Are you waiting on the sidelines, listening to others tell you that house prices will continue to plummet, hoping you can snag a deal?
Many of us are, but please keep in mind that the pendulum will sway back and forth, making it very hard to predict what and when price changes will happen.
I have been looking at market data and properties for sale every day and have noticed an interesting trend. Even though there are properties showing price reductions, I am also seeing quite the opposite with some properties bumping back up. What might be the reasons for this? It may be something as simple as the property wasn’t priced correctly to start with and they have decided to make an adjustment, or, they were just testing the market to see where they might fit in but what if something else is going on?
No matter what you hear or read, nobody has that crystal ball that will tell you when to “jump in”. In order to make an informed decision, my suggestion is to determine your “comfort zone”. If you found the perfect property last year, at what price would you have been happy to make an offer on that specific property?
In Greater Vancouver, the July sales were 9.4% above the 10 year sales average. This confirms that people are taking advantage of the very attractive interest rates which are still below 2% on a 5 year term! If interest rates rise even just a little bit while you are waiting for prices to drop, you will not realize the savings.
The only time you will be aware prices have reached the bottom, is when they’ve already started to climb back up and you have the numbers available to make a comparison.
Now is the time to get your ducks in a row. You don’t want to be scrambling around in the dark when you find the right place. You want to be prepared to take the next steps when the home of your dreams is on the market.
Let me do the footwork while you enjoy the experience. My job is to make it easy for you. Remember, a Buyer’s Agent doesn’t cost you a dime, but they are invaluable.