Real Estate News
Normalcy Returns to Buyers & Sellers With a Property in Penticton.
After a long, hot summer, real estate in the South Okanagan has gone through some significant changes. Since the beginning of 2022, real estate in Canada has undergone extreme highs and terminal lows. However, August presented buyers and sellers with a calmer market—one that has not been seen in a very long time. The excitement of more even sales conditions has allowed for more activity within the market. In this article, we will be going over a quick market update, followed by the latest market statistics (August 2022). Follow along below to discover more about this will affect buyers and sellers looking for a property in Penticton! How Will New Market Conditions Affect Those Buying/Selling a Property in Penticton? Summer has come to an end, and with it seems to be the rocky real estate conditions. The South The Association of Interior REALTORS® released the latest market statistics just a few weeks ago. These stats indicated that real estate within the South Okanagan is having increased activity. According to August’s residential home sales, it is likely that the future will remain steady. Market activity has shown signs of stability over the last few months and experts don’t expect this to stop in the coming months. In months, previous, real estate experts began to see signs of the market cooling off. This was much needed after months of record high prices and scarce inventory. Now, inventory is picking back up with more and more homes hitting the market. For buyers, this is good news. More inventory equals less competition and better prices. Because of this, many buyers are now coming out and looking for a home—both inside and outside the community. However, increased inventory also takes some of the pressure off of sellers. Much of the hesitation people felt to list their homes...
All That’s New With Properties for Sale in Penticton
Over the course of the summer, there have been some changes in the market for properties for sale in Penticton. It’s been quite the rollercoaster for Okanagan residents looking to buy and sell homes. However, there appears to be a bit of stability returning to real estate in South Okanagan. Moreover, Penticton has been working with Vancouver to add a new flight that will run between YYF and YVR. Learn more about the current market conditions of properties for sale in Penticton in this article. And, discover how new travel options in Penticton could affect the real estate market by reading the article below. Market Update for Properties for Sale in Penticton. As summer nears its end, cooler conditions in the housing market are finally starting to prove superior. The Association of Interior REALTORS announced July’s data on August 5th, 2022. The numbers have shown a dip in sales that reflect those during pre-pandemic times. Although, according to the association, it is not unusual for sales to drop off during the summer. However, it appears as though sales activity throughout the province was on the low side. This could be related to interest rate hikes, summer travel, and/or the break in school. For many people, the focus is on enjoying the summer now that many travel restrictions have been lifted. In South Okanagan, the biggest jump in price was in the townhome category. Townhouses jumped up 3.4% from last month (June). The average price is now sitting at a cool $552,000. Sales for townhomes are down 10% this month with only 18 units sold. Additionally, it took an average of 38 days for a townhome to sell. This is a 5% decrease from the previous year. Housing Stats Continued… As for single-family homes, sales were also down by 26% and only 77 houses were...
Market Stats for Properties in Penticton
When purchasing properties in Penticton, it is important to understand the current market conditions. By taking the time to read through housing statistics for your area, you are able to make more informed decisions about real estate. Especially, after such an unprecedented start to the Canadian real estate market in January of 2022. Canadian real estate prices were steadily growing until May in most provinces. However, it seems as though there has been a shift in trends since the Bank of Canada recently hiked its benchmark interest rate by a full percentage point. For more information on current market statistics in Penticton and influencing factors, continue reading the article below. Mortgage Rate Hikes Are Slowing Sales of Properties in Penticton. Residential real estate sales in the Southern Okanagan region have seen a significant decrease in June of 2022. This is likely due in response to the recent mortgage rate hikes by the Bank of Canada. The Association of Interior REALTORS® recorded 30.3% fewer sales year-over-year across the region during the month of June. The Bank of Canada announced earlier this year that interest rates would go up incrementally throughout 2022 to help combat soaring inflation rates. However, no one quite expected the most recent jump in interest. On Wednesday, July 13th, 2022, the Bank of Canada increased its benchmark interest rate to 2.5%. Thus, indicating the highest one-time interest rate hike since 1998. The bank’s decision to raise interest rates by a full point came about for a number of reasons. Namely, global inflation due to a slow in economy from factors like COVID-19, Russians invading Ukraine, and issues with supply worldwide. Consequently, prices have continued to grow, especially in industries like agriculture and energy. As such, interest rates are suspected to continue to rise for the rest of the year to help...
Mistakes to Avoid When Staging Your Penticton Property For Sale.
When you decide to sell your Penticton property for sale, it is likely that you already know the basics of how to get the home ready for a showing. Things like deep cleaning, decluttering and depersonalizing are known essentials. However, many people still make mistakes when it comes to staging their homes. Staging your home can be incredibly helpful in selling your home. Although, when done incorrectly, it can hinder your chances of securing an offer. In this article, we will be going through some of the most common staging pitfalls and how to avoid them. For more information continue reading the article below! Neglecting How Will Your Home Look in a Photo. More and more people are beginning their search for homes through the internet. In 2021, 41% of buyers started their search for real estate online before contacting an agent or looking for a home in person. This number accounts for a large portion of potential buyers. Which is why it is so important that you make sure your home looks great in a photo. Hiring a professional photographer is a must in today’s market conditions. As well as, a home that is staged with being photographed in mind. Photographers will most often frame their images around focal points in the room. For example, a fireplace, large window or some other stand-out feature. It is important to keep furniture away from these attributes so that the scale of your home comes across accurately in the pictures. Placing Furniture Incorrectly When Staging a Penticton Property For Sale. Placing furniture can be difficult. Especially when you’ve gotten used to having things a certain way in your home. However, one of the most common mistakes that people make is placing furniture the wrong way. The biggest example of this is angling your furniture. By...
How to Make Homes in Penticton Energy-Efficient?
Energy efficiency is a large factor in the cost of running your home. For most individuals, the costs associated with their home are where the majority of their monthly income goes. Houses require lots of maintenance and attention in order to stay in good working order. Ensuring that everything is running smoothly can be a big undertaking. Furthermore, if you want to make sure that your home is eco-friendly, you have to go one step further. Despite the cost of some environmentally friendly homes in Penticton, there are some cheaper routes that achieve the same goal. Going green does not need to break the bank. In fact, it is possible to make some eco-friendly changes on a budget! Some of these changes can even help you save money in the long run by conserving energy and cutting back on waste. Follow along below to learn about the cheapest green upgrades you do for your home. Hire a Professional to Complete an Energy Audit. The initial cost of having someone perform an energy audit on your home is worth it. Having this procedure done can help you determine what areas of your home need to be more energy-efficient. An expert will visit your home in order to test a variety of things. For example, how airtight your home is and use a thermographic scan to find out where you are losing heat. Once you have the results, you can come up with a solution to reduce energy waste in your home. Overall, the average home energy audit costs between $300 and $500 depending on the size of your home. While the initial cost may be a bit pricey, the long-term savings will add up much more quickly. However, if this is still too much for you to spend, there are some DIY...
Summer Activities Near Penticton Housing For Sale
If you are looking to move to Penticton this summer, there are tons of fun things to experience. Even as a longtime resident, there are always new things to explore in your own city. In this article, we will be going through a list of fun summer activities for every family member. You won’t have to worry about boredom when you purchase Penticton housing for sale! For more information on all of the awesome activities to try, follow along below! Activities to Get Your Exercise in Near Penticton Housing For Sale! Penticton is the place to live for those looking to get fit this summer. Thankfully, Penticton housing for sale is close to the most incredible outdoor playground! The outdoors in the Okanagan truly makes for the perfect gym. Penticton has some renowned hiking and biking trails that are a must-see. For instance, the Naramata Falls or the Skaha Bluffs. The Naramata Falls is a short hike about 18 minutes from Penticton’s city centre. These falls are truly a sight to behold – and most certainly Instagram-worthy! Furthermore, the Skaha Bluffs has plenty of hiking, biking, and climbing opportunities. The trails at this provincial park overlook both Skaha and Okanagan lake. Experience some great views and get your sweat on, with one of Penticton’s many trail systems. During the heat of the summer, residents of Penticton can visit one of two lakes for a refreshing swim! Both Okanagan Lake and Skaha Lake border the city of Penticton. This makes for an amazing summer of watersports and beach days. Rent or purchase a paddleboard and soak up the sunshine while on the water. You can find rentals at the beach or local watersport rental shops. For those looking to buy a paddleboard, kayak, or other watersport items, check out Facebook Marketplace. The beach...