This blog is about me, Paige Guernsey, and the things that happen around my job as a Kelowna Real Estate agent with Coldwell Banker Horizon Realty. I talk about listings, sales activity, market conditions, market trends, promotions, green real estate, and sometimes funny things that happen to me during the course of my day. There's links and videos to great information as well as access to my 2 websites, kelownahome.com and greenkelownarealestate.com
The trick is knowing how to do it. Most people are under the impression that buying a property that’s in foreclosure is going to save them a lot of money… not necessarily so. For a purchaser, buying a foreclosure is quite different than buying a home through a normal arm’s length transaction. First of all, an accepted offer is what triggers a court date. If that offer happens to be yours, then any subsequent buyers wanting to bid on the home can attend the courthouse, find out what the original offer is (I know that sounds strange, but it’s public infomation), and show up on the court date with a higher offer in a sealed envelope. Secondly, there is no Property Disclosure Statement but rather a Schedule A from the bank or lender saying they don’t make any warranties on the property. It’s really very important to every buyer considering a foreclosure that they not only work with a realtor experienced around this process, but that complete a thorough fact finding mission about the home, property, and neighborhood.
Knowing your way around the foreclosure process.
There are so many small details surrounding the foreclosure or court ordered sales. This article is an example of things that can go wrong. If you’re wondering about this possible money saving route, please call Paige Guernsey direct at 250-862-6464. I’ve been involved in several foreclosures and can help you navigate the waters successfully.
The Realtors of the Central Okanagan Mainline Real Estate Board (OMREB) have been compiling stats each month on the profile of buyers. The July pie chart shows that a healthy number of buyers are moving up from their present home (about 31%) and a growing number of buyers are looking at recreational or investment property (almost 15%). That number is almost on par with the number of first time buyers out there. Looking at the pie chart for June 2011, the number of move up buyers was slightly lower than July at 27%. Interestingly the first time buyers were lower in July at 14%, down from 24% in June. It’s a great time to be a buyer in the Okanagan Valley. Below is a video on a great and successful strategy to use when looking to hammer out the best deal possible.
Looking for a great real estate agent? Call me on my direct line at 250-862-6464. Talk to you soon…
I often hear from people that Kelowna has expensive real estate. A couple months ago the most expensive condominium in Canadian history sold for $28,000,000! Wow… that’s pricey real estate. The penthouse at Toronto’s Four Seasons Hotel and Private Residences occupied the top floor of the 55 storey building and had over 9,000 square feet. Panoramic views, 12 foot ceilings, floor to ceiling glass gallery, 4 expansive corner terraces, and of course separate private staff housing is all included.
Lately Kelowna has had it’s fair share of luxury property selling with 9 properties this year so far selling over $2,000,000. Check out this Sheerwater sale that recently sold for a healthy $3,675,000.
Looking for a luxury property to call home in Kelowna? Call Paige Guernsey direct at 250-862-6464.
Canadians continue to be true to their roots and have kept aggressively reducing their mortgages year after year. The CAAMP (Canadian Association of Accredited Mortgage Professionals) reports that over the last year:
22% of borrowers increased their payments
18% made a lump payment
9% did both
27% who renewed their mortgages did both
This is impressive stuff! The same report says that:
On average Canadian homeowners have $222,000 in home equity and only 22% of mortgages include HELOC’s (Homeowners Line of Credit)
Of the HELOC’s obtained, home renovations represent 36% representing the number one use of HELOC’s
Investments replaced debt consolidation as the number two use of HELOC’s and sits at 28%
Even more impressive about the state of home ownership is that of the 9.45 million homeowners in Canada, 1.87 million hold a mortgage and about 3 million have no debt on their home!
If you’re thinking about buying or selling Kelowna real estate, call Paige Guernsey direct at 250-862-6464.
Canadians continue to be true to their roots and have kept aggressively reducing their mortgages year after year. The CAAMP (Canadian Association of Accredited Mortgage Professionals) reports that over the last year:
