Vancouver has been a hotspot for real estate for several years, the trend seems only to be increasing. The Vancouver Westside real estate market is certainly skewing towards sellers, with single-family homes in the region reaching record highs recently.
Average Prices Soar
Average Vancouver homes are now going for between $570,000 and $985,000. These prices are up from 3.5 to 7% compared to this time last year, and vary by neighborhood. This is both good and bad for buyers and sellers in the region.
The Down Side
In an effort to cash in, some homeowners are putting their houses on the market and moving their families into townhomes and condos, while buyers are also looking at smaller footprints to save money.
This trend towards downsizing could eventually present a problem for the market in the Vancouver area. On the flip side, this can also point to a coming boom.
Low Rates, Affordable Payments
Part of the reason why home prices are so high is that interest rates have remained very low. This means that many buyers can afford to buy higher-cost homes, primarily because their regular mortgage payments will be lower than one otherwise might expect.
As the market stabilizes, more young executives and up-and-comers will be looking to buy homes in target neighborhoods.
All of these factors combined point to now being a perfect time to sell and buy in the Vancouver area. While people might blanch at the overall high cost of homes, the low interest rates will create very affordable payment schemes over the standard 30-year mortgage.
While new buyers stand to benefit from being able to purchase bigger and more expensive homes than ever before, sellers stand to make a lot of money off of the sale prices of their houses.
Bidding wars have also become something of a standard practice; they tend to drive sale prices up even higher. In some cases, homeowners are able to sell their home for even more than the original asking price.
Every real estate trend has its ups and downs, and often, situations that on the outset look grim end up being great for the market. Real estate in the Greater Vancouver area, including Westside homes, has a very high value right now.
When this high value is combined with low interest rates, it means a perfect time to buy or sell. If you are looking to buy a home in the Westside area or have one to sell, give us a call. We can help!