Kelowna Real Estate Blog – Paige Guernsey

Multiple bids on Kelowna foreclosures

Posted by paige on January 31, 2012 | No Comments

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.

Talk to you soon…

Paige

How to sell your home in under 90 days

Posted by paige on January 20, 2012 | No Comments

KELOWNA HOMES FOR SALE

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.

Talk to you soon…

Paige

Thinking about a suite?

Posted by paige on January 11, 2012 | No Comments

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.

Talk to you soon…

Paige

Is your tax assessment up?

Posted by paige on January 4, 2012 | No Comments

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.

Talk to you soon…

Paige

Townhomes with no STRATA CORP?

Posted by paige on November 10, 2011 | No Comments

STRATA REAL ESTATE

Kelowna has a healthy inventory of strata real estate properties available.  One of the biggest complaints I hear these days about strata is that there can be a heavy hand when dealing with pets and rentals.

MLS LISTINGS

When trolling through Kelowna’s listings you’ll almost always see some sort of rental restriction as well as a size restriction for pets. Sometimes no pets area allowed at all.  This can seriously affect your ability to sell your property when the time comes.  One may argue that you bought at a price that reflected these restrictions and because of this restriction it’s a wash when you go to sell.  If things were different, it may not be so.

RENTAL RESTRICTIONS

A primary issue for Strata’s is rental restrictions.  Strata corporations have the ability to limit or restrict rentals in not only Kelowna, but through BC under the Strata Property Act.  In parts of the US and Europe, their type of governing can be completely different allowing for individual units to be owned freehold without any governing body like the familiar Strata Council. Therefore making each and every owner responsible to city by-laws just like a regular single family dwelling.

PET RESTRICTIONS

Another concern for buyers and sellers of real estate is pet restrictions.  Interestingly in Vancouver, there are very few pet restrictions due to the fact that prices are so high and affordability is a huge issue forcing many buyers to be looking at strata units.   A large number of young people buying their first place, families, as well as older people with empty nests in have beloved pets that they won’t part with.  I also think most people will agree that pet owners, for the most part, are responsible owners who are respectful of those living, working, playing around them.

IMAGINE CHANGING THE GUIDELINES IN KELOWNA

Imagine if you could buy a zero lot line attached home with no strata fees or strata by-laws etc.  This would open up the potential buying pool for hundreds of sellers right now as well as increase affordability and inventory for those currently looking to buy with pets or rental requirements.  Investors could buy without concern about rental restrictions providing affordable housing for the many who find it difficult to find suitable rentals. Pet owners could choose from a wider inventory pool without owners who have no pets losing any ground to potential pet problems next door.  Sustainability is another key factor here.  With less urban sprawl, we can encourage more people to be living, working, playing, and commuting  in “downtown” areas with fewer restrictions. Check out this fantastic strata townhome listing at 6-1853 Edgehill, Kelowna that can be rented and allows pets with generous restrictions.

This interesting article in the Vancouver Sun illustrates how this can be down and how it can change how we look at Strata property. Check it out and see what you think!

VOTE FOR SUSTAINABILITY NOV 19TH

Also, with our civic elections around the corner, it might be interesting to put these ideas forward to our council.  There are many that have sustainability on their radar, but these three are my favorites. They have great ideas on how to create sustainable and environmentally friendly growth that benefits everyone in Kelowna or the Okanagan Valley. Check their sites out and be sure to vote on Nov 19th!

Angela Reid-Nagy ,

Colin Basran

Michele Rule

If you’re looking to buy or sell strata real estate in Kelowna, are thinking of making an investment, or are interested in sustainable real estate call Paige Guernsey direct at 250-862-6464.

Talk to you soon…

Paige

How does your new home perform?

Posted by paige on October 30, 2011 | No Comments

Are you thinking of building a home in Kelowna?

Check out this interesting article on all the components of building and whether they are better or worse today than they were 50 years ago.  Many cities in Canada and the United States have homes that are older than 100 years… some even 200 years!  This article deals with all things “building” from craftmanship, affordability, longevity, waterproofing and more.

Having been involved with building homes in Kelowna over the last 22 years, I can help you with all the decision needed to be made. From which lot to purchase, how to get the best financing, and all the latest trends in design you’ll be getting expert advice! Call Paige Guernsey direct at 250-862-6464 now.

Talk to you soon…

Paige

Here come the baby boomers

Posted by paige on October 25, 2011 | No Comments

“Easy and inexpensive”

I hear those words a lot from people 45 or better. They’re often looking for turn key living in smaller homes or townhouses in all different neighborhoods throughout Kelowna.  There are many properties available catering to the older demographic as well as those that target the 55+ age group. With recent changes to the Strata Property Act, it’s possible now to have a registered age restriction as one of your by-laws, and it doesn’t have to be 55 anymore! You can register any age at all.  This is great for folks who are looking for a quiet place to call home in Kelowna, and maybe have pets, or older children still living at home.

The 55+ restriction is still an all-time favorite with the security of knowing exactly who your neighbors are.  In Kelowna, properties with these benefits vary from condo style homes to townhouses, and fully detached homes in gated communities. Ammenities vary widely as well.

If you’re looking for the perfect place to retire and wondering about your options for properties in Kelowna, call Paige Guernsey direct at 250-862-6464.

Talk to you soon…

Paige

A silly moment…

Posted by paige on September 30, 2011 | No Comments

HAS IT HAPPENED TO YOU?

Every now and then I do something so silly and every now and then someone, in this case, hears me doing that silly something!

My daughter loves to sing and I decided I would support her and start singing too (FYI… I’m a very bad singer). We sing in the car with the windows down and when we’re on the highway we sing quite a bit louder! Yesterday someone called me while I was singing AND driving on the highway. I didn’t realize I pressed the answer button on the steering wheel and that person listened to me sing. Incredibly, for about 2 minutes! Completely embarrassed I called them back when I realized what happened. Kinda’ wierd they didn’t answer the phone!

If you’re looking for a real estate investment or a place to call home in Kelowna, and like to laugh, call Paige Guernsey at 250-862-6464

Talk to you soon…

Paige

The SECRET to Variable Mortgages

Posted by paige on September 26, 2011 | No Comments

Why could I get Prime minus .90 last week and today it is Prime minus .25?

A great question says Mortgage Brokers Association of BC.  Check out this informative article on the how’s and why’s of banks and interest rates. Thanks to Brenda Dilley of Mortgage Alliance for this.  If you’re looking for a fantastic mortgage broker (remember, using a mortgage broker ensures you’re getting the best possible mortgage for you and your needs and it doesn’t cost YOU a cent!). Brenda can be reached at 250-808-1000 or dilley@telus.net.

If you’re looking for an experienced, full time realtor in Kelowna or through the Okanagan Valley, Call Paige Guernsey at 250-862-6464.

Talk to you soon…

Paige

Canadian Mortgage and Housing Spring report for Kelowna

Posted by paige on June 1, 2011 | No Comments

CMHC has some great predictions for our housing market through 2011 and 2012.  Could CMHC be right?

The report released yesterday, suggests that mls sales are expected to increase later this year due to low interest rates and strong price competition.  Also predicted is the demand for new housing to increase due to our strengthening economy. Now if we could just get our actual monthly stats to match up with these predictions! Sales will sadly be down again  for May when the Okanagan Mainline Real Estate Board stats come next week. Bring on the sunshine!

Talk to you soon…

Paige