Kamloops Real Estate Blog

Kamloops and District Real Estate Association Statistics For January 2009

February 3, 2009 Kirsten Mason Kamloops Real Estate Statistics

The numbers are out. The Kamloops and District Real Estate Association has released the statistics for January 2009. It is amazing to see the difference between the number of sales this January vs. the number of sales last January. I thought the numbers would be up significantly from December 2008, but I was definitely wrong (December there were 60 residential sales). Residential unit sales were up by only three for the past month. I have noticed an increase in the amount of buyers actively looking for a home, but obviously many buyers are waiting to see what will happen with the prices in the market in the next couple months or so. I will be interested to see the February statistics and see if there is a significant change from January, which I believe should occur.

Kamloops Real Estate, Comparative Analysis By Property Type For January 2009.

Kamloops Real Estate Comparative Analysis By Property Type January 2009

Kamloops Real Estate, MLS Activity Report For January 2009.

Kamloops Real Estate, MLS Activity Report January 2009

Listing Your Home At The Right Price Affects Your Bottom Line

February 3, 2009 Kirsten Mason Information For Sellers

What is your home worth? Click here for a free online home evaluation.

When you are selling your home, the price you set is a critical factor in the return you will receive. That is why you need a professional evaluation from an experienced Realtor that is well educated about your area of Kamloops. This person can provide you with an honest assessment of your home based on several factors including:
* Current market conditions
* Condition of your home
* Repairs or improvements
* Time frame

In real estate terms, market value is the price at which a particular house, in its current condition, will sell for within 30 to 90 days. Today, in Kamloops real estate market, we are finding that homes are taking longer to sell, on average roughly 70 days for a well priced home. This is why it is important to price your home competitively as well as ensure it is in the best condition to show to buyers as possible.

If the price of your home is too high several things could happen:
* Limits buyers: Potential buyers may not view your home only because it would be out of their buying range.
* Limits showings: Other Realtors and buyers may be less reluctant to view your home.
* Used as leverage: Other Realtors may use this home to sell against homes that are better priced.
* Extended stay on the market: When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what is wrong,” or “why has not this sold?”
* Lower price: An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you will probably get less than if it had been properly priced at the start.
* Wasted time and energy: A bank appraisal is most often required to finance a home.

It is a well known fact that well-kept homes, properly priced in the beginning, always get you a quicker sale for the best price. In a buyers market, like we are experiencing currently, often you need a professional to assist you in the sale of your home.

CMHC And The First Time Home Buyer

February 2, 2009 Kirsten Mason Information For Buyers

As the Government of Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC), plays a major role in Canada’s housing industry. The agency offers numerous housing services including research services, market evaluations, and access to affordable financing choices. Programs include aboriginal housing, residential rehabilitation assistance, home adaptation for seniors independence, public and private partnerships and numerous grants and awards.

For many people, especially first time home buyers, saving the necessary down payment is a challenge. Additionally, with less than 25% of the purchase price to put down, a lender requires mortgage insurance for protection against any payment defaults. CMHC makes it easier for Canadians to obtain a home, by providing mortgage loan insurance. By providing this insurance, CMHC limits the lenders’ risk, allowing the lender to finance up to 95% of the purchase price of a new home. You can purchase a property with as little as 5% down. If the cost is $150,000, you only need a down payment of $7,500.

You can become a homeowner, even if you don’t have a large down payment put aside. You just need to meet the following conditions and home ownership can be within your reach.

* The home must be located in Canada and considered your principal residence.
* You must have a down payment of at least 5% of the purchase price.
* Your home-related expenses must not exceed 32% of gross household income
* Your total monthly debt load must not exceed 40% of gross monthly household income
* You must be able to pay closing costs equal to at least 1.5% of the purchase price.

Link

Paul Lake and Pinantan Lake, Kamloops, B.C. Real Estate

February 1, 2009 Kirsten Mason Kamloops Neighbourhoods, Surrounding Communities

For up to date Kamloops real estate information and surrounding area homes for sale click here.

Paul and Pinantan Lakes are beautiful lakes just outside of the Kamloops city. Paul Lake is 20 minutes (roughly 21 kilometers) north east of Kamloops and Pinantan is 25 minutes north east (26 Kilometers), just past Paul Lake.

Paul Lake is 390 hectares in area with a mean depth of 28.9 meters and max depth of 55.2 meters. There is a provincial campground which attracts a number of visitors in the warmer months. Situated at the provincial park and campground visitors can access a public boat launch. Paul Lake does allow power boats, wake boarding and water skiing. At Paul Lake you can also enjoy canoeing, swimming, fishing (rainbow trout average 3.5lbs), cycling and hiking to name a few activities.

Many properties border the lake. The Kamloops Indian Band leases properties for 25 year terms. There are often properties for sale on Paul Lake with water frontage. The annual lease rates range between $3,500 to $5,500 per year. There are a select few properties which are freehold land titles on Paul Lake. These properties tend to be more expensive than the leasehold properties.

Deerwood at Paul Lake is a freehold strata development with a number of townhomes. Deerwood has breathtaking views, beautifully kept lands, docks, in-ground pool, workshop, tennis and unlimited RV parking. Click here to find Paul Lake real estate listings.

Pinantan Lake, named this because it means ‘shoe’ or ‘moccasin’ in traditional Aboriginal language. This name given because of it’s shape is much like a moccasin. Pinantan has a general store, a resort, an elementary school, and about 500 residents. The lake itself is two parts, Big Pinantan and Little Pinantan. The lake itself is 68 hectares in size, with a mean depth of 10.6 meters and max. 18.5 meters. Unlike Paul Lake, Pinantan properties are freehold properties not leased land. There are a number of boat launches at Pinantan Lake. Only electric powered boats are allowed on the lake. Fishing (rainbow trout average 1 lb) and swimming are permitted in Pinantan lake. There are also hiking trails and other outdoor activities in and around the area to enjoy year round.

There are a number of homes in the Pinantan, some are used only as summer cabins and other homes are year round residences. There are a number of MLS listings in and around Pinantan Lake. For more information on Pinantan properties click here.

Paul Lake and Pinantan Lake both begin to ice over in November and thaw around mid April. Paul Lake has an elevation of 796 metres and Pinantan 878 metres. Both lakes offer the opportunity to live rurally with convenience of a short commute to the city of Kamloops.