Are you thinking of buying or selling or curious about the local market as we head into winter?
Today, we’re sharing our thoughts on what you can expect — especially if you’ve got real estate on your mind.
First, a few bright spots for buyers:
Going into the winter months, a sense of caution prevails in the Okanagan real estate market. While there might be a temporary increase in sales in October from deals negotiated in September, the overall sales pace is expected to slow. Moreover, the impact of the short-term rental policy remains uncertain but will likely affect transactions. Still, the surplus in supply is a win for buyers, providing more options. Significant price corrections are unlikely, but the market has seen properties available now that would not be in different market conditions. Additionally, sellers listing their homes during the winter months are generally keen to transact
Fall and winter are actually solid times to buy. Why?
• Less competition
• An uptick in inventory
• Motivated sellers
It’s true that supply grows in the spring, but that also means you’ll face more competition.
One more thing: Don’t let the prospect of rising interest rates deter you. There are still open avenues for securing a mortgage, and should rates drop in the future, you always have the option to refinance.
On the selling side, now is the time to list your home, regardless of the season. Buyers are reaching out every day — and some of them are looking for a home just like yours.
If you’re considering buying or selling a home in the coming months, don’t hesitate to reach out. We’re here to help however we can.
“Bringing You Home to the Good Life”
Morrison Bifford Real Estate Group
Royal LePage Locations West Realty
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