Okanagan Investment Property Update

Did you know that one of the biggest advantages to using a Realtor is our insurance?

It is mandatory that every Realtor licensed in the province of BC has what we call Errors and Omissions Insurance. Real Estate is one of the most tightly controlled industries in the country. There are all kinds of mandatory education and rules and laws and bylaws to follow. However, everyone makes mistakes. Our industry has set it up so that if a Realtor makes a mistake that is proven to cost a customer money our insurance is there to make the mistake right. When we are dealing with high end products like homes sometimes those mistakes can be costly. We had a case last year where it was a $35,000 mistake. If a Realtor was not involved either the buyer or seller would have had to pay that. It’s funny how no one would dream of driving a car without insurance but it seems acceptable to some to buy a house without it.

Looking to buy a home in the Okanagan Shuswap?  Beware of…

It`s interesting watching the Real Estate Market in the Okanagan Shuswap go through its cycle and the reactions of our beloved customers as they watch it. We have now stepped into a “I’m still worried about” phase. The housing market in the Okanagan Shuswap stopped going down and started leveling off in all 3 zones in the middle of 2012. Since then it has been in a slow gradual recovery consisting of decreasing inventory and increasing absorption and stabilizing of prices. We are now starting to see prices start to creep up. Prices are the last of 5 major statistics to start to change. However, it doesn’t matter how many indicators there are to show where the market is going we now hear the same phrase we heard in 2001 to 2003, “I’m still worried about…”; I’m still worried about the dollar, the US economy, the interest rates, inflated prices in Vancouver and a multitude of other fears. However, the Real Estate market is not like the stock market. It changes slowly and it is very local. It’s like a freight train. Very hard to get moving but once it does start moving it’s hard to stop. Investors are buying now. Give me a call to discuss some of the great opportunities we see for Okanagan investment property.

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Joel Ellams

Joel Ellams

CENTURY 21 Executives Realty Ltd.
Contact Me