Understanding the Kelowna Market

The Kelowna real estate market it hot and, and as a seller,  this is best time to be selling a home.  But in this hot market, what does that mean for Buyers when buying a home in Kelowna.  Quincy Vrecko and Associates is here to help you understand the current Kelowna real estate market.

What is a Sellers’ market?

Kelowna real estate agent greeting couple outside Kelowna home

Are we in a sellers market?

A Seller’s market is created when market conditions become more favorable to a seller rather than a buyer.  These conditions are mainly created due to a lack of homes for sale in Kelowna.  The buyer demand remains strong with an influx of people relocating to Kelowna from the Lower Mainland and Alberta putting pressure on an already tight Kelowna real estate market.  Homes in Kelowna are selling quickly and for top dollar due to these conditions, making it the best the time to be selling your home.  With a forecast of strong sales for 2017, this would be a good time for buyers to be investing in real estate.

How do get multiple offers when listing your home for sale?

Many sellers want to take advantage of this hot Kelowna real estate market and choose to list their homes in order to generate multiple offers.  When listing your home in this competitive market, you need the help of an experienced real estate agent to properly market your home to sell for top dollar in this aggressive market.  The team at Quincy Vrecko and Associates have years of experience marketing homes that generate multiple offers situations and can guide you through the process.

How do you compete in a multiple offer situation?

A seller’s market can generate multiple offer situations.  This is where buyers competing with other buyers for the same home.  With a lack of inventory in Kelowna real estate listings, this is becoming more are more common.  The most important thing you can do as a buyer to prepare for these situations. Have a professional real estate agent with experience in dealing with multiple offer situations on your side.  This can make the difference whether or not you are the winning offer on the home.  The team at Quincy Vrecko and Associates have agents who have won out on competing bids due to their experience and techniques in dealing with multiple offer situations. This complicated offer presentation takes skill of a professional real estate agent working for the buyer.

couple standing outside sold home

Low Inventory?

What does low inventory have to do market conditions in Kelowna real estate?

A low inventory of homes for sale in Kelowna and surrounding areas has direct effect on the current market conditions.  Buyers interest continues to climb putting more demand on the Kelowna real estate market creating what many call a frenzy.  Homes in Kelowna are selling for top dollar and in a very short period of time.  Particularly those for homes listed under $650,000.  With current market conditions, there would need be a considerable influx of new inventory to change it to a more balanced market.

Whether you are buying or selling real estate, navigating through this complicated market can be overwhelming. Hire a professional Kelowna real estate agent who is going to look after your needs. Also give you the advice to make the best decision.  The team at Quincy Vrecko and Associates have agents with experience working in a sellers market and dealing with multiple offers.  Work with one of our agents on your next real estate transaction. See firsthand the difference we offer, call the team at Quincy Vrecko today 778-760-2860!