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…
Recently a full side by side duplex sold on Highland Avenue in the Glenmore neighborhood of Kelowna. I analysed this property for investors and found there was potential to make a profit. The profit would involve renovating, stratifying, and selling each side separately. Check this video out and see how we did it.
If you’re wondering about investing in Kelowna real estate, call Paige Guernsey, an experienced Kelowna realtor for 24 years on my direct line at 250-862-6464.
Coldwell Banker Horizon Realty’s managing broker, Susan Tough, has written a new blog. She’s a natural at it, and she’s called it “Across the TOUGH Desk“. In it she answers all kinds of questions buyers and sellers have before, during, and after a sales transaction. One of her blogs deals with the simple question “Can I sign for my spouse?”. A tougher question, (no pun intended!) is addressed in another blog post titled “When is it a good time to use a Fee Agreement?” This blog promises to be a winner. Watch for it in the future and learn all kinds of things about Kelowna real estate.
If you have a question about buying or selling a home in Kelowna that you’d like answered, call me, Kelowna real estate agent, Paige Guernsey direct at 250-862-6464.
Happy Fathers Day! A buyer I’m working with gave me his “wish list”. He’s going to buy a house for his daughter (who is going to UBCO here in Kelowna), take his one month vacation to do a big renovation, and at the end of the month schedule the whole house will be like new! It’s his daughters birthday in October and he’s going to have one fantastic piece of real estate to give her! What a thoughtful and wise Dad!
One of my associates at Coldwell Banker Horizon Realty was able to save her clients $900 in HST when they bought their beach front condo at The Lagoons in Kelowna recently. The beautifully upgraded 2 bedroom 2 bath condo with a south west view of Lake Okanagan sold for $415K INCLUDING the furnishings. The buyers Realtor was prudent and checked with an accountant regarding the HST and the furniture. If the furniture is included in the body of the contract with a dollar amount assigned to it, it is fully taxable. If however, the furniture is listed on a separate document including what it sold for… not taxable. So you might be wondering… What about the fridge, stove, washer, dryer I want to include in my offer to purchase? They are considered the “mechanics” of a home and don’t usually have a specific dollar value attached to them in the contract. Not taxable.
Have a specific real estate question? Call me on my direct line at 250-862-6464.
I’ve been working with a gal who’s buying her first house in Kelowna. In gathering all the necessary information prior to making an offer, we heard a rumor that the house may have been used as a grow up. We did a lot more research to uncover any information that let us be sure about the home’s history. We went to Kelowna city hall to see if they had any info on file, which they didn’t… so far so good! My client called the police department and was told that information was private and couldn’t be shared. I did a google search to see what came up for this particular mls listing. Nothing at all came up for this particular property but I found this very funny video about a grow op that was guarded by bears! Better than an electric fence I suppose!
So at the end of the day we were able to confirm that the house had a clean bill of health and my homebuyer is soon to be a proud homeowner! Nothing like your first house!
Last week I had a meeting with Christine Meekma, HSBC Premier Manager (she’s one of the most amazing bankers I’ve had the pleasure of working with by the way). As I walked into the bank for my appointment my nylon gave way and began falling rapidly towards my ankle. How does that happen with brand new nylons?? The dilemma was how to pull it up with nobody noticing. Naturally I could just feel everyone staring, not to mention all the cameras in the bank that I was sure were zooming in on my location! There was only 1 fellow waiting where I was so I took my chances, turned around and gave a quick yank up. Relief. Right then Christine was making her way towards me and as I started to walk across the bank trying to look cool and composed, down went the nylon again. That was of course, when someone commented on my cool shoes! There was nothing I could do at this point, so I squirmed and maneuvered trying to pull it up the whole time. If Christine noticed anything she was very gracious and said nothing. Who knew being a Kelowna realtor could be so stressful!
In the last 24 hours Kelowna real estate has seen 124 listings come onto the market, 48 price reductions and 33 sales. After a pretty bumpy April where we saw sales down an alarming 34% over April 2010, the warmer weather is sure to bring a more active real estate market for both buyers and sellers!
Questions about real estate? Call me on my direct line at 250-862-6464.
Although overall sales for Kelowna real estate are down, there’s been some healthy sales happening! In the last 2 months we’ve had 7 homes sell under $400K in the Kelowna North, Glenmore neighborhoods. This bright and cheery older home in Glenmore with new kitchen and windows sold for $365,000. There is a park, tennis courts and great schools nearby.
This newer home pictured below in North Glenmore recently sold for $375,000. Built in 1994, a few cosmetic updates will bring it up to date and the fenced private yard is fantastic! Close to all ammenities including some easy to advanced walking/hiking trails, this house is a winner!
If you’re looking for something new with no HST and still have all the fantastic ammenities the above houses have, check this listing out. Unique and beautiful open plan 2 bedroom 2 full bath townhouse with spacious deck, magnificent views, and upgraded interior. Concrete soundproofing, granite, stainless appliances, hardwood & tile are top notch for this very central location.
Call me on my direct line to learn about successful strategies for buying a house at the best price possible. Paige Guernsey at 250-862-6464.
if the sale price on a home you’ve purchased is $10,000 or $15,000 off the list price?
I’ve been working on an offer for the last couple of days on a home that is priced extremely well. It was priced that way to attract the attention of buyers and consequently generate offers, which has happened. However, the buyer currently trying to purchase this home feels that the seller isn’t coming down off the listing price enough for them. The buyer has been provided concrete and current information why this home is priced right on the money but they’re still balking. Does the seller back down to capture the ever elusive buyer today or stand firm and believe a buyer who accepts the current information on that particular house vs. the ”big real estate picture” will come along? Time will tell… I’ll keep you posted on this one.
