Cheese…It’s a Natural! – November 3rd 10:00 am – 10:00 pm
This free daytime event is dedicated to celebrating all things cheese! There are workshops, tasty samples and competitions. Vendors to share their local products and knowledge. The evening offers a ticketed “Spirited Tasting” with a number of courses paired with local beverages.
25th Annual Light Up Presented by Wayside – November 24th 5:00 pm to 8:00 pm
A holiday tradition that attracts locals to the downtown core every year to experience family-friendly activities, food, live entertainment and more. Each block will have a theme with vendors and activities:
2900 Block: Letters to Santa by Wayside
3000 Block: Plasma Cars by Vernon Teach & Learn
3100 Block: Visits with Santa by InfoNews.ca
3200 Block: Bonfire by Santa’s Anonymous
3300 Block: Food Truck Alley by Valley First
3400 Block: Ornament Decorating by Nature’s Fare Markets
Vernon Bridal Expo – November 24th 6:00 pm – 10:00 pm
The White Winter Wonderland themed bridal event is going to be an evening to remember. With decorations, Okanagan wines and local fare, what better way to plan your wedding!
I wanted to take a moment to express a sincere thank you to all the current and past clients that attended our appreciation event in October. It was a fun filled day with an excellent turnout. Giveaways, free family photography, refreshments and great company.
Looking forward to making it even bigger and better next year!
If you’d like details on the legalization of Cannabis and the potential ramifications on financing and insuring your home, please contact your service provider.
See the link below for Cannabis laws and regulations.
Ensure your home is prepared for the cold winter months looming. Tick these five items off your list, so you can rest easy knowing your home is ready to weather the winter season.
- Take care of trees & shrubs. Whether you choose to do it yourself or hire an arborist, fall is the perfect time to manage some of the often-neglected larger plants in the yard. Trees go dormant as the weather gets cooler making fall the safest time to trim away dead branches and leaves without risking disease.
- Clean gutters. Full, clogged gutters can cause water to pool during heavy rain and snowfall. We recommend waiting until the majority of the leaves have fallen to get all of the mess in one go.
- Seal gaps where drafts or critters could enter. Use heavy duty hardware cloth to keep mice from sneaking in to escape the cold. Apply weatherstripping to the frames of windows and doors to keep cold air out and warm air in. It will make a noticeable impact on energy costs.
- Shut off exterior faucets & store hoses. Drain hoses and store them indoors. Turn off water to exterior faucets to keep pipes from damage caused by freezing temperatures.
- Clean dryer vents. Cool, dry weather in the fall increases static electricity, making it a crucial time of year to clean that lint out and reduce the risk of it igniting. Your dryer will run much more efficiently after a good cleaning, so whether you do it yourself or hire a specialist don’t forget this crucial task.
Residential Detached Homes
Sales By The Month: 93, down 29.01%
Sales Year To Date: 674, down 24.10%
Days To Sell: 62, up 19.71%
Inventory: 500, up 38.12%
Average Price By The Month: $483,666, up 3.69%
Average Price Year To Date: $508,973, up 8.14%
The slowing sales trend continued in earnest in August due to less influence from Lower Mainland buyers and the mortgage stress test forcing some buyers out of the market altogether. While August typically experiences a seasonal slow down, a drop of 29.01% in sales and a rise in inventory of 38.12% compared to August 2017, indicates a broader market trend towards a balanced market.
While a more balanced market means the days of sellers being able to demand a sale price beyond the market with a take it or leave it approach is over for now, those same sellers will now benefit from greater choice on the buying side and no real impact on finances so long as they sell and buy in the same market.
With higher inventory, buyers have more choice and can take a more measured approach to ensure they choose the right home for their needs.
Whether you’re a buyer or a prospective seller, contact me to receive a more in-depth analysis of today’s changing market and how this could effect your housing plans.
Sales By The Month: 14, down 39.13%
Sales Year To Date: 147, down 4.55%
Days To Sell: 47, down 17.73%
Inventory: 78, down 7.14%
Average Price By The Month: $256,089, up 19.30%
Average Price Year To Date: $215,495, up 6.68%
Condo sales were resilient in the first half of the year but are now also experiencing lower sales as interest softens. While sale numbers remain healthy compared to historic norms, the urgency buyers felt even six months ago has been replaced by a calmer approach better suited to the buyers timeline.
Sales By The Month: 9, down 18.18%
Sales Year To Date: 64, down 40.19%
Days To Sell: 137, down 49.54%
Inventory: 188, down 13.36%
Average Price By The Month: $228,944, up 33.94%
Average Price Year To Date: $198,904, down 0.97%
Inventory of building lots remain low but will be bolstered in 2019 with the breaking ground of The Highlands of East Hill development. More details to follow in a future blog on this exciting addition to the Vernon landscape.
Residential Detached Homes
Sales By The Month: 92, down 11.54%
Sales Year To Date: 265, down 12.25%
Days To Sell: 67, up 3.65%
Inventory: 346, down 6.74%
Average Price By The Month: $510,372, up 15.55%
Average Price Year To Date: $510,074, up 14.76%
Winter finally released it’s grip and spring sellers entered the market in April, although at a slower pace than last year. While sales are down 12.25 % year to date, this can be attributed to continuing limited supply and future uncertainty. Recent changes to mortgage qualifications, an increase in mortgage rates, and uncertainty as to whether the North Okanagan will be included in the speculation tax, will have a cooling effect. This may not be felt until the latter half of this year as we trend towards a more balanced market.
If you are considering listing your home, there are things you can do today to prepare it for market. Contact me for tips on how to boost your homes appeal and achieve a faster sale at a higher price.
Sales By The Month: 28, up 7.69%
Sales Year To Date: 81, up 19.12%
Days To Sell: 79, down 45.45%
Inventory: 63, down 36.36%
Average Price By The Month: $197,911, up 9.48%
Average Price Year To Date: $213,404, up 7.77%
With the average price of a detached home soaring past $510,000, it’s no surprise that we are seeing increased focus on apartments and strata in general. Housing affordability is going to drive the demand towards this sector for a long time to come, making strata a promising investment.
Sales By The Month: 8, down 46.67%
Sales Year To Date: 29, down 30.95%
Days To Sell: 220, down 3.39%
Inventory: 168, down 26.64%
Average Price By The Month: $199,438, down 5.16%
Average Price Year To Date: $164,719, down 23.67%
There are very few lots currently available.
Easy, no! Profitable, done correctly, yes! So what does it take to make good money on a flip in this market? First of all, work with a great realtor to help identify a desirable neighborhood or a neighborhood on the rise. I like to focus on the broadest market possible; family homes, level backyard, close to good schools. Find a home that has no curb appeal, I mean, it’s just ugly. Successful flippers can see past the neglected yard, dirty and outdated interior to the solid structure, awesome layout and future curb appeal. Know your numbers on what you need to buy it for to make a profit and negotiate ruthlessly. Your realtor should have sharp negotiating skills and excellent market knowledge to help you achieve a successful outcome. Your goal should be to purchase it at a price that allows for renovation, financing, legal, accounting and commission costs, plus profit and bringing it back to the market for less than $600,000. If you don’t get the price you need, walk away and find another home.
So now you own the home and time is money. Tick tock, tick tock. You have already lined up the tradesmen, permits and financing, it’s time to get to work. Religiously follow the “Golden Rule” of every flip, know your buyer and control your costs. Focus on areas of the home that invoke emotion such as an updated kitchen, bathrooms and open living area infused with natural light. Aim for impact without going overboard. A good realtor can advise you on where to invest your money wisely and assist with staging the home to create that all important “WOW” factor.
Stunning photography, virtual tour and a social media plan guaranteed to generate a buzz in the market has been completed, price has been strategized and you are ready to list. Announce your home’s exciting return to the market with a VIP Open House and a multi-media marketing blitz.
Because your home looks fantastic and checks all the buyer’s boxes, you receive an accepted offer. Congratulations, your home has sold at a profit. You are now an experienced real estate investor ready to search for your next “diamond in the rough.”
Residential Detached Homes
Sales By The Month: 60, up 3.45%
Sales Year To Date: 102, up 12.09%
Days To Sell: 92, up 26.64%
Inventory: 238, down 18.21%
Average Price By The Month: $489,217, up 12.92%
Average Price Year To Date: $531,522, up 23.67%
Despite winter refusing to release it’s stranglehold, sales for the month were actually quite decent. February continued to build momentum after a strong beginning to the year, with sixty sales.
If you are considering listing your home in the Spring, there are things you can do today to prepare it for market. Contact me for tips on how to boost your homes appeal, achieve a faster sale at a higher price.
Sales By The Month: 15, up 0%
Sales Year To Date: 28, up 27.27%
Days To Sell: 63, down 57.03%
Inventory: 62, down 31.87%
Average Price By The Month: $216,887, down 2.11%
Average Price Year To Date: $221,707, up 4.12%
The stats reflecting buyer demand of strata are so consistent month to month. With community planning focusing on the densification of neighborhoods and the necessity of creating affordable housing, strata is the wave of the future. The trend of housing is moving away from the large square footage homes of the past, (an unsustainable model if we wish to retain our natural spaces) to smaller homes that attract millennials. As an investor, I recommend focusing on where the market is going; upscale half duplexes, one level living town homes and condos located in an urban setting.
Sales By The Month: 3, down 50%
Sales Year To Date: 11, down 15.38%
Days To Sell: 254, up 138.44%
Inventory: 151, down 33.77%
Average Price By The Month: $269,283, up 33.60%
Average Price Year To Date: $165,305, down 34.32%
With so few lots sold in the past month, it’s not a large enough sample to establish a trend.