I think I am safe to say that unless you have been out of Canada for many months with no contact with the outside world (that actually sounds kind of nice!) or living in a cave, you probably know the real estate market is correcting, AGAIN! Inventory in the Okanagan is rising, sales are dropping and so are prices. So what are homeowners to do if they are trying to sell in this kind of market?? Here are the experiences of a couple of very wise sellers I have been working with.
I sat down with clients that want to sell their current home to downsize to something smaller with less yard work. After reviewing the market activity thus far, looking at the comparables and discussing their options in this declining market, we decided their best move was to take their home off the market and wait for recovery. They need to get top dollar for their home and that is just not going to happen right now. Wise choice!
The other seller I met with absolutely MUST sell their home for financial reasons. We reviewed the comparables, looked at the activity and decided they were “chasing the market”. This refers to a seller that continues to drop the price of their home but never quite enough to jump ahead of the declining market. My very wise sellers decided to get aggressive and get their home sold. We analyzed the stats and dropped their price significantly. Painful, but wise choice! Activity immediately went up and they received an offer inside of a week. Although they did not get the price they were hoping for, they did get out from under a heavy financial load and move forward with their lives.
A declining market is never easy for sellers. No showings, no offers, disappointment and frustration. Sellers need to decide if they really MUST sell or not.
But for buyers it is a great time! Lots of choices, terrific deals are out there, sellers are negotiable. And remember: THIS TOO SHALL PASS!
Derryanne Hubbard | Realtor
CENTURY 21 EXECUTIVES REALTY LTD.
2907 32nd Street Vernon, BC V1T 5M2
Office: 250.549.2103 | Fax: 250.549.2106