Kelowna Market-How Are We Affected By The USA House Sales?

Kelowna Market-How Are We Affected By The USA House Sales?

If the Kelowna Market watchers could jump across the USA border for a minute  and see  what is happening in the States they would have to wonder how if affects us.  According to the Wall Street Journal the USA are  predicting a 5{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} increase in home prices for 2014 .  This is a trend that has been continuing  with  a 20{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} increase in prices over the past two years.

The number of  brand new homes is at the lowest in  50 years so the prospects are good for the market to increase next year.  How does this affect us??  We lost out on a lot of buyers of Kelowna homes who invested in Scottsdale, Palm Springs and the Maui market because of bargain basement pricing in those communities.  We have a better chance of attracting the investment buyer now that the US market is on the rebound.

This week was fairly normal for  Kelowna homes in real estate sales.  There were 48 sales at an average sale price of $485,000.  Rutland South, Lakeview Heights, and Westbank Centre were the most active areas with 5 sales each.  In Upper Mission, Lower Mission and West Kelowna Estates there were 3 homes  sold.  The low was $225,000 for a ½ duplex in Glenrosa.

When you are reading a  a newspaper and don’t find any real estate market stories it’s usually safe to assume things are normal.  Trends are continuing, nothing  to get too excited.  We are on our way to a strong 4th quarter , our market usually gets slower as the weather gets colder which opens the door to some great opportunity for the buyers who are able  ready and able to buy.

If you are considering a certain area of Kelowna you can search homes by neighbourhood 

 

Out of over 700 condos and townhomes for sale last week, there were  a total of 10 sales. That might seem low, but there were only a total of  44 condo sales in November 2012. The condo market has hit it’s hibernation season, so that makes it a buyer’s market

 

For this weeks top 5 deals call Andrew 250-979-8066

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here lakefront homes

Kelowna Foreclosures – Was This The Worst Year Yet? V1Y 8B7

Kelowna Foreclosures – Was This The Worst Year Yet? V1Y 8B7

Do you think that Kelowna  foreclosures are dragging down the Kelowna real estate market?   Is Canada following the USA market?  It appears like it.  With  4,500 Kelowna homes for sale on MLS this year only 164 were foreclosure sales.  Good news or Bad news??.

That’s  good news!! Compared to the 224 Kelowna court ordered sales 2012 but it does not look so good compared to the 26 Kelowna foreclosures listed in 2003.  Foreclosures  escalated  from 31 to 108 in 2009 and  in  2010 increased  from  164 to  224 in 2011.  Having  164 is still a big number, but it is heartening  to see the numbers decreasing.   According to the census in 2011 there were over 42,000 Kelowna single family homes  so there will always be foreclosure sales.  If the foreclosures numbers had  increased to the 290 – 400  range then it would have had an even greater force on market values and our city at large.  In Kelowna the high cost of housing means more debt for home owners.

With the Canadian average sale of $330,000 we’re more susceptible than other Canadians with the Kelowna average home sale at $480,000 and when there’s a  10{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} decrease in values we feel it harder.  Especially  for the  buyers who purchase  with 5 or 10{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} down. In areas that had a huge increase in new homes built and completed at the end of 2007 beginning of 2008 boom  like Wilden, Mission Hill Estates and Southridge, the sellers are having a tough time selling because in many cases their homes are worth less than what they paid for them.  But..the worst is over and most of us got through safe and sound.   In October there were only 6 new court order sales  in our Kelowna real estate board.down from 13  foreclosures in October 2012. 1 in Peachland,1 in Shannon Lake 1 in Glenmore, 1 in Joe Riche and 2 in  Black Mountain

My  two brothers live in the USA  in Athens Georgia and St. Louis Missouri and they each have 6 foreclosures near their homes. If you have missed a couple of mortgage payments or think that you are going to miss a  payment call your Realtor for some suggestions on how to avoid foreclosure   Are you looking for a deal in Kelowna real estate?

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here lakefront homes for sale Kelowna

Buying My First Home In Kelowna BC

Buying My First Home In Kelowna BC

In 2012 my husband and I made the hard decision to relocate our young son and ourselves to the Canadian city of Kelowna. We wanted to raise our family in the beautiful B.C environment with the mountain backdrop. However making the move to B.C wasn’t exactly easy for us originally hoping to purchase an affordable home in Kelowna we were very disappointed to discover to find ourselves renting again for almost a year.

Despite the fact that we had our hearts set on a family home in the suburbs of Kelowna, we were not able to close a deal on a house in time for our big move. This is because the competitive Kelowna real estate market and our low budget price point weren’t doing us any favors. We lost two houses to higher offers because we didn’t have a lot of wiggle room in our price range. We thought that it would be possible to buy our first home in 2012, but without knowing much about the process we eventually gave up and rented an expensive condo in the city.

How To Buy A House in BC.

It wasn’t until last August when we went to see a financial advisor that we became fully aware of how much money we were wasting on rent every month. Our bank consultant at the time said to us Why haven’t you looked into to getting a mortgage? Immediately, we began to tell her our story about how we had gotten pre-approved by an alternative lender to buy a house back in the fall when we first made the move. Not being familiar with the local real estate market in the Okanagan and not having a good real estate agent working with us we had been unable to find a house within our price range and had been confused by the complexity of the fast paced first time home buying experience. The financial advisor wasn’t overly surprised to hear that we had been so unsuccessful in first attempt at buying a home. She shook her head, and explained to us that many young couples that come into her office tell a similar story about their experiences.

She went on to explain to us the average age of first time homebuyers was around 32, statistically 30{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} of these individuals felt overwhelmed by the home-buying process stating that the pre-approval and paperwork were often overly complicated and made the process more difficult to navigate. Furthermore, not working with an experience real estate agent often led to complex dealings and the unfortunate loss of potential purchase opportunities. She suggested that we speak to her realtor Andrew Smith, and get back out their shopping for a home.

Why You Should Buy Instead of Rent

Sick of paying over a one thousand dollars a month on rent, my husband and I took the bankers advice and began to once again start looking into buying a house. We called up Andrew Smith, and explained our situation; he agreed that it would be a good strategy to look at homes in the lower end of our budget so that we would have some space to negotiate if we needed too. Instead of wandering aimlessly through the process, he taught us about equity investment and how to get a mortgage on your first home. We’d been so clueless before, and had no idea what we actually were getting ourselves into; suddenly with the help of our Royal Le Page realtor things were becoming clearer. All this time we had been renting and paying someone else’s mortgage instead of building equity in our own home. We wasted our time because the real estate market scared us away too quickly. Once we began to work alongside a professional agent, their were no longer any roadblocks in finding a humble starter home so we could truly start our new life in the beautiful city of Kelowna.

I’ve started this blog because I want everyone to help other young families like mine succeed in buying their first home. I have nothing but good things to say about my Realtor Andrew Smith and the great service that he provided to my husband and I in our time of need. We didn’t want to be part of a statistic of young people who were afraid to jump in and buy a home of our very own. However if it hadn’t been for our Realtor and that friendly financial advisor at the bank we probably would still be throwing our money away renting from someone else.  Brandi & family

 

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here lakefront homes for sale