Every homeowner is likely asking the same question "should I list my home?".
We'd love to say "YES". After all, with low interest rates, and an influx of out-of-town buyers and investors - there are a lot of buyers looking to purchase property in Kelowna right now. And, if more people listed, the market would balance out and buyers would have an easier time finding the right home.
But for some homeowners, it's risky to sell right now. With low inventory in both the real estate market and rental market, many homeowners are worried they'll have nowhere to live.
So, who should consider selling right now and who should wait?
It's a great time for investors to cash-out on their investment. Pricing across all categories is at all-time highs meaning investors have likely made money on their purchase. By selling any extra properties (not your primary residence), investors do not have to worry about finding a place to call home.
Those who are considering moving out-of-town
If you know you have an upcoming out-of-town move, you may want to consider listing your home to take advantage of the seller's market before more inventory hits. Factor in where you'll live until you make your move to ensure this is the right strategy.
You have a place to live and can wait to buy
If you have a place to live already lined up, now is a great time to sell your home. There's a saying "you buy and sell in the same market"; however, one way to make big wins in real estate is to sell in a seller's market and hold out on buying until we're in a balanced or even a buyer's market.
You're buying in a new development (and have a place to live before move-in)
There's an advantage to buying in a new development in a seller's market. There are often multiple similar homes available, and set pricing, meaning you don't have to worry so much about missing out. Kelowna has a lot of condos, townhomes and single family homes under construction or coming soon. If your new home purchase is nearing completion, it's the right time to sell your current home. Or, even if you're a ways out from moving in, as long as you can line up another place to live, it would be great timing to list now.
You can buy first
If you have the financial ability to purchase before you sell, you won't have to worry about not having a place to live when your home sells. You are then in a better position to time the conditions of your sale to match that of your new purchase, too.
With more buyers than listings right now, it's a stressful time to be a buyer. There are often many offers on the table for most homes on the market which raises prices and also can decrease the chance of winning the listing. It can take buyers several tries on several different homes before they are successful in their real estate purchase. And, they may have to make concessions when it comes to price, conditions and timing.
When you add in the threat of not finding the right home and potentially being homeless, it's even more stressful.
Kelowna's rental inventory is also low, which makes the threat of becoming 'homeless' all the more real.
Unless you can lock in a place to live before you list your home, you may find that you're better off remaining in your home until you can be in a better position to buy and sell, which will happen once inventory numbers rise.
It's paramount for more homes to hit the Kelowna real estate market. As exciting as mutliple offer situations and bidding wars can be, a more balanced playing field is better for everyone. If you're considering selling, let's chat and create a strategy to make best use of the current real estate market.