Should You Sell Your Home in The Okanagan’s Hot Market?

Dated: September 4 2020

Views: 312

As you probably realize, the Okanagan in general has been in a hot market for a few years now and it doesn’t seem to be slowing down. Homes in desirable areas are selling sometimes before they even hit the market. That brings us to this tough question, “Should I sell my home into a hot market?” It is a question that comes up quite a lot and it doesn’t come with an easy answer. 

In this post, I go over the pros and cons of selling your home for a premium into a red hot market like the one we are in now.

PROS

  • You can often expect to sell your home for at least full market value. 
  • You’re home will probably sell much more quickly.  

These pros are what peak home-owners’ interest and cause them to ask the question “Should I sell my home now?”. The idea of selling your home for full market value quickly is a dream for any home-owner who is considering a move. However, there are some cons that might make the decision to sell a little bit more complicated.

CONS

  • Relocating is more expensive. 
  • Selling and relocating takes time and energy.

When you sell your home, you need somewhere to live. Whether you decide to buy another home or rent one, you can expect to pay full market value. This is a ‘Catch 22’. Though you are getting more for your home, you are paying more for the substitute. In addition, selling your home and finding a new one takes time and energy. 

SUMMARY

In summary, if you are considering moving anyway, it is a great time to sell your home. You will likely get a fantastic price without having to wait months to sell it.

On the other hand, if you’re living in your dream home, it is probably not worth selling to get extra equity out of your property. Sometimes, the comfort of not having to move is worth the money you could have made from capitalizing on this opportunity. However, in many people’s case, a change could be a good thing; especially if that change means putting some money into your savings account. 

In regard to relocation options being more expensive, if you are willing to wait and are flexible on which neighborhood you want to move to, there are deals to be found. Timing the sale of your home in sync with finding a great deal is a good way to kill two birds with one stone. Something that I've seen clients do is sell their home for top dollar and down-size to something less expensive and simplify their life.

Everybody’s situation is different, if you are considering selling your home soon, give me a call and pick my brain!. I'd be happy to consult with you and help you design a game plan, all commitment-free! Seriously, no pressure, just enjoy talking real estate!

Call me for  a “Free Home Evaluation” to see what your home is worth today or “Contact Me”  to consult about your property.

📍 Jolene Iglesias | REALTOR® in Kelowna

📲 250-212-2477

📧 jolenei@royallepage.ca

🌐 https://linktr.ee/joleneiglesias

👉 😁🏡💰

Blog author image

Jolene Iglesias

Hi I’m Jolene, I want to introduce myself. I’ve been a REALTOR® in the Okanagan Valley since 2012. I hail from a little town called Chase in the Shuswap Lakes, my decision to build my dream li....

Latest Blog Posts

Should You Sell Your Home in The Okanagan’s Hot Market?

As you probably realize, the Okanagan in general has been in a hot market for a few years now and it doesn’t seem to be slowing down. Homes in desirable areas are selling sometimes before they

Read More

Real Estate Rebound: Record-Breaking Numbers

 Real Estate Rebound: Record-Breaking Numbers for REALTOR.ca, National Home Sales What a difference a few months makes. July saw more homes trade hands in Canada than any other month in

Read More

Local Residential Real Estate Market Continues to Rebound in the Midst of Pandemic KELOWNA, B.C. – August 5th, 2020.

Residential sales for July continued to climb with an increase of 38% compared to June totaling 1,094 units across the region of Revelstoke to Peachland, up 35% compared to this time last year,

Read More

5 Reasons Why You Still Need Me (a REALTOR®) in Today’s Busy Market!

To Help Serve You Better ...all the information you need to make the right choices that benefit you. A home is so much more than four walls and a roof. And for most people it represents

Read More