Kelowna Real Estate Market News

When the Real Estate Market changes from a Sellers Market to a Buyers Market, it can be an anxious time for Sellers, as 'days on market' can become a lot longer and showings slower.

Sellers need to be both 'mentally prepared' and be willing to adopt a more aggressive approach to help them achieve a successful sale.

Here are some hints and tips to consider -:

1. Know the Market.

Review a Comparable Market Analysis with your Real Estate Agent. It is essential to know what comparable properties have been selling for.

You also need to know what is the current 'state' of your market and medium-term forecast. Is the market in your area balancing out or still weakening?

2. Should I sell now or should I wait for the market to improve? 

Is waiting for the Market to improve an option for you? If you don't have to sell now it is probably better to wait.

If you have to sell within 30 to 45 days, then you may be looking at having to price your home more aggressively, which may be...

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Buyers are now more likely to sue post-closing if they feel that have “lost” money through non-disclosure of latent defects.

Stigma – is a negative perception of a property for reasons unrelated to the appearance or function of the property (ie; a ghost – does NOT need to be disclosed) – Caveat Emptor Applies (Buyer Beware).

Patent Defect is an obvious flaw, that would be discovered by a superficial inspection of the property by an ordinary purchaser, for example, a hole in the wall, or a crack on the side of the home. (This does NOT need to be disclosed) – Caveat Emptor Applies.

Latent Defects – one that is NOT discoverable by a potential buyer through reasonable inspection or inquiries and must be material in that the property is rendered dangerous or uninhabitable (BUYER REQUIRED TO DISCLOSE)

Material Latent Defects – are defects required to be disclosed by the LICENSEE under their Real Estate Rules.

My thanks go to Peter Borszcz of Phil...

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