Tuesday, 30 June 2015

Investors Dream for only $683,000.00

 This is an Investors dream!! Fully Updated Duplex with Suites. Great Income Potential only 2 KM from Downtown. One side has 3 bedrooms and a 2 bedroom suite, the 2nd side has 3 bedrooms and a 1 bedroom suite. 6 foot crawl space offers tons of storage and the landscaped backyard is a gardeners dream with privacy. Own your home and help pay the mortgage with the rental income. Hurry, this income opportunity wont last long. Call Steve Higgins RE/MAX Kelowna 250-864-7893 to arrange a private viewing.

Sunday, 28 June 2015

New Listing in Joe Rich $3,199,900.00

One of a kind property located just a short drive from town. 320 acres, 2 separate titles, fully usable and completely private. This property is fully fenced and has a cozy 2 bed 2 bath home along with a spacious barn and other outbuildings. From beautiful forest trails to wide open meadows and wet lands this property is home to numerous wildlife and is a nature lovers paradise. There are few parcels such as this available in Kelowna and this one is worth a close look. Call Steve Higgins RE/MAX Kelowna 250.864.7893 for a private tour today!

BC Housing Demand is Forecasted to be Strongest Since 2007

The British Columbia Real Estate Association released its 2015 Second Quarter Housing Forecast. There is a more robust economic growth, with strong consumer confidence and the rock-bottom mortgage interest rates are expected to push housing demand this year to its highest level since 2007. 

Multiple Listing Service residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. There was a record 106,300 MLS residential sales were recorded in 2005. That would be nice to see that again! 

The average MLS residential sales price is forecast to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being exhibited on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS residential sales price is forecast to increase by 2.4 per cent to $608,500 next year.

Sunday, 24 May 2015

Great Investment Opportunity in Lake Country $353,000.00

1st TIME BUYER or INVESTOR OPPORTUNITY. 3 Bedrooms on Main with a large suite down. Close to Shopping and Amenities. Take advantage of low vacancy rates in the Okanagan. Live upstairs and rent down or rent both. Tenants up and down. All measurements are approximate. Please verify. Good time to get into the market. Call Steve Higgins RE/MAX Kelowna 250-864-7893

Friday, 22 May 2015

Hottest April in BC for Home Sales in a Decade

Through out the province of BC the British Columbia Real Estate Association reports that there has been a total of 9,952 residential unit sales were recorded by the MLS in May, up 28.7 per cent from the same month last year. Total sales dollar volume was $6.3 billion, a 45.5 per cent increase in comparison to last year. The average MLS residential price in the province rose to $634,744, a 13 per cent increase since last May. Last month was the strongest April for home sales in a decade. 

With the elevated level of the buying activity this spring, it is now expected to push 2015 home sales to their highest level since 2007. Consumers are taking full advantage of rock bottom interest rates and are demonstrating significant confidence in the housing market. However, with dwindling inventories combined with competition for detached homes in the province`s large urban markets is pushing home prices higher. During the first four months of 2015, BC residential sales dollar volume rose 37.1 per cent to $19 billion, when compared with the same period in 2014. Residential unit sales increased by 24.5 per cent to 30,091 units, while the average MLS residential price rose 10.1 per cent to $631,860.

Monday, 18 May 2015

New Listing, Won't Last Long!!

This wonderful home backs onto Mission Creek & features many updates. Large 36x24 heated workshop with 11' doors with lane access. Room for 4 cars. Perfect for working on cars, boats, RV's or home for your business. Quartz, Hardwood, Eucalyptus Cabinets, Ceramic Tile, New windows, roof, central air garage door & fence. Electrical upgraded. Mission Creek trails right behind your house! Private Setting. Wired for sauna. Irrigation. Measurements are approximate, please have buyer verify if important. Please call Steve Higgins for private viewing. 250-864-7893

Wednesday, 13 May 2015

Our April Housing Market is Strong and Steady!!

As expected, property sales continued to outpace last year with an 8.14% increase compared to April of 2014. Year to date, market activity is up 17.75% over this time last year. With fewer listings being taken in April this year, they were marginally down 1.18%. But, being of particular interest, are days on market which have dropped substantially averaging 85 days compared to 103 last year.
Single family homes year to date are averaging only 71 days on the market before they sell. Given the ongoing demand for housing in our Kelowna market with fewer listings coming on stream and taking less time to sell, the inevitable is starting to happen: prices are moving up. In the month of April, the average single family home sold for just over the half a million dollar mark at $501,288, up 7.05% over last year. The median increase was even higher at 8.08%. Condos so far this year also reflect a similar situation with the average price of $253,545 and only 91 days to sell. Some segments of our market, notably the entry level single family homes, are firmly in seller’s market conditions.

So far, the lower price of Alberta oil has not had an effect on our market activity. Albertans are back to making up 17% of our buyers but it is the local buyers that are driving our market at this time with the continued low interest rates and the positive consumer economic outlook. The recent historic election of an NDP government in blue Alberta will be interesting to watch and to see how the business community reacts.Within minutes of the NDP being declared winners of a majority government, I got a text from a friend of mine who said the time had now come to move to the Okanagan. I’m sure that was an overreaction but the baby boomers just keep retiring and keep looking for a reason to come to the beautiful Okanagan… Just like so many of us have already done.

Monday, 20 April 2015

Beautiful Dilworth just REDUCED $799,000.00

Dilworth Custom SHOWHOME. Expansive Mountain Views from this 2998 Sq ft., 4 bedroom, 3 bathroom home. Tons of updated features such as built in speakers, heated ensuite floor, 10 mil shower door, heat pump, wet bar, granite, hardwood, walk in pantry, linear gas fireplace etc.Walk out basement has wonderful family room, 2 bedrooms and a fitness/games room. Room for a Pool. RV parking. Call or text Steve Higgins RE/MAX Kelowna 250-864-7893 for private viewing.

Home Sales in BC Post Strongest March in Eight Years

The British Columbia Real Estate Association reported that a total of 9,101 residential unit sales were recorded by the Multiple Listing Service in March, up 37.6 per cent from the same month last year. Total sales dollar volume was $5.8 billion, an increase of 57.1 per cent compared to a year ago.
The average MLS residential price in the province rose to $641,799, up 14.1 per cent from the same month last year. BC home sales climbed significantly in March and  more homes traded hands last month than any March since 2007.

On a seasonally adjusted basis, March has posted the most home sales of any month since December of 2009. Great news! With rock bottom interest rates and rising consumer confidence having strengthened housing markets in most regions of BC.
Many of the board areas are now exhibiting a seller's market conditions with home prices advancing well above the overall rate of inflation. During the first quarter, BC residential sales dollar volume was up 33.2 per cent to $12.7 billion, compared to the same period last year.
Residential unit sales were up 22.5 per cent to 20,139 units, while the average MLS residential price was up 8.7 per cent at $630,435.

Tuesday, 14 April 2015

Back on the Market at a New Price 949,000.00

INCREDIBLE LAKE & CITY VIEWS. Large Lot with Room for Pool. Park your RV & Boat. Only a few minutes to Downtown. Custom Built Home with Suite. Surrounded by Executive Million Dollar Homes. Priced below Assessment.
Please provide reasonable notice for tenants.
This property has one of the most amazing views around. Lake views during the day, city lights at night. Call or Text Steve Higgins at RE/MAX for personal viewing. 250-864-7893


Wednesday, 8 April 2015

Here is a Spring Cleaning Checklist for the Exterior of your Home.

• Inspect the exterior walls of your entire home. Look for signs of winter damage such as splitting wood, peeling paint, mold, etc.
• Do you have brick? It should be cleaned and checked for water damage once a year. If there is mold, mildew, or moss, wash with a solution of 1cup of bleach mixed with 4L of water. Use a natural or synthetic bristle brush. Wire brushes leave traces of steel behind that will rust and discolor the bricks.
• Clean your windows. And If you use storm windows, remove them.
• Use screens? Make sure they are dust-free and sparkling clean before putting them up.
• Check the driveway for cracks or winter damage.
• Clean the steps & driveway with a spray nozzle hose. If moss is visible, pour vinegar on it and scrub.
• Inspect the gutters around the house. Remove debris.
• Inspect the roof, looking for damage and missing or loose shingles.
• Get your deck ready for use. Clean it with oxalic acid, which will penetrate the wood and kill microorganisms. Once dry (24 hours), treat the deck with a sealant.
• Prepare outdoor furniture for use. If you kept the furniture out during the winter months, you need to scrub the surfaces clean. If you stored your furniture, bring it outside and make sure it’s clean.
• The first step to a beautiful, clean garden is to remove weeds. It is important to leave a few, however, as they do have a purpose; they are food for insects and create a covered landscape for little critters.
• Give your garden a filled-in appearance until it grows in. Sprinkle mulch around shrubs, trees, and flowerbeds.say


Real estate activity in March just continued where February left off with unit sales up almost 29% over March of last year with 516 properties of all types changing hands. That means year to date our market is up 23.5% over last year. Our listing inventory is now starting to build as 1,205 new properties came on to the market in March for a total listing inventory of 3,551 which is still about 300 fewer listings than last year at this time but is up about 280 more than in February.

Percentage wise for March, townhouses had the greatest gain in sales at 44% increase over last year with condos following closely behind at 42%. Single family homes, which make up the bulk of the sales, were up over 30%. As far as average price goes, single family homes have held steady at $487,700 year to date but the median price is up 4% at $462,500. Condos and townhouses have maintained a relatively flat median price but condos are starting to show possible gains.

So far the price of oil has had very little effect on our market but it may be too early to conclude that it won’t. Alberta is now making up about 12% of the buyers, down from 18%, but the biggest jump in purchases is from our own local area where they make up about 65% of all purchases, up about 10% from before. The very low interest rates have definitely helped first time home buyers get into the market and overall consumer confidence is strong. Recently, a BC economist stated that if one is not associated with the oil industry, the BC economy is very good for everyone else. With the resurgence of the US economy demand for BC resources and soft wood lumber is increasing. Tourism is expected to increase with our weaker dollar, particularly with the Americans and one would be pretty hard pressed to find a better tourist destination than the Okanagan valley right now.

As we move into April and May, traditionally two of the busiest months, it will be interesting to see this strong trend continue and how it will be affecting housing prices. As we all know, if the listing inventory cannot keep up with the demand, we will see prices continue to climb. So, if you have been sitting on the fence trying to decide whether to make your first purchase or move up into another home, now might be the best time to actually do it.

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