Was This The Worst Year Yet? 2016

Was This The Worst Year Yet? 2016

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% decrease in values we feel it harder.  Especially  for the  buyers who purchase  with 5 or 10% 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

Kelowna Court Order Sales What Really Happens In The Front Line

Kelowna Court Order Sales What Really Happens In The Front Line

Not another blog about court order sales in Kelowna…Haven’t we read all there is to read on this subject?  I won’t go into too much detail with foreclosure statistics because you can get those anywhere on the web but let’s start there.  One paragraph of numbers is all I’ll put you through today.

 

In all of 2003 there were 26 residential foreclosures listed for sale on our MLS system.  Over the past 12 months there have been 206 court ordered sale listings on the same MLS system.

 

Stats part over.  What used to be an insignificant part of our Kelowna real estate market has become a determining factor in market value for a lot of families.  7% of residential sales today are from Kelowna foreclosures through the court system and although prices are increasing, the stubborn foreclosure number doesn’t appear to be going down.

 

I showed up with one of my clients last week at the Kelowna Courthouse to make a competing offer on a townhouse in North Glenmore.  There was already an accepted offer and my client wanted to bring a competing offer.  Nothing too dramatic happened that day really with the good news being that my buyer bought himself a home. The interesting part is how routine the court ordered sale process has become these days.  Realtors are in court so often these days we’re starting to recognize the courthouse staff, have a favorite parking lot, know who the tough judges are and have our favorite lawyers.  We’re in court so frequently now it’s just become a regular Thursday morning.  The strategies of securing a home in court for our client are exciting and evolving but the dark cloud hanging over us is that there are just too many homes selling this way these days.  I hope we see the days of 2 foreclosures a month again instead of 3 a week.

 

Contact me for my report on Four common mistakes most first time foreclosure buyers make and how a savvy realtor will help you avoid them.

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 new homes for sale

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