The Condo Market Has Changed Here Are 3 Things You Need To Know

Real Estate Sales Representative with Macdonald Realty Kelowna

Summer is traditionally the peak time for condo sales, and that will no doubt be the case this year too.

However, the Kelowna condo market does seem to be in a period of transition right now. We’re starting to see fewer sales in comparison to years past and consequently, there’s more inventory on the market. We haven’t seen it fully just yet, but this will no doubt start to have an impact on condo prices before long.

So what do you need to keep in mind in a market like this?

  1. The number one thing you must do in a real estate market like this one is to work with a highly skilled agent. It seems obvious, but in a more challenging market, the quality of the team you are working with takes on an even greater significance.
  2. This leads into the next point - price your home right! This is so very important to selling your property in a timely fashion. You also need to keep in mind that the market isn’t interested in “what you need.” In other words, just because you need/want to sell your home for X, there’s no guarantee the market will support that price. Take your agent’s advice and let them do the job you’ve hired them for.
  3. Finally, in a market like this, it’s better to win today, than to win tomorrow (at least on the selling side). What do I mean by that? If you’re holding out for a certain price, and then all of a sudden a comparable house to yours sells for less than expected, you’re going to get less for your house. It’s better to be ahead of the curve and be the first to sell for a little less, rather than the last person to sell for less. Win today, not tomorrow.

Of course, it’s a slightly different picture for buyers right now. Buyers are going to be confronted with a plethora of choices and have more negotiating room. However, you’ll still want to work with an agent who can help you navigate the market and get the best bang for your buck.

If you're looking for more information on Kelowna living, look no further than the kelownaCondos blog. Visit us for information on the real estate market, buying and selling advice, local attractions, things to do, and community events.

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