If you have thought about selling this year but caught with the catch 22 of where do you live with nothing on the market?
This week's blog is for you!
The image above illustrates the current market. This past 7 days there have been 131 new listings and 133 sold. In the last 10 years, we have never had this low inventory. Low-interest rates and high relocation rates which has made up around 50% of the buyers in Central Okanagan through 2020 are creating one of the strongest seller's markets.
Currently, there are only 897 total listings in the entire Central Okanagan:
- 161 of them are lots.
- 410 single-family homes and
- 284 strata properties
We don't know how many of these homes have accepted offers but based on the last couple of weeks of sales I would guess around 6-10% at any given time have an accepted offer on them.
As a seller in such a seller's market, the seller can dictate the terms of the contract to make it benefit them which is not only on price. With the low inventory, there is a concern about where do you move to? There is no inventory and it is making it tough on buyers. That has been the story of the last year especially and has been most of my talk with people who are thinking about selling.
There are ways to protect sellers to ensure they are not left homeless. Every situation is different and we have ways to protect each client to fit what they need whether it is making each offer subject to a seller finding a home within sixty or ninety days. In some situations just making the possession date 6 months out, or believe it or not, we have been done a couple by reaching an agreement that the seller gets to rent back the home for a certain period of time even after the 60-90 day possession from the agreement. My job is to protect my clients and there are different we can protect you in this market ensuring no one is left homeless and you still hold the power.
If you have your eyes set on something specific, let me know I am more than happy to door knock for you and see if we can create a match while your poking around which is sure to expedite the home buying process.
If it has been on your mind to sell in 2022, in my opinion, February or early March will be your best opportunity to sell based on supply and demand, right before the spring rush of listings would allow your home to stand out to more eyes than likely ever before. Obviously, we don’t know what the future has in store, Covid taught us that, but you could also be positioned in a strong seller's market to make solid offers on your next home as the majority of new listings come out between March 15th and May 15th by already having your home sold and either an extended possession period or even a subject to selling your home clause which keeps the ball in your court whether you move or not.
Everyone is in a different position, if it has been on your mind, give me a call or send me an email and we can go over what makes sense for you, which may also be to not sell right now if in your situation it doesn’t make sense.
Have a great week!
Mark Coons
250.801.0361