By most accounts, 2020 was a mulligan of a year. Many of us would like a do-over. Good thing for local homeowners, 2020 was one of the best in the last 15 years with property values going up 5-6% over 2019. One of the main real estate drivers locally has been the residents in the cities trying to get away from the more populated areas, i.e. the coast. There have been a few notable commercial sales on Main Street in Okanagan Falls this year, which are sure to bring in more outside interest and dollars. A viable vaccine would speed this up too.
The property at 712-718 Main Street just up from the boat launch in Okanagan Falls has seen a dramatic improvement in the last few months. Another notable sale this year was the old real estate office at 837 Main street, and the buyers seem quite interested in the town and are working on several ideas to improve the area. Also, the OK Falls Hotel Pub is looking great. Word on the street is that they will be opening in the late spring 2021. Residential sales were rockin’ in 2020. There were 161 sales between January 1, 2020 and the end of the year up from 120 sales in 2019. The median sale price also went up – $630,000 in 2020 vs $510,000 in 2019.
The cost of borrowing money played a big role in the current trend. On that point, anyone who has a mortgage should talk to their bank or mortgage broker about refinancing their mortgage, not necessarily to borrow more money but to get a better rate. Rates are very low right now and it’s likely that a borrower would be in a better position if they asked a few key questions in the near future. Ask your mortgage holder what your current rate is? What is the penalty for refinancing? Is there a rate differential option? It’s well worth the phone call.
Here’s to an awesome 2021 … See you all at the beach!