“Do we wait for Spring selling season to begin?” Asked wannabe Seller number 1. “Is it too soon to put our house up for sale in January or February?” Asked wannabe Seller number 2. “It’s cold out there”, said the wannabe Seller number 3.
Well, these three Sellers have one thing in common – they are going to miss out on a fantastic opportunity to get their house SOLD before the market gets saturated in Spring.
What would you do if I told you that the Kelowna Real Estate Market is the Strongest it has been in 7 Years? I think your answer would be: LETS LIST TODAY!
So, the answer is NO – It is NOT too soon to list your home and waiting until Spring may be detrimental to the sale in terms of price and time on the market. Currently, the inventory in Kelowna is very low but there are Buyers out there looking and keeping us agents busy. Agents are busy, yet frustrated as the listings just do not satisfy the demand.
December 2014 Market Statistics, Kelowna, BC
The Okanagan Mainline Real Estate Board (OMREB) reported December 2014 sales activity of all MLS® property types improved by 24% compared to 2013, ending the year on an upswing with consumer demand the strongest in seven years.
“While demand typically pulls back during the holiday season and edged down in other BC markets during December, Okanagan-Shuswap home sales continued to rally after an unseasonably cold weather slowdown in November and finished the year on a solid note,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan.
“Despite a slow start to 2014, sales began to bounce back in March and the steady upward trend accelerated into an extraordinarily busy and fast paced summer and fall. The 7,584 residential sales for 2014 are the highest on record since 2007 when 8,702 transactions were reported.” The selection of single family homes has been significantly reduced with declining inventory and new listings have not been fast enough to keep up with the demand, especially for those priced below $500,000. The shortage of entry level homes has pushed buyers into purchases in the next level up, or into the condo and townhouse market where there is more value in their price range. The price of single family homes is steady and strong in most areas with modest gains seen in some locations where supply has tightened.”
“The conditions in our Board area were at the cusp between a balanced and seller’s market in December,” Griffiths reports. “With more demand than supply for single family homes, the Central Okanagan is moving into a sellers’ market.”
It is important to take advantage of what the real estate market brings to us. It is an ever-changing marketplace and we need to take opportunities as they arise. If you are thinking about selling your home this year, do not wait too much longer. Beat the Sprig rush and get your home sold faster. I can help you, and I am only a phone call away!