Buy Now or Wait?
Since everybody is talking about a Vancouver housing bubble, you might have wondered whether it’s the right time to go shopping for a new home. Well, if you’re looking for a mainstream property and are a little flexible, the answer is that it doesn’t matter. In other words, why wait?
The Vancouver real estate market has been quite lively since early 2010. It started recovering from a trough and has been mostly growing since. But within the overall market, every price segment has been performing differently. While properties in the most affluent areas have become pricier at a pace that has been beyond anyone’s expectations, other segments have seen steady developments or mere price turbulences.
The good news is that there are still areas that provide good value for a reasonable price. One could say that these are even relatively abundant, but not exactly easy to spot amidst all the other regions and neighbourhoods. The most experienced Realtors® will have hand picked these so that they can offer them to their clients searching in this market segment.
If you’re smart enough to look for your future home with your eyes open, and if you’re willing to search for a variety of houses in a variety of locations with an open mind, chances are you’re going to be immune to the occasional price furor that happens in Greater Vancouver for various reasons.
Don’t worry, however. This doesn’t mean that your new property will not appreciate in value in the future. What we are discussing here are short-term projections that will certainly need to be revised when the market forces change.
Stay tuned to Jay Banks’s real estate news for more up-to-date information.