October Okanagan Real Estate Report

One of our market drivers is taking a turn. The Okanagan Real Estate Market will likely not feel it.

It's funny when one of the market drivers has an adjustment down the knee-jerk reaction from the press can be the sky is falling. The decrease in the price of oil has gone over the 30% mark since June. I'm sure this will be felt in Newfoundland, Labrador and Saskatchewan. However, the big question on everyone's mind in the Okanagan Shuswap Real Estate market is how will this affect our Alberta buyers? In the last year we have seen a 9% increase in home buyers from Alberta compared to all other sources.  It has been a substantial factor in our local recovering housing market. Will this drop in oil make a difference? Rather than jump to conclusions let's broaden our view a bit to take in a larger spectrum of reality. Unemployment in Canada dropped to 6.8% in September, a 6 year low. The slowly decreasing value of our loonie creates a better export environment and therefore counteracts the drop in oil prices. Lastly, even though people in Alberta are a little nervous about the value of their cherished black gold, it is still above the 5 year average. I don't think one change in a market driver will reroute the economy or the Real Estate Market. However, it is good reminder to pay attention.

Did you know that Realtors who use professional photographers get more money for their sellers?

There have been a number of studies done on this. The latest is a study done by a company called REDFIN( Real Estate Redefined). This study stated that houses that the Realtor hired a professional photographer sold faster and for an average of $3,400 to $11,200 more money. You may ask, "How can that be? There is an old adage in our business that is still true today, "Sale Price = Exposure". Think of an auction with your house and 1,000 other houses for sale and only 3 people in the audience. Your house is worthless. Conversely, think of your house with 3 others and 1,000 people in the audience. The latter situation would undoubtedly get more money for your home than the former situation. When people look at a home online that is portrayed as best as possible, with professional photographs they are more likely to want to see it. This means more showings, more exposure, more money.  Currently, Century 21 are the only company in the Okanagan that has a full time professional photographer on staff. If you are looking to buy take advantage of our computerized home finder system. If you are looking to sell call me for a free market evaluation.

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Joel Ellams

Joel Ellams

CENTURY 21 Executives Realty Ltd.
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