A Seller's Market in the North Okanagan
Within the North Okanagan,
the Real Estate world has shown astronomical changes within a short period of time. From the pandemic hitting our world, to uncertainty all around, we weren't sure how real estate was going to handle the abrupt changes in the economy. Surely enough, we were blown out of the water. The market took off and has showcased multitudes of scenarios that we've never experienced before (or at least in my time).
We understand that not everyone may know Real Estate terminology when we talk about a Seller's and Buyer's market. That being said, this blog post covers our current instalment of informational videos, explaining the definition of a Seller's Market and what that means in the North Okanagan.
What is a Seller's Market?
A Seller's Market is when there is low inventory of homes on the market, with a high demand on the buy side.
Currently in the North Okanagan, we are in a Seller's Market. Many homes are getting into multiple offer situations, and selling for over, or well above the asking price.
Right now is a great time to consider listing your home if you've been on the fence about it.
2021 vs. 2020
Let's dive into some interesting statistics. In February 2021, there were 140 Single Family homes listed for sale, with 126 of those homes selling. Compared to February 2020, there were 128 homes listed with only 64 of those homes selling. That's a dramatic difference; almost double from the previous year.
For Strata properties (this includes apartments, condo's, and townhomes), in February 2021 there were 74 listings with 62 of those listings selling. Compared to February 2020, there were 53 listings on the market, with 37 of those listings selling. Quite the difference in the market within the past year.
What do these statistics mean in a Seller's Market? Well, in February 2021, we had 188 total sales, with 50 of those sales going for over asking price, and 30 of the sales sold for full price.
Where are we going to go if we sell out house?
We get asked this question often, especially now as we are in a Seller's Market. Uncertainty floats around, but we have 3 strategies to help you!
We can put a condition in the contract that allows you time to find a home to purchase.
A possible lease back. The buyer purchases your property, but you have the opportunity to rent back the property for 2-6 months.
Long completion dates. Anywhere from 60 day to 120 days, allowing you time to find the right home and pack up your belongings.