Although July saw a decrease in both sales and average home prices (by a mere 0.8%), I’d like to point out a few positives to the current housing market. First, decreased sales means Vancouver is now a buyer’s market, which is great for – well – buyers. If you’ve been looking to get into a home without intense bidding wars or to buy a fixer-upper for less, now is the time to put your “365 Days to Achieve Your Dream” plan into action! With interest rates still at all-time lows, we can take a serious look at your budget and create a plan, helping you to Achieve Your Dream.
Second, a condo is a great way to get into the real estate market, especially during a buyer’s market. Condos are usually centrally located, ensuring you are near all your necessary amenities like bus stops, grocery stores and community centres or parks. With low interest rates and lower asking prices, this is a great, first-time home option for many in Vancouver.
Third, the market is solid in Vancouver, despite market trends. Prices will never drop astronomically overnight. Though prices do fluctuate, they also steadily increase over time. Buy smart! If you have the opportunity to buy in a buyer’s market and sell in a seller’s market several years later, you will notice the difference.
Lastly, when your mortgage is up for renewal, you have choices which work in your favour. Never settle! The smallest percentage change can mean hundreds of dollars in or out of your pocket over the next few years. Let’s talk! And remember, whether it’s creating a plan to own a home, or reviewing your renewal, Gina Knows Best!