We are asked this question daily... everyone is wondering if this is the bottom of the market and if things will begin to improve. And of course the challenge with trying to predict the bottom of the market is that one doesn't know where that is... until we've passed it and things have started to improve again.
What we are seeing in the Kelowna real estate market is an increase in activity. The statistics from Okanagan Mainline Real Estate board were just released and February sales are up considerably from the January numbers. Part of this can be attributed to the lower interest rates and a greater sense of confidence in the buyers minds... and part of this is seasonal. What we do know is that our market here in Kelowna has adjusted dramatically and prices are 18% lower (on average) than in 2008. We are no longer seeing sellers list their homes to sell "if the market will pay high enough". Today's sellers know that homes must be well priced to attract a buyer. Buyers have a good number of homes to choose from, there are incredibly low interest rates, and Buyers have excellent negotiating power right now - many homes that are listed well are still dropping $20,000+ when they sell.
There are some incredible buys out there... and we are seeing a lot more people venturing into home ownership territory - benefiting from these economic times. If you would like us to email you a list of the Top 10 Buys in Kelowna - just let us know. We'd love to help.
Tamara & Shannon Stone
www.stonesisters.com
RE/MAX Kelowna
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