December Connection

Last year I made a commitment to myself to send out a monthly letter to friends and associates and I’m proud to have that commitment.  It’s just that the monthly letters don’t go out any more frequently than once every 4 months.

My apologies to all of you who look forward to these letters.  I will do better, I promise.

I also promise to exercise more.  And lose weight.  And put out the garbage before the truck goes by in the morning…

I think I’m digging myself into a hole!

 

In Real Estate News, 2011 real estate sales have not been as good as 2010 – a sales year generally described as miserable.

After starting out slower than 2010, 2011 monthly sales crept up on 2010 figures, finally overtaking them in June.  July and August sales numbers were better than 2010 as well but hit the wall and dipped below 2010 levels in September, October and November.  We’re about 150 sales less than 2010 for year to date, end of November.

 

Crap!

 

Okay, it’s been a lousy year to sell your house.  But here’s the silver lining – it’s a great time to buy a house. 

That old catch-phrase, “Why rent when you can buy?” stands truer than ever before. 

One of the best experiences I had this year was helping a couple who were looking for a house to rent.  They had never owned a house before and thought it was completely out of reach.  After sitting down with mortgage specialist in our office, they realized that for their budgeted rent, they could actually own a house in better condition than most of the houses they were looking to rent!  Two weeks later we found their new house.  One month later, they were moved in.

This is also a great time to buy investment properties.  With low market prices, you can potentially buy a 2-suite house and rent it out to cover all your expenses or better.

 

North Okanagan Monthly Home Sales 2011 *

               
                                                 
 

June

June %

July

July %

Aug

Aug %

Sep

Sep %

Oct

Oct %

Nov

Nov %

TOTAL

TOTAL %

                   

Under $100,000

6

5%

5

4%

6

6%

15

14%

8

8%

5

6%

59

5%

                   

$101 - $200,000

17

13%

16

12%

14

14%

13

12%

13

14%

10

12%

170

15%

                   

$201 - $300,000

41

33%

30

23%

27

26%

25

23%

33

35%

27

31%

293

27%

                   

$301 - $400,000

35

28%

31

24%

29

28%

24

22%

23

24%

21

24%

294

27%

                   

$401 - $500,000

13

10%

21

16%

14

14%

16

15%

13

14%

11

13%

143

13%

                   

$501 - $600,000

6

5%

13

10%

6

6%

8

7%

2

2%

7

8%

67

6%

                   

$601 - $700,000

4

3%

3

2%

3

3%

3

3%

2

2%

1

1%

33

3%

                   

$701 - $800,000

2

2%

5

4%

2

2%

3

3%

0

0%

0

0%

20

2%

                   

$801 - $900,000

0

0%

1

1%

0

0%

1

1%

0

0%

1

1%

3

0%

                   

$901,000 +

2

2%

6

5%

1

1%

0

0%

1

1%

3

3%

21

2%

                   

Totals 2011

126

 

131

 

102

 

108

 

95

 

86

 

1103

                     

2010 Totals

109

 

102

 

100

 

132

 

107

 

96

 

1312

                     

* Statistics are gathered from Okanagan Mainline Real Estate Board (OMREB) and subject to verification.

 

Details of Sales search parameters are available from Ken Dickson.

 

Ken Dickson

Ken Dickson

Sales Representative
CENTURY 21 Executives Realty Ltd.
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