Important local websites
Governments:
- City of Salmon Arm: http://www.salmonarm.ca/
- Columbia Shuswap Regional Dirstrict: http://www.csrd.bc.ca/
- Province of BC: http://www.gov.bc.ca/
Development/employement:
- Economic Development Centre http://www.salmonarmedc.com/
- Chamber of Commerce http://www.sachamber.bc.ca/
- Employement center
Schools and busroutes:
- School district 83 http://www.sd83.bc.ca/
- Okanagan College http://www.okanagan.bc.ca
Miscellaneous:
- Weather in Salmon Arm
SHUSWAP MARKET UPDATE
Is it the long Winter, lack of Spring or is the market turning? The fact of the matter is that in the first 3 months of 2008 the number of sales went down and the number of listings went up. Below are some statistics for the Shuswap Area (provided by OMREB).
NEW LISTINGS | |||
Jan-March 2008 | Jan-March 2007 | Increase/decrease | |
Acreages with House | 62 | 46 | 34.78% |
Mobile homes | 38 | 41 | -7.32% |
Residential | 262 | 222 | 18.02% |
Townhomes | 67 | 51 | 31.37% |
SALES | |||
Jan-March 2008 | Jan-March 2007 | Increase/decrease | |
Acreages with House | 13 | 28 | -53.57% |
Mobile homes | 21 | 29 | -27.59% |
Residential | 75 | 131 | -42.75% |
Townhomes | 21 | 26 | -19.23% |
No doubt that the market is slower than last year. But should we be concerned? My advise to home sellers is not to worry for 2 reasons. Firstly, we are comparing this years numbers with last years numbers and as we all know, the first 5 to 6 months of 2007 was an extremely hot Sellers market. Buyers were afraid to miss out and felt the urge to act immediately when a new listing came on the market. Secondly, this year's weather was colder than last year's. So far we have hardly had any sunshine and we had snow fall far into April. For sure weather conditions have an effect on buyer's behaviour. I also would like to cite OMREB's President who recently wrote:
"Before everyone - primarily the media - starts preaching doom and gloom, the very positive performance of the BC economy must be factored in. New job creation and low unemployment are balancing off the hardships currently being experienced in the forest industry. A positive spin-off of the sub-prime fiasco in the US is that the Americans continue to reduce interest rates, which forces Canada to follow, at least to some degree. Mortgage rates in Canada are still very affordable, even if basic housing isn't. In the Lower Mainland, the listing volume is increasing, sales volume is declining and we're seeing some resistance to asking prices. To some degree, we are experiencing the same trends in the Okanagan while, at the same time, new product is under construction everywhere you look. Some people (and again the media) are predicting some significant reversals in property values. However, we still have buyers and a fairly strong sales volume. In my opinion, we should see a levelling of the average selling price, with more emphasis on affordability in the market, but I don't think we'll see a major decline in property values."
Here is my advice to motivated Sellers:
Price your home realistically. With more competitors in the market, buyers have a choice. Similar homes with similar features and the same level of maintenance, most likely the best priced home will sell. Don't sell your competitor's homes, because yours is overpriced! Further: remove clutter, clean your property and repair smaller damages. Your property condition will influence the emotional reaction of buyers to your home, perhaps as strongly as pricing affects buyers' intellectual side. For many people, the condition of your property will mean the difference between SOLD and REDUCED AGAIN.
But above all, be patient. In this market it is unlikely your home sells within a couple of days. Remember, OMREB statistics show that the average listing sells in 86 days!
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