The world according to Bill
We now have the first quarter of 2018 under our belt for the Okanagan Shuswap housing market.
The market is following pretty closely the predictions I made in December of 2017, and we are seeing a very moderate softening of the market.
The number of homes on the market is starting rise and sales are beginning to slow. However, the key words here are “but not much” and prices are continuing to rise, even if that rise is not as fast as it has been.
The market is going to continue to soften slightly in 2018 but we really won’t notice much. At the end of 2018 we will see an overall increase in prices, but not as dramatically as we did in 2016 or 2017.
There will be less multiple offers and a little more price reducing as sellers are forced to be more competitive against the increased inventory.
All in all the market will be more balanced, which is good for both buyers and sellers.
Bill Hubbard is a real estate broker and the owner and broker of a four-office real estate firm in the Okanagan-Shuswap. He has been in real estate for 28 years and has been an owner and broker in Vernon for 20 years. At almost 60 years old he is just as passionate about real estate as the day he started.
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