The Real Estate Cycle
The real estate market has a natural cycle of activity and pricing. As the activity increases or decreases, the prices and availability of homes will follow.
Currently, the Okanagan real estate market is experiencing a period of increasing activity, and with this activity the amount of available homes to buy is going down, and the prices are going up. This also brings shorter number of days on the market for the homes that are selling.
What does this mean to you?
It means you better be ready to jump when you find your house!
As recently as 2 years ago, there was a luxury of time on the side of the homebuyer. Buyers could find the perfect home, at a good price, and sit back to either think about their next move, or wait out the seller for a better price.
Now? Many homes are seeing accepted offers within 24 hours of listing. Many are going into multiple offers. The luxury of time is currently not on the side of the buyer.
Neither is the idea of starting an offer low, and hoping to find a discount price. If this is the hot new listing on the market, there is a good chance that others are lining up to buy this same house. I can’t make this stuff up!
The timing better be quick, and the price better look good.
This is where your knowledgeable Realtor® can help. We can help see when the home is a good fit for you, and we have a solid insight about where the pricing should be.
It was mentioned to me once that I was pushy when explaining the reality of our current market. If I was pushy, I’m sorry, that wasn’t my intention. I would like to think I am telling the truth. Unfortunately, sometimes that truth hurts.
Not getting that home hurts more!
When you see your perfect home at a good price was sold to someone else and you’re still looking for a place to live while the prices continue to rise, the disappointment can be overwhelming – and costly.
In a market like this, you have to be ready to jump. Are you? Let’s find the right house for you and make it yours!