While spring has begun to wane in the Kelowna real estate market, summer is looking to be a much more even playing field.
The local market is picking up as sellers start to list their homes for the summer rush, giving buyers many more options than they had at this time a year ago. The number of real estate listings and sales increased significantly across the Interior from April to May, and the Association of Interior Realtors believes the market is picking up nicely after a sluggish spring start.
“Some buyers seem to have recovered from the rate shock and re-evaluated or have adjusted their expectations of what they desire to more realistic expectations so that they can resume their real estate efforts,” AIR president Chelsea Mann said in a press release. “While this is great to see, interest rates are still top of mind for many buyers.”
Thanks to the Bank of Canada increasing its interest rate up to 4.75% over the last year and new regulations from the BC government, the super hot housing market has cooled some, especially in the Okanagan.
In Central Okanagan, the benchmark price for single-family homes fell 0.2% last month to $1,048,900, and the condo/apartment mark dropped 2.1% to $516,900. Meanwhile, the townhome mark had a massive 7% leap to $767,100.
If you’re a buyer
This year is a much better time to be a buyer than last year; the market has cooled, there are more protections for buyers, and there’s more time to look for the right home rather than buy the first thing you see. There’s also a wide variety of properties listed. Single-family homes, of course, but also condos and townhomes are showing up in the listings, providing buyers with a better chance of finding the right home.
The number of days that a single-family home is on the market increased to 47 back in May, a rise of 79.8 percent year over year. This makes it far less stressful for buyers since they don’t have to try and put in an offer the day a home goes on the market and try to outbid others in the same search. The shift in days on the market has allowed buyers to be more methodical with their decision-making.
If you’re a seller
If you’re trying to sell your home, you’re in luck. There’s plenty of room in the Kelowna market for all sorts of properties right now. Whether you’re a motivated seller or have more time, now is a great time to list your home.
With the summer sun also comes an influx of summer tourists. More and more tourists are considering buying property in the Okanagan, whether it’s to use as a vacation home or a place to retire. Sellers may see an increase in interested folks in the coming weeks as the tourist season peaks.
The key here is the proper pricing of your house. If you’re trying to make a massive profit on your home by listing it well above comparables, you will likely be sitting for a good while. However, if you list the home at a more reasonable price, chances are it will only sit for a short time, and you can move on with your life after that house sells.
On either end of the spectrum, there is value in today’s market. With the continued ebbs and flows of the general market, we can know that the investment into an Okanagan property has been consistently positive. Whether you sell your home and obtain the extra value, it has increased or purchase a property to ensure you have a slice of this growing community.
We have been in the industry for over 40 years of combined experience and have been through many seasons within this market. We can guarantee that with us on your side, we will continue to educate you and communicate, ensuring your best interest is top of mind.
Call 250-860-0303, and let’s get started!