THE REAL ESTATE REPORT – Buyer’s vs. Seller’s Market

 


Is it a better time to buy or Sell?

Is the Okanagan currently a buyer’s or a seller’s market? To answer that question let’s review each:

Buyer’s Market

A buyer’s market is usually characterised by more homes (inventory) on the market than there are buyers. As demand decreases, prices tend to follow. This allows the buyers to have more leverage to negotiate. They can also take more time shopping around as it’s unlikely they will lose out on a property there interested in. For sellers, they need to be more careful than usual to price competitively and work harder to make sure their home is in tip-top shape for selling.

Seller’s Market

A seller’s market is when there is a shortage of inventory which can lead to prices appreciating as more buyers compete for fewer available homes. Sales can happen
very quickly and sometimes there are even multiple offer situations. Buyers sometimes
need to make quick decisions and may even choose to waive conditions on their
offers. Sellers can maximise their likelihood of multiple offers by having their home
ready to show at a moment’s notice and perhaps pricing it just below top dollar.
Currently in the Okanagan, we are coming into a more balanced market. It has been a
hot seller’s market for some time. but recent interest rate hikes have led to levelling out. Multiple offers are becoming rarer, as more homes receive a finale offer that goes through inspection and financing conditions before completing. This likely means that buyers have a little more power to dictate terms. Conversely, there is still a shortage of supply. which means prices are expected to flatten rather than dropping drastically. That means it may continue a seller’s market for some time What should you do in this market? Contact us for a plan of action tailored just for vou.

Real Estate Statistics Overview – August 2022

Apartment For Sale in Penticton Main North, Penticton

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868 sqft suite sits directly across from one of the most beautiful beaches & lakes in the Okanagan

•  868 sqft , 1 bath , 1 bdrm apartment – FOR SALE  CAD589,900 . Beautiful condo is in the heart of the city MLS® 194889

Condo at Lakeshore Towers, south facing 1 bedroom + den, 1 full bathroom, 868 sqft suite sits directly across from one of the most beautiful beaches & lakes in the Okanagan. Lakeshore Towers is the only condo complex in Penticton that offers an outdoor pool , hot tub, & sauna, 2 fitness rooms, 3 amenity rooms, putting green, secure bike storage, guest suites, & exceptional outdoor common area. This beautiful condo is in the heart of the city, steps from the lake and a short stroll to the marina, shopping, incredible restaurants, wineries, and breweries. Enjoy the city views from the generous balcony, which adds over 200 sqft of living space. This is a quiet suite due to the building’s concrete construction. It also features granite countertops, high end tile and quality appliances. There is 1 secure parking stall and 1 storage locker, 2 pets allowed including dogs, rentals allowed with 3 months minimum term.

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Single Story For Sale in Penticton Main North, Penticton

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Open concept living area and fabulous north facing views

•  864 sqft , 2 bath , 2 bdrm single story “Apartment” – FOR SALE  CAD359,900 . The Ellis Top floor north facing unit  MLS® 194728

The Ellis Top floor north facing unit offers vaulted ceilings, open concept living area and fabulous north facing views. Centrally located, this 2 bedroom and 2 bath unit awaits you, freshly painted, & carpets cleaned. Secure and safe Underground parking. 6 appliances: washer, dryer, built-in microwave, refrigerator, stove and dishwasher. Call to book your viewing!

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Apartment For Sale in Main South, Penticton

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Plenty of natural light, floor to ceiling windows in the living room

•  950 sqft , 2 bath , 2 bdrm apartment – FOR SALE  CAD444,900 . This immaculately kept, NE corner home  MLS® 193987

This immaculately kept, NE corner home offers 950 sq. ft. comprising of 2 bedrooms and 2 bathrooms. Notable features of this home are; plenty of natural light, floor to ceiling windows in the living room, open and nice flowing living space for easy entertaining, cozy balcony off of living room, well laid out kitchen w/sit up island, cozy gas fireplace, upgraded window coverings, spacious master with double closets and 3pc ensuite. This home also has a 5×8 storage locker located on the second floor and one secure, heated underground parking stall (#12). There is even a place for your pet to burn off some pent-up energy! All this conveniently located across the street from Cherry Lane Mall. No age restrictions, 2 pets permitted w/restrictions, 3-month min rentals. All measurements are approx.-Buyer to verify if important.

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Apartment For Sale in Okanagan Falls

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Invest in a fantastic vacation rental property

•  1029 sqft , 1 bath , 2 bdrm apartment – FOR SALE  CAD349,900 . Okanagan Falls Skaha Lakeview MLS® 192209

Okanagan Falls Skaha Lakeview – Top Floor 2 Bedroom Condo.Is it time to create your weekend or summer retreat, invest in a fantastic vacation rental property or buy your first home? Welcome to your piece of paradise – set at the southern shore of Skaha Lake, just steps to parks and beaches. This very well kept Top floor Lakeview condo in OK Falls, just 12 minutes from Penticton. 2 bedroom and 1 bathroom, with large open living space. Steps to Skaha Lake, beach and shopping. You can move right in or buy for investment and rent out. No age or rental restrictions, you can do short term or vacation rentals. Enjoy all that the Okanagan has to offer, walk to the beach, close to lake, KVR trail, Wineries, Golf and short drive to Penticton. This is a great opportunity to own in the South Okanagan. All measurements are approximate. Please contact the listing REALTOR® or your agent for further details or to book your private viewing.

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Single Story For Sale in Main South, Penticton

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Bright and open living/dining and kitchen space

•  1772 sqft , 3 bath , 3 bdrm single story – FOR SALE  CAD599,900 . Brand New Kitchen with Quartz counter tops MLS® 191288

Built in 2007, 3 bedroom, 3 bathrooms, end unit townhouse. This home has it all with brand New Kitchen with Quartz counter tops, quality finishings, including stainless steel appliances, bright and open living/dining and kitchen space, gas fireplace, forced air furnace, double garage, and a fully fenced yard with Hot Tub. The upper level features a gorgeous spacious Primary Suite with a walk-in closet and an ensuite with large corner soaker tub as well as two additional good-sized bedrooms and a second full bath. There’s also a large crawl space, perfect for storage. This very spacious home is ready for a growing family. Contact us today for more information or to book your private viewing.

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Apartment For Sale in Okanagan Falls

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Invest in a fantastic vacation rental property

•  1029 sqft , 1 bath , 21 bdrm apartment – FOR SALE  CAD329,900 . Okanagan Falls Skaha Lakeview MLS® 191004

Okanagan Falls Skaha Lakeview – Top Floor 2 Bedroom Condo.Is it time to create your weekend or summer retreat, invest in a fantastic vacation rental property or buy your first home? Welcome to your piece of paradise – set at the southern shore of Skaha Lake, just steps to parks and beaches. This very well kept Top floor Lakeview condo in OK Falls, just 12 minutes from Penticton. 2 bedroom and 1 bathroom, with large open living space. Steps to Skaha Lake, beach and shopping. You can move right in or buy for investment and rent out. No age or rental restrictions, you can do short term or vacation rentals. Enjoy all that the Okanagan has to offer, walk to the beach, close to lake, KVR trail, Wineries, Golf and short drive to Penticton. This is a great opportunity to own in the South Okanagan. All measurements are approximate. Please contact the listing REALTOR® or your agent for further details or to book your private viewing.

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Apartment For Sale in Okanagan Falls, Okanagan Falls

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Top Floor 2 Bedroom Condo.

•  1029 sqft , 1 bath , 2 bdrm apartment – FOR SALE  CAD329,900 . Okanagan Falls Skaha Lakeview MLS® 189760

Okanagan Falls Skaha Lakeview – Top Floor 2 Bedroom Condo. Is it time to create your weekend or summer retreat, invest in a fantastic vacation rental property or buy your first home? Welcome to your piece of paradise – set at the southern shore of Skaha Lake, just steps to parks and beaches. This very well kept Top floor Lakeview condo in OK Falls, just 12 minutes from Penticton. 2 bedroom and 1 bathroom, with large open living space. Steps to Skaha Lake, beach and shopping. You can move right in or buy for investment and rent out. No age or rental restrictions, you can do short term or vacation rentals. Enjoy all that the Okanagan has to offer, walk to the beach, close to lake, KVR trail, Wineries, Golf and short drive to Penticton. This is a great opportunity to own in the South Okanagan. All measurements are approximate. Please contact the listing REALTOR® or your agent for further details or to book your private viewing.

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Apartment For Sale in Main North, Penticton

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Natural lighting in this home is splendid owing to 9 ft ceilings

•  1194 sqft , 2 bath , 2 bdrm apartment – FOR SALE  CAD299,900 . 1194 sq ft the rooms are spacious MLS® 183768

Top floor north facing unit with great mountain views at the Scottsdale offers a central location. At 1194 sq ft the rooms are spacious & professionally freshly painted. Lovely gas fireplace and cozy in floor radiant heat which is included in the strata fee. The natural lighting in this home is splendid owing to 9 ft ceilings & vaulted ceiling in the kitchen eating areas. There is also a separate formal dining area. A generous master bedroom with walk-in closet and en-suite bathroom. Second BD is at the opposite side of the suite which adds to the privacy as well as another full bathroom. Laundry room w front loading washer/dryer. All appliances & window coverings included. Large north facing patio is cool enough in the evenings that you can fire up your gas barbecue with the hook up provided. Storage locker is just down the hall. Guest suite available for your out of town visitors. One underground secured parking included. 55+ with no Rentals & small pet allowed upon approval.

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