RomRealty

Tag: Kelowna waterfront

  • Rom’s July Real Estate Stats & Opinion

    Rom’s July Real Estate Stats & Opinion

    Okanagan Real Estate Report July 2021

    Rom’s Real Estate Opinion

    The market is progressing exactly in the direction that we anticipated. Things are settling down but definitely not crashing.

    Think of the market in the last year as something like a Chicken Little scenario from the 1943 Disney Movie. For the last 6 months the market has been running around with his hands waving in the air screaming and yelling that the sky is falling. In other words, the absorption was ridiculously high, the inventory was ridiculously low, monthly sales we’re breaking all historical records and price increases we’re breaking all historical records.

    What’s happening now is Chicken Little is settling down. The absorption in the Central Okanagan (Peachland to Lake Country) has now dropped to between 40 and 50%. The inventory is still very low and sales have dropped to a reasonable level. However, let’s keep this in perspective. Absorption between 40 and 50% is still off the charts for our area. A balanced Market is considered to be 12 to 18% depending on which expert you listen to. Below 12% indicates that you can expect price decreases and it is also considered a strong buyer’s market. Above 18% is considered a seller’s market and you can expect price increases with this level of absorption. 40% is a long way above 18%…

    Where is the market going to go from here and why?

    What has to change in order for prices and sales to drop dramatically? If we look at the inventory for July 2021 and compare this with inventory levels in July 2020 and 2019 then this July inventory level is less than half the other 2 year averages.  Although over time inventory levels will typically gradually increase as more houses will be built, more construction and development. However, in order for the market to change dramatically to even approach a balanced Market the inventory has to increase dramatically; likely more than double. Is this going to happen? This is the big question.  We will not get rid of multiple offers on the same property until that inventory increases. That is just basic logic. 

    Conclusion

    I think we will see this present direction of the inventory, absorption and sales start to level off at these relatively higher levels. The market has settled down from its Chicken Little level to its “normal” place in the regular cycle. 

    If you would like to find out what your home is really worth in a market like this give me a call or text me at 250-317-6405 and I would be happy to evaluate your home. It can be done completely remotely if you prefer. It is totally free.  As always have to remember that’s just the Real Estate World according to Rom.

  • Rom’s April Real Estate Stats & Opinion

    Rom’s April Real Estate Stats & Opinion

    Okanagan Real Estate Report April 2021

    Rom’s Real Estate Opinion

    In the current whirlwind real estate market, we are hearing many stories emerging of how fast-paced and wild the home buying process has become. I wanted to share a story with you all today.

    Home Buyers Debacle

    A local realtor detailed an experience she had trying to find a home for her clients to purchase. Her buyer clients had lost out a few deals by being out bid. They finally found a home they were not going to be outdone on and they offered $100,000 over list price. They considered not putting in any conditions because their financing was a slam dunk at only 20% loan to value and they trusted what they saw in the house when they viewed it. However , they were advised by their mortgage broker to put a condition of financing in anyways.

    They did not get the deal. The were told the winning offer was $50,000 less than their offer but had no conditions. The sellers put more value on getting a firm decision than getting another $50,000. My Realtor said the buyers were angry and blaming the other side. However, this is like no fault insurance. The sellers are just taking the best offer for them in their minds. The seller’s Realtor is just looking after their client. The buyer’s Realtor was careful not to push them to go into a risky situation. The mortgage broker was being cautious and protecting the buyers. If anyone is to blame it would be the buyers because they did not choose to take the risk. How can anyone truly blame them for that?  This is one crazy market when we are actually discussing that putting a single condition on an offer and offering $100,000 over list price was too conservative. At the end of the day people have to calculate and be comfortable with their risks. Then they have to accept the consequences and move on.

    Kelowna Stats

    The Stats this month are off the charts, in the stratosphere, or any other similar metaphor I can come up with. This month Kelowna’s absorption is 88%. That means that 88% of all the houses on the market on April 1 sold in April. The average days on market to sell (DOM) was 23 days in Kelowna. What that means is that the listing was activated, an offer was negotiated and all conditions were removed in less than 23 days.

    Conclusion

    On top of all that there is not a shred of hard evidence indicating that this market is going away anytime soon. Those who believe the bubble is going to burst are simply speculating and guessing at this point. However, even a broken clock is right twice a day. Sooner or later things will change.

    If you would like to find out what your home is really worth in a market like this give me a call or text me at 250-317-6405 and I would be happy to evaluate your home or it can be done completely remotely if you prefer. It is totally free.  As always, this is just the Real Estate World according to Rom.

  • Rom’s January Okanagan Real Estate Stats & Opinion

    Rom’s January Okanagan Real Estate Stats & Opinion

    Okanagan Real Estate Report January 2021

    Rom’s Real Estate Opinion

    The Okanagan Real Estate Market is continuing its robust, upward direction. Many houses are currently selling for above list price! All signs point toward another robust year.

    A question I hear a lot these days is, “Is now a good time to sell”? Absolutely it is! This is one of the few times in my 18 years in this business where sellers do NOT think their homes are worth more than they are. Most sellers are surprised by what they can get for their home.

    Recent Scenarios

    I just had a new listing that some Realtors commented was ‘overpriced’. However, I received a total of 4 offers in 48 hours and one offer was $30,000 over list price. These stories are not the exception; they are the norm in this market. Just recently, an original condition 1974 home with a lakeview in the Lower Mission, Kelowna area had 15 offers! It was listed for $650,000 and then sold for $110,000(!!) over list price at $760,000.

    If you are thinking of making a move in the next 5 years, now is probably the best time you will see to sell your home.  However, one has to be a little cautious. You have to remember that the reason prices are rising is the inventory of homes to buy is so low.

    Adding in Offer Subjects

    There are 2 ways to avoid being homeless when you sell your home. First, you can put in your offer: “Subject to the sale of your home”. This means that you put an offer on a house that will be conditional to you selling your home. The problem with this solution is that this is viewed as a fairly weak offer, especially in this market. The seller has to count on you, the buyer, to price his or her home correctly to sell before they know their home is sold. In this market there are likely offers without this stipulation which puts you in a poor negotiating position.

    The second way, in my opinion is the better way to solve this issue. As your Realtor, to protect your best interest, I will put the following clause on the contract: “Subject to the seller finding suitable accommodation on or before (Date). This condition is for the benefit of the seller”. What this means is the sale of your home does not go through unless you find a home to buy or rent and then remove this condition in writing. The reason I think this is a better option is it is an extreme seller’s market. A buyer has much more motivation to allow the seller to find a home than sellers have to allow the buyers to sell their home. You will likely be more successful with the later solution than the former one.

    Final Thoughts

    If you would like to find out what your home is really worth in a market like this give me a call or text me at 250-317-6405 and I would be happy to evaluate your home or it can be done completely remotely if you prefer. It is totally free.  As always, this is just the Real Estate World according to Rom.

  • Rom’s Real Estate Opinion & Stats August 2020

    Rom’s Real Estate Opinion & Stats August 2020

    Kelowna Real Estate Report August 2020

    Rom’s Monthly Real Estate Opinion

    What a whirlwind summer it has been for Okanagan Real Estate!  The market continues at a record-breaking pace.

    Looking at the stats for this month, remember that low inventory is the sign of a robust real estate market, not the opposite! Some of the stats we look at have never been this robust and some we would have to go back years to find a comparable level.

    There is a lot of speculation from realtors, investors, buyers and sellers as to what is going to happen in the near future. Most people think that when the government subsidies go away, the real estate market is going to soften or collapse. However, a market never responds to one force. 

    Multiple positive forces also pushing on the marketplace in the Okanagan! We have dramatically increased migration from Alberta and the Lower Mainland, there are some of the lowest interest rates in history, very low inventory (which pushes up price!), and the back-log demand created from the drop in sales from COVID-19 in April/May.

    Stats to consider

    Each year the market softens in the fall, so some may anticipate the market turning down. However, when we compare August 2020 to August 2019 stats, it tells a positive, robust story. Residential sales for August decreased slightly to 1,034 compared to July’s 1,094 total units sold across the region yet remained up compared to this time last year by 43%, reports the Okanagan Mainline Real Estate Board (OMREB).

    I believe that we are in a fairly robust market for a while to come still.  The one change we cannot predict, is if COVID-19 cases were to dramatically increase that shuts our market down again.  However, I don’t think this is going to happen again.

    As always. please remember this is just the Real Estate World according to Rom. Get out there and enjoy the beautiful Okanagan Fall season!
  • Kelowna condos – Now a good time to buy or sell?

    Kelowna condos – Now a good time to buy or sell?

    Is it now a good time to buy or sell your condo?

    These have been challenging times for all of us and some of the real estate market sectors have been and will be hit harder than others.

    I am expecting the condo market to take quite a hit; maybe not right away but over the next few months.  When comparing the condo market from April & May 2019 to April & May 2020, the Median Condo prices are already down by 7%.

    I feel that these are the main contributors to this happening:

    1. Market saturation of new condo’s, especially in the downtown core of Kelowna

    2. New tightening rules of CMHC that will be in effect as of July 1, 2020.  This will make it more difficult for (first time) home buyers to qualify for financing

    3. Mentality shifts as a result of the COVID-19 pandemic. Buyers prefer to live in a single family home with their own yard rather than dealing with elevators and small living spaces.

    Therefore, I expect that the demand for 1/2 duplexes, townhomes and single family homes will increase.  However, I don’t think the market of condo’s under the $425,000 price mark will be touched by this.  This is simply because at that price point there is no alternative to a condo.

    Please remember that this is just the real estate world according to Rom.

    Have a real estate question? You can contact me anytime by text, phone or email.  I would love to have a chat with you to discuss the market or your buying/selling plans. I look forward to hearing from you!

  • FOR SALE: Condo in Kelowna’s Cultural District!

    FOR SALE: Condo in Kelowna’s Cultural District!

    FOR SALE: 315-1331 ELLIS STREET, KELOWNA, BC$418,800

    NEW LISTING!

    Beautiful and spacious two bedroom, two full bath condo in the heart of Kelowna’s downtown cultural district! Abundant natural light from large windows and 10’ ceilings fills the condo. The loft windows of sunrise views over Black Mountain and Knox Mountain. The split floorplan places both large bedrooms on either side of the main living area to create more privacy and great rental potential.

    The condo has been freshly painted and there is new vinyl plank flooring installed in the main living areas and both bathrooms. Other upgrades include a “silent” Bosch dishwasher and new hot water tank. The large patio with gas hookup provides for a relaxing outdoor living space.

    Perfect location in the downtown core only steps away from coffee shops, restaurants, shopping and events. Only one block away from the beautiful lakeshore and all the water sports and beach amenities that Kelowna has to offer!

    For more details, please contact Rom Houtstra at 250-317-6405 or email him at rom@romrealty.com.

  • Emigration Expo 2020

    Emigration Expo 2020

    Emigration Expo 2020 in The Netherlands!

    I am excited to share that I will once again have at booth at the Emigration Expo in Europe! This is a great opportunity to go overseas and promote the amazing lifestyle we live here in Kelowna. Do you have a home or business for sale and want to promote it internationally? Contact me today and we can set up a meeting to discuss.

    What is the Emigration Expo?

    The Emigration Expo is held on February 8 and 9, 2020. With about 11,000 visitors, the Emigration Expo is Europe’s largest event for emigrants, expats, job seekers, entrepreneurs and anyone else looking to live abroad. The Emigration Expo is about information, orientation and doing business. There are 3 halls with an area of 12,000m² and about 200 exhibitors and free lectures and presentations. The Emigration Expo is a must for everyone planning to move abroad, temporarily or permanently.

    My sister, Pauline and I, in front of my booth at the Emigration Expo in 2019.

    Do you want a FREE ticket to the Emigration Expo?

    The first 50 people to click here can get a free ticket to the Expo! Let me know if you will be attending, I would love to see you there!  My booth number is #230 in Hall 2.

    Do you want more information for immigration, live and work in Canada? Please fill out the form here and I will contact you shortly.

  • Best Priced Kelowna Waterfront Condo For Sale

    Best Priced Kelowna Waterfront Condo For Sale

    Kelowna Waterfront Resort Style Living

     

     

     

     

     

    This executive, waterfront, two bedroom condo comes fully furnished and is in a great location within the Discovery Bay Resort. Situated on the third floor with easy access to all resort amenities such as in and outdoor pools, hot tubs, sauna, gym and clubhouse. Facing the beautiful estuary and lake front boardwalk, this unit enjoys the serenity of nature while steps away from the beach, parks and the thriving business and entertainment centre of Kelowna. The city’s great restaurants & bars and finest shopping are all within walking distance. The large private deck has a BBQ gas outlet, seating for 6 and afternoon sun. This unit has been well maintained and features updated furniture and has been freshly professionally painted.  Whether you want to live year round, rent out long term or doing short term vacation rentals, you can do it all in this Complex. Great revenue numbers, available upon request. Reduced to Only $538,000!

    For more info check our 3D Virtual tour: 

    For more pics go to http://www.century21.ca/teri.fisher/Property/101338733

     

     

     

     

  • What Buyers should know about Kelowna Real Estate

    What Buyers should know about Kelowna Real Estate

    I have experienced a lot of buyers in Alberta, Northern BC, Saskatchewan and Manitoba who still think that Kelowna is so expensive, yet you can find a great WATERFRONT resort style condominium in premium downtown Kelowna with the possibility of a boat slip in the low $400’s! How about renting out these condo’s short term for $1,400-$1,600 per week in the Summer and the same amount per month in the off season? Especially the recreational market in the Okanagan has been hit hard due to the fierce competition of homes in Arizona and Nevada and the almost abundance of new resort style properties that has been built outside the Okanagan region.

    The increasing value of the US dollar, bottom low mortgage rates and the improved economy in the Okanagan is turning around this depressing (recreational) market. My opinion is that between now and the end of 2015 the best opportunities will occur to get into the Okanagan real estate market.

    Buyers, the time is now to get off the fence, you will be surprised, as many of my Prairie friends, what a great property deals are out here in Kelowna.

    Please don’t hesitate to contact me if you would like to know more about the opportunity to buy and live in our beautiful Okanagan Valley.