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.
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.
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.
Real estate sales in Kelowna, BC have seen a bit of a bumpy ride through most of 2011. According to Okanagan Mainline Real Estate Board stats, total sales were down through most of 2011 except for 3 months. Inventory has remained fairly steady showing a slight increase over 2010 levels for most months. The following video is from the BC Real Estate Associations Cameron Muir speaking about BC’s December housing market update as well as 2012 predictions for interest rates.
BC Real Estate and 2012 Mortgage Rates Predictions
Need more information?
Check out this report from Canadian Mortgage and Housing dealing specifically with Kelowna real estate activity this past year and call Paige Guernsey, an award winning Real Estate agent at Coldwell Banker Horizon Realty, direct at 250-862-6464 for all your home buying and selling needs.
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…
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.
News out this morning from the BC Real Estate Association says that the overall number of residential MLS (R) sales in British Columbia were slightly down in May. Most of us have heard that the number of MLS sales have been down more than “slightly” in Kelowna, while at the same time most of us have heard that Chinese buyers are creating a housing demand unprecedented in the Greater Vancouver area. The huge numbers coming out of Vancouver tend to skew the province’s stats, much like when a home sells on Okanagan Lake here in Kelowna, it causes the “average” house price to bump up. BCREA reported that homes sales in Greater Vancouver jumped 70% between July 2010 and March 2011 but only increased by 12% across the rest of the province. Cameron Muir, chief economist for BCREA says that “average sales price statistics for Vancouver and the province have become increasingly problematic, with large year-over-year average price gains being interpreted by many organizations as a sign of an over-heated market with an inevitable and painful correction on the horizon. However, while the average home price in Vancouver and the province has the appearance of climbing out of sight, evidence on the ground suggests otherwise.” Real estate is local in nature and what’s going on in one market area doesn’t define the entire market. Kelowna has seen its bumps and grinds along the road to real estate prosperity and with our city and economy growing every day coupled with outside fascination for our diverse lifestyle options, you can be sure Kelowna real estate will be at the top of anyone’s list.
Wondering how your property is faring in this market? Call me, Paige Guernsey - a top Kelowna realtor for over 20 years, on my direct line at 250-862-6464.
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!
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:
