Where is the real estate market going in 2018? We have been blessed with amazing growth in home values over the last 3 years, fueled in part by low interest rates and easy access to money. 

Along comes 2018:  1) two interest rate hikes by the Bank of Canada and hints of further rate hikes 2) the introduction of the new mortgage stress test we are left analyzing where the market will go. 

In late 2017 the home sales market saw an increase in sales in the Central Okanagan driven largely by buyers trying to get in under the wire before the new mortgage stress test came into effect on January 1^st 2018.  

Sellers should expect the market to become more competitive with more homes on the market, taking longer to sell and at a reduced value.  

Buyers will move to a wait and see strategy hoping to put downward pressure on home sellers. More inventory = more competition for buyers which = lower prices. In theory anyway!

 The condominium market will remain strong as downsizers and retirees enter that market. Condo values in 2017 rose 13% year over year and will continue to increase but as we see new inventory enter the market prices will stabilize.

Gain the Selling Edge in 2018 

Having an Income suite. Having an income suite is one of the best features your home can have. This helps buyers regain some of their lost buying power with rental income.  This also exposes your home to a whole new group of upsizing and first time buyers. 

Upgrading or replacing big ticket items.  Things like Heating /Air, new roof, upgraded kitchen and bathrooms will place your home ahead of your competition. Under the new lending rules buyers have less access to money to do repair and upgrades once they move in. 

Pricing your home competitively to sell.  In 2016 & 2017, sellers could ask a premium price due to strong competition, multiple offers and low interest rates.  The days of over asking and hoping for an offer are over. 

Having a 7-point sales strategy and marketing plan. 

In today's new market to sell your home for top dollar you need to be aggressive and innovative.  The days of quick sales with multiple offers are numbered.

Get your home's current value. Safe and Free by visiting  www.HouseValuesKelowna.com

Full MLA access at www.DonRae.com