Is it a good time to buy or sell a home now that the market has shifted?
We hear this questions a lot and it’s not as easy as saying yes or no, it depends on each person’s individual needs, wants, and goals.
Because there are many people standing back and waiting to see what happens it creates an effect you may not be aware of. For the buying side, it allows the perfect opportunity to avoid multiple offers or bidding extremely high on a property when you are in competition. Watching the trends over the years, history has repeated itself many times over and that is to say that when the market acts the way it is now, in Kelowna and surrounding areas, it allows for a three to four month bubble that is the perfect time to buy.
For the listing side, although the market is not as strong as the record breaking sales, what we now have to contend with is the increasing interest rates. The buzz is that there will be a significant jump in September, that being said, this will result in the buyer pool becoming smaller. The fact is- less buyers equals less demand, equals less competition for your property. In our opinion, since there is still a pent up demand for housing, and people are still able to get approved, holding off to list may not be the best course of action. In reading this you may think as a buyer the sweet spot is September so you don’t have to compete. However, the type of property that you can get approved for now versus when the interest rates rise is drastically different. Capitalizing on the market shit before the market shift fully takes effect is not just a good idea, but for some a necessity.