The Concepts of Market Value and Purchasing Price

The concepts of Market Value and Purchasing Price!

Market Value

• Market Value, often referred to as Fair Market Value, is the estimated amount for which a property or an item would trade in a competitive and open market environment.
• It reflects the price that a willing buyer and a willing seller, both having reasonable knowledge of all relevant facts and neither being under any compulsion to buy or sell, would agree upon.
• Market value can fluctuate based on demand, economic conditions, and other market dynamics.  

Purchasing Price ( Purchase Price ) 

• The Purchasing Price is the actual amount paid for a product or service at the time of buying. It is the cost at which someone acquires an asset, commodity, service, or…

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Real Estate News November

Dear Reader,

 We live in an increasingly fast-paced world, time flies by so quickly, and here we are, it’s almost the end of another year. Sometimes significant chunks of time can pass without us even giving thought to how we live or where. But it’s important to hit the pause button every so often and ask yourself if you are content in your life.

 When it comes to your home, ask yourself if it is still meeting your needs. Is there anything that bothers you daily that you could do something about? Maybe that means updating your dated kitchen or replacing worn-out carpet. November is a great time to explore and review contractors when they are typically less busy, and you have a better chance of securing a reputable contractor and scheduling your…

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Columbia Valley Real Estate Trends

COLUMBIA VALLEY REAL ESTATE TRENDS

The Columbia Valley real estate market is constantly evolving, influenced by various economic and demographic factors.
The local market is more resilient, experiencing milder price declines or even slight increases in some areas.

LOWER INTEREST RATES

The Bank of Canada has recently lowered interest rates, making mortgages more affordable and encouraging more buyers to enter the market. The rate cut will reduce borrowing costs for individuals and businesses, making it cheaper to take out mortgages, loans, and credit lines.

WHAT THE BUYERS WANT

Eco-friendly features like energy efficiency, water conservation, and renewable energy options will become increasingly important for buyers,…

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Columbia Valley Real Estate Market

Columbia Valley Real Estate Market

The Columbia Valley boasts vibrant communities and a wide range of activities, making it a desirable location for both permanent residents and vacationers.

The real estate market in the area is diverse, offering options for everyone from first-time homebuyers to retirees looking for a serene retreat.

Median Home Prices

The Columbia Valley

Median sale prices vary depending on the type of property and location. In Invermere, the median sale price for a single-family home is around $850,000, while in Radium Hot Springs it's closer to $750,000.

Condos tend to be more affordable, with a median price in the $500,000 range.

Properties are typically priced fairly and selling within a reasonable…

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When to Consider Buying a “Diamond in the Rough”

Let’s face it. When you visit a home during a scheduled viewing or open house, you usually see it at its best. The rooms are tidy. The sinks are clean. The closets are organized and uncluttered. Even the lighting is set to its brightest.

That’s just good old-fashioned marketing.

However, not every house you see will look this way. For many reasons, a house on the market may be less than tidy, poorly decorated, and even need minor repairs. You may open the front door in anticipation, only to be immediately turned off by stains on the carpets, faded paint on the walls, cluttered hallways, and more.

First impressions form quickly. It’s easy to make quick judgments and move on. But, you may be passing on what could be a dream home. Don’t make…

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Bank of Canada Maintains Overnight Rate

The Bank of Canada once again decided to maintain its target for the overnight lending rate at 4.5% while continuing its policy of quantitative tightening.

The Bank indicated that global economic growth has been stronger than expected but will weaken due to tightening monetary policy in many countries. The Bank made special note of an expected slowdown in US sectors that will have an impact on Canadian exports.

According to the Bank, first quarter economic growth in Canada exceeded expectations, adding that labour shortages are starting to ease due to strong population growth. The Bank noted that housing activity remains subdued and consumer spending is expected to moderate as more households renew their mortgage at higher rates. The Bank…

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6 Common Reasons Why Sellers Reject Purchase Offers

When you make an offer on the home of your dreams, the last thing you want is to receive a rejection letter. Rejection is never easy and can be extremely discouraging, especially for first-time homebuyers. You might wonder what went wrong and what you could've done differently.

There are several reasons why a seller might reject an offer, but it's helpful for buyers to know the most common reasons to avoid losing out on the home of their dreams.

 Here are 6 common reasons a seller may reject your offer:

1. Your offer was lower than the asking price, and the sellers want more for their home (there's also a chance they felt offended or insulted by your lowball offer).

2. You didn't submit a pre-approval or pre-qualification letter with your…

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What Makes a Home Move-in Ready?

When buying a house, you'll likely hear the phrase "move-in ready" to describe a property. What does it mean?

When a house is described as "move-in ready," it means that it is in a condition ready for someone to move in and start living immediately. The term offers that the home is up to code, in good condition, and free from needing significant repairs or renovations before moving into it comfortably.

The definition of "move-in ready" varies from person to person, depending on their needs and preferences. For some, "move-in ready" might just mean that all the appliances work; for others, it means a fully renovated home with current paint colours and updated light fixtures.

Here are some of the common characteristics you can expect to find in…

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10 Tips for Hosting a Successful OPEN HOUSE

If you plan on selling your home, you may wonder if an open house is worthwhile. The answer is simple: yes! An open house is an excellent opportunity to attract potential buyers, showcase your property, and get valuable feedback.

But the thing is, a successful open house doesn't just magically happen. As a seller, you'll need to do some things in preparation to make your home look its best and make a good impression on potential buyers.

If you're going to hold an open house, you need to do it right! Here are 10 tips for a successful open house:

1. Get rid of knick-knacks and declutter as much as possible.

2. Thoroughly deep clean your home or hire a professional cleaning company 24-72 hours beforehand.

3. Play soft music, light some…

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Worried about Finding a Home if You Sell First?

There are many reasons why selling your current home before buying another one may be a good idea. But, once you’ve made that decision, you may still worry that you won’t find another home to buy after you sell.

Fortunately, there’s plenty you can do to minimize that possibility.

For example, if you sell first, you’ll know exactly how much you can put toward a new home. Having that specific number in your back pocket will enable you to target your search and immediately jump on buying opportunities. When you see a home you like, you won’t have to wonder, “Can we afford it?”

Creating a buying plan will also help you quickly find the home you want.

Ideally, it should have a shortlist of neighbourhoods or areas you are considering. Narrowing…

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