RomRealty

Tag: house

  • Rom’s Real Estate Market Opinion – July 2024

    Rom’s Real Estate Market Opinion – July 2024

    Okanagan Real Estate Review

    Welcome to the Real Estate Review for the interior of British Columbia for July of 2024.

    The market in the interior of British Columbia is maintaining a healthy balanced trajectory. The absorption is well within that 12 to 20% range, indicating that we have a level balanced market between supply and demand.

    Inventory is rising throughout the province and in fact throughout the country giving buyers more to look at and forcing sellers to be more competitive in their pricing. . This is a result of houses coming on the market because of some of the political changes throughout the province and the country combined with a decrease in demand compared to the last few years.

    Interest Rates

    The Bank of Canada reduced its rate by 25 basis points to 4.75% in the beginning of June. The bank has also said they will continue to inch the rates down as long as inflation stays in check. At last check inflation was 2.9% which is just .9% above the bank’s target rate of 2%. This brings some uncertainty about further rate decreases in the short term.

    A balanced market is a healthy Market. A boom or a bust creates volatility and is not good for either buyers or sellers. We will see this trend continue throughout the rest of 2024 and likely see the beginnings of a rise in 2025.

    As always, this is just the real estate world according to Rom. Contact me today for all of your real estate needs!

  • Rom’s Feb 2023 Real Estate Opinion

    Rom’s Feb 2023 Real Estate Opinion

    Okanagan Market Prediction

    Light at the end of the tunnel

    As we predicted last month, we see some fairly positive light at the end of the tunnel in the real estate market in the interior of British Columbia. This light is coming from 2 directions.

    Generally, the spring market in real estate starts when the weather breaks. The weather started to break in the last week of February. Open houses are getting busier with more and more people out looking at houses.

    Secondly, the Bank of Canada decided to hold interest rates steady. This is the first time the overnight lending rate has not risen since February of 2022. Most of the consumer interest rates are based on the overnight lending rate.

    Record high inflation is beginning to come down with Real Estate prices leading the way. Fuel and grocery prices are expected to inch down in 2023 as well.

    Sales are up!

    Real Estate sales in the Okanagan in February, although down from February of 2022, have increased substantially from January of 2023. The absorption figures, which is the best statistic to use when trying to predict the future of the local markets, has increased moderately in all three zones as well.

    Not so fast…

    I cannot say at this point that the downward trend is over. The market always rises in the spring. However, I can say that combined with the interest rates, the spring market seems to be opening up fairly early and we should have a fairly active spring market in the Okanagan.

    However, you always have to remember, that is just the real estate world according to Rom.

    Please remember, I am NEVER too busy for any of your referrals!

  • BEST PRICED 4 BEDROOM HOME IN KETTLE VALLEY!!

    BEST PRICED 4 BEDROOM HOME IN KETTLE VALLEY!!

    FOR SALE: 387 MCCARREN AVE, KELOWNA, BC

    NEW PRICE!! $719,900

    BEAUTIFUL RANCHER WITH WALK OUT BASEMENT FAMILY HOME IN DESIRABLE KETTLE VALLEY! EASILY USED AS AN IN-LAW SUITE OR AS AN EXTENSION OF THE UPSTAIRS LIVING SPACE. This rancher style home boasts 4 bedrooms plus a den, 3 full bathrooms, double size garage and 2 gas fireplaces. The large, open and bright great room features a dining area, spacious family room and kitchen with stainless steel appliances, large island with room to seat 4 and a walk-in pantry. The master suite includes a huge walk-in closet and en-suite with double vanity and separate soaker tub and shower. Downstairs has expansive space with a family room, 2 bedrooms and a full kitchen studio which is great for a home based business or a potential in-law suite.

    Recent upgrades completed this year include new interior paint, new carpets, brand new a/c unit, new exterior paint, new window coverings on the main floor, new backyard fencing, refinished hardwood floors and updated light fixtures. Walking distance to Chute Lake Elementary and amazing Quilchena Park. 3-4 minute drive to [brand new] Canyon Falls Middle School in The Ponds…Bring the family and move right in!

    For more images and information, please visit the Century 21 website here.