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.
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
in Uplands/ Redlands, Penticton – 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.
Room sizes are generous and the floor plan would suit many.
• 2100 sqft , 4 bath , 3 bdrm 2 storey “Half Duplex” – FOR SALE CAD529,900 . Centrally located 1/2 duplex MLS® 191470
in Penticton Main North, Penticton This centrally located 1/2 duplex potentially 4 bedrooms, 4 bathrooms, 2100 sqft, offers more square footage than any other 1/2 duplex on the market in its price range. It is close to schools, shopping, parks, recreational facilities and the South Okanagan Events Center. There are 3 bedrooms, plus den/office, one full bath and two 1/2 baths on the upper floors. Room sizes are generous and the floor plan would suit many. The well laid out kitchen has an adjoining eating area and there is a very spacious living room. The basement is perfect for an in-law or adult child with a small kitchen (no stove), living room, one bedroom and 4pc bath and a separate entrance. Measurements are approximate.
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
in Okanagan Falls – 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!
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
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.
• 1078 sqft , 3 bath , 3 bdrm 2 storey – FOR SALE CAD425,000 . Reduced! MLS® 179491
in Penticton West, Penticton – Immaculate 3 bed 3 bath townhome built in 2015, shows like brand new! Unfinished basement with rough in for a 4th bathroom. Over 1,500 sq ft on 3 levels, nice porch/deck off the living room. Beautifully finished with Vinyl Planking floors and ceramic tile, custom color appliances. Heat pump with forced air furnace. Great central location close to schools, public transit and downtown. 8 blocks off Okanagan Lake, be a great Air BnB, No restrictions. Easy to show!