As Warren Buffett is fond of saying; "Buy, Hold, and, Prosper". Although a great time for investors and owners alike, there still seems to be trepidation among buyers who've been waiting for the opportunity that this market presents.
Unlike the early eighties when property values were falling through the floor, and interest rates were going through the roof, we are now enjoying extremely low interest rates and sellers competing for your dollar.
All of this adds up to excellent opportunities for the first time buyer, the investor, and the move-up buyer.
Consider this; if you're selling your $400k home this year, that you think could have fetched $440k last year, and, you're going to purchase a home for $800k that could have fetched $880k last year (both 10% differences) the difference between the perceived $40k loss and the $80k gain is $40k. So, either way you look at it you either get your $40k back on the purchase, or save an additional 5% on the purchase price that we negotiate.
First time buyers now enjoy the opportunity to shop, compare, negotiate, and secure the home they want at a more reasonable price without the stress of escalating prices and competing offers.
We are also seeing the smart investor buying those reduced price rental properties because of our traditionally strong rental market. They are following more words of wisdom from Warren Buffett; "Be fearful when others are greedy, and be greedy when others are fearful."
The Vancouver Real Estate market will always thrive. With almost 30,000 people moving to our province every year, and 10,000 of them coming to the lower mainland, there will always be a demand for homes and rentals.