Who does David Watts see buying Vancouver Real Estate Right Now?
The Vancouver Real Estate Market has received a lot of attention over the past few months as the prices of property and volume of transactions have dropped. One group of purchasers whom have benefited from this is First Time Buyers. A typical scenario for my clients is that they have been watching the market for quite a while. Someone may have been looking at buying this time last year and found that what little was available was not within the budget for what they wanted.
What Buyers are finding now, is that given their criteria, there is now significantly more product on the market, and its all 20% less expensive than it was last year. It is difficult, if not impossible to pick a bottom to the markets but those with the ability to make a move are choosing to do so. It is a buyer’s market. For many First Time Home Buyers, they are able to borrow funds from their parents or other related source for their down payment. Often their parents own their homes, clear title, they are able to take some of that equity and help their children to purchase homes. Not only is this efficient estate planning, owning real estate and paying down a mortgage is the only way most people build wealth over their life times.
If you don’t own your home and you have or are able to get a down payment, it’s a great time to speak to your Mortgage Broker to find out what you now qualify for and then to your Realtor to find the right property.