Savona & Tobiano, Kamloops, B.C. Real Estate

For the latest Tobiano, Savona and Kamloops real estate for sale click here.

Savona Acreage Properties Kamloops Real EstateSavona Kamloops ViewNeighbourhood: Savona & Tobiano, Kamloops, B.C. Real Estate. Savona and Tobiano are located south west of the city of Kamloops at the western end of Kamloops Lake. From Kamloops it’s approximately a 15 to 35 minute drive depending on the destination. This is rural living with few shopping areas and amenities.

Properties & Real Estate: Savona

Many of the properties that are located in Savona sit on large parcels of land often over 20 acres in size. Parts of Savona are classified as ALR land, or Agricultural Land Reserve. This means that the land is specifically defined as land designated for agriculture. This was done because of the region’s dwindling agricultural land.

Savona Property For Sale Acreage KamloopsThere are also smaller properties on much smaller lots, some of these properties can be found on Savona Access Road, Watson Drive, Buie Street and Ernest Street. There are often a few mobiles or modular homes for sale in the Savona area.

Tobiano is also located in this region.

Thompson River Estates area has numerous waterfront acreages that sit on the Thompson River. There are also riverfront properties on Savona Access Road which are smaller often 1/4 acre lots. This area is also known as Walhachin.

To view homes for sale in Savona click here.

Properties & Real Estate: Tobiano

Tobiano Golf Course Clubhouse Kamloops, BCTobiano is a developing community in the Kamloops region and is home to a beautiful golf course. Previously six mile Ranch, Tobiano is set on a 1,000 acres overlooking Kamloops lake and surrounded by 17,000 acres of wilderness area. Tobiano is still a developing community and some of the amenities are in the process of being built or in the planning stages.

 

 

Tobiano Golf Course Residential Unit KamloopsThere are numerous homes in Tobiano bordering the beautiful golf course. Summers Landing is a single family home and townhouse development that sits along seven of the golf course fairways. Lake Star at Tobiano is a townhouse development perched on the bluffs above Kamloops Lake. There are 52 homes in total in this town house development. Bluff, golf and resort lots are available for building your dream home at Tobiano. They range in size from 6,000 to 20,000 square feet. Golf bay and equestrian lots at Tobiano. These lots are some of Tobiano’s largest single family home lots.

 

Tobiano Property for Sale Kamloops, BCTobiano is rural living at it’s best. If you need something away from the city but not too far it’s a beautiful place to call home. The most recent addition to the Tobiano community is the marina where boats can be moored and visitors can rent many different types of equipment and boats.

To view homes for sale in Tobiano click here

Recreation

Tobiano Golf Course KamloopsSavona has a variety of outdoor activities to enjoy year round. Swimming, hiking, dirt biking, ATV riding, snowmobiling and boating. Savona is home to Steelhead Provincial Park which is located on the south west shore of Kamloops Lake. Visitors to this park can enjoy camping, picnicking, fishing, paddling, swimming and hiking.

Tobiano has an 18 hole golf course, numerous hiking and back country biking trails, cross country skiing and snow shoeing are a few of the recreational activities available in and around Tobiano.

Due to Tobiano’s close proximity to Kamloops many city amenities are within a 20 minute drive.

Schools

Savona has it’s own elementary school called Savona Elementary School.  Secondary students take a school bus to the city of Kamloops and attend school there. Visit School District 73’s website fore more information about schools.

Transportation

There is not any public transportation in these areas.

To view home and property listings in Tobiano and Savona click here.

To read more about other neighbourhoods click the link below:

Aberdeen                                          Barnhartvale                          Batchelor Heights

Brocklehurst                                    Campbell Creek                      Dallas

Deloro/South Thompson Valley      Cherry Creek                       Dufferin/Southgate

Heffley                                                Knutsford                               Juniper Heights

North Kamloops                           Paul Lake/Pinantan Lake        Pineview

Pritchard                                            Rayleigh                                  Sahali

South Kamloops/Downtown         Sun Rivers                               Sun Peaks/Whitecroft

Valleyview/Rose Hill                      Westmount                             Westsyde

Surrounding Communities

Barriere                                        Mclure/Vinsula                         Savona/Tobiano

Thinking Of Listing You Home For Sale? What You Should Do Before, During And After Listing It.

Many home owners in the Kamloops area are thinking about  selling their home but are unsure about where to start.  There are numerous real estate companies in Kamloops with even more Realtors at each company. Here is a guide to help home owners prepare and understand the steps before, during and after selling your home.

1. De-clutter, clean up and touch up: Ensure your home is in good condition and will “show” well. This means that all unnecessary items that clutter a room should be removed and stored or donated. The tidier a room, the larger it feels. Buyers will not be distracted by clutter and untidiness when viewing your home. Touch up the paint in your home. This includes re-painting rooms with neutral light colors. Dark colors tend to make rooms feel dark and small. Remember, any strong odors need to be eliminated as well. It is important to have buyers imagine themselves in a home, strong smells, bold colors and cluttered spaces impede a buyers ability to do so. It is important to put your best foot forward from the start.

2. Interview Realtors: Every Realtor is different, the marketing techniques and level of service varies between agents. Interviewing a few Realtors for the job of selling your home is essential. Ensure you find a Realtor who will:
– Keep you informed on a regular basis about progress made towards selling your home.
– Promptly return all of your calls or emails (find out what tools are in place to ensure good communication).
– Actively market your home (ask about the marketing techniques used ie. internet advertising).
– Give you honest, accurate market information.
Developing a relationship with your Realtor is essential. You will feel comfortable asking questions or sharing concerns as they arise.

3. Signing a listing agreement: Once you have chosen a Realtor to represent you, you will then sign a listing contract. You will find the following in a listing contract:
– Contract period: You will specify the period of time that you will commit to listing your home with your Realtor. This time period can range and can be from one month to numerous months.
– Physical and legal description of the property to be sold.
– Listing Price: you and your Realtor will come up with a suitable list price to put your home on the market. You have to ensure that you are not over pricing your home. Price it at a competitively so it will sell. Your Realtor will show you comparable sales that directly compare your property to other similar properties. These comparable properties must be SOLD, not current homes on the market, because homes on the market will not necessarily sell for the asking price.
– Listing Service & Cooperation: Your Realtor commits to placing your home on the Multiple Listing Service (MLS) and will cooperate with all real estate brokerages.
– Commission rate: There is no “standard” commission rate, every Realtor is different. This is an important question to bring up during the interview stage so that you know what to expect.  The most important thing you can do is offer a strong buyer agent commission, otherwise it is much more difficult to sell your home. Commission is paid by you, the seller and covers both the selling agent’s commission and the buyer’s agent commission.
– Commitment to Confidentiality: Your Realtor is agreeing contractually that your personal and confidential information will not be shared with any outside parties, this includes your motivation to sell or current financial situation.
– Limited Dual Agency: Sometimes a situation arises in the sale of a property where the listing Realtor sells your home to their own buyer or the listing Realtor and buyer’s agent are from the same office. This is called limited dual agency and in this case the Realtors involved have to stay neutral and not advise either party.
– As the seller you would agree to: refer any inquiry about the sale of your property to your Realtor and accept an offer made during the contract that fulfills your selling requirements. As a seller you have the power to accept an offer that is acceptable to you, your Realtor should not force you to accept any offer that you are not comfortable accepting.
– By signing the complete document you as a seller have committed to working towards the sale of your property with the Realtor you have chosen.
– If you are not satisfied with your Realtors service, some agents will allow you to cancel your contract at any time. This is also something you should discuss during the interview process.

4. Yard Sign, Pictures, Lockbox & Advertising: Your Realtor will arrange to have a yard sign placed on your property to advertise your home for sale. Pictures will be taken of your home to place on MLS and other advertising media. Some agents will take video profiles of your home to use on websites for further advertising. A lockbox will be placed on your front door or other accessible location. A lockbox is important, it allows other agents to access your property (with an appointment of course). Only Realtors and licensed home inspectors have lock box keys.

5. Showings: Your Realtor will call you with any requests to show your home. You will be given a date and time when either your Realtor or another agent would like to show your home to their client. The showing agent will leave a card behind after showing your home. During these showings you should vacate the home in order to ensure that the potential buyers feel comfortable searching through cupboards and closets.

6. MLS Tour: If your home is close to the Kamloops city core it will be included in the MLS tour. This is where Realtors tour new listings in Kamloops and preview them for potential clients. MLS tours happen every Tuesday in Kamloops and alternates between the North and South shores.

7. Open Houses: Some agents will hold open houses at your home. This allows for your home to be exposed to potential buyers as well as allow your Realtor to network with potential buyers.

8. Price Adjustment: There may come a time where you will have to consider adjusting your list price. This market adjustment or price reduction will help refresh your listing and create more excitement about your property with buyers. With the current market, it is important to revisit price adjustments regularly in order to remain competitive.

9. Contract to Purchase: Once a buyer makes an offer. Your Realtor will assist you in negotiating the terms and conditions reagrding the sale of your home. For full details about how a Contract of Purchase and Sale works from initial offer to completion click here.

10. What do you do if your listing expires off of the Kamloops real estate market.

11. Accepted Offer, Subject Removal, Completion & Possession: Once an offer is accepted, the buyer starts to remove subjects such as a home inspection, financing etc. Once the subjects have been removed the offer is considered ‘firm’ and the next step is completion and possession. Completion is the date negotiated in the contract to purchase where the monies and legal documentation is completed and transferred. Possession is the date that the buyer gets the keys to their new home.

As stated earlier, Realtors use a variety of techniques to sell a home. This is why it is important to interview a couple of agents to find the right one for you. Go with your gut feeling, it is often right! If you have any questions please give me a call. I would be happy to help you.

Kamloops Home Evaluation Click here for your free home market evaluation.

Featured Property: 237 Sunhill Court, Upper Sahali, Kamloops, B.C. $499,900

Sunhill Court, Sahali, Sold

Sunhill Court Foyer Real Estate For SaleThis beautiful 3,200 square foot two storey home Sunhill Court Living Room Home For Salewith a full basement is located in a cul-de-sac in desirable upper Sahali. This home has three bedrooms on the top floor and one in the basement. There are two full bathrooms, one two piece bathroom and one three piece ensuite.The master Sunhill Court Kitchen Sahali Real Estatebedroom is huge, boasting a large walk-in closet and a private balcony. There is oak hardwood floors Sunhill Court Upper Sahali Denthroughout the main floor.

Other great features include three gas fire places, built in book cases, main floor laundry,Back Yard of Sunhill Court Property Sahali two car attached garage and five appliances. Beautifully landscaped yard with lush gardens, underground sprinklers and numerous trees provide considerable privacy.

Located on the desirable Sunhill Court nearSunhill Court View of Thompson Valley to the popular Sahali Coach Hills and Albert McGowan water park. The elementary school is within walking distance and Sahali Secondary school is a short drive away.

The lower Sahali area has numerous places to shop as well as a variety of restaurants. Click here to find out more about upper and lower Sahali.

For further information about this property or any other homes for sale in the Kamloops area click here.

Canada’s Subprime Mortgage Secret

The Globe and Mail recently published an article detailing what they called “Canada’s dirty subprime secret”. They looked into over 10,000 Canadian foreclosure proceedings and uncovered a subprime mortgage problem that many (including PM Stephen Harper) claimed does not exist in Canada. Here are some of the main points of the article. Some readers claim the article is fear-mongering and exaggerating the situation while other readers claim that we haven’t seen anything yet. I will let you form your own opinions.  I would love to hear what you think. You can view the entire article by clicking the link at the end of this post.

– Data from both B.C. and Alberta governments and two private companies that specialize in tracking foreclosure proceedings show that lenders are foreclosing on homes at an “alarming rate”.
– More than half of foreclosures in 2008 were initiated by a number of subprime lenders who targeted riskier borrowers with poor credit histories.
– Thousands of homeowners borrowed more than they could afford and lenders lent money too easily.
– The number of unsold homes in Canadian cities is building which has ultimately depressed the value of homes of even people who haven’t overextended themselves.
– Canada does not report court ordered sales or foreclosure numbers like the USA which uses the data to gauge it’s economic health. In Canada it is hard to get these detailed numbers.
– In B.C. and Alberta private companies collect foreclosure data from the courts. Ontario handles their foreclosures through a process known as “power-of-sale which effectively removed the issue from the courts and shielded the scope of the problem”.
– Canada’s real estate sector has not suffered as much as the USA.
– It was common in the past couple years to hear companies who had relaxed lending practices state “We say yes when the banks say no” and “No income verification”.
– We do have a subprime problem in Canada, lenders significantly reduced their lending standards over the past five years.
– Vancouver courts are overwhelmed with the flood of foreclosure applications. It now takes six weeks to process an order vs. one day six months ago.
– Subprime lenders “trashed the market”. These lenders gave loans that no sound financial institution would touch.
– Many wealthy individulas offered private high-interest-rate mortgages to homeowners who already had high debt and are now foreclosing on the properties at lower values than projected.
– Canadian government agencies don’t publish numbers on the scope of high-risk lending also banks and other mortgage lenders don’t disclose details about these loans know as “non-conforming” loans.
– Until the early 2000’s: subprime mortgage lending was often done by private investors or mortgage lenders who would take a gamble and charge high interest rates to home buyers who didn’t meet conservative lending requirements. This was a very small percentage of mortgage lending.
– Mid 2000’s: this small percentage mortgage lending changed into the fastest growing segment of the country’s mortgage market. This brought aggressive U.S. mortgage lenders to the Canadian real estate market which happened predominantly in the west.
– The mentality was as long as real estate values continued to increase the lenders were not taking on a high amount of risk because they could always foreclose homes and sell at a profit.
– Aggressive U.S. mortgage insurers that were approved by the Canadian federal government in 2006. These mortgage newcomers further minimized their risk by selling mortgages to entities that sold securities backed by mortgages to investors.
– Benjamin Tal, an economist with CIBC world markets was one of the first to sound the alarm. He published a report in late 2006 that estimated subprime loans were growing at a “meteoric” annual rate of 50 per cent by the end of 2006, becoming the fastest growing segment of Canada’s mortgage market.
– In 2006, Mr. Tal estimated more than 85,000 Canadian homeowners had subprime loans.
– Late 2007 easy money and soaring real estate prices tempted many borrowers and lenders into viewing homes as cash machines. Numerous second and third mortgages at high rates of interest were taken out to fund a lifestyle that was not financially responsible.

Link

Kamloops Real Estate Open House Weekend: March 14 & 15, 2009, North & South Kamloops & Juniper Heights

Open houses this weekend will be in North Kamloops, South Kamloops and Juniper Heights.

Saturday, March 14th: 693 St. Paul Street, South Kamloops: 11:30-1:00

693 St. Paul Street, South Kamloops2+1 bedroom, 1 bathroom Bungalow. One of the cheapest single family homes in the area. Den and bedroom in the basement. Bring your updating ideas. $214,900

 

Saturday, March 14th: 625 Windsor Street, North Kamloops: 2:00-3:00

Windsor Street, North Kamloops Real Estate3+2 bedroom home in quiet area of North Kamloops. Close to elementary school and river’s trail. Main floor has all been extensively updated. 2 bedroom suite in basement. $289,900

 

Sunday, March 15th: #22-2050 Qu’appelle Blvd, Juniper Heigts: 12:00-1:15

Qu'appelle Blvd Juniper Ridge Home for Sale4 bedroom 2 full bathroom Juniper Heights town home. Newer kitchen, open design and private patio off of the living room. Two car garage. $289,900

 

Sunday, March 15th: 1969 Kechika Drive, Juniper Heights: 1:30-3:00

1969 Kechika Juniper Heights Home For Sale

Beautiful family home with 3 bedrooms and two dens plus 3 full bathrooms. Two car garage, large kitchen and fully fenced yard. Immaculate home. $489,900

To view more listings in Kamloops and Area click here.

B.C.’s Real Estate Sales Are Half What They Were A Year Ago

Here is an article published today by Derrick Penner of the Vancouver Sun.

Sales in British Columbia’s real estate market so far in 2008 are about half of what they were a year ago, although the pace has risen from a particularly dismal low point, according to the British Columbia Real Estate Association.

In February, B.C. recorded 3,653 sales through the Multiple Listing Service, down almost 47 per cent from February 2008. The average property price of $421,023 was down 12 per cent. Over the first two months, B.C. saw 5,768 sales, down 51 per cent from the same period in 2008. The pace of sales, however, increased 17 per cent in February, association economist Cameron Muir said in an interview, to a seasonally-adjusted annualized rate of 47,000 sales from the low of 40,200 units in January.

Recreation-oriented markets such as the Okanagan, Kamloops, Kootenays and Vancouver Island — which boomed in recent years due to an influx of wealthy Alberta buyers — are seeing some of the steepest declines. “That’s not surprising,” Muir said. “Recreational-property and investment buying decisions are much more easily put off.” Alberta is suffering its own economic contraction with consequent job losses, and Muir said Albertans have seen their property markets and values decline, curbing their enthusiasm for discretionary purchases.

The Okanagan Mainline board, which includes Kelowna, saw 230 MLS sales in February, down 60 per cent from the same month a year ago. The region’s average price of $276,776 was down 28 per cent from February 2008.

In Kamloops, MLS sales plummeted by almost 60 per cent to 92 units compared with the same month a year ago. There, the average price was down almost 14 per cent to $277,088.

The South Okanagan board, which includes the summer hot spots of Osoyoos and Penticton, saw sales drop almost 59 per cent to 61 units in February. The average price dipped just over 10 per cent to $283,634.

Vancouver Island saw its sales dip almost 50 per cent to 328 units compared with February 2008. The average price was down just over 11 per cent to $291,085.

Muir said that given the weakness of B.C.’s economy, he would expect real-estate sales levels to be similar to those during the downturn of the late 1990s. He said that means there is room for more activity in the market from current levels, which mirror the recession of the early 1980s. He said buyers are being drawn in by declining prices, and low mortgage rates have helped reduce the carrying cost of an average home to a three-year low. However, Muir still expects 2009 sales to drop from 2008 levels and has forecast that the decline will be about nine per cent. “A rebound in home sales [in 2009] over past highs is not on the radar,” Muir added.

Kamloops Real Estate: How To Determine Your Homes Value

Kamloops Home Evaluation & AppraisalThere are many reasons for a seller to want to sell their home, but the main goals are to sell it fast and for the highest price possible. It is important that before you list your home on the real estate market that you establish a list price. To figure out your homes value, you don’t base it on what you bought your home for or how you have improved or renovated your home. The value of a home is solely based on market value or simply what a buyer would pay for the home. “Market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.” Three things make up market value: The specific Home, the present condition of the home and what it will sell for in 30-90 days.

The best way to determine the value of a home is to either get an appraisal or a comparative market analysis (CMA). Appraisals must be conducted by a certified appraiser and a CMA is conducted by a Realtor. Each assessment is based on recent sales of comparable properties, location, construction / upgrade quality, floor plan, and distance to schools, shopping and transportation etc. A CMA is free of charge on the other hand an appraisal commonly costs between $300 and $500.

Specific Home:  Market value of a home is limited to the specific home. Often homes in different neighbourhoods in the city are not comparable because there are many factors that are different about each neighbourhood. This is why when considering the value of a home you have to compare it to similar homes in the same neighbourhood.

Present condition of the Home:  The second aspect in order to determine the market value is the condition of the home. Often the condition is referred to how the home “shows”. Things like improvements, renovations, maintenance and cleanliness are important factors to consider when assessing your home’s ability to show well. Homes that require work typically take longer to sell. Some people believe that to determine market value they subtract the amount of estimated fix up costs from the selling price. This is not the correct way to evaluate a home. If a home that is in good condition sells for $100,000 and your home needs $5,000 in updates the list price should not be $95,000. To attract buyers, the home that needs updates has to be reduced beyond the cost of the repairs.

30 to 90 days:  A competitively priced home typically sells within 30 to 90 days. If a home doesn’t sell in that time period, the simple explanation is the price is too high. Many people believe that Realtors are in charge of market value, but the only determining factor of a home sale, is that a buyer is willing to buy that home at the agreed price, plain and simple.  We are experiencing a slow market currently in Kamloops. Homes are taking longer to sell, but homes that are priced competitively do sell within this time period.

It is important to get a number of professional opinions about the current real estate market. It is essential to get educated about market conditions, recent sales in your neighbourhood, condition of the home, your urgency to sell, financing, additional items (i.e. redecorating allowance, appliances), and outstanding repairs. In a buyers market, there are many more homes for sale than the demand from buyers. Buyers take more time choosing a home and when they place an offer they have much more negotiating power.

Price is the most important factor to consider when selling your home. An overpriced home will sit on the market and may not sell. Price reductions are not a bad thing, think of a price reduction as a market adjustment. Sellers need to adjust their price to what the  market dictates. If a seller prices too high to begin with, the seller may receive less than if the home was priced competitively in the beginning.  Currently many sellers in Kamloops are chasing the market down. As they adjust their price downwards they are only pricing to the current level of the market. In order to sell your home today, you have to price it under the curve and catch the buyers as the market adjusts downwards.

Kamloops Home Evaluation Interested in finding out what your home is worth? Click here to find out. Contact me directly if you have any questions.

Mortgage Rates: Time To Get Pre-approved or Rethink Your Mortgage

This article is from the Vancouver Sun written by Fiona Anderson. Many Kamloops residents are getting great rates on their mortgages; both refinance and pre-approval rates. Now many first time buyers have a chance to own a home. Read below for the full article.

Have a fixed-rate mortgage at 4.5 per cent or higher? Then you should be refinancing, says Steve Moffitt, senior mortgage consultant with Equimac Mortgage Centre in Vancouver. “There’s never been a better opportunity historically, never, for doing a refinancing, ” he adds.

If only it were that simple. In fact, determining whether you should refinance or not depends largely on the penalty you will pay to get out of your current mortgage, and the amount of money you could save with a new one.

The first part of the equation — the penalty — is not easy to calculate. Most fixed-term mortgages charge the greater of three months’ interest or what’s called the “interest differential.” This latter amount is the difference between the interest you would have paid for the remainder of your mortgage term and the amount the bank can earn lending out the money now.So if you have a five-year mortgage at 5.25 per cent with three years left to go, and the bank’s current three-year rate is 4.5 per cent, you’ll have to pay the difference.

Often the amount of the penalty is about the same as the savings to the borrower, “so it’s a wash,” says Feisal Panjwani, a senior mortgage consultant with Invis. Moffitt’s magic number of 4.5 per cent uses the penalty of three months’ interest, which he says he sees often. But which penalty will apply really depends on the particular mortgage. So both Panjwani and Moffitt encourage people to ask their mortgage professional to crunch the numbers for them.

The current best five-year fixed-rate available is 4.19 per cent for most borrowers, Panjwani says. And he believes the rate could go as low as 3.99 per cent in the near future. The best variable rate is the prime lending rate set by the banks plus 0.8 percentage points, which today translates into 3.3 per cent. With rates that low, everyone who currently is paying 4.5 per cent or higher should probably do the math because there could be thousands of dollars in savings.

One way to save may be switching from a fixed- to a variable-rate mortgage, because with the variable rate so low, the savings are more likely to outpace the penalty costs, Panjwani says. But because the rate does change, “that’s risky,” he adds.

Some people are refinancing their mortgages not for the savings but rather to lock in today’s low rates for five years, Panjwani says. For example, if someone has three years left in their mortgage term, they may not save any money in the first three years of the new mortgage because of the penalty. But they have guaranteed today’s rate for two years after that. Keep in mind, however, that there are costs associated with refinancing that have to be added to the equation, Panjwani says.

One group of borrowers who need not worry about refinancing are those who were already in variable-rate mortgages. In the past, those rates were calculated as prime less a premium, and some outstanding mortgages chop off as much as 0.9 percentage points. With prime now at 2.5 per cent, those people are paying 1.6-per-cent interest. That number can’t be beat, especially considering prime could go down even further. “Anyone on a variable floating below prime, I would say those people should probably hang onto that mortgage,” Panjwani says.

The low mortgage rates also have buyers knocking on lenders’ doors. Last month, 40 per cent of Panjwani’s business came from purchasers rather than those looking to refinance. While the split is normally 50-50 between the two, in the last few months only about 20 per cent were purchases, he says.

Carolyn Heaney, an area manager with BMO Bank of Montreal’s business development group, says her bank has seen a lot more first-time homebuyers. The combination of low mortgage rates and lower prices means people who have wanted to live in a particular area but couldn’t afford it now can, she says.

At the current variable mortgage rate, a $200,000 mortgage with a 25-year amortization, would have payments of about $980 a month, she says. At a fixed rate of 4.39 per cent, the payments would be about $1,100. “So it’s very affordable for people to get into the market,” Heaney says.

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