Faced with uncertainty in our Greater Vancouver Real Estate Market, due to recent industry changes, our market seems to be in a holding pattern. During my 22 years of selling homes I have seen this pattern several times, where people are waiting for the prices to bottom out. Smart, savvy Buyers will know this is the time to be purchasing, yes, purchasing.
The past year or two has seen record prices occur, with the demand far outpacing the supply. This market is gone, yes, gone. There is a lot of product out there to choose from. This gives Buyer's an edge they certainly did not have for a long time.
Our Fall market is in full swing & any product under $1.5M is still highly active, there is still a large demand so it's "business as usual" & product is still selling. However, if you are looking to purchase in a higher price range there are a lot of homes to choose from so "deals" are still out there to be had. Take for instance this lovely home at 2220 Paulus Crescent, Burnaby, B.C. MLS R2113407.
Buyers, in general, never know what exactly is happening in any real estate market, or any other type of speculative market, until the turn around has happened. We, in the industry, get an idea before the public gets their information; usually from the media, which is always a few months behind. So, when they hear that the market is rising again, guess what? It is already too late & then the masses jump in & push the prices up further.
You also need to ask yourself why you are buying? Long term purchase for housing? Long Term Investment? Short Term Gain? The answer to these will also play a role in your reasoning to buy now or wait. If the word "Long" is in your answer, then buying now, before the masses jump back in may be in your best interests.
It is hard for me to imagine that prices here in Great Vancouver could possibly go any higher. I was born & raised here. I do know though, that they will continue to rise over the next 20 - 40 years due to what our Global City has to offer to the rest of the world & the lack of available space to build more homes.
So, don't wait until it is too late, be that Smart, Savvy Buyer & take advantage of less competition. You never know when the market will turn around again. So jump in early so you don't pay more than you really need to.
This is only my opinion, but history always repeats itself.
For more information regarding the Greater Vancouver Real Estate Market please do not hesitate to contact me.