When Is It The Right Time To Buy Vernon Real Estate?

Welcome to my first article in the field of Vernon Real Estate. This column is the first in a series of articles intended to address questions and points of interest in the Field of Real Estate (pun intended).

Question: A common question is - when is it the right time to buy Vernon Real Estate?
 
My professional opinion is “as soon as possible”. The prices of properties are rising and for the next few years my bet is that they'll continue to do so. Every week I hear from people from out of town wanting to move to our area. Many are post war baby boomers wanting to come for our incredible climate, recreation and low stress lifestyle. I believe the entire Okanagan and Vancouver Island are experiencing this same phenomenon. This boomer buyer is forecast to be with us for the next several years. This creates demand and a nd as the demand moves up, so do the prices. Translated, this means the earlier you buy the better your profit potential.

I also see young investors from outside our area, buying now and looking to re-locate here someday in the future. Recreational properties like lakeshore and Silver Star Mountain Resort attract many non-retiree investors from outside our area. All these demands keep upward pressure on Okanagan property prices.

The other positive investment factor is the low mortgage interest rates. They are downright incredible. Imagine 5 year terms available at under 5%. Decades of higher rates make me celebrate what a gift these rates are!
 
With rising prices and low cost of borrowing, buying sooner, not later makes good sense.
 
If you need the names of great mortgage representatives and mortgage brokers contact your realtor or myself.

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