2014 Housing Market Continues to Look Bright
All signs point to a healthy housing market on the rise
House sales in the Okanagan continued to climb in 2013 compared to numbers from 2012 and house prices increased as well, in part because of a decreased inventory of houses available.
Sales activity for 2013 was up almost 14% from 2012 and inventory was down almost 7% from the previous year. Single family residential lead the way for number of sales followed by townhomes and condominiums. On a national level, the 2014 prognosis is also good, with the Canadian Real Estate Association predicting an increase in sales of 3.7% and a modest price increase of 2.3% to an average of $391,100.
What does this mean for you?
Less product means less competition. If supply remains lower and demand remains higher in 2014 then we should see some price appreciation in real estate for the first time in many years.
As a potential seller, it is a good time to get your house on the market. If it is priced competitively, there is a good chance it will sell in the current market. If you’re unsure what price to ask or even what your home is worth, one of our agents would be glad to evaluate the property for you and even talk about how you can stage your home to help it attract the buyer you want.
As a homebuyer, it is still your market. The Bank of Canada has pledged to keep interest rates low, which make it an ideal time to enter into a mortgage that will benefit you in the long term. Look for houses that fit your lifestyle needs and be prepared to bargain as there should be some negotiating room. Your dream home could be out there waiting and we would love to help you find it.