Are people paying the same price for a home in 2014 as they were in 2007, in the Vernon area?
Below is a graph of historical prices for real estate sales in the North Okanagan. Experts are predicting a shift from a buyer's market to a seller's market, here, in the Okanagan. That shift usually means a rise in sale prices. As you can see from this graph, the price has not really changed a lot over the years from the end of 2007 to now but this could be a correction from the incredible jump in sale prices from 2006 to 2008! You can see the sharp incline from 2004 to the first half of 2008, that boom had to have some sort of correction.
Are we getting poised for another boom? Probably not, but if you are thinking of buying, you may be better off to get your finances organized so that you can act quickly if you find the home you want. I don't believe prices are going to go down so that just leaves the other direction, for prices to go up, and we have seen a shortage of inventory in our area of the Okanagan. This goes towards leaning into a seller's market as well. Bottom line: Act now and inquire with your mortgage broker or banker to see what is possible for your future finances. Also, don't harm your credit score this holiday season by overspending on credit cards, you may regret it when you go to apply for that mortgage later.
Need more information of what is happening in the North Okanagan real estate market? Give us a call or keep checking our blog for valuable information regarding the home buying process. Visit our website http://www.thedonmillergroup.ca