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 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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Townhouse For Sale in Uplands/ Redlands, Penticton

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Rancher with basement Over 2500 square feet on 2 levels

2528 sqft , 3 bath , 3 bdrm townhouse “2 Storey” – FOR SALE  CAD449,900 . Secure and private, walk to Okanagan Lake. MLS® 192038

Welcome to Cambie Meadows. Rancher with basement Over 2500 square feet on 2 levels, 3 bedroom, 3 bathrooms. A secure gated community located on a quiet no thru road close to Okanagan Lake, downtown and the KVR walking trail. This one owner home has a cozy family room off the kitchen with 2 patio doors and 2 decks to the beautifully landscaped grounds. Laundry is conveniently located on the main floor and the full basement has a perfect set up for your guests. One of only 2 units in the complex with an attached single garage. Lots of parking available. Secure and private, walk to Okanagan Lake. Home is in original condition, and needs some updating, bring your ideas, and colors. Sorry no pets, no rentals, and age is 55 Plus.

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Single Story For Sale in Okanagan Falls

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Beautiful family home resides in picturesque Kaleden

•  2155 sqft , 2 bath , 4 bdrm single story – FOR SALE  CAD679,000 . 1/4 acre, just 10 min from Penticton
MLS® 187716

This beautiful family home resides in picturesque Kaleden, on 1/4 acre, just 10 min from Penticton and a short drive to the beach. Excellent layout with all four bedrooms upstairs, a guest den on the main level, 2 bathrooms, large laundry room, and lots of space to entertain family and friends. Natural light flows throughout this home, and the spacious patio off the kitchen is an excellent place to enjoy that beautiful Okanagan sunshine! There is a 23′ x 22′ attached double garage, & extra room in the driveway to park the boat! Kaleden is a perfect spot to raise children with its own elementary school, quiet streets with pastoral settings, and yet close enough to all the amenities of Penticton. Contact your listing representative today to view!

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Lot-Land For Sale in Okanagan Falls, Kaleden

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Located in the prestigious Heritage Hills community

•  lot / land – FOR SALE  CAD199,000 . Dream a home on this spectacular land
MLS® 176652

Build your dream home on this spectacular Bare Land Strata Lot. Located in the prestigious Heritage Hills community on the east side of Skaha Lake. Phenomenal Lake, mountain and vineyard views. Nominal strata fees of $250.00 per year.

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