Record Inventory Levels - Prices Hold Steady Kelowna, August 8, 2008

Record Inventory Levels – Prices Hold Steady Kelowna, August 8, 2008:

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported the number of units listed on the Multiple Listing Service® in the Central Zone was up again this month by 43% at 1419 listings this July compared to 995 in July 2007. Total sales dollars of all property types sold on the MLS® in June decreased by 38% compared to July 2007 while the number of Units Sold also decreased by 39% (334 units sold compared to 553 last July).

Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone says: "In this market where the volume of inventory is reaching record levels, it is natural to wonder what is happening to prices. Reviewing the year to date, month over month price trends, the average and median prices continue to increase; however, whereas we were seeing price trends increasing in the 20 -28% range over the last four years, so far this year the increases are in the 10 - 13% range."

"Increases in inventory levels will continue to put downward pressure on prices; however, we do not expect prices to drop off dramatically." continued Moshansky. "When we put the numbers in context, we realize our sales have returned to normal levels. We also are somewhat buffered from trends in other areas as we are a destination point continuing to attract interest." Moshansky summarized "This is a strong and active market where sellers need every bit of knowledge and expertise from their REALTOR® to establish a competitive price. Buyers also need the negotiation skills of a REALTOR® to help them evaluate their decision and get the most bang for their dollar."

The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Hwy 33 to Westbridge (including the Christian Valley).

The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1281 Member REALTORS® and 93 real estate offices in the Central Interior of BC. For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at: www.mls.ca and www.icx.ca. Our local public website is available at: www.omreb.com. All OMREB listings are published in our MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas.

For comprehensive Board-wide statistical information please visit www.omreb.com

How Pre-screening Prospective Buyers Can Keep You Safe And Save You Unwanted Inconvenience.

Cleaning your home each time someone wants to look at it is a lot of work. Having to leave your home for every showing can be a real nuisance. To save you time and unnecessary traffic through your home, your CENTURY 21 agent can help pre-screen buyers to ensure they really are motivated to buy and are financially prepared to do so. Moreover, for your safety, all showings will be scheduled through your agent’s office. This will protect you from unsolicited calls from flaky people who may just want to see your home but have no real intent to purchase. Having your agent pre-screen potential buyers can also keep unsavory people with criminal intent from casing your home. Realtors develop a personal relationship with their buyers and will ensure that the people going through your home are on the level and prepared to purchase. Pre-screening will save you time, incontinence, and keep you, your family, and your property safe. Contact me anytime if you have any questions regarding real estate.

Buyers Are More Comfortable Contacting Agents Rather Then Dealing With The Seller Directly.

Buyers may be leery of contacting or intruding upon home owners with whom they are unfamiliar. Potential buyers might also be intimidated looking through a home if the owner is present and feel uncomfortable making an offer if they know they’ll be negotiating directly with the owner. They often appreciate the accessibility and objectivity of a respected CENTURY 21 real estate professional. If you are trying to sell your home on your own you may very well have some people through your home who act like they want to buy it. I have often spoken with home sellers who have had people through their home and were confused when they never received an offer from buyers who told them “wow…what a great house”. A lot of buyers are not upfront with the sellers if they have to talk to them directly. They may not want to hurt the sellers feelings or they may not want to get into a situation where the seller tries to “sell” them the home despite the fact it is not what they want. Buyers will often say nice things about the property then leave and the seller never hears from them. Buyers are much more honest and open with Realtors about what they do and do not like about a home. This information can then be passed on to the home owner and changes can be made to the home, the price, the yard or whatever it takes to make the home more appealing. At least the seller will know what the deal is and not be sitting by the phone waiting for the offer that will never come. Contact me anytime if you have any questions regarding real estate.

How a Realtor helps To Negotiate Top Dollar.

Reaching an agreement between seller and buyer and then closing the deal requires complete objectivity and a thorough understanding of deeds, abstracts, offers, contingencies, disclosures, title searches, etc. Working with a skilled negotiator such as your CENTURY 21 sales professional who has your best interests in mind may improve your chances of selling at the price that brings you peace of mind. On the other hand if you are the purchaser your agent can do what is necessary to get you the home you want for the best possible price. Your agent can investigate what other homes in the neighborhood sold for and other pertinent information that could affect the price paid for the home. Once your agent negotiates you the price you want he/she can then make sure all the other terms of the contract are satisfactory and make certain all subjects get taken care of so the deal does not collapse. Using a Realtor to negotiate your deal can also save you money by allowing the negotiations to take place at arms length. If you are the seller the less the buyer knows about your motivation for selling the more money you may get. This is because as soon as the buyer finds out that you are desperate to sell due to divorce, illness, etc. they can use that info against you thinking you will accept a lower price just to get the place sold. The same is true if you are the buyer as well. If the seller thinks you really love the place they may push harder for more money. You may not even realize that you are giving the seller money as you walk around the home with them watching and listening to your reactions. Every time you say “we could put our TV there” or “wow the kids would love this back yard” you may as well hand the seller a thousand dollars because they will use it all against you later. People often act sincere and put on a friendly face but when it comes to negotiating price you may come to realize that they are not be as nice as they seemed. Contact me anytime if you have any questions regarding real estate.