Signs of Spring
Are everywhere! Bulbs creeping out of the ground and a rash of SOLD stickers on previously unblemished signs…that’s okay-we like it that way!
Affordability in the Okanagan is in high demand…and since that’s the segment I nearly always work in, it has meant a huge first quarter for myself and my clients.
Pricing and preparation are like chocolate and peanut butter-better together. A home simply can’t be too clean or too ready for market if you want to sell it quickly. I’ve been fortunate that all my sellers so far this year have been in complete agreement.
We are starting to see inventory levels climb to seasonal and predictable highs-so competition for buyers remain strong, and will continue to be more fierce. To balance it out-the buyers have started migrating from colder climates, and my love of all things Albertan has returned! I am looking forward to a balanced spring and summer market, with moderate price increases over last years dismal lows.
Small changes to lending policies concerning rental properties will make it a bit tougher to acquire a second or third investment home. After April, you will need to show a 20% down payment. Most people in the position of investing in another home will likely be able to satisfy this requirement, and for those of you feeling like you missed the boat- you just need to look at it from another angle. Keeping your current dwelling is likely easier to do than acquiring a new revenue property. ‘Moving on up” in the deflated market into a new home will only cost you the same 5% down payment as before - as long as it will be your new primary residence. So take the best advice I ever got - and continue to give - keep you first home if you are in a position to do so… when we do see the market rebound, your gains will double with minimal effort.
There are deals EVERYWHERE now, so if you want to head out shopping, call me and we’ll get to work !
Happy Spring!