Today the Okanagan Mainline Real Estate Board (OMREB) has crunched out some encouraging numbers for May 2012. OMREB President, Rob Shaw, says “during May, the Okanagan-Shuswap experienced a resurgence in sales activity due to elevated buyer interest – an early sign that consumer demand and confidence are improving”. Shaw goes on to say “we haven’t seen sales numbers like this for a year or so”. Overall sales in OMREB’s Board area improved by 19% while sales volumes were up 18% in May 2012 as compared to May 2011.
Let’s hope this trend continues in order to regain some of the drops in home values we’ve seen in these past few years. Perhaps the hardest hit are those who purchased their home in 2007 or early 2008. It is difficult for some of them to sell or refinance at this time, as they are left with little to no equity and in some cases may even be “under water” with their mortgage. We’re hearing about more foreclosures in the central Okanagan, and local banks are unable to lend a hand when their clients now need it the most. The sad truth is that if you fall behind a month or two and you’re looking for a refinance, most banks follow strict guidelines and unfortunately don’t offer any assistance nor provide you with any solution.
If this sounds familiar to you or someone you know, please give me a call. I can’t promise I can fix your or their situation, but I can promise to be a good listener and provide you or them with some free advice. I have been in the mortgage industry over 35 years. Perhaps some of the experiences and knowledge I have gained over the years may come in handy when we talk.