Here is the market statistics for the month of August, 2024.
The objective of this monthly report is to give you unbiased and objective information about the housing market in Penticton and the surrounding area.
When you review the most recent stats, you'll be able to make informed decisions that will positively affect your homeselling/buying experience. If for any reason you are unable to make heads or tails of these reports, please email me and I will send you the full reports.
Currently inventory of homes for sale has exploded and has increased 33.9% from the same time last year.
Now, with anticipation of interest rates going below 4.25%, and possibly as low as 3.5% buyers on the sidelines are starting to buy. This will consume the existing inventory and start driving prices up.
There is still a huge demand for homes here which will continue in the years ahead, its just that buyers are waiting now for lower interest rates or lower prices to be able to buy more home. Buyers have become accustomed to a certain quality level of home for their money and without lower interest rates they are forced to look at lower quality homes for their money, which is hard to do.
What is worse is sitting on the side lines. Because interest rates are higher now, so too is selection and once interest rates continue to fall, this selection will diminish and prices will start their upward trajectory again.
If you are thinking of making a move, buying or selling, give me a call today so I can give you an accurate picture of how the market will affect your plans.
You can call me anytime at 250.488.0678 for a FREE Home Evaluation. As it's name implies, this is a no cost, no obligation way of learning what your home could sell for in today's market.
