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Is the Kootenay market crashing?



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Is the Kootenay market crashing? What do you think will happen? Would love to hear your opinion!

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2023 Real Estate Predictions / December 2022 Market Update

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If we focus on the stats, it sounds REALLY bad….

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December 2021 compared to December 2022

Solds are down almost 47%

Active listings are up 43.5%

I had a quick look before getting going today (video was January 8, 2023) and just 11 properties have sold in Cranbrook and Cranbrook lakes rural in the last 30 days!

Just 7 solds in Kimberley for the last 30 days.

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That being said, we are talking about December which is usually a slow month. As of today, there just aren’t many good properties for sale. When there aren’t many good properties for sale, then sales will slump.

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The pulse of the market does indicate a significant shift in the last 6 months or so, since rates started climbing. Some signs that things have cooled off….

We are getting far less buyer inquiries.

Far less interest and showings on our listings.

Less urgency.

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Advice for Sellers in 2023

Get expert advice (you could call Steve, that would be a good start).

Prepare your home to sell.

Be strategic with your pricing.

Aggressively market your home using all the modern tools available.

We have a full library of videos that can help you with this. Check us out on YouTube!

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Advice for Buyers in 2023

Now is the time to find a deal!

Buy now while fear ish high, prices are down, and there isn’t crazy competition.

If rates go up, you’ve locked in. If they go down, you can refinance.

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The Kootenays are a great place to call home and a great place to invest.

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As always, if you want to connect to talk about your situation and work on the best strategy for you, please connect with us and we’d be happy to help you make your move.

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Follow @steve_throndson

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Steve Throndson - REAL Broker

Your Trusted Real Estate Advisor

BC 250.919.3366

AB 403.837.7368

Steve@ThrondsonRealty.com

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#kimberleyrealestate #kimberley #kimberleybc #kootenays #kimberleyrealtor#cranbrookrealestate #cranbrook #cranbrookbc #realkootenay

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