Lower priced real estate on the move in Kelowna

Lower priced real estate on the move in Kelowna

On Behalf of Porter Ramsay LLP | May, 21, 2019 | Real Estate Law

Buyers are finally getting a break when it comes to purchasing a home. There are more affordable homes on the market when it comes to residential real estate in Kelowna, British Columbia. Despite other areas still feeling the slump, homes in the $500,000 area or less are beginning to move again by an increase of about 10% as opposed to the same time last year.

The pickings in this particular price range are slim, so buyers have been quick to snap them up. While Kelowna homes listed in excess of $1 million are sitting on the market for about 95 days, those in the lower price range are taking about 56 days to sell on average. As a result, there seems to be a glut of higher-end homes for sale in the area.

Currently, there are only 37 homes on the market in the lower price bracket while there are more than 300 homes listed for $1 million or more, which is causing some confusion for both buyers and sellers, according to a recent report. Buyers are wondering if they should wait to offer, while sellers are deciding whether to drop their selling prices or wait to see what the market has in store in the next few months. According to market analysts, prices are expected to drop in the next few years, but aren’t certain whether those drops will be drastic.

No matter what price sellers get for their properties and no matter what prices buyers buy properties for, all Kelowna real estate transactions require the assistance of a British Columbia lawyer experienced in real estate law. These contracts must abide by the laws of the province and a lawyer will ensure that they do. Whether on the buying or selling end of a real estate transaction, a lawyer will always have the best interests of his or her client at hand when it comes to purchases of sales of property.   

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