Is it wise to buy or sell a Kelowna home this year?
Timeless questions most of us have face head on. It’s important to know that selling a home in Kelowna is relatively easy. We’re not a one industry resource town with an imminent mill closure and almost every property can sell if priced reasonably. True, high end lakeshore homes and swanky high-rise condos are more dependent on outside money but let’s not worry about those guys here. They are usually better able to face market slowdowns than the rest of us.
Time to Sell?
Should I sell this year? Sure, our housing market fluctuates depending on the economy of Alberta, the ability of Chinese investors being able to take hard currency out of the country, the Vancouver housing market, federal and provincial regulations and interest rates. External factors are the same for everyone but generally a well priced home will sell in a timely fashion anywhere, anytime. The ’should I sell now’ decision ultimately depends on personal circumstances. If you have a higher paying job offer out of town, then yes. If your kids have grown up and moved out, then yes. These sorts of factors are considerably more important than trying to pinpoint than predicting what will happen with prices over the short term and this is the way it should be.
Time to Buy?
Should I buy a home this year? The average sale price five years ago in Kelowna, 2013, was $491,000 meaning owning a home was a wise choice. It’s over $700,000 now. Prices are determined by supply and demand and population numbers are expected to increase meaning in the long term prices have to go up. Will prices continue rising indefinitely? They always have. Will there be bumps along the way? Yes, prices fluctuate over the short term but if you’re investing in Kelowna over the long term this question is easy to answer. Taxes, home ownership costs and all the aggravation that comes with owning a home need to be factored into the equation but if you’re planning on living here full time then 2019 is as good a time as any to buy a home.
Thank you for reading and Happy New Year!