The reasons to buy a home in the Central Okanagan keep getting better!

As a Realtor® I am often asked questions such as:

"How's the Real Estate Market?", "Do you think the Real Estate Market will crash?" and my personal favorite "What do you think is going to happen in the Real Estate Market this year?"

The track record of those who try to forecast the ups and downs of any market is exceptionally poor, so let's consider what is factual about the current real estate market in Central Okanagan currently. Certainly, it is much more of a Buyer's market than we have seen in recent years. Sellers also are starting to recognize the change in market conditions and as a result are reducing their asking prices to where Buyers are willing to purchase their homes.

Here are 6 reasons why now is a great time to buy:

1) Home prices have dropped by 10-15% over this time last year making it more affordable to buy today.

2) Selection is better than it has been for a very long time. Chances are that you will find the home you have always dreamed of owning!

3) Interest rates have fallen significantly over the past months. Banks have now passed on these rate reductions to the consumer which makes getting a mortgage loan easier and more affordable.

4) Rental vacancy rates are still very favorable to landlords especially in Kelowna. It is now possible to have a smaller monthly mortgage payment then it would be to pay rent on a home in many cases today.

5) The Central Okanagan continues to be a destination city and a must visit is still the destination of choice for many people which means that real estate should continue to be a solid investment.

6) "Move Up" Buyers now find themselves in a great position. The price on their ideal home has likely dropped in the last year by a larger amount than their present home.

These are just some of the many reasons why NOW is the time to BUY!!!

Sincerely,

Jason Neumann