December Real Estate Report

Did You Know That Realtors And Sellers Are Bound By Law To Disclose Material Latent Defects?

This is one of the many areas that gets people who are trying to sell their homes themselves into trouble. They must disclose all material latent defects. What is a material latent defect? It is a defect that cannot be detected by a reasonable inspection of the property. Examples would be water problems, insect problems drainage problems and well or septic problems. One of the most problematic Latent defects is a "Grow Op" . If the home was used at any time for growing or manufacturing illegal drugs this defect has to be disclosed forever. Even after all the evidence of the "grow op" has been removed it still must be disclosed by law. The purpose of this harshness under the law is to discourage landlords from looking the other way when a "grow op" is in one of their rental houses. Another one of the many reasons to use a Realtor when it is time to buy or sell a home.

Real Estate Inventory Is Starting to Get Scarce In Certain Price Ranges In The Okanagan Shuswap Housing Market 

The residential Real Estate inventory is a statistic that fluctuates with a number of other statistics as the market goes through its cycles. As sales and absorption rise in a recovering market the inventory reduces. It's simply the results of the 2 driving factors in any Real Estate Market; supply and demand. In the Okanagan, Shuswap areas lower priced housing is starting to become scarce. Okanagan Realtors are starting to say that it is tougher to find lower priced housing for their clients. Realtors have not experienced this since 2007 where inventory was at an all time low. The average residential Inventory in the North Okanagan in 2007 was 394 units. In 2008 that figure rose to 653 units. That's an increase of 66%. It rose to a peak of 880 residential units in June 2010. Last month, October of 2013, the North Okanagan Residential Inventory was 606 units. Once again this is an indicator that the market is in recovery and it is a great time to buy. However, the inventory that Buyers have to choose from is getting a little scarce in the lower price ranges and that trend is going to continue by the looks of things. The fence is getting very heavy with people sitting on's time to jump off.

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Joel Ellams

Joel Ellams

CENTURY 21 Executives Realty Ltd.
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