THE MARKET IS HOT!
If you’ve been keeping an eye on the Vancouver real estate market then you know how crazy it has been! And when I say crazy I am referring to the seller’s market that is currently happening. This market has garnered multiple offers and much over the asking prices on the majority of detached houses in the Lower Mainland.
What does this mean for the average homeowner?
Well, this type of market could be of interest to the average homeowner for three main reasons.
IT’S TIME TO LEVEL UP
One, are you currently in a two-bedroom and are looking for a third? You want more space as working from home has not only become what we are all faced with, but also, it turns out many of us enjoy it! A home office is on many people’s minds which makes this a wonderful time to list your house as the interest rates are low and there is a tonne of interest from buyers. What I would suggest is finding a place to purchase first before you sell your home as you could find yourself renting for a while. But if that is not a problem for you then why not level-up?
INVESTMENT PROPERTIES – YES, PLEASE!
Two, have you always dreamed of owning an investment property? With interest rates at an all-time low, now could be the perfect time to pull out some equity from your residence to assist in the purchase of an investment property. I would suggest talking to a mortgage broker who can guide you through the process. Owning real estate is one of the top ways to generate generational wealth and who doesn’t want that!?
WELCOME, FIRST TIME HOMEBUYERS
Third, if you currently do not own a house, but you have always wanted to, as mentioned above, the interest rates are so incredibly low that we are seeing an influx of first time homebuyers enter the market. There are many deals to be had especially in the condominium market so, now is the perfect time to step foot into the market.
If any of the above is of interest to you, your best bet is to talk to a real estate agent who can assist you and offer you some great advice. That’s where I come in! Please reach out to me if you would like to discuss any of the topics covered in this blog, I would love to meet you and guide you in finding your perfect home, the most efficient investment property for you or sell your current abode for the best value you could ask for.
I look forward to meeting you! ~
604 763 5192
FEBRUARY 2021 REAL ESTATE MARKET STATISTICS
February 2021 saw 3,727 residential properties sold: that’s a 73.3% increase from February 2020.
Sales to Active Ratios
*When the sales to active listing ratios are above 20% for several months, that will cause there to be upward pressure on home prices*
Source: Real Estate Board of Greater Vancouver (REBGV)