Chris Holm

As prices have come down and mortgage rates are at all time lows this is the a great opportunity to be buying a home. Whether you are a first time buyer or your family is growing and you need a larger house, this is the time to move. Spring is here in the beautiful North Okanagan, everything is starting to warm up including the real estate market.

February saw 75 total sales with 2124 active listings in the North Okanagan. The average days to sell is 126 days and the list price to sell price ratio is 87.75%. What this means for buyers is that if you have a home listed for $300,000 the approximate selling price is $265,000. March has seen 78 total sales with several days left in the month.

 Some of the best mortgage rates we are seeing are 3.99% for a quick close sale. This means that if a buyer closes a sale within 30 days the interest rate is 3.99% for a 5 year term, this means huge savings to a buyer.

 If you are a thinking of buying a home and you are not sure where to start, first make an appointment with a mortgage broker to see what price range you qualify for and find out about the latest rates and specials. If you have a Realtor ask them for a referral to a mortgage broker they trust.

 I encourage anyone who may be sitting on the fence to hop off, get out and start looking for a home. We may never see interest rates this low again and the potential savings this are huge. For those of you who may still be unsure, when you buy a house you are making it your home. Real Estate prices increase approximately 5% per year, of course the cycles are up and down but on average, 5%.

 So not only is your house your home it is an investment.

As prices have come down and mortgage rates are at all time lows this is the a great opportunity to be buying a home. Whether you are a first time buyer or your family is growing and you need a larger house, this is the time to move. Spring is here in the beautiful North Okanagan, everything is starting to warm up including the real estate market.

February saw 75 total sales with 2124 active listings in the North Okanagan. The average days to sell is 126 days and the list price to sell price ratio is 87.75%. What this means for buyers is that if you have a home listed for $300,000 the approximate selling price is $265,000. March has seen 78 total sales with several days left in the month.

 Some of the best mortgage rates we are seeing are 3.99% for a quick close sale. This means that if a buyer closes a sale within 30 days the interest rate is 3.99% for a 5 year term, this means huge savings to a buyer.

 If you are a thinking of buying a home and you are not sure where to start, first make an appointment with a mortgage broker to see what price range you qualify for and find out about the latest rates and specials. If you have a Realtor ask them for a referral to a mortgage broker they trust.

 I encourage anyone who may be sitting on the fence to hop off, get out and start looking for a home. We may never see interest rates this low again and the potential savings this are huge. For those of you who may still be unsure, when you buy a house you are making it your home. Real Estate prices increase approximately 5% per year, of course the cycles are up and down but on average, 5%.

 So not only is your house your home it is an investment.

Do I make an offer on a home I really like or do I wait? This is a question that runs through many Buyers minds during these uncertain times. Many buyers hearing advise from friends and family. "The market is still dropping." they say. "Wait till spring, prices will drop more."

 With massive price drops in the U.S. many people in Canada are assuming we will suffer the same fate. Many Sellers are of the same mind set and that is why now is a good time to make an offer. By the end of 2008 we will have had approximately a 9% correction in single family home prices. Although there may be a bit more correction I believe the market will stabilize by Spring and prices will level. Sellers will have a more realistic outlook regarding pricing and this will be reflected by pricing their homes at or close to true market values. This will allow the sellers to accept offers that are closer to the true value of the home.

When a home has been on the market for a long period of time and the Sellers have not seen an offer or maybe a lower offer they didn't accept, they will most certainly think twice before rejecting an offer. Everything you as a Buyer think and feel the Sellers are most certainly feeling and thinking the same. Great deals can be had if you take the first step forward. If you see a house you like, don't wait for the price to drop, make an offer or someone else eventually will. This is not a time to be fearful, if you are qualified to buy a home, there is no time like the present. Make on offer on the home you like, the worst thing that can happen is the Seller says no to your offer, their loss, not yours.

In tough times there is also great opportunity, take the first step, I see it everyday, well priced homes selling for 10 - 20% below listed price. If you Don't Ask you will Never Receive.

It would seem that buying a home in the current market conditions would be a logical decision considering that 'Interest Rates' are holding steady at all time lows and prices of homes dropping to more reasonable and realistic prices. Many Buyers are being patient, watching the market and waiting to find the perfect home. Some potential buyers may have been to their banks or mortgage brokers several months ago to see how much of a mortgage they qualify for but with tightening credit restrictions they now may not qualify for what they originally were told. It would be very beneficial for buyers to check back in with their lender and find out where they are currently. The home you have been waiting for may come available and you want to be properly prepared when it does.

Okanagan Landing, Vernon  -  The single story at #261 - 6900 Tronson Road has been sold.

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Harwood, Vernon  -  The 2 story at 21-1809 40th Ave has been sold.

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New Home Construction

• 2,281 sq. ft., 3 bath, 3 bdrm 2 story "Country Character" - MLS® $519,900 - Plus GST

Heritage Pointe Subdivision, Armstrong  -  Welcome to 3831 Atkinson Place located in the beautiful new sub-division Heritage Pointe. This incredible country home is currently under construction and due for completion December 08'. 9 ft. styrofoam concrete block foundation and 9 ft. ceilings on the main. Located at the top of a cul-du-sac you can enjoy the quiet country air and views from your front porch. Inside is all about country character and charm. Separate living and family rooms, large open kitchen and dining room with a see-through fireplace between the livng and dining room. Kitchen is a gourmet's dream with a large work island, huge walk-in pantry plus plenty of space to move. Upstairs you will find three bedrooms including two large extra bedrooms and stunning master. The master boasts an additional sitting area for your own personal escape, two walk-in closets and an ensuite that will be the envy of all your friends. Double attached garage opens right into the spacious laundry room and right through to the kitchen. Private backyard with lane access.

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Older Home On 61 Acres

• 1,689 sq. ft., 1 bath, 2 bdrm single story - MLS® $550,000 - New Listing

Enderby, Enderby and Area  -  61 Acres of paradise, just minutes from Mabel Lake. Lush pasture and hay land, with some timber value. Older 2 bedroom home, with large room, that was a store; several outbuildings.

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Lake view home with suite

• 3,086 sq. ft., 4 bath, 5 bdrm 2 story "Grade Level Entry" - MLS® $519,900 - New Listing!!

Mission Hill, Vernon  -  Beautiful lake, valley and city views high atop Mission Hill. Backed onto ALR land enjoy the natural privacy in your backyard. This 5 bedroom and 4 bathroom home includes a 1 bedroom, 1 bathroom suite with separate entrance. Main living area has formal dining room, separate living and family rooms, a nice sized kitchen and nook. Third level consists of master bedroom and two additional bedrooms. Master suite boasts double walk-through closets and a 5 piece ensuite including a jetted soaker tub. Enjoy the lovely lake and valley views from the spacious front deck. Located on a no-thru street a perfect family home.

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River Frontage / Two Titles

• 2,200 sq. ft., 4 bdrm 2 story "Partial Basement" - MLS® $699,000 - New Listing!!

Falkland, Columbia-Shuswap Regional District  -  River frontage; two titles. Beautiful home which has been considerably extended and remodeled, situated on 39.35 acres with room for horses and cattle. Private, yet only minutes from Vernon.

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• 3,160 sq. ft., 2 bath, 4 bdrm single story - MLS® $1,175,000 - New Price!

Spallumcheen, Armstrong  -  Beautiful remodeled home with legal suite and panoramic views on 136 private acres. This property is not in the ALR. The property is zoned for two homes and is ready for horses - four-stall steel barn, seven paddocks with run-in shelters and a 60' round pen. Potential for a vineyard; south facing and great soil.

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Spallumcheen, Armstrong  -  The 2 story at 4605 Lansdowne Road has been sold.

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•  lot / land "40 acres" - MLS® $359,000 - New Listing!

Falkland, Columbia-Shuswap Regional District  -  Privacy and Beautiful Views; 40 acres of meadows, trees, and sunshine. Great potential as a horse property; set it up the way you want it. Peter Blake, horse, ranch, and country properties.

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Country Charm

• 1,928 sq. ft., 2 bath, 3 bdrm ranch "Walk out basement" - MLS® $509,900 - Beautiful Property!

North BX, Vernon  -  Country rancher with full, walkout basement and separate entrance. Over half an acre of property located at the end of a 'no-thru' road. Private & peaceful, enjoy lovely views including Kalamalka & Okanagan lakes. Spacious deck surrounds a large above-ground pool, hot tub, gazebo and pond. Fruit trees. 24 x 44 garage/shop has a 220 amp service. Lots of additional parking plus a 24 x 26 carport.

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Charming Country Home

• 1,824 sq. ft., 2 bath, 2 bdrm ranch "No Stairs, easy living" - MLS® $379,900 - Best Deal in Armstrong!

Armstrong, Thompson Okanagan  -  You will fall in love with this beautiful country style rancher. Vaulted ceiling over the foyer and living room. Open concept kitchen has maple cabinetry and a huge island, plenty of cupboard space and 4 appliances. The kitchen opens into into the dining, living and family rooms allowing easy flow for you and your guests. The family room has a certified wood burning stove and double french doors which open onto the covered deck. Nice laundry and storage room includes stackable washer and dryer. Separate living room is great for those quiet evenings. Large master bedroom has a 4 piece ensuite including dual vanities, giant soaker tub and walk-in closet. Nice sized second bedroom has a bonus, hidden 8ft x 3ft office space. Main bathroom is bright and spacious pedestal sink and 5ft shower with double shower heads and vaulted ceiling with large skylight. Some little added bonus include speaker systems in the master, living room, ensuite and back deck, 12 x 10 heated storage shed with lights and power, phantom screen doors, 200 amp panel with 60 amp sub panel in laundry. The property is fully landscaped with beautiful garden patio, fruit trees, and 8ft cedars for privacy in the front.

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