is the real estate market going in 2018? We have been blessed with amazing
growth in home values over the last 3 years, fueled in part by low interest
rates and easy access to money.
comes 2018: 1) two interest rate hikes
by the Bank of Canada and hints of further rate hikes 2) the introduction of
the new mortgage stress test we are left analyzing where the market will go.
late 2017 the home sales market saw an increase in sales in the Central
Okanagan driven largely by buyers trying to get in under the wire before the
new mortgage stress test came into effect on January 1st 2018.
should expect the market to become more competitive with more homes on the
market, taking longer to sell and at a reduced value.
will move to a wait and see strategy hoping to put downward pressure on home
sellers. More inventory = more competition for buyers which = lower prices. In
The condominium market will remain strong as
downsizers and retirees enter that market. Condo values in 2017 rose 13% year
over year and will continue to increase but as we see new inventory enter the
market prices will stabilize.
Gain the Selling Edge in 2018
Having an Income
suite. Having an income suite is one of the best features your home can
have. This helps buyers regain some of their lost buying power with rental
income. This also exposes your home
to a whole new group of upsizing and first time buyers.
Upgrading or replacing big ticket
items. Things like Heating /Air, new roof, upgraded
kitchen and bathrooms will place your home ahead of your competition.
Under the new lending rules buyers have less access to money to do repair and
upgrades once they move in.
Pricing your home competitively to
sell. In 2016 & 2017, sellers could ask a premium
price due to strong competition, multiple offers and low interest rates. The days of over asking and hoping for an
offer are over.
Having a 7-point sales strategy and marketing
today's new market to sell your home for top dollar you need
to be aggressive and innovative. The
days of quick sales with multiple offers are numbered.
Get your home's current value. Safe
and Free by visiting www.HouseValuesKelowna.com
Full MLA access at www.DonRae.com