Where is the price of your home Vernon British Columbia going in the near future?

Home prices in Vernon BC are set to rise. That's a pretty bold statement. However we did a study about 8 years ago in 8 major centers across the country that taught us something very significant about predicting where Real Estate prices are going. The study showed that if there was a significant period of time of rising absorption and falling inventory about 6 to 18 months later there would be upward preasure on Home prices. Incidentally, the absorption rate is the percentage of total residential inventory that sells on a monthly basis. It is the best indicator of supply and demand of houses in the local Vernon Marketplace. Conversely if there was a significant period of time of falling absorption and rising inventory about 6 to 18 months later there would be downward preasure on prices. This trend was eveident in all 8 major centers across our country . In Toronto we could go back 30 uears because of the available data.So the question is, where are we in the Vernon BC Real Estate Market? In January of 2012 the inventory stopped rising and started to inch down and the absorption stopped falling and started to inch up. That was over 18 months ago and it is definitely a significant time period, The upward preasure that we have experieinced on Vernon BC housing prices so far is it simply that they have stopped going down. Some of the lower home prices in Vernon have actually started rising. What this translates to is that if you have just bought in Vernon you have made a great purchase. If you are going to buy a home in the near future; now is the time. 

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