I hope the Spring Season has started out well for you. We are now into Spring Activity for Real Estate and now is the time to SPRING INTO ACTION with your real estate strategy.
STRATEGY FOR SELLERS
For homeowners, house values haven’t been higher, which is a good thing for SELLERS. Unfortunately higher property taxes come along with that too. There is good opportunity here for people with a lot of home equity to sell their home and downsize into something smaller, therefore reducing your mortgage considerably. In some cases, you can even come out of this strategy “MORTGAGE FREE”. One DOWNSIZING strategy for retirees is to sell their large home and buy two smaller condos or townhouses: live in one unit and rent out the other. This way you are set for life with rental income to support your retirement.
STRATEGY FOR BUYERS
For buyers wishing to upsize: I wouldn’t wait for the market to become more affordable. I really don’t think prices will drop anytime soon. As long as BC remains one of the best places to live in Canada (and in the World), land values will continue to rise. So BUY NOW if you are thinking of UPSIZING from a condo or townhouse to a detached home. You may have to move outside of your area to upsize, but in the long run it is a good strategy to invest in land anywhere in Greater Vancouver. Don’t be afraid of multiple offer scenarios when buying a home. It just requires patience and understanding of the market. That’s where I can help. All of my buyers have been successful in buying even in this seller’s market.