Morgan: Winter months may pose greater opportunities for sellers
As our Kelowna summer fades into fall, the real estate inventory of properties on the market will decrease at a predictable rate.
Inventory for single-family homes in Kelowna and the surrounding area recently dropped to 1,616 properties, down from the previous month of 1,672.
This time last year, there were 1,709 single-family homes on the market.
The number for condominiums on the market has also decreased from 895 in August to 844 in September, and it is expected to continue to slide.
Last year at this time, the number of condominiums on the market stood at 878.
Many homeowners are expected to take their property off the market for the winter months, but perhaps now as a homeowner looking to sell it’s an opportunity to go against the grain and market your property this winter.
The numbers reflect less sales competition as available inventory declines during the winter months, compared to the1,775 single-family homes that were on the market back in June.
And even though September sales for single-family homes dropped from 183 in August to a disappointing 116 units sold, there are still buyers out there.
“The latest sales numbers provide some initial evidence that risks of near-term overheating in the Canadian housing market may be finally subsiding,” according to the latest report from Fitch Ratings.
But with all of these conflicting news reports streamed all over the Internet, it is not a surprise that sales are down.
Rumours still exist of this “fearful bubble” bursting, the constant worry of when mortgages rates will spike and conflicting reports from economists have allowed for buyers to put a hold on their house hunting search as September stats have shown.
What is a ‘tried and true’ method is that over the long-term, however, is that real estate is a safe and secure option for financial growth as long as buyers don’t over extend themselves with large mortgages and do their due diligence when purchasing a property.
Some homeowners may also see this opportunity as well to keep their property on the market with less competing properties listed throughout the winter months.
If interest rates remaining low for the unforeseeable future, this might entice some anxious buyers to walk right through the homeowner’s front door.
If both parties don’t allow for the traverse reports and whispers of rumours to affect their judgment about buying or selling a property, it can result in a positive win-win situation for everyone.