Market Update: 2011 in Review

Greg Kalyniuk

Okanagan’s Home Team

Home Run Update

250-503-3758 www.okhometeam.ca January 2012

Market Update - 2011 in Review

Single Family Homes

In 2011 there were more single family homes on the market and less sales compared to 2010. A better idea of the monthly sales as compared to the number of single family homes listed. The total number of homes on the market throughout the year remained high and never dipped below 400. The most homes on the market peaked in August at close to 900. Although that was not at the record levels of 1998; 900 single homes on the market is still a lot for the North Okanagan. The high number of homes for sale combined with the low number of monthly sales resulted in a firm Buyer’s market throughout 2011.

The average price of a single family home in the North Okanagan fell by about 1% to $382,665 in 2011 compared to 2010. That is much less than anticipated considering the low number of sales this year and the high number of homes for sale. There were around 1150 single family sales in 2007 and then the hammer came down. There was a bit of a surge in 2009 when sales topped 820, but since then sales have declined to a low of only 632 in 2011. Essentially, sales have dropped off by almost half this year over 2007!

Strata Homes (Townhouses and Condominiums)

Strata home sales in 2011 were below 2010 levels and resulted in a slip in the average sale price of about 10% to $234,090. While prices held their own between 2008 and 2010, it looks like the high number of listings and the low sales per month have taken a toll on Sellers. It was again, a Buyer’s market for strata in 2011.

Conclusion and 2012 Prediction

It was not a good year for sellers in 2011 with total single family sales off 10% and total strata sales off 16% this year compared to last. The tenacity of sellers to hold onto their gains surprises me and speaks well of the view that North Okanagan Real Estate is still good value.

It was a great year for those people who bought homes, particularly strata. There were some investors who picked up large numbers of rental units for their portfolios last year. There were even some Realtors buying rental homes, which is always a good indication that it is a good time to buy!

The large number of foreclosures last year in the North Okanagan (91) is an indication that more people than in recent memory are not working enough to support their homes. While this is a large number for this community it is very small compared to the total number of homes owned. Still, high foreclosure numbers indicate lower community economic strength. When the number of foreclosures starts to decline, our housing market should begin to recover.

The CMHC predicts that in 2012:

1. Demand for new and existing homes will strengthen in 2012. Favourable mortgage interest rates coupled with stronger employment growth will support modest growth in demand for housing next year.

2. Sales of existing homes are expected to increase 11 per cent in 2012. Home buyers will continue to benefit from an ample supply of listings available for sale.

3. Expect existing home prices to edge up by three per cent as demand improves and the supply of listings is drawn down later next year.

My advice for Sellers is to make your home as attractive in price, marketing, and appearance to get the sale that you want in 2012. My advice for Buyers is to shop around and look for those gems that are out there with motivated Sellers that will negotiate for a fair price. It is an awesome time right now to get into Real Estate ownership, particularly if you are a first time home buyer.

Green tips of the month

According to the people at www.greenandsave.com there are definite, measurable savings to retrofitting your home with selected energy saving devices. Here are some ideas for your consideration:

Upgrade	Payback in Yrs.	Added Costs	Annual Savings	10 Year Savings	1 Year ROI
Programmable Thermostat	0.6	$115	$180	$1,800	156.5%
CFL’s	0.8	$60	$80	$800	133.3%
Hot water heater jacket	0.8	$25	$30	$300	120%
Low flow shower heads	0.9	$180	$300	$3,000	111.1%
Heating system tune up	1.1	$200	$180	$1,800	90%
Duct sealing	1.5	$450	$300	$3,000	66.7%
ENERGY STAR dishwasher	1.5	$20	$13	$130	65%
Water filter vs bottled water	1.9	$200	$104	$1,040	52%
High efficiency toilets	2.0	$50	$25	$250	50%
Total savings and Average Payback/ROI	Payback Time in Years:	Added Costs over standard products	Annual Savings	10 year Savings	ROI:
	1.2	$1,300	$1,212	$11,120	93.8%

Please note that these figures are from an American source and our costs may be higher. The message, though is clear, these simple home renovations can save you money in the very short term. In the examples provided above, you can reasonably expect to get your money back in short order from the initial investment. You will also be using less energy in the long run and saving our valuable resources.

7 savings strategies for the new year

Like many people today, you may find “too much month left at the end of your money”—especially after the holidays. Implementing both short- and long-term strategies to strengthen your family’s economic foundation this year makes good cents (and dollars, too!)

1. Don’t take your bills at face value. Too often, we assume our credit card bills are accurate and pay them without taking a good look at the detail. It’s a smart idea to spend some time each month ensuring the itemized charges on your bills are legitimate. Many consumers find that they have been double-billed, fraudulently charged or have questionable entries—especially following the holidays. A little investigation up front can save you a lot of money in the long run.

2. Check the fine print. Before moving your high-interest credit card balances to one of the “all new low-interest cards” featured to save you from holiday debt, be sure to check the fine print. Many of these “deals” come with hidden clauses that escalate your interest rates astronomically if you fall behind or are late making even one payment.

3. Know your options. Telephone and cable companies are forever adding to and changing their service options. Routinely contact your service providers to find out what options are available to you. Eliminating services or channels you don’t need could make the savings “connection” you are looking for.

4. Look into refinancing. With today’s low interest rates, mortgage refinancing is on the rise again. Contact me or your mortgage professional to find out how you can save on your monthly mortgage while still building for your financial future.

5. Update insurance policies. Call your auto and homeowner's insurance agents to find out what policy changes you can make to lower your monthly debt. Raising your auto deductibles on collision to at least $500, especially on older vehicles, may help. For mortgages, make sure you are only insuring your home, not the land, and see if raising your deductibles will help your monthly costs, as well. It’s a good idea to have a credit card set aside to use only for deductible purposes on both your home and your auto.

6. Become a savvy grocery shopper. Even if you are not a “coupon clipper,” you can save on your weekly grocery bill by planning ahead and making a list. Take some time this month to learn about the grocery stores in your area, and tap into the ones that offer great “two-for-one” specials or bonuses such as “$10 off your next purchase of $75 or more.” Make your list, check it twice, and stock your freezer with “two-for-ones!”

7. Do a home energy check. Check your home for energy savers such as setting your thermostat at 71 degrees, setting your water heater to 120-140 degrees, setting your refrigerator at 38 degrees, and setting your freezer at 10 degrees. Also have your home checked for the proper insulation. A small investment in the right insulation now will save you thousands in air conditioning and heating costs over the lifetime of your home. Please see the article above for more information on energy saving updates.

Home of the Month – 1602 Pottery road- $325,000 – MLS 10039046

Here is an ideal family home that has lots of bedrooms (4), bathrooms (3), space and updated comfort. The home is located close to downtown and schools in popular East Hill. The new VSS High School is just around the corner!

There were some updates done in 2009 and the home is in very good condition. All you would have to do is move in. The flat back yard is fenced and backs onto a lovely green space for additional privacy. There is a lovely deck that affords open views to the south and west. The parking is generous with a large single car garage and more parking in the driveway.

Call Greg at 250-503-3758 to have a great tour of this fantastic home!

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Market Update

Greg Kalyniuk

Single Family Homes November Update - The Chill is BACK

It looks like winter is coming on with a couple of snowfalls already and steady below freezing temperatures. It also looks like the chill is back in the North Okanagan Real Estate market with marginally less single family home sales this November (48) compared to last November (50). The good news is that we haven’t returned to those dismal, frigid days of 2008 when there were only 41 single family sales in November (see chart at right). graph

As of the first week of December the number of single family homes on the market continues to drop and now sits at 621. The sales to listing ratio is now at 8% which is up marginally from 7% in October. The average days on market for this category is still quite high at 122 days.The continuing rise in the sales to listing ratio over the last three months is encouraging though. I wouldn’t tell my Sellers to start celebrating yet though. We are still in a Buyers market and my expectation is that we will be this way for the winter at least.

The median sold price for single family homes in November 2011 was $342,500 and the average sold price was $377,635.

So Greg, How is the Market anyway?

I always get asked the question, how is the market? Well, that depends on whether you are a buyer, seller, investor, or a renter. I rarely comment on the renter aspect of the market because that is not my expertise. If you are a renter, I recommend that you talk to a property manager to get more information. I do comment on the other aspects of the market and help my clients to understand what it means for them. Here is a brief summary of the various ways of looking at the Real Estate market.

If you are a BUYER

If you are a buyer it is a very good time right now. A buyers market means lots of housing choices and not many competing buyers. As a buyer you can look at a home and in most cases think about it for a day or even a week before making an offer. There is little competition among other buyers for the same property. You can expect to get a discount on the listed price and rarely would you have to pay full price for a home.

If you are a buyer today historic low interest rates help you to afford more home for a lower monthly payment. You can also afford more home for less money because prices tend to fall. If monthly sales are under 10% of the total number of homes on the market, then it is good for buyers.

If you are a SELLER

If you are a seller it is not a very good time right now. With few buyers out there shopping and lots of competing homes on the market, it will be a challenge to sell. As a seller you will have to be patient as your home sits on the market and waits for that buyer to come along who will offer you a price that you can live with. You may have a home that has had regular showings for many months, but not a single buyer has made an offer. In order to sell you may have to make your home the best priced one in the area to get buyers to show up. You may have to stage the home professionally to increase the appeal. You may also have to provide additional buyer incentives like vacations or I-pads to sell your home. You will also have to ensure that everyone knows that your home is for sale by using all possible forms of marketing from Facebook to print ads. If monthly sales are above 12% of the total number of homes on the market, then it is good for sellers.

If you are an INVESTOR

If you are an investor it is just now starting to be a good time. Prices have finally come down to where it makes financial sense to buy a property and rent it out. You can rent out the home at market rates and receive positive cash flow at the end of each month. The only challenge might be to find a suitable tenant. You may even have to reduce your rent to below market rates or even provide other renter incentives in order to attract good tenants. In todays market there are some investors finally buying affordable 1 and 2 bedroom apartments and renting them out. There are even some Realtors buying property which is a very good sign for investors. If monthly sales are under 10% of the total number of homes on the market, then it is good for investors.

So the next time you ask the question of a Realtor, how is the market, try to be specific about whether you are a buyer, seller, investor, or tenant.

Green tips of the month

Because I have an interest in the environment and am also working on my Green designation, I thought that it would be great to pass along some green home tips this month. Take a look at the suggestions below and if you can implement one or more of these, it will go a long way to lowering your costs and improving our environment.

· During the heating season, keep the draperies and shades on your south-facing windows open during the day to allow the sunlight to enter the home

· Keep all south-facing glass clean

· Close curtains and blinds at night; open them during the day

· Place the faucet lever on the kitchen or bath room sink in the cold position when using small amounts of water; placing the lever in the hot position uses energy to heat the water even though it may never reach the faucet

· Use a covered kettle or pan to boil water, it’s faster and uses less energy

· Recycle your paper, bottles, plastics, and cardboard

· Compost your vegetable kitchen scraps

· Use old office paper as scratch paper

· Turn off computers, and the power strips they are plugged into, every night

· Make sure monitors are set to go into “sleep mode” within 15 minutes of suspended useage

Is your car ready for winter travel?

Tis’ the season for winter travel! Be safe on the road this holiday by winterizing your vehicle before you go!

· Check tires (including spare) and belts for wear and tear.

· Get an oil change. A thinner grade of engine oil provides better performance in colder temperatures.

· Inspect wipers and wiper fluid level to ensure optimum visibility.

· Pack an emergency kit with flares, antifreeze, bottled water, flashlights, blanket, jumper cables, energy or snack bars, tire iron and jack, tire sealant, tire chains (if you are going to be in heavy snow areas), cell phone with a booster and your car owner’s manual.

· Slow down and brake before turning a corner in icy conditions. In a skid situation, turn your wheels INTO THE SKID and accelerate slightly to regain control.

An abundance of travel-weary and intoxicated drivers are on the roadways this time of year. Be alert, be defensive and stay safe!

Home of the Month

#104 - 1108 14 Ave. Hillview Meadows - $274,000

The ideal detached retirement complex is at Hillview Meadows. It is for anyone who wants a spacious, open home that is close to golf and other city services. There are two large bedrooms and two full bathrooms in this home so that you and your guests are always comfortable. Relax on your covered patio or putter in the raised garden beds in the backyard. The complex has an outdoor pool and hot tub that is just steps away from your door. The home is private and located away from other units at the end of a cul de sac.

You are close to shopping, downtown, the Hospital, and of course Golf. In fact, Hillview Golf club is right across the street. You won’t have to worry about stray golf balls in this home, though, because it is off the fairway.
This complex is for owners 55+ and there are some restrictions on rentals. Pets are OK.

Call Greg at 250-503-3758 to have a great tour of this fantastic home!

This just in - The Seller is so motivated to sell that he will provide a $1,000 travel voucher to the lucky buyer from Uniglobe Kalamalka Travel if a firm and binding offer is made before Dec. 31, 2011!

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September Home Run Market Update

Greg Kalyniuk

Oct 09 |12:05

Single Family Homes September Update

Fall is finally upon us and you are all wondering what has happened so far in the Real Estate market and what we can expect as the season progresses. Check out the graph on the right which shows the number of single family homes that sold each September since 2008.
This September saw 49 sales which was well below what happened over the last couple of years, but was marginally higher than 2008 (43).

111008-Ask_An_Expert-Real_Estate-September_Update-2 The number of Single Family homes on the market has finally come down, although not as fast as I expected. Again the number of homes for sale was high this September and above 800. At the beginning of October as I write this column there are 796 single family homes for sale in the North Okanagan.

For September the sales to listing ratio was at 6% which continues the trend over the last few months. This lack of sales combined with the high number of listings means that we are still in a Buyers market.

Discounting of the list price to the sale price is a trend as Sellers look to sell before the snow flies. For example in September this year the average list price was $395,494 while the average sold price was $382,213 or 3% less.

As a Buyer you should be looking for discounts of at least 4% and as a Seller you want to hold to less than the 3%. To put these numbers into perspective, the average discount this year has been 4% and in 2010 it was 5%.

The median sold price for single family homes in September 2011 was $335,000 and the average sold price was $382,213.

Condos and Townhouses September Update

The number of strata homes on the market (condos, apartments, and townhouses) is still high at 415. This trend has continued for most of the year with listings averaging over 420.

The number of strata sales in September, 2011 was 23 and the sales to listing ratio was 5%.

The median sold price for stata during September 2011 was $210,000 while the average sold price was $224,163.

What will the Fall Bring?

I was very disappointed with the lack of sales in September. My expectation is that low sales activity will continue through the rest of the year. The one bright spot is that low interest rates are forecast to continue well into next year. This is great news for those
Buyers who are still on the fence.

With the high number of homes on the market, winter coming on and low interest rates, the time is ripe for buyers to make a move.

The National Association of REALTORS^® has created a green designation and benefits program tailored for real estate agents. NAR's Green Designation provides advanced training in green building and sustainable business practices so that they can seek out, understand, and market properties with green features.

While this designation is based in the US it has benefits for Canadian Realtors also. The designation is earned by taking a core course and a specialty module in residential Real Estate. After passing the exam with 80% or better and after joining the Green Resource
Council, a Realtor will have the right to say that he or she is a Green Realtor.

I believe that this designation will be a benefit for both my buyers and sellers and have started the Core course. I expect to complete the requirements by the end of this year and will be proud to display the Green Realtor designation.

Home of the Month – 1508 Pottery road - $299,900

Here is a wonderful opportunity for either a young family starting out, or even an investor who wants to make some positive cash flow. The home is located in East Hill very close to VSS and Hillview Elementary schools.

111008-Ask_An_Expert-Real_Estate-September_Update-5 The home boasts 4 bedrooms and 2 full bathrooms and is in good condition. Some key features include an updated furnace with central A/C, a large covered deck above the carport, lots of parking in front and an open kitchen with good sized dining area. The living room is a comfortable size and has a nice bay window. There are two bedrooms upstairs and two down.

Another great feature of this home is the second kitchen in the basement. There is a separate entrance off the carport into this kitchen which makes it ideal for a mortgage helper.

The back yard is fully fenced, super flat, has an awesome shade tree, and is right on a ravine green space. Call Greg at 250-503-3758 to see!

OH BY THE WAY, I AM NEVER TOO BUSY FOR ANY OF YOUR REFERRALS!

Greg Kalyniuk 250-503-3758
REALTOR, RE/MAX Vernon
Okanagan's Home Team
250-503-3758 (Direct)
250-308-4520 (Cell)
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
okhometeam.ca

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Market Update

Greg Kalyniuk

Sep 26 |18:58

Single Family Homes Summer Update

110902-Summer_was_Hot_and_Cold_Hot_and_Cold-3 The summer weather and single family home sales have been hot and cold in the North Okanagan. As you can see by the graph on the right, in May there were less single family home sales (65) than the last two years. The weather started to heat up a bit in June and July as did home sales which out paced 2010 results, although still slower than 2009 levels. To put these sales figures in perspective, the record high for summer single family home sales was 132 in June 2007, while the record low was 48 sales in August 2011. That’s right, we hit a record low for single family home sales in August. The next slowest Augusts on record were 2000 and 2010 with only 55 sales.

What about the number of homes on the market?
110902-Summer_was_Hot_and_Cold_Hot_and_Cold-4 The peak was earlier in August where there were 883 single family homes for sale on the MLS. As you can see by the graph there have been over 800 homes on the market for most of the summer and looks like we will see the large inventory continue well into the Fall. The recent trend, as expected, is for the number of listings to start coming down as we move into the Fall. In fact, on September 1^st there are 838 homes.

Combining the low number of sales with the high inventory has put the sales to listing ratio at a lowly 6%. This indicates again that we are in a Buyers market and hopefully at the
end of this down cycle. I don’t believe that we can sustain this low level of activity for long. There are too many favourable conditions in Canada and our local economy to keep those buyers down. Here’s looking forward to a great Fall selling season!

The median sold price for single family homes in August 2011 was $320,000 and the average sold price was $376,415. In August 2010 the median sold price for single family homes was $367,500 while the average sold price was $374,317.

Condos and Townhouses Update

The number of strata homes on the market (condos, apartments, and townhouses) is still high at 433. This trend has continued for most of the summer with listings averaging over 420.

The number of strata sales in August, 2011 was 24 and the sales to listing ratio was a lowly 6%.

The median sold price for stata during August 2011 was $210,000 while the average sold price was $224,163.

Looking forward to the Fall

With everyone getting back from holidays and looking forward to moving before Christmas I expect that home sales will pick up. Active listings should start to tail off as the Fall progresses. The HST fiasco is behind us. We hit a record low number of sales in August. Where can we go from here? No where but up I say. Let’s keep a positive attitude, sharpen our selling pencils, get out as Buyers and buy, and we will have a wonderful Fall selling season.

The greening of your home

110902-Summer_was_Hot_and_Cold_Hot_and_Cold-5 Hate to break it to you, but WINTER is on the way – yikes, unless you love skiing of course. Since I have an interest in Green Real Estate I thought that you might be interested in some simple and effective ways to upgrade your home to a greener one. Painting it a green colour was not what I had in mind! I mean how to make your home more energy efficient and to even explore how to add your own power sources.

Here are some easy and inexpensive ideas to make your home greener:

· Turn off the lights when you don’t need them

· Install a programmable thermostat

· Turn down the heat setting on your hot water tank a couple of degrees

· Move to California for the winter (maybe not so inexpensive)

· Install weather stripping and caulking around all of the doors, windows and vents

· Add more insulation to the attic or walls

· Install a thermal blanket around your hot water tank

· Install motion sensors on outside lights

· Install energy efficient light bulbs in all of your inside and outside lights

Here are a few more ideas that are a bit more expensive:

· Upgrade your windows with new energy efficient designs

· Buy a high efficiency furnace, heat pump, or geothermal system

· Install a passive solar hot water system on the roof to heat pool water

· Install a passive solar electricity system on the roof to power some appliances around the home. This is the easiest thing you can do to make your own power. You can either build your own or purchase a solar panel power generating system from a kit. These are ideal for our climate in the North Okanagan and are finally getting to be very affordable. Depending on how large a system, you may even be able to sell power back to Hydro.

· Depending on where you live in the North Okanagan a wind turbine electrical generating system might just be an option to reducing your electrical consumption.

I am sure that there are many other things that you can do to either upgrade your home to be more energy efficient, or to even change some of your habits around energy use. Give this some thought and let me know what you are doing to make your home greener.

What I do for you, oh loyal client

110902-Summer_was_Hot_and_Cold_Hot_and_Cold-6 As Cindy Lauper once said “Girls just want to have fun!” I agree with her and would also include boys too! We all want to have fun and enjoy our lives as much as possible. That should also include buying and selling one of our most prized and treasured assets, our home.

We all want to enjoy and get excited about the adventure of buying or selling a home. We don’t want to worry about all of the details, the endless searching, the legal papers, the marketing pieces, the open houses, the tough negotiations, and all of the dozens of other things it takes to buy or sell our home.

We want to have someone by our side who will expertly and effortlessly guide us through the complex process. We want someone to have patience with us and to understand our needs for a better home. We want someone who is positive, upbeat, happy, encouraging, instructive,
knowledgeable and just fun to be around. We want someone who cares about us and is more concerned about what we want than a paycheck. This makes us happier and more at ease with our important decisions.

My goal is to be the best person I can be for you. To use my knowledge, education, experience, attitude and excitement the best way I can to help you to have more fun during your buying or selling experience. If you or someone you care about thinks that I can help,
please contact Greg Kalyniuk, RE/MAX Vernon, Okanagan’s Home Team at 250-503-3758 and “Let us hit you Home”.

As Vernon children return to school, now is a perfect time for a refresher course on home fire safety. You never know when life may hand you a pop quiz!

110902-Summer_was_Hot_and_Cold_Hot_and_Cold-7 1. Create an escape plan. Start by drawing a floor plan or map of your home. Be sure to include all doors and windows. Let your children use crayons to draw the beds, tables, etc.

2. In one color, draw a line that shows the fastest way out of each room. In a different color, draw another line that shows the second fastest way out.

3. Pick a meeting place outside the home where everyone knows to gather. Ensure everyone understands that once they’re out, they stay out. No one goes back inside until it is all clear.

4. Hold home fire drills at least twice a year. Make them realistic by pretending some exits are blocked by smoke or fire. Hold some at night so everyone knows what to do in the dark.

Escape tips:

1. Get out first. Call 911 from a cell or neighbor's phone second.

2. If possible, close doors behind you as you escape to slow the spread of fire and smoke.

3. If there is a lot of smoke, crawl with your head one to two feet above the floor, where the air is cleanest.

4. Test doorknobs and spaces around closed doors with the back of your hand. If the door is warm, try another escape route. If it is cool, open it slowly. Slam it quickly if smoke pours
through.

Things to think about:

1. Make sure babysitters and other caregivers know your escape plan and where to meet.

2. Ensure everyone in your home—including children—can unlock and open all doors and windows.

3. If your windows have security bars, equip them with quick-release devices, and know how to use them.

4. Test your smoke alarms once a month, and replace batteries twice a year (at the beginning and end of Daylight Saving Time is a good idea).

5. Replace any alarms that are more than 10 years old.

6. Test fire extinguishers annually. Make sure everyone knows where they are and how to use them.

5 Handy Household Tips

NAIL HOLE FILLER: Quick fix for small nail holes! Simply fill with white toothpaste, and smooth with a damp sponge.

LAMPSHADE LINT: Swipe a lint roller or used fabric softener sheet over your lampshades to remove lint and dust!

LOOSEN THOSE JAR LIDS: Latex dishwashing gloves provide a great non-slip grip to remove tight jar lids!

SCISSOR SHARPENER: Put a new edge on your old scissors but cutting a sheet of medium grade sand-paper into small pieces. This is a great trick for larger paper cutters as well!

Hearty Chicken Soup

2 tablespoons extra-virgin olive oil

1 medium onion, chopped

½ teaspoon minced garlic

2 medium carrots chopped

3 celery stalks, chopped

2 quarts chicken stock

½ cup lemon juice

¼ cup white wine

8 ounces dried wide egg noodles

1 ½ cups shredded cooked chicken

Kosher salt and freshly ground black pepper

Freshly grated parmesan cheese

Place a soup pot over medium heat and coat with the oil. Add the onion, garlic, carrots and celery. Cook and stir for about 6 minutes, until the vegetables are softened but not browned. Pour in the chicken stock, lemon juice and wine and bring to a boil. Add the noodles, and
simmer for five minutes or until tender. Fold in the chicken, and continue to simmer for another couple of minutes to heat through; season with salt and pepper. Top with freshly grated parmesan. Serve with warm crusty bread or crackers.

OH, BY THE WAY, I AM NEVER TOO BUSY FOR ANY OF YOUR REFERRALS!

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Single Family Homes Update

Greg Kalyniuk

Jul 15 |05:17

The lovely hot weather has finally hit the Okanagan and with it more buyers came out of hibernation.

As predicted in my last newsletter the Buyers are coming, the Buyers are coming. This was very evident in the number of June single family home sales.

There were 78 single family home sales in June, 2011 as compared to 52 in June, 2010 which is a nice increase. Hopefully, this increase will be carried over into the rest of the year.

The least expensive home sold was for $89,000 out in Falkland and the most expensive home was for $1,150,000 in Coldstream.

There were 870 single family homes on the market at the end of June which was our peak. As of the first week of July, we have tailed off to 858 homes listed on the MLS. A sales to listing ratio of 9% in June is much higher than the 6% per month we have seen for the first part of the year. This is another encouraging trend.

The only decrease this month is the average and median price of sold homes. From this small sample, it appears that home prices have come down recently.

The median sold price for single family homes in June 2011 was $320,000 and the average sold price was $359,594. In June 2010 the median sold price for single family homes was $364,500 while the average sold price was $431,722.

Condos and Townhouses Update

It is amazing to note that the number of strata homes on the market as of the first week in July is almost the same as in May. There are still 424 strata homes on the market (423 in May).

The number of strata sales in June, 2011 is also much the same with 29 sales in June compared to 31 in May. Sales to listing ratio continues at about 7%.

The median sold price for stata during June 2011 was $222,000 while the average sold price was $225,417.

The average sold price of a strata has also dropped in June 2011 compared to June 2010. Last year the average sold price was $277,152.

Single Family Homes with Acreage Update

They are not making any more land in the Okanagan, but are people still buying acreages here? A category that the industry tracks is called single family homes with acreage. This means the property has to have a house on it and it must be over 1 acre.

During June 2011 there were 10 sales in this category ranging in size from 2 to 137 acres. The average sale price was $577,825 with the median at $435,000. In June 2010 there were 13 sales with the average sold price of $472,346 and a median sold price of $440,000.

Looks like acreages are still popular and still selling, although with 285 homes for sale in this category and only 10 sales in June, those aren’t good odds for a seller! Buyers though will have a huge selection of homes to choose from. There are also very motivated sellers thay may take any reasonable offer.

Still A Buyers Delight!

It is still a fantastic time for Buyers to either buy their first home, or for home owners to upgrade their existing home for a better one, maybe one with acreage!

From the examples above if you have an average single family home and it is valued at $360,000 you could upgrade to a single family home with acreage for $472,346 or for only $122,000 more. Likely you could find a home comparable to your present one and pay well below market value for the 2 or more acreas you will get in the deal.

By the way, if you wanted to just buy just acreage with nothing on it you will pay an average $224,000 for a piece between 2 and 5 acres.

Okanagans Home Team – what does that mean?

Okanagan’s Home Team is the name of the Real Estate group that Harold Schroth and I operate within the RE/MAX Vernon brokerage. It is a way to differentiate outselves from the other sales representatives and teams in the business. But what does that really mean to you as a valued client, or is it just another meaningless marketing name?

For the longest time, I wrestled with the concept of what Okanagan’s Home Team meant to me. I have a fancy catch phrase “Let Us Hit You Home” that was nice to say, but it didn’t really hit me until recently that the name actually means what it says. Harold and I are not just the only people on Okanagan’s Home Team. For our clients we bring so much more than exceptional Real Estate services.

Our goal is to become not only your trusted Real Estate advisors, but also your advisor in all aspects related to home ownership. Not that we are superior painters or floor layers. However, if you want someone to repair a broken door, we will refer you to an awesome Handyman. If you need to turn your average yard into a garden delight, we will refer you to an awesome landscaper. The list of amazing and talented business owners who specialize in various aspects of home ownership is really quite large. Check them out…

§ Mortgage Broker (250-545-2202) Dominion Lending - Brian Langner

§ Absentee Homeowner Service (250-540-9704) Concierge Care by Deb - Deb Springer

§ Landscaping (250-307-1234) Tip Top Gardens & Patios - Brian Bowden

§ Handy Man (250-938-1963) Yes Dear Handyman Services - Gio Lepore

§ Home Staging/Organizing (250-306-8398) The Main Organizer - Lee Mains

§ Esthetic Services (250-309-0798) Esthetics On The Go - ConnieTraxel

§ Video Production (250-306-2894) Bruce Mol, Video Production - Bruce Mol

§ Wine Maker (250-549-8468) Vernon Vintners - Cheryl Eedens

§ Chiropractor (250-503-0123) Aberdeen Wellness Clinic - Dr. Cameron Grant

§ Home Theater & Stereo (250-260-3336) The HiFi Attic - Lyle Duffield

§ Auto & Truck Repair (250-542-5494) East Hill Auto & Truck Repair - Rob Isles

§ Floor Layer (250-309-8589) Sean's Floors - Sean Hughes

§ Physiotherapist (250-503-2112) Kalamalka Physiotherapy Centre - Tamara Dantzer

§ Virtual Assistant (250-558-0433) My Right Hand Virtual Assistant - Stacey Taylor

§ Job Search Coach (250-558-0404) Virtual Job Search Coach - Stacey Taylor

§ Business Coach (250-550-3964) Tru Leadership - Keith J. Johnston

§ Computer Equipment & Repair (250-558-4794) RAM Computer Services - Ron Pasutto

§ Financial Planner (250-306-8998) Lakefront Capital Management - Lyndon Mains

§ Storage Systems (250-542-9912) Go Go Boxes - David Claeys

§ Website Development (250-309-8418) VNet Consulting - Tim Houle

§ Window Coverings (250-275-2735) Budget Blinds - Doug Hartry

§ Bookkeeper (250-540-7552) Carol Edwards Office Services - Carol Edwards

§ Water Systems & Spas (250-309-9287) MacDonald Water Systems - Ian MacDonald

§ Accompaniment & Transportation (250-540-0975) Driving Miss Daisy - Michelle Rozka

§ Promotional Products (778-475-1357) Stuart Consulting Services - Stewy Stuart

§ Travel Services (250-549-4432) Uniglobe Kalamalka Travel - Sandi Melnick

§ Accounting Services (778-475-5788) Certified General Accountant - Wendy Hesketh

§ New & Used Automobiles (250-275-4004) Vernon Hynundai - Steven Daschuk

§ New Home Construction (250-503-8220) Sunterra Custom Homes - Ranbir Nahal

§ Hair Styling & Cuts (250-503-5553) Voila Hair Studio & Spa - Barb VanderHoek

§ Janitorial Services (778-475-5650) - OK Janitorial Services - Wade Appell

§ Food Catering Services (250-558-7555) Gumtree Catering - Kyla MacAulay

§ Personal Fitness Services (250-308-8188 - Rozka Fitness Group - Jill Rozka

§ Seafood Restaurant (250-503-3800) Joey's Only - Stephan & Colleen Bednarick

§ Fine Furniture & Cabinets (250-545-6499) Into The Woods - Carl St Jean

If you ever need a service of any description related to your home ownership, or not, please don’t hesitate to give me a call. The list of The Home Team members is also at http://okhometeam.ca/links.html if you need email and website information on these businesses.

Finally, we are always looking for great businesses that you can recommend and refer to us! Simply give me a call or send an email and I will follow up to see if that business wants to be a member of Okanagan’s Home Team!

Splash on some color!
Painting Tips

Sometimes lighting and shadows can make choosing a paint color a little tricky. Try these tips for getting it just right!

Look to your favorite home-decorating magazines and tear out color schemes and ideas that appeal to you and take with you when shopping for paint.
Know that color is usually more intense on walls than it seems on a sample card. Play it safe and go a shade or two lighter.
Yellow and rosy tones give a room a warm feeling. Greens, blues and grays give a cooler tone.
Avoid snow-white except in ultramodern, minimalist environments, because it will seem too harsh, giving a sterile, operating-room effect. It's better to go with a white that contains a hint of peach, beige or pink.
Keep bold color schemes for areas such as bathrooms and dining rooms where you don’t spend as much time. That way if you tire quickly, changing it won’t be as large of a project!
Take fabric with you if you're matching it, either a swatch, pillow or curtain panel for example.
Start small, buying just a quart or so of paint, and then paint a section of wall with a paintbrush or roller, or test the color on a good-size (perhaps 3 feet square) plywood or wallboard scrap, or on a piece of cardboard; set it against the walls in the room as the light changes (including artificial light) and evaluate
it for a few days.
Test a two-tone scheme, such as wainscoting in one color and walls in another, by painting two boards or painting one board in both colors. Repeat the test, tinkering with colors in small amounts until you're satisfied. While the cost for sampling various paints can add up, it is still better than applying the wrong color to an entire room and having to repaint!

5 Handy Household Tips

Stains in Plastic Storage Containers: Use a baking soda paste (baking soda and water) and rub into the stain. You can then rinse with vinegar (optional) and wash normally. Another method is to place container outside on a nice sunny day and the sun actually bleaches the stain out. To avoid stains in the first place, spray container with cooking spray before putting things in it that stain i.e. spaghetti sauce.
Stickers, Decals, and Glue: To remove them from furniture, glass, plastic, etc. saturate with vegetable oil and rub off.
Stuck-On Food in Pots, Pans, and Crockpots: Fill the pan with water and place a fabric softener sheet in the water. Allow the pan to soak overnight. The food will wipe right out!
Stovetops: To prevent grease and grime from sticking to your stove top, making it easy to clean, rub it down with car wax on occasion.
Tarnished Silverware: Line a cake pan with aluminum foil. Fill with water and add 1 Tablespoon of baking soda per 2 cups of water. Heat to 150 degrees. Lay silverware in pan, touching aluminum foil. Watch the stains disappear!

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