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WALKER: Inventory low in Kelowna Real estate market

Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate.
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April 22, 2017 - 2:24 PM

 


OPINION


The latest numbers from the Okanagan Mainline Real Estate Board (OMREB) reveal that inventory (homes on the market) remains low when compared with 2016 and 2015. This is particularly evident when looking at properties that are priced under $600,000.

Last month (March 2017), there were just 125 properties on the market below $560K. However, in the same month of 2016, there were 240 homes listed below $560K. Overall, the stats show that, when compared with 2016, there has been a 24.6 per cent decrease in inventory below $600K for 2017 so far.

What does it all mean? Well, it leads me to a point that I have made a numerous times in recent months - if you’re considering selling your Kelowna real estate, now is the time. With inventory low and demand high, we’re seeing property values on the rise and a number of homes going for above asking price.

Now for a little caution. If you’re thinking about selling, the conditions are great, but you’ll still want to ensure you’re working with a top notch real estate agent. You want to work with someone who can sell your home quickly and for top dollar. Being complacent because of the market conditions can cost you money.

If you’re looking to buy in this market, don’t be put off. Without doubt, there are challenges, so it is even more essential that you work with an expert agent who can negotiate well and get you the best possible deal, but on a positive note, keep in mind that mortgage rates remain very low. Of course, none of us know what the future holds, but it seems fair to say that demand will remain high in Kelowna, so in five years, today’s real estate prices may seem very reasonable.

If you have any burning questions about the Kelowna real estate market, please contact me directly at 250-764-4344. I would be happy to answer your queries. If you’re wondering how much your Okanagan real estate is worth, we can provide you with a complimentary home evaluation.

- Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His company runs the website KelownaProperties.com - Kelowna’s most comprehensive real estate search tool. Mark Walker’s column appears here every two weeks.


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