Are we headed for a buyers market?
Posted by paige on June 8, 2010 | No Comments
We finally did it. We paid our penalty and renewed our variable rate mortgage with … another, lower, variable rate mortgage. Now the fun begins. Sleepless nights, nails bitten down, a few new sparklers on my head? No, I’m still banking on things staying relatively level with a few minor bumps upwards along the way. I keep this graph close by in case I start second guessing myself. I find professionally, that people I’ve worked with who have owned 3 or more houses go with variable, that those under 30 are choosing fixed rates, and those better than 50 have split opinions.
There is lots of chatter right now about the real estate market across Canada. Most centers are feeling the pinch of fewer buyers and Kelowna is no exception with our May sales down considerably over last year. The Canadian Real Estate Association has changed their earlier predictions and are calling for a cooling off period with a slight downward movement in prices. Okanagan Mainline Real Estate Board’s released their May stats that show sales are down and listings are up. This period of time can be the perfect storm for those seriously wanting to make a move. The idea being that an aggressive listing price will make you stand out from the competition to draw those elusive buyers in. On a firm sale and with money in your jeans, start shopping. Shop hard and make offers… someone will be nervous enough right now to take it! In the scheme of things… do I think the tap will stay off for long? Nope, not in Kelowna.
Talk to you soon…
Paige
Tags: investing in Kelowna real estate, kelowna real estate statistics, mortgage rates
Filed Under: Kelowna Real Estate
