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
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.
There are many misconceptions in the buying public regarding a foreclosure. Most think you can get a price on a house that’s far below market value. Not always so.
4 MAJOR STEPS
1) Know what you’re getting into
2) Getting your offer accepted
3) Court Acceptance
4) Possession
KNOW WHAT YOUR GETTING INTO
The Bank of Canada requires that foreclosing banks attempt to get the most amount of money for each property. This involves appraisals and real estate agents with market evaluations. Homes that are well kept and/or vacant will usually receive a value close to the other homes in the neighborhood. If the home is in poor condition, this too will be reflected in “market value”. I can help you determine what the best market value for any given property is, regardless if it’s a foreclosure or not.
Buying a foreclosure involves a Contract of Purchase and Sale and a Schedule A. The Schedule A spells out that the property is being purchased “as is where is” and that the bank does not make any representations or warranties about the house. This paperwork is very different than a regular arms length transaction in what we’ll call a “normal” transaction between a buyer and a seller. You should read it carefully and have a very clear picture of what “as is where is” means.
GETTING YOUR OFFER ACCEPTED
Working with a bank on offers usually takes quite a bit longer than working with a seller who’s looking to sell the home they are living in. Consider there may be a time difference and different levels of management the paperwork has to go through before any type of acceptance or counter offer is made. Also, banks are generally closed on the weekends. Banks generally get “low ball” offers and most often there is a lot of negotiating back and forth before price and terms are met that are mutually agreeable. They don’t like to see a lot of “subjects” but it is possible to get an offer accepted with some subjects. Any offer made to a bank on a piece of real estate has to also be “subject to court approval”. This is because the court has the final say if an offer is accepted.
After your offer is accepted, and your subjects are removed, it’s filed at the appropriate law court and becomes public knowledge. Most Kelowna foreclosures happen at the Kelowna Law Courts, but sometimes they’re in Kamloops or Vancouver. A court date is set after this step, and is most often about 2-5 weeks after the filing.
COURT ACCEPTANCE
On the day of court, I would HIGHLY recommend that you attend with your realtor. Often other buyers will attend court with a sealed bid to present to the presiding Master. These buyers will also have taken the time to check the court filing to find out the accepted offer price and usually their offer price will be higher. This means that there are “competing bids” and if you’re wishing to be the successful bidder then you will have an opportunity to change your original offer.
The Master has the final say on which bid to accept and not only will be looking for the best offer price, but a sizeable deposit made by way of certified cheque or bank draft attached to the offer. For possession, a successful bidders Contract of Purchase and Sale will usually read a certain number of days after court approval. For instance, it’s advisable to put “10 BUSINESS DAYS AFTER COURT APPROVAL” on the contract for Completion, Possession, and Adjustment dates. This allows for regular banking hours and weekends.
POSSESSION
After all that, moving day is here! Earlier we talked about the Schedule A and that there are no representations or warranties made by the bank. Although moving in on possession dates usually go smoothly and hold no surprises, it’s imperative to understand that there is the possibility that the house won’t look the same as when you viewed it last. Occasionally disgruntled homeowners may do damage on moving out or take unexpected things like kitchen cabinets!
With so many details surrounding foreclosures, it’s critical to work with someone who knows the process. If you’re considering purchasing a Kelowna real estate foreclosure, call Paige Guernsey direct at 250-862-6464. With many years experience around foreclosures and court ordered sales I can help you navigate the sometimes bumpty waters to a successful conclusion! If you’d like a list of current homes for sale in Kelowna that are under foreclosure, send me an email at paige@kelownahome.com.
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!
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.
There are a few homes in Kelowna that have some scary history behind them. A seller is not required anymore to disclose these stigma’s, like murder or suicide, to the buyer. Some buyers care and some don’t.
I rented a house not too long ago while we were building and there was definately some spooky things that happened there. Lights coming on in the middle of the night, apparitions moving around at night that were clearly visible, smoke alarms going for no reason. If you believe in ghosts, I’d have to say this “ghost” was friendly and had a sense of humor. My family was all aware of it being around but never had any fear. Here’s a list of 11 ways to “GhostProof” your house.
Need help selling your haunted house? Call Paige Guernsey direct at 250-862-6464 and get her 25 years experience selling real estate working for you.
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.
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.
First timers and move up buyers till lead the pack of purchasers heading for the finish line.
(Click on the image to enlarge).
The segment showing investors and buyers looking at recreational property has been slowly growing and last month was a solid 20% of home buyers in Kelowna. Check out my last couple blogs dealing with investments and recreational properties.
Looking to invest or buy some recreational property? With 25 years experience in Kelowna real estate, I can help find the perfect property for you. Call Paige Guernsey direct at 250-862-6464 today.
For a few years, my family would make the big trek north to a beautiful little island called Savary. To get there took a long time and finally when you couldn’t drive any further in Lund, BC you’d load up the water taxi for the final leg to the shores of this island made mostly of sand. The island is about a kilometer wide and 8 km from one end to the other. There were no cars allowed on the island (although there were a few… maybe 3!) and the only wildlife was deer and bees. Bikes were used as the main source of transportation and power was by propane. The cabin we stayed in was fantastic. Tucked into the woods, the large open plan could easily accomodate the 6 of us. We had a good sized kitchen 3 bedrooms, 1 bathroom, a loft and a huge deck outside.
WHAT ABOUT OKANAGAN WATERFRONT FOR $350k
I’m sharing all this because recently I came across a lot currently available to buy on Kalamalka Lake in Vernon. This lot also has a dock attached and in the summer, the dock is really the only thing that’s important! A beautiful and scenic drive from downtown Vernon takes about a half hour. Power is by way of propane and water is lake intake. This beautiful spot reminds me so much of Savary Island.
Away from the hustle and bustle – YES
Waterfront property on a large, clean lake – YES
Can I swim and waterski – YES
Is there a dock – YES
Close to big city ammenties – YES
Can I think of a good reason to seriously look at buying this – YES
Are you considering a recreational property ? Call me, Paige Guernsey, a full time experienced realtor in the Okanagan Valley on my direct line. 250-862-6464.
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
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.
