The October Buyer survey has shown some great factual information for future buyers in Kelowna.  Many would think that First time home buyers make up the bulk of the sales this year, you are right but the leader in October 2011 are move up buyers.

Move up buyers that have bought this year see the potential in moving up in home price and product in this type of market.  Since real estate has cooled off in Kelowna and home prices have  fallen, move up buyers realize that although they may have lost some equity, moving up to a larger more expensive home is the best option.

For example.  Let’s say the market has dropped 20% since the peak ( for easy figures)  The move up buyers home value went from $350,000 down to $280,000.  They found a home they like in their price range which is now listed at 599,900.  This home would have been listed in the peak at approx. $750,000.  Assuming both properties lost 20% of its value.  The buyer will lose $70,000 on their home but realize a purchase savings of $150,000 off this home at its peak.

The other interesting item to point out is almost 50% of all buyers were local.  Think what will happen when the Albertans come back in full force.  So remember, it’s all relative and buying real estate is a long term investment, and not just a  roof over your head.  Now is the best time to own your own home.

For more information on buying or selling please contact Darcy Nyrose from Nyrose & Assoicates of Coldwell Banker Horizon Realty.