Considering a move in 2015? Wondering if the time is now? Here are a few helpful incites that I have collected from around the web and from Re-Max’s yearly report that will hopefully shed some light on these ever changing times.
As always, investing in property is still one of the best ways to secure your future. Here in the lower mainland this is no exception, but with the changing economic landscape being as up and down as a yo-yo it is hard to know when the right time to buy and sell really is. So let’s look at some of this year’s forecasts.
British Columbia in general has a hot and rising housing market, which is expected to hold. A modest 3% rise in housing is predicted with even higher numbers seen in Vancouver-West and West Vancouver, driven mostly due to foreign buyers. Interest rates that were predicted to be on the rise took a surprising dip of 0.25%. Though there has been a hint that these rates will rise towards the end of the year.
This is the view from RE/MAX’s 2015 national housing outlook, which is a relatively optimistic report that suggests Greater Vancouver real estate is well supported because of many supply and demand factors. RE/MAX’s report also says average residential prices in Greater Vancouver increased from $781,517 in 2013 to $838,400, and are projected to rise to $863,600 in 2015.
Condo’s continued to grow their share of the market in many regions, including here in Vancouver. Higher prices and limited inventory for single family homes means that condos are a practical choice for first time and young buyers looking to get into the market.
Still unclear??Realtors are here to help.
Invest wisely in your realtor – and use their expert knowledge. We will be able to help you decide if the time for you to buy or sell is ripe by helping you decipher all the numbers and by exploring what the market is doing in your area. We are trained negotiators and have experience with contracts and access to other reliable professionals such as Mortgage Brokers and Banking Professionals. Talking it through with a professional, collecting and sharing the RIGHT data will help you decide what is best for you and will make you feel more confident and assured during these changing times.
Do your homeworkTrusting a realtor is one great start – educating yourself on interest rates, mortgage rates and the local housing market is another. This will make you feel more in control, and give you the ability to move forward with an educated, thoughtful decision. Some trusted information can be found at these helpful, up to date sites.
Buying or selling your home is one of life’s biggest decisions. Armed with the right information, you can do it and know that you have made the best decision for you and your family by taking the guess work out of it.