The Bank of Canada - after lowering yet again the cost of borrowing - is now predicting that the current recessoin, although harsh, will be short in nature. It looks like a possible recovery may be on the horizon at the end of 2009. What does this mean for buyers and the real estate market in Vancouver ? Simple. Be ready, be qualified and start your search now ! The interest rates are at record lows, the listings on the market at this time are serious sellers and they fully understand that they either sell at fair market value or ride the real estate market down an uncertain path - some would say up to another 6-10% reduction. As a buyer, new or otherwise, you need three things:
- financial pre-approval by your lender
- concentrate on what you really need - select a price range you are comfortable with and start your search
- a good real estate representative !
The most common item that affects a successful offer on a property - even today - is failure to attain financing. It is so very important that you recieve a pre-approval - in writing - that will allow you to remain realistic in your real estate search and/or purchase. It's a disappointing day when after months of searching with your realtor, you find that perfect property and after the emotional process of an offer, it fails because your lender has changed it's stance or terms since your last visit.
Is Vancouver on the edge of a recovery ? Some would say we are close and that means that once the bottom has been found, all the buyers that have been sitting on the sidelines, will be prepared and WILL move enmasse to purchase homes. If you find yourself adopting the same stance of late you have only one thing to do while you wait - prepare a game plan with your real estate representative. I would be happy to share my thoughts on what is actually occuring - yes statistics can be confusing - with the Vancouver market and can suggest ideas for you to be ready to enter this race ! Make no mistake it is going to happen and the spoils will be for those who put a plan in place - before the start gun is fired...! Are you ready... ?