Yes, it is a buyer's market in the Central Okanagan and Yes, it is actually a great time to sell. In fact the market is transitional - not really 100% buyer's market nor 100% seller's market. Actual sales prices are down slightly from the high of the late 2007 ( * just under 10% Nov 2007 vs. Nov 2012) yet many current asking prices are much higher than this number.
If seller's were to adjust their price en mass, I believe that you would see a spike in sales and in short order, sales would ramp up quickly.
What this means is that pricing and valuation is more important than ever. How do you ensure that you are paying a fair price for your new home or investment?
- View at least five comparable properties before making an offer
- Have your Realtor complete a quick CMA (Comparative Market Analysis) on the property you wish to purchase - they should be able to tell you what they believe a fair price to be
- For investments, calculate a CAP rate based upon the potential income of the property
- Do your research and have a definitive plan for your purchase
* statistics are deemed to be accurate, taken from OMREB