We are all so happy to see the days getting longer, and finally, Spring is in the air. The last year has been a real challenge for all of us. COVID-19 changed all our lives. However, with the better weather and the arrival of several vaccines, things are looking much brighter.
Kelowna will continue to be one of the most beautiful and desirable communities to live in in Canada. Both Canadians and families from other countries will continue to decide to live here. Real estate may continue to stay in demand in 2021, which could lead to possible continuing price increases.
Deciding on the best time to sell your home is a very personal decision. Many factors must be considered before you make the final decision. One of the factors is where you will be living next? During this process, it is essential to work with a Real Estate Agent, REALTOR®. Another factor to consider is the BC Speculation and Vacancy Tax declaration. The tax rate is 2% of the BC property tax assessed value for foreign owners and satellite families and 0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family.
One of the pandemic’s unexpected impacts has been the increased number of Canadians, Americans and others who have moved to the area. The home prices in Vancouver and Toronto are continuing to skyrocket. It is very appealing to sell your home in one of these markets, then buy a beautiful home in Kelowna and still have lots of money in your pocket. This has helped to maintain the steady increase in value in the Kelowna area. This may increase as the impact of COVID-19 is reduced. The low levels of inventory are expected for the rest of the year.
The prospects for Kelowna’s housing market in 2021 will also be affected by the length of the current COVID-19 Public Health measures and the vaccines’ effectiveness. We will not be back to a pre-COVID-19 “normal’ for many months.
If you have decided to sell, Spring is always the best time of year. The buyers are very motivated, and the number of homes sold usually increases in the Spring. By listing your house for sale at the end of Winter, you will be attracting the largest number of buyers. Some sellers wait for full-fledged Spring to arrive to put their homes on the market. In Real Estate, “Spring” starts in late Winter. The Spring Real Estate market is the longest of the year, until the end of June when people are focused on their holidays.
#1 Spring Weather
During the Winter and with the pandemic, many people have stayed home. Now buyers are checking the online listings and driving around potential neighbourhoods. With the longer days and the sun shining, people start to appear from their homes and want to visualize the summer ahead in their new home. They can now see the condo or house, including the gardens, landscaping and what the neighbourhood looks like.
#2 Better Time to Look for A Home
Spring is the most popular time to look for a home. As we move into summer, people focus on their holidays, especially this summer. They will wait for Autumn to look at buying a new home and getting back to school. Then in the Winter, families are busy with holidays. In the Spring, families have fewer commitments and a little more time to shop for a home and move.
#3 Increased Home Value
If you have owned your home for just a few years, you will have seen the value increase. This tax-free gain in your home can be used to downsize, move within the area, prepare for retirement, purchase a new car, or investment property.
#4 Better Time to Move
It is much more comfortable for both buyers and sellers to move in the Spring. When a Spring home is listed and sold early, possession can be later in the Spring, making moving much more manageable. For help with organizing your move visit our Helping you Move post.
#5 Fewer Homes Sold
In the next few months, if house and condo prices increase, fewer buyers may be able to afford the higher mortgage, taxes, and household expenses. As the economy improves this year, interest rates for mortgages may slowly increase, making homeownership more expensive and possibly reducing the rate of increase in home prices.
There are many reasons why listing your home in the Spring is the best decision you can make. The steady increase in Kelowna homes’ value is expected to continue and probably increase in a post-pandemic world. On the other hand, interest rates, including mortgages, will eventually rise, putting more homes out of the reach of prospective home buyers. Spring has been the best time of year to sell a house in Kelowna for many years. If you have worked with a Real Estate Agent, REALTOR®. and decided to sell your home, you should move as quickly as you can. Good luck