Is Using Professional Photography Important when Selling?

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Today we are back to answer another great question. The one we have been hearing a lot lately is: “Is it important to use professional photography when selling my home?”

Back in 2008, we were one of the first around to use professional photography with our listings, and our trial and error through the years has allowed us to really perfect our process. What we found was that initially, the photos made a big splash and these beautiful photographs would allow our listings to get a lot of activity. However, we also found that the homes were not selling as fast. 

This was because the photos were so good and so appealing that the actual properties were a bit of an oversell, which caused a letdown for buyers when they got there. We have learned from that mistake and have gotten much better with our photos since.

It’s still important that all of our homes have photographs with high resolution, that are framed properly, and capture the right light, but are not oversold or doctored too much. You will still see agents out there using these very fancy looking photos, and they are always too good to be true.

It's hard to get someone interested in a home when the first feeling they have upon arriving at the front door is disappointment. You want your photos to be appealing, but representative of the property. 

If you have any questions for us about photography, or about anything else real estate related, give us a call or send us an email. We use the best photographers in the business, and would be happy to share our knowledge and experience with you. 

What Does the Future of Real Estate Look Like?

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Today I am here to answer another great question from a client of ours, who wants to know what we can expect in the next 15-20 years, as far as home prices are concerned. Over the last 15 years, we saw prices nearly triple in value, then drop again. Our client wants to know if we can expect that same type of growth to happen over the next 15 years, or if this last cycle was some kind of anomaly. 

The real estate boom that occurred from 2003-2008 was unprecedented and one of the biggest of our generation. The same could be said for the market downturn, which was one of the largest slumps, and gave back 20% of that equity climb. 

As we head into our next cycle of the market, are we going to see that same kind of growth? Personally, I do not think we will see a huge boom. Rather, I predict us to see a more sustainable growth rate for home prices, more in line with the 80-yr average of real estate, which is around 5.7% a year. I do believe we will outperform that figure over the next few years, but I think over the course of the next 15, things will be much more stable and normal. 

Everyone always talks about the baby boomers and what a big and important target market they are, but here’s what people forget to mention: Baby boomers had kids. The average baby boomer has 2.2 children, which means that the generation they gave birth to (Generation Y, or millennials, children born between 1981-1992) is actually twice as big of a market. This generation is moving more and more into the market, and is the largest demographic in history. This generation is what will drive the market in the next 10-15 years, where there will be a steady supply of people purchasing and selling homes. 

Long story short, I think we will see a nice 5-10% steady appreciation for homes over the next 10-15 years, which will pave the way for a strong, sustainable market in the future. If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you!

Your Kelowna Real Estate Questions Answered

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I've been receiving a lot of questions from my clients in Kelowna and the surrounding areas, so I'm just going to dive right in and answer them for you.

1. How do you get and maintain a quality tenant?

I've had a lot of bad tenants over the years, and I've learned from my mistakes. You need to run a credit check on your tenants to ensure that they're responsible enough to pay rent. Another thing you can do is treat them like a client, because they're helping you pay off the mortgage, and I think that's valuable. Remember their birthdays and stock their refrigerator with beer on moving day. Treat them with dignity and respect and you shouldn't have too many problems.

2. Will next Spring be a good season for flipping properties?

The market we're in right now isn't a good flipping market. It's good for buying, repairing, and holding onto. Right now you'd probably break even if you tried to flip a home. You really make money on a home when you buy it for a low price. It's harder to sell a property for a lot more money, even after you've put a lot of money into renovations.

If you have any more questions for me about real estate in Kelowna, please don't hesitate to contact me. I'm always excited to talk about real estate!

What Are the Rules About Putting in a Carriage Home in Kelowna?

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Today, we continue answering the great questions many of you have submitted! Let's jump right in.

What are the rules about putting in a carriage home? 

There are three things you want to look for: the right zoning, the right size land, and a lot with rear-lane access. The zoning you're looking for is RU6, which allows you to have two different dwellings or a legal suite. Next, the land needs to be a certain size - small, 33-foot lots aren't going to cut it. You need at least 50 feet across and 20 feet or so in depth. There are some great lots in the Kelowna area with these dimensions. Lastly, you need a lot with rear-lane access. They used to allow carriage homes with side-yard access, but that's now frowned upon because it causes parking issues. 

With the current house that exists on the lot, it needs to be a decent size. It can't be a small, 700-square foot home. You need at least 1,000-1,200 square feet because you can only go up to 80% the size of the existing home. If you have the right size lot, you shouldn't have to worry about this.

How are low oil prices affecting our market? 

Anyone who is reading the headlines right now understands the coal mining market is on fire. We're up leaps and bounds over where we were last year, and there are certain segments of the market that are doing very well. The $500K-$700K market, which has been sluggish over the past few years, has really come alive recently. The one section of the market is really affected by the low-priced oil are the $1.1-$1.2 million homes; however, we've sold more homes this year, year-to-date, than we did last year. All things considered, it's fair to say that everything going on in Alberta hasn't taken the wind out of our sales!

What Questions Can We Answer for You?

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Hey everyone, thanks for joining us again today. We are back today answering some of the latest questions we have been getting from our clients. 

"What should go in a rental suite to ensure I get a great tenant?"

The number one thing I would say is to make sure it has a bathtub and dishwasher. I would also put in vinyl flooring. It looks just like laminate, but is much easier and cheaper to install.

"When flipping a property, what else is important besides kitchens and bathrooms?"

Aside from kitchens and bathrooms, the first thing you want to do is change the flooring, paint, baseboards and trim throughout your home. These are the repairs that will give you the most bang for your buck. Also, spending a little bit of money outside to brighten up your curb appeal helps you draw a much higher sale price. 

"Where are all the deals?" 

This is a common question coming from a lot of our clients right now, but the simple fact is any listing can be a deal. Just because it's not listed as a deal now, doesn't mean that there aren't deals to be had. We negotiate deals after homes are listed. A deal is what we negotiate it to be.

If you have any questions, feel free to give us a call or send us an email. We look forward to speaking with you!