Kelowna Real Estate Pros

August again shows the main buyers being first timers followed by move up buyers. First time buyers tend to enter the market when interest rates are extremely low and the market is balanced. As pricing in the Okanagan has fallen back in line with true home values it is to no surprise that we are seeing first timers dominating the buyer’s market. First time buyers tend to buy lower price categories and smaller home types like townhomes, condos or smaller single family homes. When this happens the sellers are then able to move up in home size which creates the surge in....

A flurry of new listings – like this ideal family home in Crawford Estate in the Upper Mission – made for a busy February! Is this what ‘Normal’ feels like? I have been in Kelowna now for 2.5 years and I really can’t say that I have experienced a ‘normal’ market here yet.   Its really been a series of slumps and rebounds, but it feels like we really are moving toward a steady, normalized market.  According to the February 2011 OMREB Report released today (detailing sales activity in the region), the stats also seem to be....

Some Reasons to be Optimistic about Kelowna Real Estate! Homes priced right, like this one in the Upper Mission Kelowna, are seeing lots of action despite a slower market. Compared to our neighbors in the Lower Mainland who saw a nice little lift in November over last year (up 7%), the Kelowna real estate market remains relatively cool for the time being. The Okanagan Mainland Real Estate Board released it’s November Report yesterday revealing that indeed total residential sales for the region were down 24% from last month and 35% from last year.  The Board is ....

In general, it has been a very frustrating market for home sellers.  Here are some of the big reasons why: 1.  Over Supply: Based on OMREB’s September update, there are 5,045 listings in the Central Okanagan.  In some product categories (condo’s, high end homes), there is a huge glut of inventory available. That’s alot of choice, further complicated by… 2. Low Demand:   This September saw a 45% decline in sales over the same month last year, 22% lower than August.  There just aren’t enough buyers out there turn over the high level of in....

With the release of the Okanagan Mainland Real Estate Board (OMREB)’s June Report today, we can definitely see that the buyer’s market continues it’s stronghold in Kelowna.  What that means is that there is alot of inventory on the market right now, a good selection for the amount of buyers out there.  I also think there is still a fair bit of uncertainty in the market about the impact of HST.  Not that it will affect most home buyers, but a ‘wait-and-see’ attitude seems to have prevailed amongst buyers this past month. This years sales a....

The release of OMREB’s May Market News today shows that, similar to my teams experience this past month, sales were indeed slower in May than what we have been experiencing for 2010 thus far. A strong buyers market continues in the Okanagan Homes priced right for todays market, like this one in the Upper Mission, have a better chance of selling. After a flurry of action that really began in November and continued with only a slight pause in December right on through till April, May was a little quieter. Read Full Article » ....