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 Kelowna real estate statistics for April 2012 are out. Total sales were up almost 5% over the same time last year which is a relief considering sales were down last month. Total active MLS listings were also up just over 2% from last years total of 4,842. The average time to sell is 98 days and the list to sell ratio sits at 95%. 45% of the buying pool in 2011 were first time buyers and move-up buyers. Downsizing buyers came in at 11% and investors came in a close 3rd at 10%.
If you’re thinking of making a move, call Paige Guernsey, a Kelowna realtor with over 20 years local real estate experience. 250-862-6464.
What? really? Total sales were generally up and healthy for the last quarter of 2011. January was slightly off, February was up and March was slightly down again for the start of 2012. This type of see-sawing is pretty typical when you go from one type of market, a BUYERS MARKET recently, to a more BALANCED MARKET, that I think we’re headed towards now.
Positive buying and selling power
Most buyers and sellers active in the Kelowna real estate market are keen to make a move. There have been several multiple offer situations I’ve either been involved in directly or been aware of this year already where we haven’t experienced much of that in the last 18 months. The level of inventory is steady to account for supply and demand, interest rates are still historically low with the feeling that we’ll start to see them head up, and the overall feel in our economy is positive. You’re even starting to see development signs pop up again!
Who are these buyers and where are they coming from?
In 2011, 45% of the buying pool were move up buyers and first timers. Just over 57% of buyers are local and a growing number are coming back from Alberta at 15%. Some feel that we’ll start to see the Chinese buyer arrive in town, but not yet with the total percentage of buyers from overseas last year sitting at 2.5%.
If you’re thinking about buying or selling real estate, trust an award winning Kelowna realtor ® with over 25 years experience. Call Paige Guernsey direct at 250-862-6464.
I have a whole new respect for actors, actresses, and the people behind the lenses that make it all happen. I’ve been working with Media Button to create a whole new video production for my real estate listings and my website. Dave, Marla, and Melissa were the creative minds to come up with the theme. Chris and Christine were amazing on the day of shooting. They had everything organized well and it only took 8 hours! Although exhausting, I can’t wait to see the finished products. When we’re done each and every one of my listings will have a unique video showcasing not only the home and property but surrounding neighborhood and all the ammenities home buyers want to see when searching for a home. There will also be a short & sweet “get to know Paige” shot.
Photographs
Today Megan Hartridge of 689 Photography met me for what turned out to be half of our photo shoot… thanks to Mother Nature and a freak downpour! We tried a new hip setting and I was nervous for this as well as the video production, but Megan made me smile right away and I felt at ease. I’ll post the pics when they’re done!
More and more people are asking me about specific neighborhoods in Kelowna. How are the schools in the area? Is there bus and shopping nearby? What about playgrounds, green space, and even dog parks? Kelowna has grown steadily on average for the last few decades. There are so many diverse and specific neighborhoods that it can be overwhelming for someone new to the area. Our city has also been very proactive in upgrading and/or adding facilities to enhance the Okanagan lifestyle.
Glenmore
Glenmore is one of the more popular neighborhoods in Kelowna. Here, you’re close to schools, bus, shopping, parks, beaches, the cultural district and downtown. Check out this example of a fantastic home with a mortgage helper!
For more information click on the above links. If your thinking of making a move to Kelowna and would like some more information about our real estate, call Paige Guernsey direct t 250-862-6464.
Thanks to Christy Lovig at Doak Shirreff (lawyer extraordinairre by the way!) for sending me this great information about a rebate that will be available from the BC Government. Subject to legislative approval, there will be a First-Time New Homebuyer’s bonus available between February 21, 2012 to March 31, 2013. This bonus is available to buyers purchasing a brand new or substantially renovated home and can be up to $10,000! With the 2012 Income Tax deadline looming, this personal income tax credit will help out not only local’s buying a home in Kelowna, but all British Columbians looking to enter the new housing real estate market.
New homes in Kelowna
There are many new Kelowna homes for sale and many price ranges available. Whether you’re a first time buyer or looking to make a move from your current home to a new home, call Kelowna realtor Paige Guernsey direct at 250-862-6464.
I’ve been to court 4 times in the last month seeking the court’s approval on foreclosure sales. All but one had multiple bids!
Balanced Real Estate Market?
Last year most of the foreclosure sales I attended did not have multiple bids. Having more than one bid usually means the price is going up. In the last 3 sales recently the prices were bumped up on multiple bids an average of $17,000 each! The higher prices help to maintain prices in any given strata complex or neighborhood. This is of course good for homeowners in the area.
More Kelowna Foreclosures coming?
Last year at this time we hovered at just over 100 court ordered sales. Today there are 153. The prediction is that there are more coming as those folks who need to sell and have been waiting for the market to change are finally faced with the fact that things aren’t changing drastically any time soon.
Foreclosure information
With 25 years Kelowna real estate experience and having handled a large number of court ordered sales and/or foreclosures I’m able to answer all you questions surrounding this process. A foreclosure or court ordered sale is much different than a regular arms length transaction. Call Paige Guernsey, an experienced Kelowna real estate agent, direct at 250-862-6464 for more information.
Everyone wants to get as much money as possible for their home when they list on MLS (R) . Usually people want their home to sell in the shortest amount of time, with the least amount of inconvenience. The trick to that, plain and simple, is working with your agent to find out all details of the Buyers Market we’re currently experiencing and pricing your home exactly at the right price.
By putting a price on your home that is reflective of the market, you will create excitement in the eyes of the buyer and they’ll bring offers. If your house falls into the rest of the pricing pack, it’ll just be another ho-hum listing. In other words, if a similar home to yours sold for $100,000, put yours on the market for $99,900 and watch the buyers come!
MLS REAL ESTATE EXAMPLES
Here is an example of a house that was overpriced to start with, followed the market down, and after 224 days on the market, sold for less than other similar homes sold for. On the other hand, here’s a perfect example of a house that was priced aggressively, and after 54 days on the market sold for 98% of the original list price. Quite a difference in results! Kelowna real estate statistics show time and time again, that pricing your home for sale with a proper price to begin with will net you more money that the old adage of “the buyer can always make an offer” because in today’s market… they don’t unless there’s a great reason to!
If you’re wondering what your Okanagan real estate is worth, call Paige Guernsey, an award winning Kelowna realtor direct at 250-862-6464.
Everyone has heard about houses that have suites for rent. What most people don’t know about is how to make them authorized or licensed.
Basement suites in Kelowna
Here is the info and contact info on how to go about making your suite authorized to rent. The City of Kelowna wants to be able to provide affordable housing and real estate prices are still quite high for a number of people, so the powers that be want to be able to work with you to make it easier and affordable. If you’ve been “caught” with an unauthorized suite, here’s some information. If you’ve got a property in Kelowna that you’re wanting to add a suite to, check this out.
Basement suites in West Kelowna
The District of West Kelowna has come up with some fairly strict but fair guidelines for putting a suite in your home. They are very interested in everyone playing by the same rules and here are the guidelines if you’re looking at putting a suite in your West Kelowna real estate!
If you have any questions about buying or selling or how the value of a suite may increase the value of your home, please call Kelowna realtor Paige Guernsey direct at 250-862-6464.
2012 Kelowna Property Tax Assessments are in the mail.
I received my home’s tax assessment recently and it’s the same value as last year. Of course, I wish it was down so I didn’t have to pay so much darn property tax in July! But I believe it signals a true sign of the coming weather conditions for Kelowna real estate. Now, I’m not saying that all real estate in Kelowna is going to remain the same value, we’ve all heard the saying “location, location, location”. But given a good location, the right price, and a clean home, now is a great time to be making a decision on whether to buy or sell a home.
A balanced market for 2012?
2010 was a bumpy year with sales being down month after month when compared to 2010. However, there were 3 months that were up on average a whopping 15.6% and those months were September, November, and December. Could it be the end to the buyers market? I’ll keep you posted on this question.
Vancouver trends
Kelowna historically follows Vancouver real estate with fewer spikes upwards and downwards.
Some of the best Kelowna locations
Check out some great Kelowna real estate that has Location location location or call Paige Guernsey, an experienced Kelowna realtor, direct at 250-862-6464.
