The current market for sellers

(Okanagan Real Estate Bord stats for June 2010)

Well...what can I say about the state of the market at the moment...its not very good. That about sums it up. We have the highest inventory levels EVER. That is right...we have never in the history of the Okanagan had more properties for sale. That combined with the fact that we are seeing the number of sales decline (they are down 20% from this time last year...and last year was not fun at all) means we are in for a soft remainder of the year. I am truly sorry that I do not have better news...It is sure an interesting thing though. We are certainly seeing signs that we are in a 'recovery' from the recession but it is an up and down sort of thing right now. Imagine yourself like the fish that was caught by the fisherman and then released...we have seen that fish and when it is put back in the water it rarely swims away right away...it sort slowly gets its bearings back...flops around for a while...maybe rolls on its side for a moment or two....then swims away...We did have a good start to the year then a slow down for a while. Then it picked up again in Spring now we are seeing the 'typical' Summer slowdown. Hst has come into play and that will make buyers back off a bit until they figure out that it does not need to scare them. We are now also seeing interest rates drop...thats certainly a good thing as all the buyers I was dealing with were a little scared that they were going to buy a home then see the rates climb to levels that would make it hard to pay the mortgage. At the end of the day my feelings (and my managers feeling...I was just chatting with him about this) are that we will be slow for the next three weeks then we will see a little more activity as we start to transition into early fall.
 
As I am sure you know real estate is an up and down industry. Things are slow for most everyone right now but things will pick up. Keep in mind as well that you just never know what will happen and when...it could take a few weeks or it could be tomorrow that an offer could come in.

Trever Florko

Trever Florko

Personal Real Estate Corporation
CENTURY 21 Assurance Realty Ltd.
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