People looking to move to Vancouver should start sifting through potential housing options more carefully, as a June 3, 2014 CBC News story reports a noticeable trend in Vancouver’s ever-growing housing market:
Vancouver real estate may finally be headed towards a seller’s market, as the Real Estate Board of Greater Vancouver announces a 14 per cent rise in sales this May over the same month last year.
According to the REBGV, the sale of detached homes also increased 19.9 per cent and apartment sales are up 13.2 per cent.
REBGV president Ray Harris said Vancouver’s housing market is now the most active it has been in three years.
“We have been in a balanced market now for about six to seven months. Last month was our first move and this is the second move into a seller’s market,” he said.
“We’re looking forward to seeing if the move towards a seller’s market is really going to have an impact on price.”
The article also mentioned that buyers looking to move to Vancouver are willing to compete in order to get the house they want. Future buyers who want to understand the Vancouver real estate market should consider getting the help of a company who knows the ins and outs of real estate in the city.
Seller’s markets mean that the listings are saturated by more buyers than by what is up for sale. This also means that buyers who found a much-coveted property on the listings may overbid to make sure they get the house.
When the market is full of competitor buyers, it can be easy for anyone (especially a first-time buyer in the area) to make mistakes. Falling in love with a home whose bidders are already bidding way beyond your price range could drive a buyer to desperation, and getting desperate could, in turn, lead to the purchase of a home that he or she isn’t so excited about.
Distraught buyers should consult a Vancouver, BC real estate company before making any purchase, to avoid landing on the wrong property. Realtors from companies like Vancouver Canada Homes can help buyers determine their purchasing power and identify homes they can actively bid for. Realtors can also help in the entire negotiation process, making things easier for both the buyer and the seller.
In a market where competition is steep to get the next great house, it is imperative to gain whatever advantage you have over other buyers, and a good Realtor can bolster a buyer’s side greatly.
(Source: Is Vancouver real estate heading for a seller’s market?, CBC News, June 3, 2014)