The real estate market in Vancouver has witnessed a significant rise in the prices of both residential and commercial properties; simultaneously the housing demands have also increased making the prices running much steeper.
The following statistics can be considered as current market scenario as they are based on real sales figures and housing demands. In Vancouver, whether it is east or west, over 30 per cent of detached single family homes and 19 per cent of attached homes are in the range of $1 to $3 million. Moreover, a report by Sotheby’s International Realty into top tier sales in the city shows that sales of homes over $1 million in the first six months of 2014 grew by 34 per cent over the same period last year.
Sales in the $1 million to $2 million range were up 32 per cent, the $2 million to $4 million rose 35 per cent, while the $4 million-plus market grew a whopping 49 per cent. Single-family homes in general saw the greatest bump in sales, with rises of 35 per cent, 39 per cent and 51 per cent across the three price bands respectively.
Currently, the housing demands are such that properties for sale in Vancouver are turning in at a faster rate with lesser time spent in the market compared to other metropolis like New York & San Francisco. The report further highlights that the luxury market segment has seen absolutely ‘no impact’. In simpler terms, the real estate market in Vancouver looks aggressive and is surely poised for a boom with more and more international investors & buyers showing keen interest in buying homes in Vancouver.
So, if you happen to own a property in such a place and looking to cash in the opportunity then this might be the right time for you to be able to draw a nice profit out of your property. But before you get right to selling your home in Vancouver, you should locate all your important papers to entice the prospective buyers besides estimating the repair costs and other expenses to have an upper hand at the time of negotiation. You should also argue the purpose of selling property in Vancouver to get a clear crisp idea of your objectives as it will help you in searching your new home for e.g. you want a bigger garden then your current one or you just want to shift city.
Buyers probably have an advantage while looking for options than sellers because they’re moving to one of the best places in the world while sellers are left to worry about finding a better place which often turns out to be stressful. Buying home in Vancouver is an expensive affair and one should invest smartly. Real estate agents or Vancouver’s real estate listings can help you a bit and may ease the searching process. Once you get hold of an agent who understands your family needs, he/she can assist you in the process of buying your dream home. The agent can also help you in negotiation, estimating future expenses and facilitating completion of important papers.
Feel Free to contact Naz Allahyari if you are thinking of Buying or Selling Home in Vancouver – http://www.nazproperties.com