2, 2022   /   by Melissa Vike

Renovations That Add Value to Your Home

Now that Spring is here, you may be thinking about making some home improvements to maximize your investment. Whether you’re looking to stay in your home or sell it, there are some home renovations that pay off on the resale market. 

According to a 2021 RE/MAX Canada report, more than half of Canadians renovated their home for personal enjoyment. According to a survey, 3 in 10 Canadians renovated to enhance their lifestyle while another 3 in 10 renovated to maintain their home. Lastly, 16% of Canadians said they renovated to increase the market value of their home in order to sell within in the next one to three years. 

Regardless of their reasons for renovating, 59% of Canadians said they always consider the return on investment that a renovation will have on their home’s market value.  

TOP 9 HOME RENOVATIONS 

1. Kitchen – 93.5% of RE/MAX brokers said kitchen renovations give the best ROI, including new or upd? ...

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