The trend for the past few months is continuing with 40 Kelowna residential sales in last week including 3 of them over $1 million. These high end homes are on Devonian and Uplands in Upper Mission and Bennett Rd. up in McKinley Landing. The same week in 2009 was 52 homes selling.
There are 115 homes for sale in the Lower Mission area of Kelowna and the 1 sale recorded last week on Turner was for $405,000. This is certainly a reasonable price for this neighborhood, being so close to such good elementary, middle, french immersion and high schools. This particular home though was originally listed at $495,000 and the price was reduced slowly until it finally sold. This is certainly an eye opening lesson for the 115 homeowners trying to sell right now in this sought after area.
What is the correct price to list your home? How long should you wait until you reduce your price? Many owners wait too long and by the time they reduce their price to where the market value is the buyers are no longer looking as the listing has become stale or they think that because it has been on the market for so long there is something wrong with it. Having a professional evaluation showing the true comparable s to your home can help you see the actual value of the home and what price that the market will bare. When you overprice your home, no matter what neighborhood you live in, you will get some showings in the beginning of the listing but the Realtors and their buyers are also looking at other homes in the same price range. If the other homes are in better condition or have more square footage in the home or in the lot they will receive an offer before you do.