Okay, we have heard the term BUYER’S MARKET bandied around a bit lately here in the Okanagan. What, exactly is a buyer’s market when it comes to real estate?
A buyer’s market is when supply exceeds demand thus giving the purchasers an advantage over sellers when negotiating a purchase. One way to determine if it’s a buyer’s market or a seller’s market is to look at inventory, or the number of homes for sale.
According to the statistics from the Okanagan Mainline Real Estate Board or OMREB, the number of single family homes for sale in the month on August stood at 1,293.
If we look at the May 2019 statistics – which is usually considered the busy Spring market (when everyone lists their home for sale), we see that there were 1,259 homes listed for sale. When we look back at last year’s August inventory, there were fewer homes on the market but not by much 1,265. And, if you check August 2017, two years ago, there were only 958 homes listed for sale. Hmmmmm interesting…….
The problem with being a seller in a buyer’s market is that you may run the risk of sitting longer on the market or possibly having to adjust your price to attract a buyer. You are competing with more than usual homes for sale. It’s important that your home stands out!
Pricing according to the current market conditions is key but there are a few other ways to entice buyers through your front door. Here are tried and true methods of selling real estate.
Curb appeal (make sure your home’s front is a show stopper). Most people make up their minds in the first 10 seconds whether or not they like a home! It sounds quick but it’s a known subconscious response to the appearance.
Interior is spotless! Make sure your home presents it’s very best! Enlist the help of a stager or declutter company (most good agents will know the tricks of the trade too!) to depersonalize and clear the debris. Make sure everything is clean – windows too!
Advertising is very important too!- make sure your home is out there! Online presence and signage! Best of all, have a real person answering calls with real answers to questions about the property. Getting people through the door is also crucial because if the phone’s not ringing with appointment requests then something is wrong.
If you have questions about your own property or know someone who could benefit from our help – then give us a call any time – we will be happy to take great care of you and your family and friends during this buyer’s market and any market, here in the Okanagan.
Shannon & Tamara Stone