Kelowna foreclosure listings and in particular residential houses that are priced in the $350,000 to $450,000 category continue to be the most sought after and competed for properties in the courts currently. As a real estate professional I must emphasize how mportant it is to have a complete understanding of how the court ordered sales process works prior to placing an offer on one of these types of properties.
There are currently 117 active Kelowna and Central Okanagan foreclosure listings (as of November 8,2013) amongst the entire OMREB MLS® listing inventory (3,478 properties) for the Central Okanagan. There are currently 54 active foreclosures (as of November 8,2013) amongst the entire listing inventory (1,905 properties) for the North Okanagan.
Active Central Okanagan Foreclosure Inventory Breakdown:
- 31 Lots and Acreages (Ranging in value from $39,000 to $4.5 Million)
- 5 Manufactured Homes (Ranging in value from $14,900 to $69,000)
- 25 Strata Properties (Ranging in value from $97,000 to $1.260 Million)
- 56 Single Family Residential (Ranging in value from $169,900 to $11.9 Million)
Active North Okanagan Foreclosure Inventory Breakdown:
- 4 Lots and Acreages (Ranging in value from $174,900 to $429,000)
- 1 Manufactured Home (Currently for sale at $166,950)
- 11 Strata Properties (Ranging in value from $57,900 to $324,900)
- 38 Single Family Residential (Ranging in value from $149,000 to $1.998 Million)
Total of 15 Kelowna And Central Okanagan Foreclosure Properties Sold In October 2013:
- 3 Lots and Acreages ranging in value from $38,500 to $525,000 with a total days on market ranging from 58 days to 443 days.
- No Manufactured Homes sold during the month of October 2013.
- 6 Strata Titled Property sales took place ranging in value from $101,300 to $502,000 with a total days on market ranging from 86 to 294 days.
- 6 Residential Home sales ranging in value from $263,777 to $576,600 with a total days on market ranging from 67 to 122 days.
It's worth noting that offering on a court ordered sale property is not always going to work out for a buyer. I like to remind my buyers that "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices." I would suggest having a budget and sticking to it when it comes to placing an offer on a foreclosure home in order to avoid the idea of outbidding other interested parties just to be able to say that "you won!" I call this the "Ebay" mentalitily wanting to beat out all other competing offers and then coming to the realization that you spent way more on the home than you really intended to.
Visit my blog for more information on how Court Ordered Sales and the Foreclosure Process Works in Kelowna, West Kelowna and the Okanagan. Feel free to call or text me anytime at (250) 808-7700 or email: firstname.lastname@example.org