It's been a long time since we were in bidding wars... and yet they seem to have surfaced again. While Sellers can benefit from multiple offers on their property, it can be really frustrating for buyers. We have been in 2 bidding wars this week and wesuspect that we'll start to see a few more. Our inventory levels are still on the low side (especially in the under $600,000 price range) as we believe that some sellers are hoping that our prices increase so they are waiting to list. When a new property comes on the market, depending on it's condition & location, if it's well priced we are frequently seeing a tremendous amount of activity on that home. Some houses are getting 15 to 20 showings in the first 3 days of the listing. As Realtors we need to be right on top of the market and buyers need to be preapproved and ready to move quickly. For homes above $600,000 there are more of those to choose from and fewer buyers in that price range - although if a property is really unique and represents good value, even the upper price range is moving better now too.
If we can keep our eyes open for any Kelowna real estate needs, please let us know.
www.stonesisters.com
Tamara & Shannon Stone
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