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Don't Panic! The Sky Is Not Falling In the Vancouver and North Vancouver Real Estate Markets
A slowing market isn't always bad. There are some great buying opportunities and still a lot of serious buyers in the market.
By: Kevin Lynch, Prudential Sussex Realty
In a market where serious buyers are harder to come by due to a number of market factors including mortgage regulation changes, selling is more challenging than it has been (for the most part) in a decade. Don’t get me wrong, prices haven’t fallen out, but many buyers are waiting, the first timer market has tightened up, impacting the entry level market and the move up buyer market; newly imposed and ever tightening mortgage funding is impacting investor purchases along with a large market of self employed professionals.
What does all this mean?
Well, it really depends on your objectives and where you are coming from. If you are buying and selling in the same market, it likely means very little. If you are relocating to a different market, likelihood is that you will be on the positive side of pricing. North Vancouver and Vancouver pricing is still at or close to its all time peak we saw this spring. Most markets outside the Vancouver sector were not so strong.
Even with the slow down, many buyers realize it is a good time to buy considering there is much less competition for the over-supply of homes currently on the market. And since supply and demand always factor in to pricing and values, you can see why they are looking.
That said, I personally have many serious buyers that are in strong purchasing positions. Here is a list of what some of my hot buyers are currently looking for.
1. Empty Nester home that is newer, or nicely updated. Must be on a good street.
2. Building lot with nice view in the Forest Hills area.
3. A home that needs a complete renovation and update (original condition or let go property)
4. Any property with strong rezoning or subdivision potential.
5. Larger development site like 3-10 houses, townhouse or high-rise zoned site North Shore Vancouver, Burnaby
6. Grand Boulevard, spacious 3 level character home
7. Spacious rancher in mint/updated condition
8. Upper Lonsdale view home/lot
If you are thinking of selling or have friends and family with homes and properties like the above list, please let me know.
If you’re not sure about your home value and want to have a comprehensive understanding on your home’s value, your local market and discuss all your options before listing or selling, call me for a private and confidential meeting.
If everything makes sense and your homes suits one of my buyers, you could have the benefit of full market value plus a quick sale.
Even if your home does not match these buyers list of needs, we can still discuss your best options and how to help you receive the best possible results.
I can help answer all your questions before you make any final decisions. And if you decide that selling does make sense, one of my buyers might be ready to purchase your home.
Prudential Sussex Realty