How quick can I buy?

[MoragS]

Hi all,

First let me say ... 9 WEEKS TODAY WE FLY OVER!!!

Okay - now that I've shared that ... here's my dilemma.

We've got somewhere to stay (a small holiday let) for a couple of weeks when we arrive, and we have ideas of where we'd like to settle and hope to confirm our feelings very quickly once we get there.

I wouldn't rent a place from here cos I'd want to see what I was getting - but the truth is I really grudge renting, and would much rather buy a place. I've been watching the market from here for ages, and keep an eye on houses I like, so when we arrive we'll come prepared with a list of houses to go see (probably will contact a realtor soon too).

The question is - am I being realistic in expecting to be able to buy and move into a house quickly? How quick could we do it?
And also - what's the opinion on house prices over there - like the UK they seem to have fallen - have they gone as far as they're likely to?

Thanks all!
M

[tracie107]

Hi,

When we arrived in May 08 we found our house within 4 days and was able to move in 2 weeks later! We had never experienced anything so quick before.

At the moment one can pick up so really good deals - which also makes one believe that many are simply "overpriced" in the first place. Where I live we have just seen a house priced at $1.5m sell for $815k and another has just knocked $75,000 off the asking price! Some houses that were $500k last year are now selling for $360-$400k .

[horry]

saw this today on a news site

http://www.kelowna.com/2009/06/24/no-st ... te-market/

[Nigel123]

Yes as Tracie says it is certainly very possible to move in quickly especially as you "the buyer" can often name dates you are hoping to move in by. This is all agreed up front unlike in UK where you really don't know when you might move in if at all.
We landed on June 7th 2007 and had 3 weeks holiday let booked we then ended up staying in someones basement suite (they aren't advertising on here anymore) for another 2 weeks until we moved into our house and we didn't start looking until we had been here at least a week. We also looked at 20 houses in all until we found something that suited so it wasn't quite as easy as we first thought.

I too saw the news article Horry has put a link to and i have to say what a load of twaddle. To say that prices have bottomed out, why?, how do they know. There are certainly lots for sale and some are staying on the market for a very long time often to be taken off and maybe rented out for 6 months until re advertised but the realtors don't tell you that.
I beleive that most if not all homes were overpriced for a long time now and this was kept alive by the cash rich Albertans and of course UK immigrants all wanting a slice of Okanagan lifestyle. As has been said before most homes are out of the range of local people who are earning $10 to $15 an hour wage.
We worked on one the other day, it was brand new and the people from Alberta were arriving that day. It had a house either side and if you stood in the path between homes with you arms stretched out you could almost touch both houses at the same time and when you stood in the rear master bedroom and gazed through the huge picture windows you could get a perfect view of the pool except that it was the neighbours pool behind. No space and goldfish bowl sprang to mind all for $525,000!!!!!!!!!!!!!!

[tracie107]

Where do these Albertans get their money from?

[CEO2BE]

Tracie...

We print it with Black Gold

[Brell]

We like that Black Gold ... coin here in the Okanagan! Bring it!

[CEO2BE]

I'm in the financial planning business and black gold the ends up as coin here makes a it a prime place to operate for me plus it's so central.

Houses have sure been moving lately though and actually not albertans buying seems alot of my younger clients who have been saving are starting to take the plunge into the real estate market.

[Brell]

Yes - things are picking up. I am keen to see the July Stats.. I understand it has been really busy in Kelowna.
Brell

[CEO2BE]

The realtors i work with seem to be quiet busy... With closing. Lots of first time home buyers.

Brell, How is the business in coldstream? How have you wethered this turbulance.