Friday, November 14, 2008


It struck me while showing properties to potential buyers – Properties priced right are selling quickly.

Potential Buyers Group 1
My clients are looking for a home on acreage. They looked at 15 properties listed from mid $600,000’s to mid $800,000’s. One had just been reduced from mid $800,000’s to low $700,000’s. It had 9 showings in 2 days and sold in the high $600,000’s.
Priced right and sold quickly! My buyers are still looking.

Potential Buyers Group 2
My clients are looking for a 2 bedroom condo on the golf course. They saw 12 properties and offered on the best priced one only to find competing offers. The condo sold for full asking price in 15 days. Priced right and sold quickly! My buyers are still looking.

Potential Buyers Group 3

My clients are looking for a 3 bedroom home with a workshop and an in-law suite if possible under $400,000. Found a suitable one originally listed at $440,000 then adjusted to high $380,000’s and it sold in 2 days for mid $380,000’s.
Priced right and sold quickly!

My buyers have purchased a property originally listed in the low $400,000’s reduced in 5 stages to $350,000, then sold the next day at $340,000.
Priced right and sold quickly!

A look at the stats
I analyzed 97 single family home sales and 52 condo sales reported to the Okanagan Mainland Real Estate Board during October 2008 and found:

1. Properties listed at market value sold within 60 days.
2. Properties listed too high then adjusted to market value sold within 60 days of that adjustment.
3. Properties listed too high and not adjusted are making up the unsold inventory.

Check our website: for a complete list of properties Sold in October.

Why is price so important?

There are approximately 700 Realtors in the Central Okanagan, 20% of them do 80% of the business. There are 140 realtors working with potential buyers right now. They know the existing inventory and watch every day for new listings priced right or significant adjustments to existing listings.

Properties priced right get all the action! My Advice:

1. Sellers - If you need to sell now, price it right! Then buy again in the same market conditions.
2. Investors - Look for properties in good locations that create cash flow, example: properties near UBC Okanagan or on the bus line. Check our web site for a list of properties which can cash flow.
3. Renters – It’s time to buy! Look for a property with a suite to help pay the mortgage.
Work from home if you can and save office rent and gas.

Take advantage of the high inventory of properties and the low mortgage rates. Lock in your mortgage rate.

I have a client who says: “Real Estate deals are like trains….there will be another one tomorrow.”

I say: “The train is at the station, get on now while prices are competitive, interest rates are low and selection is abundant. Don’t wait to board the next run away train.”

Remember: Don’t wait to buy Real Estate…Buy Real Estate and wait!!
Bert Chapman
Office: 6-3185 Via Centrale, Kelowna, B.C, V1V 2A7
Phone: (250) 765-0570
Toll Free: 1-866-765-0579
Fax: (250) 765-0577

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