This is the time we've all been waiting for in the Vancouver Real Estate Market! The opportunities are finally there for the savvy home buyer. Not only are interest rates low,(3.59% for a 5 yr!) but home prices are more accessible than ever. With price reductions across the board, and sellers more willing to negotiate than any time in recent memory.
I still find it funny, however, that when the price of gas goes down a nickel there's a line-up. But the price of a condo goes down $50k, and buyers are still waiting. Say, for example, you're financing $300k at 3.59% over 25yrs . But, you decide to wait for that home to reduce another $10k-$20-k. While you're waiting (and what if the price doesn't come down?) interest rates rise by 0.5% to 4.09%. All of a sudden, you're paying $41,791.17 more. All because of one half of one percent!
I've recently met would be Buyer's at an Open House that have remarked; "this place is perfect!". When asked what they thought about the listing price, or what their offer would be, they said that they couldn't make an offer until the market hits bottom. Well, when is that? Is it now? Next week? Next month? Next spring?
I do know that the opportunities that exist right now probably won't be there next spring. Alot of Sellers are taking their properties off the market, or renting them out, or refinancing, or just doing a reno and staying put until the market meets their expectations.
The time is now!