The Cost of Waiting
The Cost of Waiting
If you haven’t read my latest blog post yet, let’s bring you up to speed. Last month we talked about buyers and sellers both sitting on the fence, with buyers waiting for prices to soften and sellers waiting for stronger demand. But, here’s the thing about fences – eventually someone climbs over. Given the state of the market, both positions make sense, but things can shift quickly with a slight nudge. And with another one of Kelowna’s sought after summers about to start, that nudge might show up sooner than we think.
Buyers appear to be waiting for certainty, and who can blame them? Buying a home is a big investment, so waiting for more inventory, lower prices, and better opportunities is only natural, since these factors can understandably provide a lot of confidence. And while it’s certainly ideal to wait for the stars to align, a lot can happen while we’re waiting. After all, the sooner buyers decide to act, the sooner they end up with the best available listings (especially when the majority are playing it safe and hedging their bets).
On the other hand, sellers seem to be waiting for a similar alignment of circumstances, like pricing increases and greater demand in the market. But, once again, the cost of waiting might be the very thing that’s working against them. As market conditions change and improve, remember that these improvements are felt by everyone else. In other words, sometimes these ‘stalemate’ conditions can be quite favourable for those willing to lean into them.
The market changes gradually until it doesn’t, and when it does, it doesn’t exactly send you an invitation. At the end of the day, none of us have a crystal ball (but it would sure come in handy!) so the waiting game for a better offer, listing or opportunity isn’t always a sure thing – especially if the rest of the market is waiting with you. Whether you’re buying or selling, the goal isn’t to perfectly time the market. The goal is to find the best balance of personal circumstances and market conditions. After all, it’s not a question of if the market’s going to change, it’s a question of when. Will you still be sitting on the fence when it does?
Additional Reading
Both Sides of the Fence
March was a really positive start to the spring in the Kelowna housing market, with sales for townhomes, condos and single-family homes all showing increases compared to February. Coupled with this bump in sales activity, average and median prices for single-family...
Return of the Short Term Rental
After plenty of anticipation, short term rental restrictions may finally be changing in Kelowna. The question has recently shifted in a hopeful direction - from a matter of ‘if’ to a matter of ‘when’ - giving us plenty to keep our eyes on in the coming weeks and...
Peak Potential
When most buyers think of investing in Kelowna real estate, they tend to gravitate towards Downtown, South Pandosy, Glenmore, or any number of other neighbourhoods. But, what they often overlook is just up the hill at Big White Ski Resort, and it’s proving to be one...
