Thursday, February 24, 2011

Karen Guy REALTOR ~ West Kelowna ~ Technology Tip

Karen Guy, REALTOR®

I am the GUY that will make a difference!

Coldwell Banker Horizon Realty C 250.878.3605 O 250.768.8001

Monday, February 14, 2011

Karen Guy, REALTOR® ~ Housing Market Continues Normalization

Vancouver, BC – February 14, 2011.

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 7 per cent in January from December 2010, on a seasonally adjusted basis. Compared to January of last year, MLS® residential unit sales were down 10 per cent to 4,137 units. The average MLS® residential price rose 11.5 per cent to $548,183 in January compared to the same month last year.

"Consumer demand continues to normalize alongside overall economic conditions,” said Cameron Muir, BCREA Chief Economist. “However, the pace of growth in home sales experienced since last summer is likely to moderate in the coming months as tighter credit conditions and upward pressure on mortgage interest rates impacts affordability and purchasing power."

The inventory of homes for sale remained below 47,000 units for the third consecutive month in January, down 14 per cent from the spring of last year. “While demand and supply conditions province-wide exhibited balance last month, regional differences are pronounced,” added Muir. “Housing markets in the Lower Mainland/ South Coast exhibited stronger conditions than in the Kootenays and Okanagan, which remained in buyer’s market territory in January."

Karen Guy, REALTOR®

I am the GUY that will make a difference!

Coldwell Banker Horizon Realty C 250.878.3605 O 250.768.8001

Wednesday, February 9, 2011

Patience and perseverance are a must to weather out any storm...and try to have fun out there while persevering LOL. Going X-country skiing this afternoon - brrr it's going to be a cold one.

Thursday, February 3, 2011

Karen Guy, REALTOR® ~ Managing Your Credit Scores

Credit scoring 101

Don't worry, Credit Scoring 101 doesn't require any prerequisite courses, but you'll want to be ready to learn about a few tricky algorithms and number crunching.


The credit scoring system became prevalent during the 1960's as a way for lenders to quickly evaluate a potential borrower's creditworthiness. The system was found to accurately predict financial risk over time and grew to several different industries. Now credit scoring is used by lenders, insurers, landlords, employers, and utility companies to evaluate your credit behaviour.


Thousands of different credit scoring formulas exist today for various evaluation purposes. Each unique credit scoring system is accurate and correct for its own application. The credit scores you can order online use an algorithm created for consumers that approximates these different formulas. Your online credit score may vary a bit from the score your lender uses, but they should be in the same range.


The basic credit scoring formula takes into account several factors from your credit profile. The impact of each element fluctuates based your own credit profile:

• Payment history - A good record of on-time payments will help boost your credit score.

• Outstanding debt - Balances above 50 percent of your credit limits will harm your credit. Aim for balances under 30 percent.

• Credit account history - An established credit history makes you a less risky borrower. Think twice before closing old accounts before a loan application.

• Recent inquiries - When a lender or business checks your credit, it causes a hard inquiry to your credit file. Apply for new credit in moderation.

• Types of credit - A healthy credit profile has a balanced mix of credit accounts and loans.


When you are preparing for a major purchase make sure you check your credit profile and credit score from TransUnion or Equifax. If you are looking to purchase a home, talk to your mortgage broker so that they can review your credit and let you know where you are at. Looking at your profile and score a few months before your loan application will help you get a complete picture of your credit health. Worried if your credit score makes the grade? If your credit score is above 650 you will probably qualify for a standard loan. Under 650, you may have trouble receiving new credit.

If your credit score is a little low, pay your bills on time, reduce your debt, remove inaccuracies and avoid new inquiries for a few months to give it a boost. Plus, don't forget that your credit score is not the only factor a lender may look at when they are evaluating your financial standing.

Karen Guy, REALTOR®

I am the GUY that will make a difference!

Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001

Kelowna Real Estate Agent West Kelowna Karen Guy Realtor