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.
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.
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!
If the April statistics showing buyer profiles are any indication, the Kelowna real estate market should be in recovery mode over the summer.
A full 33% of home buyers were “move up” buyers. This will hopefully give a boost to the $600-$800,000 price range that I was talking about yesterday. Also 33% was the type of buyer who bought in April - 2 parent families with children. That makes sense! Another stat that’s going to breath some life into the Kelowna real estate market is the growing number of those coming from other areas. 49% came from across Canada somewhere and of those 21% were from Alberta. Suggesting responsible and healthy financial situations for our home buyers is the fact that 34% were cash buyers and 54% paid with conventional financing with more than 20% down. Those are sure healthy stats - Bring it on! If your thinking of buying, call me on my direct line at 250-862-6464. Want to check out some great listings? Click here.
Could Kelowna real estate be heading towards a period of instability? According to a report out by Royal Bank of Canada, Canadians are needing a huge portion of their income to fund their mortgages and related expenses. In Vancouver, the Asian market is driving prices up at an alarming rate. Usually our market mimics Vancouver, but not this time. Sales are still down – stats yesterday for one month previous show sales are off 21%. Interest rates will start to creep up and nibble away at buyers bottom line of purchasing power. With sales being down, inventory is rising in Kelowna and West Kelowna. Time will tell what that does to prices. All in all, buyers and sellers are still optimistic about our market. There’s also a healthy number of out of town buyers making their way here to buy. This segment of the market vanished when the economy fell. The price range between $600,000 and $800,000 is taking a beating. More homes in the $500-600K range need to sell before those move up buyers can make their purchase in that $6-8K range. There has been a spike in the luxury home market over $800,000 with many that have been sitting on the fence making the move before rates move up. And last but not least, lot sales and new housing starts are still sluggish with the ongoing issues around the HST. Enjoy the long weekend!
What’s going on? For the last 6 weeks sales have been way off. In fact the last 24 hours goes something like this… 102 new residential mls listings, 50 price reductions, and 25 sales!!! That’s pretty dismal considering it’s almost the middle of May. January 2011 stats showed sales were down over the same time year previous 31%, Feb was down 24%, March was 11%. With this trend we would normally expect April to be on par or at least only slightly down over last year BUT April 2011 sales were down a whopping 34% over last years April. These kind of numbers are most likely indicative of the cold weather continuing into spring and the Federal Election. On the upside, sellers are responding with price reductions on their overpriced property. Buyers, however, are still taking their time. I think most of us believe the mortgage rates are going up steadily now, and with that in mind, buyers and sellers who are serious are going to have to jump off the fence!
I’m your source for Kelowna real estate information. Buying? Selling? Just want to know what’s really happening out there? Call me on my direct line at 250-862-6464.
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.
The city of Kelowna will be mailing all property tax notices in the third week of May. Check out this link to find out how to estimate what your taxes will be this year. There’s also a lot of other information here. For instance did you know that if you’re 55+, or have a disability you may qualify to defer payment of your taxes? I heard an interesting story about tax sales the other day. Each year the city has a tax sale of homes where the owners haven’t paid tax on their real estate. These sales rarely go through because of the exceptionally long period of redemption (usually owners have about a year to pay up and can usually figure something out by then vs losing their home). One fellow looked at these sales as a good way to “invest” his money. He’d have a contract of purchase and sale accepted by the city, put his deposit down, wait the year, and when the owner redeemed the city gave him back his deposit with about 7% interest. Voila… money made!
Speaking of taxes, I just heard yesterday that the government has been charging 21% Translink Tax to parking charges and to add insult to injury there is 12% HST (since July 1, 2010) on the 21%. For instance, if you pay $100/month for parking your charged 21% bringing the total to $121. Also add on the HST bringing total to $135.52. Tax on a tax? What a scam
For all your Kelowna real estate needs please call me on my direct line at 250-862-6464.
