Tired of the doom & gloom real estate stories!
Okay. I am really getting tired of all the doom and gloom stories in the media about the state of our current real estate market!
Yes, we experienced a real estate "boom" over the past 3-4 years. Yes, we are in more of a buyers market right now. Yes, we are returning to more of a "balanced" market...............but is it really all that bad? I don't think so..........
Sure the economics of supply and demand have finally taken effect. This is only natural however. More people were trying to sell and were jumping on the real estate band wagon. This increased our inventory of houses for sale by nearly 88% (Aug.'08 stats vs. Aug.'07)! In turn, we of course, decreased sales by nearly 55%!
This return to a more "normal" market is hard to get used to. Houses are taking longer to sell, Buyers can't purchase as quickly because their homes too are taking longer to move. Well, I think that the change is all a relief. What the media forgets to relay is the fact that it is a GREAT time to buy ! For Buyers, there is a lot of homes to choose from and many sellers are very, very motivated right now.
I believe that this is just a cycle and an evolution. What we seem to forget is that Kelowna is a world class destination and a world class resort city. People will still need to buy houses. People will still need to sell houses. Already even this month....we are seeing the number of listings on the market slowly start to decrease.
It may take some time for the high inventory to stabilize, prices to stabilize and Buyers to have confidence in the market again........but all in all it's not all doom and gloom! Go to my website for more information. www.BriggsOnHomes.com ~Jaime Briggs