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

In tough times everyone tries to trim costs.

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.

Talk to you soon…

Paige

Hot off the real estate press! Linda Dumka at Kelowna’s Royal Bank, tells me that effective today the fixed rates are down .10% with a 5 year closed mortgage standing at 3.79%.  That’s good news for home buyers!  With 29% of British Columbians planning on purchasing a home in the next 2 years and a full 90% of Canadians believing their home is a good investment, most believe the relative stability of Canada’s housing market will continue. Having said that, I’ve been involved in 3 multiple offer situations in the last 3 weeks!  One was a very unique house that more than one buyer wanted, one was timing - where a house had been on the market for some time and 2 buyers wanted the rancher style of home it was, and the 3rd one revolved around a buyer needing to purchase before their lower pre-approved rate expired.  More MLS (R) listsings are coming onto the system as we head into warmer months (really? warmer?), and the buyers have more to choose from than they had in the last few months.  This change in rates will most likely cause a few buyers to sit up and take notice!

Took a unique condo listing in the Springfield/Spall area of Kelona. Top floor 3 bedroom, 2 bath unit that’s been completely renovated. Take a look!

Talk to you soon…

Paige

Here we are with 38 shopping days until Christmas and the real estate market is still experiencing fall-like activity! Kelowna’s October residential sales were up to 132 over September’s 117 sales.  The winter months can be a successful time of year to sell your home mostly because there is less competition and the buyers out there tend to be more serious.  Let me explain… Usually at this time of year sellers let their listings expire and/or pull them from the active market. True to timing, we are seeing a reduction in current residential listings available right now.  Buyers that are shopping are generally very focused, particularly those that come from out of town, and have less to choose from.  I’ve noticed that my listings have seen an increase in showing activity with less product for buyers to look at.  Also, those buyers may be feeling a sense of urgency now that fixed term interest rates have gone up. Those that are “locked in” at the lower rates will need to choose soon or be faced paying a higher rate.  Yes, you still have to keep the house “show ready” and the driveway shovelled, but when those buyers come, they’ll be taking a good hard look at your house. If you’re thinking of selling your home, please give me a call on my direct line 250-862-6464.

Talk to you soon…

Paige

I’ve been busy the last 3 weeks working with 5 different buyers all re-locating to Kelowna. Their stories are relatively the same… love Kelowna, want to be here, and think that now is the time.  Interest rates are again historically low and prices have stabilized. There are some that are thinking it’s better to wait. When we look back historically, we see that the only time we know for sure that we’re at the “bottom” is when it’s too late and things are heating up again. Kelowna’s prices have risen on average just under 10% annually since 1989.  This doesn’t mean that prices are on the way up right now, it just means that with low interest rates, good prices, and serious interest in our beautiful city, why WOULD you wait? Here’s BC Real Estate Association’s cheif economist Cameron Muir’s take on things.

Talk to you soon…

Paige

keaj

We finally did it. We paid our penalty and renewed our variable rate mortgage with … another, lower, variable rate mortgage. Now the fun begins. Sleepless nights, nails bitten down, a few new sparklers on my head? No, I’m still banking on things staying relatively level with a few minor bumps upwards along the way. I keep this graph close by in case I start second guessing myself. I find professionally, that people I’ve worked with who have owned 3 or more houses go with variable, that those under 30 are choosing fixed rates, and those better than 50 have split opinions.

There is lots of chatter right now about the real estate market across Canada.  Most centers are feeling the pinch of fewer buyers and Kelowna is no exception with our May sales down considerably over last year.  The Canadian Real Estate Association has changed their earlier predictions and are calling for a cooling off period with a slight downward movement in prices. Okanagan Mainline Real Estate Board’s released their May stats  that show sales are down and listings are up.  This period of time can be the perfect storm for those seriously wanting to make a move. The idea being that an aggressive listing price will make you stand out from the competition to draw those elusive buyers in. On a firm sale and with money in your jeans, start shopping. Shop hard and make offers… someone will be nervous enough right now to take it! In the scheme of things… do I think the tap will stay off for long? Nope, not in Kelowna.

Talk to you soon…

Paige