If you are thinking of buying a home in Kelowna but your worried about the state of the current market keep these things in mind:
- Interest rates are incredibly low
- Inventory levels are incredibly high
-There are a lot of homes for sale so the competition is great....therefor deals are great and selection could not be better.
- Rental rates are very decent
-If you pick up a property as an investment it is a fine time to find a tenant and get a decent amount of rent from them...many people find they can still completely cover their mortgage with the rent they collect.
- Prices have been corrected
-Kelowna has seen the largest proportion of its price correction already. Places like Vancouver and Toronto have yet to see the bottom as far as prices go. Many people get confused with what is going on in the market because the media only seems to focus on the larger markets (Vancouver and Toronto). If you are looking for property in Kelowna you need to disregard the news and talk to the people who are working in the city and know first hand what is going on.
You really need to think Risk Vs. Reward. The rewards are great when you buy in a down market as everyone knows. The mind set when buying real estate should ALWAYS be think ‘long term.’ You can sometimes make money in the short term but don’t count on it.
If you are wanting to capitalize on the down market don’t wait too long just to save a small percentage because once things turn around it will be too late. You may lose a bit of equity right away BUT you will be able to lock into a great mortgage rate and have the highest number of potential homes to pick from...then you can rent the place out and start paying the place off right away....what good is saving 10k in equity if interest rates jump 5%?
There is no time like the present.....
Century 21 Assurance Realty Kelowna
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Office: (250) 869-0101
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