Thursday, August 26, 2010
Using RRSP's to get into your home
Thursday, August 5, 2010
Buyers' Market Deepens
Sellers need to concern themselves with the slower pace of sales. June 2009 versus June 2010 shows a 21% decrease. And, last year was not the best year for real estate in the Okanagan.
While overall sales are up 15% since 2009, we need to look deeper to find out what is happening. What you don't see from these simple statistics is that buyers are purchasing higher priced homes. Sales of homes over $600K have nearly doubled since June 2009 (85 in 2009 and 145 in 2010). Sales of homes under $360k remain flat.
If you factor in low interest rates and local economic factors, it appears that people with equity and solid income are moving, while first time buyers and entry level home buyers remain hesitant.
Town homes have been strong in certain regions and the residential home market is very competitive across all regions. Lot sales have not bounced back and perhaps the HST issue has held up this area - to me, pricing is the big issue. Apartments are becoming good buys in certain areas but caution is always warranted considering the data.
However, I believe that this market is rewarding. It will reward sellers with the guts to price aggressively and it will reward buyers who research and purchase with knowledge.
Whether you are buying or selling, you should act out of knowledge and a plan. Because, often the best real estate choices are made while others are sitting on the sidelines afraid to act. Moving up or in or buying investment, now is a good time to be looking!
While overall sales are up 15% since 2009, we need to look deeper to find out what is happening. What you don't see from these simple statistics is that buyers are purchasing higher priced homes. Sales of homes over $600K have nearly doubled since June 2009 (85 in 2009 and 145 in 2010). Sales of homes under $360k remain flat.
If you factor in low interest rates and local economic factors, it appears that people with equity and solid income are moving, while first time buyers and entry level home buyers remain hesitant.
Town homes have been strong in certain regions and the residential home market is very competitive across all regions. Lot sales have not bounced back and perhaps the HST issue has held up this area - to me, pricing is the big issue. Apartments are becoming good buys in certain areas but caution is always warranted considering the data.
However, I believe that this market is rewarding. It will reward sellers with the guts to price aggressively and it will reward buyers who research and purchase with knowledge.
Whether you are buying or selling, you should act out of knowledge and a plan. Because, often the best real estate choices are made while others are sitting on the sidelines afraid to act. Moving up or in or buying investment, now is a good time to be looking!
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