Kelowna Foreclosures 2014 Predictions

Kelowna Foreclosures 2014 Predictions

Kelowna Foreclosures market has been busy this year and the supply of foreclosure properties is declining. Presently there are 42 Kelowna homes in foreclosure  for sale which is a 7 month inventory. The highest total on the market this year was in February with 67 homes actively listed for sale.

There are 18 Kelowna condos and townhomes  in foreclosure, down from February 2013 total of 28 and February 2012 there were a total of 83 condos listed for sale. As our market becomes more stable the number of foreclosure properties will continue to decrease in 2014.

In  2013 there were 140 Kelowna foreclosure homes sold with the majority of court order sale houses sold between $200,000 to $400,000. For Kelowna condos and townhomes  in foreclosure a total of 49 sold with the majority sold for under $200,000. The highest Kelowna condo sold price was  $1,625,000

Buying a Kelowna Foreclosure can be an exciting experience if you understand the upside and downside to Court Order sales.

An important tip to buying a foreclosure is to know the area well, be knowledgably about comparable sales. This will help you to determine the correct offering price. You must be able to estimate the cost of repairs required to make the home in comparable condition to other sold homes in the neighbourhood. You will also have to calculate the cost of buying appliances as the one s in the house cannot be written in the contract and usually disappear when the former owner moves out. In order to  arrive at the best price to offer you take the market value as if it was in good condition, minus the cost of repairs and purchase of appliances.. This is a challenging calculation, which make working with a Realtor whom is experienced in Foreclosure sales and working on your behalf and not on the lenders behalf.  There a Foreclosure course that Realtors can take to better their Foreclosure skills and guide their client through the legalities.

You can arrange to view foreclosure homes or condos through a Buyers Agent. Sometimes the properties are vacant and sometimes they will be tenanted (often by the previous owner)

When you find a property that you want to make an offer your Realtor for the comparables. The offer is written, preferably with conditions, signed by the prospective buyer and presented to the bank or lender. When the  offer is accepted you have approximately 10 days to remove your conditions such as  home inspections, financing, check with the city for Zoning, have your lawyer review the title, etc. There could be several more conditions depending on the property and this is where your Realtor will advise you.  The lender usually has a condition Subject to Court Approval

After you remove your conditions the lender will obtain a court date, approximately 2-3 weeks. When you go to court (or have your representative appear for you) you must be prepared for any number of things happening and one of these is that there could be competing offers in court for the same property. This is where experience can make a big difference on whether the court awards you the property or not.

Not all foreclosures are created equally and buyer beware.

Some of the best deals are just before the property goes into foreclosure. If you are looking for a DEAL it is recommended to also consider other properties in the same price range in the same area.

If you are receiving our list of Kelowna Foreclosures take the time to let us know the price range and area you are looking for and we can customize what is being sent to you

Call for my TOP FIVE PICKS  250-979-8066

Happy New Year!,

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 homes for sale Kelowna BC

Kelowna Condo Market Wraps Up Positive For Buyers

Kelowna Condo Market Wraps Up Positive For Buyers

Kelowna Condo market and a few random thoughts on our local  market coming your way so get ready for some heavy duty statistics.  Might even have a prediction or two at the end.

First of all, mining through strata/condo/apartment data is confusing so let’s start with some ground rules.  I’ve excluded Big White ski resort sales as well as leasehold condos and I’ve included lakefront units.  Just because.  My blog, my rules.  Some years there are a lot of million dollar plus Kelowna  lakeshore sales and other years there are a lot of big ticket condo sales on Underhill and Bernard which aren’t on the lake so I’ve included them all.

Firstly, 477 West Kelowna and Kelowna apartment condos for sale right now and there have been 716 sales this year selling at an average price of $242,000.   The good news is.Fourth consecutive year of unit sales increases and best year since 2008 when we recorded 743 sales.  Bad news. Fifth consecutive year of dropping prices.  The average sale price in 2008 was $293,000 and it’s dropped every year since. From 2009 to 2013 average sale prices were $259,000, $257,000, $256,000, $248,000 and $242,000 this year.  Has the bleeding stopped?  Are things as bad as the numbers say they are?  Are we living through our own lost decade? Maybe, no and no.

Has the bleeding stopped?  I think it has.  When real estate values plummet, condominiums are the first to fall and when markets rebound Kelowna condos are the last to increase.  With 477 units for sale on Kelowna MLS  today we’re still mired in a buyer’s market and with an average of 60-65 sales a month there isn’t enough sales activity to meet supply.  Too many listings, not enough buyers means downward pressure on prices.  But with a 10{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} increase in unit sales and only a marginal decrease in values over last year is reason for optimism.  I predict 720 sales next year at a $245,000 average.

There certainly hasn’t been a lost decade here in Kelowna.  Ten years ago the average condo price was $139,000.  In this light $242,000 seems pretty good by comparison.  Overall, condominium statistics here are the most difficult to interpret.  The development of condo projects on Sunset as well as Sarsons, Park Place, The Madison, Invue and Centuria etc.  over the past decade has certainly changed the landscape of our city as well as what the stereotypical buyer look like.  Long gone are the days where condos were just built for first time or last time buyers.   Now is a great time to buy a Kelowna condo for investment or to live in! Call a condo expert

Thanks for reading everyone and enjoy the holidays.

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 Kelowna home values

Kelowna Real Estate Market …It’s OK To Celebrate…..Just A Little Though

Kelowna Real Estate Market …It’s OK To Celebrate…..Just A Little Though

As the Kelowna real estate market year winds down there are a few things we know for sure.  The average sale price for a residential home in the central Okanagan slipped a little bit this year from a $501,000 average in 2012 down to $491,000. No real news here.There were a lot of affordably priced homes selling this year and the high end of the market had a pretty rough year.

 

Even though the average was down, your home could be worth more than it was last year.  It’s not really good news for sellers but it’s not really good news for buyers either.  Kelowna remains a high priced, blue chip community when it comes to housing and most of us have less discretionary income at the end of the month after a mortgage payment than most other Canadians which reverberates throughout the community.  I don’t think anyone here has a tough time securing a mid-week dinner reservation in a local restaurant.

 

In the long term this is good for conservative home owners who take out 25 year mortgages, slowly pay them off and eventually have a pretty good asset once all is said and done.   The bad news is it’s harder to break into our housing market for young people who have to find more of a down payment and need two or even three  jobs to meet minimum debt service ratio requirements.  This is just the way it is in Kelowna, at least since I moved here in 1996.

 

Another thing we know for sure is that there have been more sales this year than last year.  With 2 weeks to go we’re 300 unit sales ahead of last year’s pace.  Barring any weather related disaster we will hit 2,400 sales this   year making this the most active year since 2007. We’re still a far cry from the 2002-2007 years when we averaged over 2,900 sales per year but a 17{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} increase in homes sold in one year is grounds for a little bit of celebrating don’t you think?

 

Let’s take a quick look at what’s happening in North Glenmore these days.  There have been 135 residential sales so far this year selling at an average of $500,200.  Our first home in Kelowna was in North Glenmore and I could always figure out its value easily because it always seemed to mirror the average in the rest of the city.  Things may have changed a bit with the addition of Wilden in our stats.  The average price has jumped from $272,000 10 years ago when there were 160 sales that year.  Some may argue, but I think it’s the best place to raise kids. For North Glenmore homes click here

 

Best Wishes in the New Year!

 

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 Okanogan homes for sale

Kelowna Home Sales November Round Up with Andrew Smith

Kelowna Home Sales November Round Up with Andrew Smith

Kelowna Home Sales were above 2012 sales in Kelowna. When you spend time with Kelowna Realtors as I do then you will have a pretty good idea of what’s happening in the market.  But, to find out what is really happening in our real estate market, ask any person working at the front desk of a real estate office  how many calls they receive on a Saturday.  Saturday mornings can be a wave of activity with the  receptionist doing the work of many  by answering  calls, clients walking by and  Realtors trying to book appointments or find other Realtors.  And on another Saturday  we question why we have the office open.

 

We  a lot of data available to us with the internet and local papers and  banks forecasting  the market. Then there is  CMHC publishing  their predictions regularly and the BC Real Estate Assoc. with an economist full time on staff researching  and making reports.  I would enjoy seeing a stat in Kelowna that counts how many Alberta license plates are sitting  in the Kelowna  real estate offices parking lots on Saturday mornings. I think this could be a good indicator of where our  market is going.

 

The Okanagan Real Estate board makes a survey every month and buyers of Kelowna real estate  from our Alberta neighbors went from 22{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} to 14{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} Sept to Oct. The Vancouver and the Vancouver Island  buyers dropped to 8{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} from the month previous which was 12{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09}.  The buyers from outside of the city do continue to  play a big part in our real estate market, even in the colder months, but as usual it becomes a market where the majority of the sales will be made by Kelowna residents buying from locals until February.  Okanagan buyers buying from other Okanagan people increased from 47{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} last month to 59{f0a0a72383b5d412aa1cdd82beeb3baa9f2169d63afba57b72be67b4c5074c09} this month.  And as long the winter travel over the Rogers Pass and the Coquihalla  makes people uneasy I do not think we will see changes in the near future.

 

November was a good month for home sales with a total of 184 sales. The average list price was $525,179 and the average sold price was $487,347. This compares positively  to the November 2012 with an  average sale price  of $483,000.  For Kelowna condos there were  56 Sales in November ( including  7 Big White condos) a promising change from November 2012 with a total of 44 condo sales.

 

Every year home sellers take their homes off the market at the beginning of  December to prepare for the holidays, this year 354 homes came off. Interestingly enough there are still buyers looking, and between Christmas and New Years is no exception. It happens to be a time when people are taking vacation weeks can spend that time looking at homes. These buyers are usually quite serious.

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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 realtor Kelowna bc