Penticton Real EstateEvery now and then an opportunity comes along that is too good to pass up. This is one of those times. Phase II of The Verana Okanagan is now available and they are priced to sell - below cost! Why rent, when you can buy? For a Limited Time Only - Units starting at $225,000! 1 Bedrooms Reduced by $50,000! 2 Bedrooms Reduced by $70,000! What’s happening in Penticton’s real estate market? Barb Davis of Front Street Realty says that for the past few months, the busiest market seems to be homes in the $250,000 to $450,000 range. A lot of these buyers are first time homeowners, taking advantage of the reduced prices and low interest rates. Meanwhile there hasn’t been as much movement in the higher end, but Davis says that seems to be changing. “We’re definitely starting to see some things happen,” she says, adding that it’s interesting to watch the market evolve. “There will be a certain area that doesn’t move at all for a while, and then there’s a sudden flurry of activity.” She cites the example of a higher-end home that had been listed for some time, awaiting offers. A couple had viewed it a few times while they considered their options. The day they put in an offer, they suddenly found themselves competing with other buyers. A few years ago, she says, there were bidding wars everywhere; properties were selling within days of being listed, sometimes for more than their list price. Today, homes are still selling fairly quickly provided they’re priced well. Buyers are looking for good value for their money, so they are taking a really good look at what they’re buying. They want to see that the house has been maintained, and they also seem nervous about renovating. Davis suggests some of this reluctance to tackle home improvements may be due to the parade of do-it-yourself disasters on popular television programs. She points out that these are geared toward entertaining us with their “worst case” scenarios, but while some renovations can open a can of worms, many projects aren’t that difficult. (On her own first foray into home ownership, Davis bought a fixer-upper and tackled the tile work and flooring herself.) There’s still a lot of value in fixing up a home while you’re living in it, she says—just make sure you have a home inspection before you buy to make sure it’s structurally sound. She also recommends that, even with the current low mortgage rates, buyers consult a mortgage broker or their bank to establish what they can comfortably afford. Real estate saw its ups and downs over the past year and a half, but Davis says she’s excited about the future: another area where properties are starting to move is Apex. “To me, it shows more confidence in the market.”
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