Andrew Smith Makes A Difference

Andrew Smith Makes A Difference

When Andrew Smith clients are looking for real estate, whether buying or selling in Kelowna or West Kelowna including Lake Country, Lower Mission, Upper Mission , Kelowna South, Kelowna North, Glenmore, Lake Country and Peachland they are confident that those looking for real estate services  will find it with Andrew Smith  Royal LePage Kelowna.

Being visible online has many benefits both for the buyer and the seller..

We offer full service representation to both buyers and sellers. With over 20 years of helping clients buy and sell real estate in Kelowna and West Kelowna we have the experience, technology and staff to get our noticed online and the confidence to negotiate for our buyers and get their offers accepted quickly..

This is experience in action. We get asked by  other Kelowna BC  Realtors  how we are manage to be so visible on the search engines Search results placement for our Andrew Smith Royal LePage Kelowna Team show up all over the internet

Andrew has always shared his knowledge as a regular contributor to OkanaganBC.com Blog, Casatnet.net and on Google+.  He covers how to sell your house, what the buyers are looking for when they first view a home, how pricing is important and the top key points that  bring our sellers  top dollar for their home  when our Team is marketing their home.

View our  Real Estate YouTube videos that contain information on how our Andrew Smith team does precisely that, we have thousands of views.

For buyers and sellers who are not buying or selling in Kelowna or West Kelowna we can refer you to a good Realtor in your area whom we have worked with previously and trust their professionalism. We can supply a list with  the right questions to ask the realtor you are hiring and more..

Be wise Search carefully and let my Andrew Smith Royal Lepage Kelowna Team know when you are ready to move. You can click on the map to see for yourselves that we are at the Top of the Search Engine Results Pages with our local Andrew Smith Kelowna Real Estate Royal LePage real estate team

 

 

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna British Columbia real estate

Kelowna- When Is The Best Time To Buy?

Kelowna- When Is The Best Time To Buy?

Home buyers are noticing quite a few more “SOLD” signs in the neighborhoods and wondering what is going on.

 

On one hand there are over 1650 homes listed for sale in Kelowna Real Estate but there are less than 445 single family  homes listed under $450,000 and the first time home buyer market is very active. The past could of weeks have seen many multiple offers with some buyers winning the house they had an offer on and some buyers having to return to the search hoping to get the next home that suits their needs. There have been 232 homes sold in this price range in the past 15 weeks. That means given the current buying trend Kelowna has less than 14 weeks of inventory of homes on the market that are priced under $450,000

 

In contrast there are 299 Kelowna homes on the market asking over $1 million and only 24 homes have sold since Jan 1. Kelowna has  3.5 years of supply of homes over $1 million for sale.

For people sitting on the fence and not able to decide if it is better to rent or buy  take a look at the  Rent VS Buy comparison Mark Price from Mark Price Mortgages  created. If you purchased now, in 5 years given a low 2% increase in the local real estate market, it would cost you $48.00 a month to be living in the house you purchased VS paying $1000.00 per month rent for the same home and having no equity at the end of 5 years.

Rent vs. Buy

1% Increase

2% Increase

Purchase Price

$250,000

$250,000

Downpayment

-$12,500

-$12,500

Family Income Required

$51,982

$51,982

( no other debts)
Term

5 years

5 years

Interest Rate

3.09%

3.09%

CHMC Premium

$6,531

$6,531

Mortgage

$244,031

$244,031

Monthly Payment (p & I )

$1,166

$1,166

Property Taxes

$120

$120

Total Monthly Payment

$1,286

$1,286

Monthly Rent

$1,000

$1,000

Increase In home Value

1%

2%

Amount owing after 5 years

$208,944

$208,944

Annual Increase in Home Value

$262,752

$276,020

Rental Payment over 5 years

$60,000

$60,000

(no increase in rent)
Mortgage Payment over 5 years

$69,970

$69,970

If you rented for 5 years you would have

-$60,000

$60,000

paid out: ( plus have no equity or security
of residence )
If you bought, after 5 years, you would have paid

$53,808

$67,076

out $69,670 in mortgage payments, minus the
value of your home, you would have equity of:
If you subtracted your mortgage payments, from

$264

$48

your equity, you would have spent, effectively in
rent per month if you owned your own home:

Please share this with anyone thinking of buying. If you are on the fence, it is time to get off! Call me for my “First Time Home Buyers Book

 

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna British Columbia homes for sale

Kelowna First Time Home Buyers

Kelowna First Time Home Buyers

Kelowna First Time Buyers made up 27% of the market in February and home ownership is one of the greatest dreams a young professional or family can have.  The thought of having your own place that you can customize to your heart’s content is appealing, and many hoKelowna home salesme owners are thrilled to stop handing rent money to a landlord. Once you’ve started to make the leap from renting to owning, you need to get prepared for your first time buying a home! Most home buyers need to obtain a mortgage, and 34% of Canadian families currently pay a mortgage. A mortgage is a loan that gives a lender security for a borrower repaying the loan. The mortgage is like a promise to repay the loan, and the house is a form of security toward you keeping that promise.

Kelowna First Time Home Buyer

 

Get Started with Mortgages

 

There are two mortgage types. The first is a conventional mortgage, and occurs when a home buyer has at least 20% of the house’s purchase price as a down payment. The down payment is typically accompanied by proof of two years of employment.  If you have a down payment and qualify for a conventional mortgage, you aren’t required to purchase default insurance. However, a conventional mortgage must not exceed 80% of the total purchase price or value of the home, or default insurance will be required.  It covers the life of the home, and is a one-time purchase. You’ll also be required to purchase the default insurance if you do not have a 20% down payment. This insurance serves to protect the lender if you default (fail to pay) on the mortgage.

Cost of buying a home

 

The second type is a high ratio mortgage. New home buyers in Kelowna must have a high ratio mortgage if their down payment is less than 20% of a home’s purchase price, or a loan for more than 80% of the home’s value. When ready to purchase a home, you can approach a reputable bank for a mortgage or a local mortgage broker.  Many banks offer pre-approved mortgages, so you know exactly what price range you can consider when shopping for your first home. The pre-approved mortgage will also come with an expected interest rate that is held for around 90 days after completion. You’ll have a good idea of how much your monthly payments will be, so you can figure our your finances accordingly. However, the pre-approval isn’t set in stone. Each property will need to be approved on a case-by-case basis for your mortgage. Your bank will let you know whether you can have an open mortgage or closed mortgage. An open mortgage lets you repay the principal amount at any time, without risk of penalty. If you want to pay off your mortgage fairly quickly, you might get an open mortgage. If you want a longer amount of time to pay your mortgage, you would probably do well with an closed mortgage. The interest rates are lower, and give you a longer length of time in which to pay off your mortgage.

 

If you’re confused on the best options for your home purchase, your lender will walk you through every thing you need to know about your individual financial situation. Finding out the amount you’re approved for, and the terms of your mortgage is your first important step on the journey to home ownership.

If you are considering buying your first condo or home please call me I would be happy to help you plan how to get started.

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna British Columbia homes

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