Yes, the current real estate market is red hot, but what does that mean to you as a buyer or as a seller? What are your options? How do you navigate this crazy market to make it work for you?
The state of Real Estate: This real estate series is an inside look and professional advice on what the heck is going on in this 2021 market! The current real estate market is certainly interesting and unpredictable. The Kelowna real estate market is changing on a daily basis and is proving to be frustrating for both buyers and sellers. Where common catchphrases of this past year include the “new normal” and “social distancing”, in the real estate world, these phrases are “multiple offers” and “seller’s market”. However, one common phrase they both have in common …unprecedented.
“The New Normal”
How is this “new normal” changing the face of real estate as we know it? We reach out to each team member at Quincy Vrecko and Associates to discuss their professional thoughts on every aspect of how the market is changing and their experience with the current real estate market.
In this series we will cover:
• Multiple offers from the perspective of the buyer and the seller
• Relocating to Kelowna
• New home construction and lot sales
• Luxury housing market
• Condominiums and townhouses
Over the last year, the pandemic brought some unexpected changes. What was about to happen following the lockdown was clearly unpredictable to even to the best of those in the know. In March 2020, CMHC forecasted an 18% decrease in property values and warned of a crash in the real estate market.
What a difference a year makes…
Fast forward to March 2021 and the current real estate market is registering record-breaking sales week after week. With the average price of single-family homes hitting an astonishing $900 000 sellers are in the driver’s seat and buyers are being left in the dust.
As a seller, while the market is in your favor, you should not just have anyone representing your largest investment. Setting up the listing for success is the key to realizing the top dollar for your home. Photos and virtual tours are key tools to present your home not only with restrictions due to Covid but to a large number of out-of-town buyers. Currently, out-of-town buyers make up 41% of our overall homebuyers in the Okanagan.
If you are a buyer in this market, it is more important than ever to have proper representation. An experienced agent on your side making sure you have the upper hand at securing a property over other bidders. An experienced agent with a strong connection will give you the upper hand in getting you in the right home at the right place.
Check-in each week as we discuss topics related to the current real estate market situation and answer questions from buyers and sellers. We look to the experience and expertise of the team members at Quincy Vrecko and Associates, one of the top teams for Re/MAX Kelowna. Every team member will offer their advice and suggestions on how to stay sane in this truly crazy real estate market.