A big change for people looking to buy a home in the Kamloops area.
Quinn Pache of Royal LePage in Kamloops says the real estate market is finally starting to stabilize, as it returns to pre-pandemic levels.
“I’ve been saying it’s been a seller’s market for two years, but, let me tell you this first, for the first time, we’re now seeing a buyer’s market.”
Pache says that over the past two years, buyers have often been stuck in “bidding war” situations, with some people offering up to $200,000 more than the asking price for a home.
“But now we see places are listed, they sit on the market for a few weeks, and then they actually sell below list price, but that doesn’t mean there isn’t a war of auction,” he said.
“About a week and a half ago, we were involved in a bidding war, and we actually won the bidding war, and we were still $50,000 under the bid.”
Over the past two years, when the market was buoyant, Pache says there was quite a bit of speculation that investors from Vancouver were coming in and grabbing properties without seeing them.
“For the first time in the past two years, we have more homes available than we had in the past period because the homes that come on the market are not selling very quickly. And we see more and more people putting their homes on the market at reasonable prices.
He explains that because the interest rate is higher than the lows of 1.89% or 2% seen at the height of the “bidding war”, there has been a shift in homebuyers in Kamloops.
“What we’re seeing now is a lot of first-time home buyers trying to get into the market, and they’re trying to get townhomes or modular (homes) usually starting at 250,000 $, up to $500,000 for that first home,” he explained.
“But we also see quite a few people who are in Kamloops, who decide to move. (For example) let’s say they sold their house a month ago and then they’re kind of waiting in the market and now they have to buy, so we see a lot of movement from these different economic groups within Kamloops.
Pache says home buyers who had stayed away for the past two years can now jump into the market.
“If you’re looking to buy, call your real estate agent.”