There's no doubt about it. Vancouver's real estate market is once again red hot! Strong demand fuelled by record low interest rates, strong local economy, and immigration has put upward pressure on house prices once again.
In the past few years I have seen homeowners sell their homes thinking we were at the top of the market. Their intention was to step out of the market and wait for the looming correction so they could step back in. It’s not so easy to time markets, and many of these former property owners have watched their buying power diminish as home prices have increased.
I've spoken to many first time home buyers who are totally discouraged with the buying process. Many have been involved in multiple bidding wars and have so far been unsuccessful in securing a home. At the same time, many of these home owners make the decision to step aside and wait for the market to cool. We have clients that have been trying to buy a home for over a year. They would wait for that looming correction only to watch home prices climb another 10% to 15%.
As you can see, it's truly impossible to time markets! If you want to own a home in Vancouver and in one of the sought after East or West Side neighbourhoods, you simply have to step up and go for it. All our clients who have taken on this attitude have never looked back!
This is truly a tough market to get into. You really have to pay what feels like top dollar. If you are looking for the silver lining, it's the cost of money. Interest rates are rock bottom and will most likely never go lower! If you want to own a home, step in and stay invested. It's a great way to build your nest egg.
If you have questions, we'd be happy to help you. Just give us a call at 604-657-7936!
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