Is the Okanagan currently a buyer’s or a seller’s market? To answer that question let’s review each:
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.
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.
• 1726 sqft , 1 bath , 3 bdrm single story – FOR SALE CAD889,000 . Phenomenal Okanagan 180 degree Lakeview! MLS® 192161
in Lower Town, Summerland – Phenomenal Okanagan 180 degree Lakeview! Comfy, spacious, character home. Hardwood and tile on main floor. Sunny den off living room, open kitchen, 2 bedrooms plus den on main floor. Basement includes: 1 bedroom and 1 den, large workshop, outside entry. Large newer 10 x 28 deck and hot tub overlooking the Summerland Yacht Club and Okanagan Lake. Lots of Parking, room for your RV. Home is located on end of the street. New roof 2021. Large 0.27 acre lot.
• 1772 sqft , 3 bath , 3 bdrm single story – FOR SALE CAD599,900 . Brand New Kitchen with Quartz counter tops MLS® 191288
in Main South, Penticton –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.
• 1748 sqft , 3 bath , 3 bdrm duplex “Half” – FOR SALE CAD429,900 . Summerland 1/2 Duplex with no strata fees MLS® 188546
in Main Town, Summerland – Summerland 1/2 Duplex with no strata fees. Beautiful Mountain views, Situated in a great area within walking distance to downtown & quick access to the highway. Well maintained home on a quiet street. Updates include newer vinyl windows, exterior doors, furnace, roof, floors and more. This home has spacious living room, kitchen & dining area, 4 piece bath, super large master bedroom with 2 piece bath and office area. Downstairs you will find 2 bedrooms, family/games room, great storage, laundry room with separate sink and a 2 piece bath. Generous carport parking, with nicely landscaped front and back yard. Close to shopping, schools, and entertainment. All measurements approximate, buyer to verify. Call Listing Representative to book your private showing.
Presenting the award-winning Heaven’s Gate Winery.
• 5177 sqft , 3 bath , 3 bdrm 2 storey – FOR SALE CAD3,995,000 . Home to handcrafted, small-batch wines. MLS® 184670
in Summerland Rural, Summerland – In the Heart of Summerland lies a place so peaceful and alluring that it can only be described as Heaven on Earth. Once a thriving peach orchard, it is now home to handcrafted, small-batch wines made from 100% BC VQA grapes. The volcanic soils of Giant’s Head Mountain, hot summer days & the lake breeze consistently rolling through the vineyard help to create a distinct experience trapped in every bottle just waiting to be released. Presenting the award-winning Heaven’s Gate Winery, a stunning 10-acre, panoramic lake view property on popular Summerland Bottleneck Wine Route. Includes quality log constructed principal residence, detached log carriage home, BBQ gazebo perfect for events/entertaining & a welcoming tasting & sales building with public patio area. In addition, there is a fully licensed winery/manufacturing building; the upper level, a workshop /garage that holds all your toys & equipment & at the lower level you will find the infamous wine making room.Dup List 184672 SF. Listed By: ROYAL LEPAGE LOCATIONS WEST
• 1998 sqft , 2 bath , 3 bdrm single story – FOR SALE CAD769,000 . Summerland rural property, 27.25 acres MLS® 177802
in Summerland Rural – Summerland rural property, 27.25 acres. Well maintained 3 bedroom, 2 bath Country Rancher is almost 2000 square feet. Open concept living, hardwood flooring, spacious laundry room, large master with 4 pc ensuite. The home is heated by a wood burning fireplace inside, as well as a wood burning central boiler furnace outside. Your bills will never be cheaper! Custom cabinets and granite counter tops. Double carport, detached garage/workshop, loads of storage, all nestled on a very private lot. Great horse property. School Bus comes to end of road.
Stunning home on .68 acre, offers 4 bedrooms, 3 baths, dream updated kitchen
• 3150 sqft , 3 bath , 3 bdrm 2 storey – FOR SALE CAD879,900 . Panoramic views of Okanagan orchards MLS® 183291
in Summerland Rural, Summerland – Sunny Summerland Rural property. Panoramic views of Okanagan orchards and mountains! Stunning home on .68 acre, offers 4 bedrooms, 3 baths, dream updated kitchen with center island and breakfast nook! Loft style office. Huge 24’x25′ master suite offers 5 piece ensuite, walk in closet, study and its own private deck. Gorgeous outdoor areas with sheltered patios, amazing outdoor Kitchen and outdoor gas fireplace, solid deck with hot tub. 18’x24′ garage/workshop plus double carport, storage shed, beautiful grounds. New heat pump in 2016. One of a kind home, extensive wood finishings, quiet rural area close to gold, wineries and KVR trails.
The living space is bright and open with great use of skylights to soak in the natural light
• 1480 sqft , 2 bath , 3 bdrm single story – FOR SALE CAD499,900 . Summerland Beautiful Rancher plus basement MLS® 183227
in Summerland, Summerland – Downtown – Summerland Beautiful Rancher plus basement with separate entrance, 3 bedrooms (2 up and 1 down), 2 bathrooms, (1 up and 1 down) centrally located home in the heart of Summerland. Large 25×25 double garage w 220 and alley access. Pride of home ownership shows in this property. The main level has a large kitchen dining area with solid oak cabinets, sliding glass door to access your private covered patio and access to a beautifully maintained rear yard, where you will find some fruit trees, and gardening area. The living space is bright and open with great use of skylights to soak in the natural light. Downstairs is a self contained in-law suite (non-conforming) with a separate entrance. This property sits on a level landscaped lot with loads of parking, lane access, covered deck and close to all levels of schools.
• 1998 sqft , 2 bath , 3 bdrm single story – FOR SALE CAD799,000 . Summerland rural property, 27.25 acres MLS® 177802
in Summerland Rural, Summerland – Summerland rural property, 27.25 acres. Well maintained 3 bedroom, 2 bath Country Rancher is almost 2000 square feet. Open concept living, hardwood flooring, spacious laundry room, large master with 4 pc ensuite. The home is heated by a wood burning fireplace inside, as well as a wood burning central boiler furnace outside. Your bills will never be cheaper! Custom cabinets and granite counter tops. Double carport, detached garage/workshop, loads of storage, all nestled on a very private lot. Great horse property.