CENTRAL OKANAGAN STATISTICS – OMREB
Residential – Average Price $512,811 – Last year $479,714 – Increase 6.9%
Apartment – Average Price $315,707 – Last Year $278,559 -Incrreas 13.34%
Townhouse– Average Price $396,086 -Last Year $353,708 -Increase 11.98%
Listing Inventory Up 42.6% Units Sold Down 39.6%
The market is healthy but price sensitive. Some say, “You have to be lucky to sell”.
Luck is… “Where preparation meets opportunity!”
I was at a car show in Keremeos British Columbia recently and overheard a conversation between a Realtor and another person. “How is the Real Estate market these days?” Realtor…”It’s terrible!” No one is buying, everyone wants to sell and everything is for sale. No one can buy anymore because prices are too high.”
I thought to myself…I guess that person won’t be buying or selling through that REALTOR anytime soon.
I also thought…you should focus on what you want, not what you don’t want. You will attract what you focus on.
So…How is the Market?
Well, I am personally working with several groups of buyers.
- Repeat clients from 6 years ago. They are unfortunately splitting up. She has a good job in healthcare and can afford to buy their existing house. He is a welder and is pre-qualified for $400,000 – $450,000. Good jobs.
- Another repeat client – they have a private sale for their existing out of town property to a neighbor. They want a home in Lake Country with a lake view, approximately $600,000 – $700,000. He works for a door company and she works for Canada Post. Good jobs.
- Parents of a university student looking for an apartment near UBC Okanagan, price range $250,000 – $300,000. Parents are accountants. Good jobs.
- I recently completed a sale of a townhouse to a young couple expecting twins. They wanted to move close to their parents. He works for a warehouse company and she works for an insurance company. Price range $300,000 – $320,000. Both have Good jobs.
But, how can this be?The Realtor at the car show said “no one is buying”. I can hear you thinking, you’re just lucky! What is luck? … “Where preparation meets opportunity”
So…who can buy? People with good jobs. Let’s look at the Yellow Pages for good jobs. Accountants, bankers, airport employees, auto body, casinos, cell phones, chiropractors, city workers, doctors, dentists, environmental consultants, funeral homes, health care, lawyers, waste management, plus retirees and seniors, etc. etc. etc.
Life goes on. Peoples’ housing needs change. Houses will be bought and sold.
There are plenty of opportunities for those who are prepared. They will be lucky!Don’t wait to buy Real Estate – Buy Real Estate and wait!
Agent: Bert Chapman