Is it the right time to buy real estate right now? Yes. Is it the wrong time? Yes. How about selling? Right time? Yes. Wrong time? Yes. It really depends on you and your particular situation. For example, if you are looking to upgrade right now then take advantage of the current market conditions. The gap between what you have and what you want is considerably less then it was 6 months ago. Strike while the iron is hot. However, let’s say you are looking to downsize. It could be both the wrong time and the right time. The argument for “wrong” would be that the money you are putting in the bank after the two transactions is less than it would be in a rising market. Maybe you want to wait. The argument for the “right” would be that while you may not be putting quite as much money in the bank, that would be offset by the benefits you would derive from turn-key living. Lock the door of your new condo and travel worry-free. Everything depends on you personally, on your situation. I would love to discuss your situation with you. Contact me anytime.
We are getting a lot of numbers thrown at us these days with regard to the real estate market. The market is down overall but that doesn’t mean it is down everywhere. I have a client looking for a 1-bedroom condo in Kits. Overall, 1-bedroom condos on the West Side are selling for virtually the same price they sold for last year at this time. In Kitsilano they are actually selling for a little more and in Fairview they are selling for about 10% less. I’m not going to say that 1-bedroom condos and ones in Kits in particular, will not eventually be caught up in the downward wave but I will say that it is important to drill down a little deeper when researching the particular area in which you want to live. Be aware of the averages but don’t overlook the specifics.
I was previewing homes this morning in West Vancouver, ranging in price from the low 300’s to over $4,000,000. I was taken aback by one particular condo I saw. I could tell it was a really nice home but it had way too much stuff in it. By now everyone must know that we are in a Buyer’s Market. There is lots of inventory out there and while correct pricing is the most important ingredient in getting your home sold, presentation should not be overlooked either. You may not want to spend thousands of dollars to get your home looking its best but there are some very simple things you can do to get your home to shine. Remember, LESS IS MORE! If you have too much furniture for the space, remove some of it. Are your shelves and closets overflowing with stuff? De-clutter. There are lots of other things you can do that will cost you little to nothing. If you would like to talk about these or have other questions about real estate, please email me at email@example.com
Home Prices Down; Affordability Improves
Vancouver, BC – October 15, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 39 per cent to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34 per cent to 5,107 units during the same period. The average MLS® residential price in the province was $412,149, down 7 per cent from September 2007.
“Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the province,” said Cameron Muir, BCREA Chief Economist. “Despite relatively strong fundamentals, consumer confidence is low. The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases.”
“However, affordability is improving,” added Muir. “The carrying cost of the average home in the province is now lower than at any time since the end of 2006.”
Year-to-date MLS® residential sales dollar volume in the province declined 24 per cent to $27.5 billion compared to the same period last year. Provincial MLS® sales declined 28 per cent to 59,742 units, while the average residential price increased 6 per cent to $460,621 over the same period.
Today I want to talk briefly to the folks who are considering selling their homes but are upset that they missed the peak of the cycle. I have 2 things to say to you:
#1 Would you have wanted to sell your home then anyway? Perhaps it would not have been convenient.
#2 You still have made a huge gain. If you bought your Vancouver home 3 years ago it has probably gone up around 30% in value. If you bought it 5 years ago, it has most likely gone up a whopping 80%! Those are huge numbers!!
There are many factors that need to be considered when listing your home and these are just 2 of them. If you have any comments about this video or any questions I could help you with, please email me at firstname.lastname@example.org.
There are a lot of negative messages out there with regard to Vancouver’s real estate market, but there are some positives as well. One of those is that for people that are looking to upgrade, now is a good time to do that. Let’s say that awhile back your current home was worth $1,000,000. and the one you were looking to purchase was $1,500,000. That’s a difference of $500,000. Now let’s say for the sake of argument that the market has gone down by 10%. Your home is now worth less but so is the one you are wanting to purchase. Yours sells for $900,000. and you buy the other one for $1,350,000. You have now paid $50,000. less for the difference than you would have when the market was up.