An Excellent Time to Buy or Sell

By incorporating the right strategy this is still an excellent time to buy or sell a home. I make this statement despite the fact that recent stats are definitely showing that the market has slowed. After all the Kootenay Real Estate Board has just reported a 69% increase in current inventory. The result of a 33.8% slow down in sales and and a 24.8% increase in the number of listings.

But the future is not as bleak as it appears. Our adjusting real estate market is not a disaster. This correction is needed to help create a healthier, balanced market.

For Sellers current market conditions simply means that they must price their home right. Sellers must accept that their house will not sell for as much as it would have last year and that to influence a quick sale, the really anxious seller may even have to further reduce the price. Properties are now taking longer to sell. Pricing a property correctly is still the best way to reduce the stress of selling.

In addition to selecting an appropriate asking price, the condition of the property is key to achieving the quickest sale for the highest price and most favorable terms. Staging is now more critical then in previous years when a house in any condition would sell quickly just because there was nothing else available. Today sellers need to remove clutter and make repairs. A well maintained and well presented home will out sell the properties where work has been deferred. The balance of power has levelled but sellers still maintain control of the condition and price of a property.

For buyers the new market conditions provides them with the time that they need to make an informed decision. I never enjoyed having to say to a buyer, "if you like this house you will need to act quickly, by tomorrow it will likely be sold." But that was the reality of the 2005-2007 Nelson, BC real estate market.

The reality for buyers in 2008 is no pressure to compete, an increase in supply and time to consider a purchase rationally. Now is the time for buyers to seriously consider purchasing a home.