The release of OMREB’s May Market News today shows that, similar to my teams experience this past month, sales were indeed slower in May than what we have been experiencing for 2010 thus far.

A strong buyers market continues in the Okanagan Homes priced right for todays market, like this one in the Upper Mission, have a better chance of selling.

After a flurry of action that really began in November and continued with only a slight pause in December right on through till April, May was a little quieter.

OMREB:  Central Okanagan May 2010 Market News

To summarize the highlights of the report, residential unit (home) sales were down this year over last (1%) and down 2% from last month but new listings were up 9%.  So, what does this mean?  Well, if you are looking to buy a home right now, you are in the drivers seat.  There is plenty of selection out there, especially for condo’s and single family homes.  For the most part, you will have alot of leverage to negotiate for the home that you want.  Competitively priced homes will sell faster so be prepared to move quick if you see a good deal.  Using a realtor will help break through the clutter and help to understand which homes are priced right.

For sellers, if your home has been on the market for a while with little or no action, it may be time to re-evaluate your strategy.  Talk to your realtor about a market evaluation for your area and home type, including a list of comparables that have SOLD (as opposed to what they are listed for).  It will be important that you price your home based on what the market will pay today.

If your home is priced competitively (based on comparables SOLD in your area), you can stick close to the price when offers come in.  While the Okanagan and Kelowna continues to recover from last year’s downturn, it will take some time for prices to stabilize.  I have found that if a home is priced based on what the market will pay, it will sell.

While many sellers want to list their home  high and then are willing to negotiate on offers, there is just too much inventory out there right now.  With so many quality alternatives at  market value prices, the offers won’t come.  A better strategy is to price your home based on comparables sold and the amount of inventory available in your area.  This strategy will stimulate more action from buyers that can actually afford your home and ideally, offers will follow.

As always, if you are thinking of buying or selling, give us a call!  As part of our Listing package, we offer complimentary consultations that include market evaluation for your area.