House market

[kobo]

26th July 2007 11:16


Any idea what the house market in october november and december is like in Kelowna?
Is it quiet like the Uk where the market drops off and not many new properties come on?
We are having problems with our sale already.....................aaaahhhhhhhhh.

[PIG-WIG]

26th July 2007 12:33

Can only speak about last year. It seemed that everything slowed right down and the houses that were on the market late summer stayed around for a long time. There did not appear to be lots coming on the market either.

Really do hope your sale goes ahead O.K. Fingers crossed for you.

[shazr]

26th July 2007 14:20

Hi kobo

Well, from my observations of the market here I think its pretty much the same as the UK. You do get a bit more of a tourist market here in the summer months, but from what I have experienced so far it will get busier into Fall, then will be a bit quieter in the winter.

But, purely from experience I think its best to buy in the winter, I have brought 3 houses in December, yes there might not be as much choice at that time of year...........but..........you have motivated vendors, as ppl will not normally choose to sell in the winter, and you get to see the house at ist worst!!!!!!!!!!!!!!

Whats happening with your sale????? ( Hope you don't mind me asking!!) I have been in property business for 11 years, might be able to offer some advice!

[kobo]

26th July 2007 22:53

Thanks both of you, just needed a rough idea so we know what we are dealing with.

I think we have decided what to do with our buyers, we are being very kind and going along with what they want, even though we could have got nasty and pulled the plug and remarketed.

Basically, it was agreed that their mortgage was in place and they didn't have to sell their house as a condition of the sale, as her mother had offered to front the rest of the money.
Well nearly two weeks down the line we find out that they've just told our agent that the house has now sold and they would like to incorperate the chain into our sale instead of using mother in laws cash.
Also the mortgage was not in place, they had ha,ha lost the paperwork for two weeks, also they just drop into the conversation that they are off on holiday for two weeks in september.
So now a supposidly easy sale with no chain, that they had promised to move as quickly as we liked, has now turned into a nihtmare causing a possible 6 extra weeks onto the sale and we are now at the risk of the chain falling apart a few weeks down the line and remarketing in the fall........

So last night we had to make a lot of calls, one of which was to check with Wills new boss in Canada that he is prepared to keep the job open for even longer, as he has done this now since March! Thankfully he has said yes. Then we checked to see if the shipping quote will be the same and then we had to consider our son who has to start school here in September, buying all the uniform and then pulling him out a few weeks down the line.

Then....I know I'm waffling, but you did ask!

Changing the subject now,.....

Up until four years ago I was in this game as a negotiator, of course not qualified like all the other dip .....in this country selling houses, so had a pretty good idea on what to do with our sale. Many thanks though Shazr.

My prop. prof.is Beauty therapist, just did the sales thing for a few years as a change!

So....I will keep you posted!

[PIG-WIG]

27th July 2007 03:42

We had the same with our buyer. He told us that purchasing our house was not dependent on the sale of his property. Hooray we thought but then it turned out it was and he had to get the mortgage and everything sorted and he dragged out completion.

Once they have had the survey done etc. you should know how committed they are. Just wish the system in England was more like Canada and other places. I was not completely happy until I saw the money in the bank.

Hope it goes smoothly from here on in.

[Brell]

27th July 2007 06:04

HI Kobo- Regarding the Fall and Winter Market - I concur with Shazar's statements about buying in the winter.

Personally, I think one of the reasons for the slow down is that the "old-established" realtors are "here today - gone to Maui" in the winter.. so there is no one here to do the work! LOL.

Generally houses are on the market a little longer during that time because there are less buyers "looking." The inventory level may be smaller - but the ones who are on the market are more likely to be motivated to sell - which is a good thing! It was a really busy October last year in the North Okanagan.

Have you gotten to work on preparing for your purchase? Not sure if you will need a mortgage - but rates are looking like they will rise again in September. It would be good to get pre-approval in place as soon as possible to secure a lower rate.