Who is out there in the Kamloops real estate market

Real estate trends vary a little from year to year

Sometimes it’s a buyer’s market, and other times sellers are favored. Knowing what is going on in financial and investment sectors can often signal you whether it’s time to buy or sell. 2016 is in it's the last quarter with some very low inventory available in Kamloops, we are seeing homes in the average price range and lower are selling fasteroften going into multiple offer situations. Millennials (born between 1982 and 2002) are finally beginning to invest in real estate in larger numbers, which should continue to rise. This is still a year that favors both buyers and sellers in various markets.

The Millennials

As more and more Millennials are considering their future retirement, eighty-percent say they recognize the need to invest in a permanent home. Expect to see them purchasing homes in this current market. Every sector of the country will enjoy home purchases from this group. A widely diverse group, Millenials seem to purchase homes of every type. Townhomes and single-family residences seem to be the most popular purchase, but condominiums and homes with rental potential also are high on the list. Millennials are choosing homes that will cater to their retirement years.

Young Marrieds

Many young couples are looking for older fixer-upper homes that can be lived in while renovation is underway. With time and energy, the hope is to turn an older home into a modern upgrade that will increase in resale value. Young marrieds are typically both working and plant to work on improving their home evenings and weekends. Agents with homes in this category are sure to find buyers.

Retirees

Folks who are retiring are moving into townhomes and condos and selling their larger family homes. This is going to put some great houses on the market for the first-time buyer and the growing family. Most of these homes will have three or four bedrooms, two and a half baths, and a good sized back yard. Retirees are looking for nice neighborhoods, less upkeep, and modern features. Townhomes are the perfect solution for the individual or couple wanting less home maintenance to worry about. Lawn, parking lot, and shared areas are all maintained by the homeowner’s association.

Investment Buyers

There are a lot of buyers looking for homes that can produce income and provide a comfortable living space. Rental prices continue to rise, and potential investors see this as an opportunity to gain a second income. Small apartment buildings, duplex homes and family homes with an income suite are popular with this crowd. For some the goal is to quickly build equity in the property, and sell it at a profit. Other investors want the steady income rent provides each month. Investment buyers must be prepared to make repairs or pay a handyman. There are times when renters don’t pay on time or at all. It’s all part of investment real estate.

Dream Home Builders

The price of building a new home is declining in real terms, making it an attractive option for many people. Builders are offering new more affordable products for families. Loan access is also improving as young people realize a good credit report is essential if they want to build their dream home. Single-family construction and townhome neighborhoods are more affordable than ever. Location is always critical to the type of housing available.

If you need help with selling your Kamloops home or buying real estate in Kamloops then Call Danielle today (250).319.5896 and let her give you the professional advice you need to make the best decision on your next property transaction.

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