Here is a quick flash back to November 2010’s numbers.
19 sales in this cold month with 27 new listings showed that inventory slowed compared to last month and year. Having said that we still manage to carry over 2 years supply of single family homes if not one more house was listed in Penticton. Average days to sell came in at 89 which is fairly typical for this time of year.
Market drivers are the same divorces, estates and the first time buyer who secured a good job and wants to own their piece of the Okanagan.
The same question is often asked. How is the market? The media has had a good go at the doom and gloom reporting. It really depends on your circumstances, are you a move up buyer? Well then there is no better time. Are you trying to flip a property purchased in 2008? I would suggest hanging on! Look at what your objectives are. Capital Gain? Cash Flow? I would be happy to discuss what your options both the pros and the cons because each situation can vary and one persons experience and advice may be sheltered to their individual circumstances. Come into the office for a coffee and chat and we can put together an effective strategy tailored to where the market is and what your goals are.
I have been busy and really it is typically slower, shopping for a home this time of year is a cold process. It is darker earlier and you really need to get bundled up and put the effort in. Homes sellers need to have welcome mats and put up with the occasional puddle at their front door. The good thing is that buyer who are looking are serious and have some motivation to bear this cold weather to see your home.
As always price is the most important factor. Price your home right and the buyers will appear!