3 BIG Signs It’s Time to Buy a Home (like, right now)
Have you been thinking about buying a home in the BC Okanagan Valley before 2023 comes to an end? If so, you’ve probably been waiting for a sign from the Universe to tell you that it’s time to do so. Sometimes signs of this nature are subtle, while others smack people upside the head. Right now, we’ve got three of the latter on deck to motivate you into getting pre-approved on a mortgage immediately. There’s nothing subtle about the three things that are happening in Okanagan BC real estate news at this very moment. Read ahead (quickly) and call us at 250.493.9111 the minute you’re done.
3 Things that Are Happening in Okanagan BC Real Estate Right Now That Tell New Buyers to Get Pre-Approved on a Mortgage Right Away
Sign 1: Total Year-Over-Year Home Sales Have Dropped
The Association of Interior Realtors reports that as we enter the fourth and final quarter of 2023, total sales of residential properties across the Okanagan fell significantly. Last month’s sales fell to 476 properties, which is down from 555 at the exact same month last year. That’s a near 15% drop which is very significant in real estate terms. With home sales falling, you’d better believe that sellers are concerned that they may not be able to unload their properties before the annum comes to its end. They are motivated to sell and will more than likely reduce prices accordingly.
Sign 2: Total Value of Housing Deals Have Dropped
The Association of Interior Realtors also reports that as we enter the fourth and final quarter of 2023, total value of Okanagan housing deals last month came in at over $355 million, which is down from over $476 million from the exact same period last year. That’s a near 25% drop which is even more concerning for sellers (but not you) who were once getting top dollar for real estate in the Okanagan Valley. Once agin, they will be highly motivated to sell today out of fear that the value of housing deals (what they can get for their homes, essentially) will fall even further as the year comes to a close. They have little choice but to drop their asking prices.
Sign 3: Total Inventory Has Increased
Lastly (for today’s purposes) the Association of Interior Realtors also reports that the number of active listings increased to 4,466 properties available on the Okanagan BC market. Last year, during the same period, there were 3,644 properties on offer. That’s a more than 22% increase in available inventory. If you recall, low inventory is what has been driving up the price of Okanagan real estate over the last year and then some. For the first time in a long time the tides have turned in favor of buyers when it comes to inventory. This increased supply demands that sellers will drop prices. In addition, they will be more willing to give way on other concessions, such as covering closing costs and throwing in extras (furnishings, renovations, etc.) as desired by sellers.
All signs point to the fact that NOW is the time for new buyers to enter the Okanagan BC market before 2023 is done and dusted. Get pre-approved today and call 250.493.9111 right away for a friendly conversation about what Carloni Mortgage Brokers will do for you.