Vancouver Sun reporter Derrick Penner writes about the recent trends in British Columbia’s housing market that indicates how the near future looks to be a seller’s market:
Central 1 expects the average posted five-year mortgage rate to rise from the current 4.9 per cent to 5.75 per cent through 2017, which will dampen sales somewhat, according to senior economist Bryan Yu, but won’t be enough to overwhelm economic growth and rising prices.
Yu’s estimate is that the median price for a Metro Vancouver detached home this year will hit $820,000, a 15-per-cent increase over last year, and reflects the demand for single-family houses versus condominiums, which have seen more modest gains.
His forecast is for Metro Vancouver prices, on all property types, to rise 5.2 per cent by the end of 2014, 2.5 per cent in 2015, and close to 3.5 per cent for 2016 and 2017.
The Canada Mortgage and Housing Corporation has also weighed in on the matter, saying that with the current Vancouver real estate market trends and overall status of the real estate industry nationwide, approximately 463,600 homes are expected to be sold across Canada this year. Before you go and call up real estate agencies like Vancouver Canada Homes, however, there are a few things you should consider before you sell your home.
Marketing Considerations. One of the most important things you should think about is how you can efficiently get the word out. Fortunately, many realtors offer multiple listing service (MLS) that helps you market your house for sale across their network of real estate agents.
Boosting Price. Just because the market allows you to sell for a higher price, it doesn’t mean you can skimp out on vital renovations and repairs. Know what renovations you can do to increase your returns without having to spend so much out of your pocket.
Staging. At some point, you’ll need professional staging services for an open house to get potential buyers to consider purchasing your house. When preparing your house for staging, be sure to remove any personal effects that could make it hard for prospective buyers to imagine themselves living in your property.
Choose a reliable Vancouver, B.C. real estate agent to work with, if you want to make sure that your home is sold quickly and at the ideal price. If you’re ready, take advantage of the seller’s market and put your home up for sale today.
(Source: Drop in mortgage rates giving boost to B.C. housing market, Vancouver Sun, JULY 3, 2014)