Paige provided excellent and professional service in selling my home in Kelowna. Every detail was perfect. I will recommend Paige without reservation to anyone I know buying or selling real estate.
-Dale Bjornson
November 2008 Newsletter
A silver lining in the real estate market? You bet…
Affordability has been a main concern for many homebuyers. Whether it’s your first time, you’re looking to upgrade, or are considering an investment in real estate, Kelowna’s home prices have been a major concern. With prices moving towards a more sustainable level, it’s a great time to buy.
Consider this… prices are down about 10%.
When we look back over the history of Kelowna real estate since 1989, we’ll notice that on average prices rose about 10% every year. In the downturned markets of yesteryear… prices never went below the previous downturn’s lowest low. What makes it so good right now? With winter in the air, those sellers that aren’t serious are removing their homes from the market. Those that are serious are anxiously waiting for their buyer. Pick 3-5 houses that work for your criteria and start by making an offer on #1. If they won’t bite… move onto #2. You’ll find someone who is willing to take below today’s market value if your persistent. If you’re upgrading remember that the 10% or $60,000 on a $600,000 home is going to make up for the $30,000 you’re down on your current $300,000 home. Who doesn’t want to be ahead $30,000? The banks are busy right now phoning their mortgage brokers looking for buyers to lend money to! Nothing has changed there except that the interest rates are scheduled to come down!
Look around and remember that in-migration is up every year, we’ve got expansion at the Kelowna airport and University, the City of Kelowna is still moving ahead with their development plans, subdivisions are moving ahead with new housing starts, and that Kelowna still has some of the most affordable real estate in prime locations when compared to other parts of the world!
Watch for my next newsletter when we compare Kelowna real estate on a price per square footage to areas like California, Monaco, New York, Hawaii, etc.
Paige Guernsey
Each office is independently owned and operated.