Is the market ready for you?

I recently had a couple of market evaluations that will shed some light on whether or not a seller is positioned well enough to sell.

One scenario is with regards to remaining equity in a property.  If a seller purchased at a time when the market was high and did get a longer amortization (say 30 to 40 years)  there may be little to no principal paid down.  Also some may have purchased in 2005 or 2006 with a 5 year term and actually took a line of credit based in the increased equity in 2007 from the rising market.  All this adds up to a tough situation when the renewal comes up.  The owner may have made every single payment and be in good standing with their financial institution.  The banks have changed their lending to 80% financing on renewals.  If the owner did the 0% down that was offered at these times the likelihood of being able to renew is even less.  This is because the market value has dropped substantially and there is more to owe than what the property is now worth.  The unfortunate end result is the owner may have to literally walk away from their property unless some sort of financial aid is found to satisfy the lender.

Another case involves mortgage penalties.  Clients often forget that if they sell prior to their term expiring on their mortgage that there may be a penalty involved.  Sometimes this can amount to thousands and thousands of dollars.

It is very important for any homeowner to check with their lender and check the terms of their mortgage.  Maybe it’s portable?  Maybe they will negotiate the penalty if you are increasing your next mortgage due to property up sizing.  If all is order and the result is a win situation to get you moving forward then the market is ready for you!

Early Spring?

The snow has yet to let up as we sit here at the beginning of March.  For the last week though one would think the rush was on in real estate. Even with the -15 degree temperatures last week there were multiple offers being made!  I guess spending money and the weather are not as closely related as some may think, in real estate anyways.

Listings in town that are being snapped up are generally the ones under $350,000.  The fact lending will tighten up this mid April combined with a likely rise in interest rates in June have motivated many to make a change sooner rather than later.

Speaking of early spring, we took a drive into the backwoods this weekend.  It was too cold to take the ladies snowmobiling so we decided on a Sunday drive on Saturday.   To my surprise we spotted a calf moose bedded down near a popular campsite.  Mama was no where to be seen but we didn’t stick around too long to disturb her anyways.

Many people have their theory about when spring actually begins.  Not by the calender, or a groundhog seeing it’s shadow.  I usually call it when the skunks start coming out.  You can capture their unmistakable scent in the early spring yearly when you have the windows of your car open for the first time in months on a day where you can actually start feeling the warmth of the  sunshine on your face.

No skunks so far but then again I have not opened the car window yet.  Soon I hope in an odd kind of way, soon.

 

 

 

Full moon weekend

After a busy week of buyers coming out of the woodwork and listing appointments coming in I had the pleasure of joining some friends on a full moon snowmobile adventure.

We headed out to 19 km on the Summerland/Princeton back road where we unloaded our sleds at about 7:15 pm to ride the area know as “lost chain”.  It was a fairly clear night and the moon would be up soon to light up the snow covered hills.  We didn’t get far and one friend’s sled was acting up.  After some trial and error we swapped out a spark plug and continued on stopping briefly to warm up with a sip from the flask.  Chocolate Martinis with some VanGough vodka was Christy’s contraption and Dale was sporting a new favorite, Crispy Crunch, which is white Creme de Cacao and Frangelico.  The snow was crispy and the air cool, around minus 10 or so.  After 30 km of pristine riding we made it to our destination of an old  trappers cabin where we enjoyed an array of appetizers.  I brought some antipasto and crackers to accompany the hot pepper jelly and cream cheese, pepperoni, and some delicious turkey jerky that Phil and Janna contributed.  The fire in the wood stove warmed us through and we could have stayed all night visiting.

Time had flown by as we realized it was going to be tough to make it home for the midnight curfew that had been set so my wife would not send out the search party.  I know it’s important to say where you are going and when you’ll be back but at the same time I need some leeway when I go out and play in the woods.  Things happen.

So comes the “shortcut” to get back to the truck.  We take a different route back which ends up taking us along a road where there has been some heavy duty logging going on.  The road is absolutely solid with no fresh snow and soon enough the newer sleds are over heating and there is no way we are going to home on time.  Not even close.

For me, I ride an older trail sled which doesn’t have fancy gauges to say I’m overheating.  It suits me best.  As much as I like the newer, more powerful sleds, it seems they blow up too, and at a third or less of the price I’ll go old school.   Still, I pop my hood like the others but my engine is doing fine.  My wife on the other hand is going to worry soon.  In my defense I tried to send a text back at the cabin as they sometimes get through when the call doesn’t.

12:27 am.  Top of Mount Nowhere.  My buddy Brian waves me down along the trail as we got back to our original track to make our way home.  He says there is phone reception  a few hundred yards up?  Brian says there is a rock along the road (it was covered in snow) that has a “phone booth” sign on it.  Sure enough I get through right away on the cell and let my wife know all is fine and that I should be home in an hour or so.  Thank goodness.  I can now enjoy myself again for the duration of the trip knowing search and rescue has not been deployed.

1:47 am.  Roll in the driveway.  Get as much rest as possible.  Big family gathering in Kelowna in the morning for my niece’s 3rd birthday.  Property to show in the afternoon.  37th birthday party for Sandy at the Perch.  Going to get her 37 free wings that The Perch Pub gives you on your birthday.  Can’t wait for Jen’s Grandfather’s 90th this spring.  We better call ahead!

Summerland Life

Appreciating living in the the town of Summerland grows as the years go by and for different reasons throughout those years.

Yesterday afternoon I previewed a newly built home in a recent subdivision called Vintage views near Heritage Hills along east side road between Penticton and Ok Falls.  The subdivision is nestled in the mountains with natural landscaping of big rocks and decent lake views.  It took about fifteen minutes from the north end of Penticton to get to the subdivision yet it seemed longer as you travel though the city and  wind your way up the mountain.  Nice new homes in the low $500,000 range are appealing at a glance and at the same time something was missing.  Sure, it takes time for a neighborhood to grow.

Almost late to pick the kids up from school I made it back by 2:35.  Had to pop into the grocery store to figure out a Valentine’s dinner.  Stopped at the post office to drop off my wife’s shipping, got gas for the truck, and was home by 3:15 to get the prime rib roast in the oven.

That was it!   You can get so much done in such little time when everything you need is centralized and home is only a few km away from town

Countless times I see other parents drop their kids off to swimming, soccer, or skating as they run their errands around town.  I know because I am crossing paths with them.

There is something to be said about how you spend your time.  I couldn’t imagine the rat race of the city, commuting hours each way to and from work only to feel like another ant in the hill. I love telling people that I’ll pay for their parking tickets in Summerland as we do not have any meters.  Hopefully this remains for years to come.

If your retiring to the area there’s no better place.  This community will welcome you with open arms and you will find many sports/organizations to keep you busy. Health care is easily accessible.

If you have transfered for work you are lucky already.  Steady employment is often sought after by many locals.

If you have a family, the school opportunities are plentiful for your kids,  sports, clubs, and activities are available to keep them busy.

There is so much more Summerland offers that I now just take for granted.  It has become commonplace.  It becomes apparent any time I leave town.  It is a great place to call home.  If it isn’t already, you may want to call it home someday too.

I think I’ll  go for a walk uptown.  It won’t take much time and it’s another blue sky day.

 

 

 

Summerland’s Back 40

Last weekend we had already agreed days before to get the kids out and do some tobogganing prior to waking up to a windy snowstorm.  So rather than facing the disappointment of cancelling we took the spoiled rotten brats darling little children out for a day of adventure.

Crump, or little crump, or the staging area as known by locals is a great place only 17 km behind Summerland.  The flat bench below the Summerland/ Princeton  back road has a half dozen spots with gravel sites and picnic tables along with an out house. ( a necessity for the ladies)  There are a couple hills for the kids to sled.  In the summer we will play a few holes of redneck golf and hack some old clubs through the brush, beer in hand, while the kids buzz around on their bikes and quads.

We were running a little behind and thankfully we were not right on schedule as the lead 4×4 got stuck going in.  After an hour of chaining up and turning around we had all decided to take up the Poetsch’s generous offer to host the “fire day” at their home a few clicks back towards Faulder.    So seven families and their kids enjoyed an afternoon of sledding, snowboarding, and  standing around a fire with some home made hamburger soup that the Young’s are well known for to keep us warm.

Warm, yes.  But soaked as well.  The wet snow and warm fire combined to soak most peoples gear right through.  Our gracious impromptu hosts were kind enough to have the kids (and a few adults) take refuge when needed.

Faulder residents and other properties leading out are expected to be connected to Summerland’s main water system in the new future.  This will greatly improve the saleability of the properties in the area which from time to time fall under a cloud of doubt from potential buyers.  Once it was the Uranium content in the water.  The Uranium level never changed, the Canadian standard did and that got some media attention.  Next it was their pumps failing.  Water is a top priority in todays real estate whether its quantity or quality.  Thanks to a recent government grant the delayed project should get underway this spring and alleviate any buyers concerns with water.  I understand through some residents that the water will still not come cheap.  Increased taxes and expensive connection charges may pose some costs that will have to be addressed.

Anyways, homeward bound we go to catch the second half of the Superbowl.  There had to have been 10 inches in the driveway.  It was pretty heavy.  My neighbor Mike had just finished his driveway with his quad and blade as I struggled with the old shovel. Normally I wouldn’t accept an offer of help I told him when he asked as this may be the only real exercise I get for the day but in this case it was a too good to pass up and a back saver.  With three swipes there was two tons of snow out of the driveway.

In return we had Mike and his family over for a pot luck dinner of taco soup/nachos/and smokies while Green Bay captured the title.  Nice way to finish off the weekend.

Until next time, prepare for the weather and get outdoors, Cheers!

Social Media 2011

Here we go!

Staying current with  technology and adapting to the latest ways of communicating with customers is a vital component of success in today’s business no matter what your field is.

As a Realtor for 8 years with Royal Lepage Parkside I had the pleasure of attending “The Banff Western Connection” this past January 27-29, 2011, as a new director for the South Okanagan Real Estate Board.  There were many well respected speakers to which I had the pleasure of hearing 13 of them over the course of the convention.

One of the main focuses of the convention was social media.  The speakers were interesting and educating.  Shane Gibson and Stephen Jagger presented their latest book “Sociable” How Social Media is Turning Sales and Marketing Upside-down.  I am part way through the book and could not help myself to start my blog before finishing the read.  What the hell, might as well get on it sooner than later.  Some of the most applicable points are relative to everyday business no matter how big or small a community you are from.  Things like being authentic, credible, fearless, consistent, and committed.

Alan Deutschman spoke on being a real leader.  Real leaders provide accurate information to their clients so they can make great decisions.  His speech “Walk the Walk” was  a parallel to how I have gone about selling real estate.  I have never been afraid to provide clients  with the most information possible from as many sources as I could find with regards to a piece of property.  I pretend as if I am buying/selling it for myself.

My favorite of the convention had to be Kevin Newman, the well know news anchor from Global and Good morning America.  He gave an insight to how media can influence people and how the “truth” can be misconstrued depending on the story that was going to be told.  One particular story involved this new bullet proof glass in which tests were being done for the story.  The first two times the glass broke and finally it worked on the third.  So what was the story to be?  Sure enough it was the glass that was “bullet proof.”  Not that two out of three times this glass failed!

The week also offered the opportunity to network with many Realtors from Manitoba across the west.  The food was exquisite as well as the Banff Springs Hotel.  Seeing a bull elk going downtown and taking a break form all the sessions by playing hockey on the rink below the Waldhaus Pub was nice way to break things up.

There’s more to tell but company has arrived at my door so off to entertain I go.  Have a great weekend and get outdoors!