Vancouver Real Estate Buying Tips

Vancouver Real Estate Buying Tips, advice, market trends, and evaluation of the different types of commercial and residential properties available

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Selling your home in Vancouver, British Columbia or another major Canadian city isn’t easy, especially if you have lived in your home for years or even decades. Your house isn’t just four walls and a roof – it’s a place full of memories and meaning. Your home is a part of your life, and selling it can often cause you to reflect on yourself and your family. In order to sell your home, though, it’s important to focus on the buyer. A prospective buyer won’t have the same emotional connection to your property that you have, so focusing on yourself during the home showing won’t close a sale. Here are three strategies you can use to refocus, so you can find a buyer for your home.

Rid Your Home of All Clutter

Ridding all of the clutter from your current

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There comes a time in almost every homeowner's life when the house you live in can no longer accommodate the life you live. At this point, many homeowners struggle with a decision between two choices: stay, or go? If you're emotionally attached to your home, then renovation may seem like the best option, but what if renovation won't actually give you what you need in the end? And for those who are set on moving, how can you be sure that it's really worth packing up your whole life and adjusting to a new Vancouver neighbourhood? If you're not sure which way to go, this brief guide should help you to properly weigh the pros and cons of this very important decision.

Ask Yourself: What Do You Really Need?

The first question to ask yourself when you're

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It is a common saying that fear can stop you in your tracks.  This statement, while not usually associated with real estate, seems strangely fitting given recent trends in the Vancouver housing market. 

Like frightened forest critters caught in the headlights, some prospective home buyers, fearful that the drop in home prices in the Greater Vancouver area over the past year is solid indication of a more substantial price decline in the near future, are postponing purchases. 

Consumers are reluctant to take the plunge and finally buy the house of their dreams because they are fearful that they would be buying on the high end of the market. 

No Bargain Bin Finds

According to a February 18th, 2013 statement by Cameron Muir, chief economist at the

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The decision to buy a house is a little like the decision to have a baby -- there's no such thing as the perfect time.  But it helps to make an informed decision, to weigh need against desire and facts against speculation.

So, if you're considering buying Vancouver real estate  in 2013, here are 6 things to think about:

  1. 1.    Home Sale Prices

Home prices in the Vancouver area declined 2.3 percent over the course of the past year, according to the MSL Home Price Index, as reported by the Real Estate Board of Greater Vancouver (REBGV).  The average price of a home in Greater Vancouver was $590,800 in December.  This is a decline of 5.8 percent from the peak reached in May when the average selling price was $625,100.

Averages and fluctuations in

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Real estate has proven to be a good investment for owners.  Over the years, Real Estate experts and professionals alike have studied the benefits of investing in Real Estate.  Let's look at some of the benefits that were cited.

Ownership

This is the more obvious one.  Owning a property instead of renting, in the long run pays off.  Just think, instead of giving money each month to a landlord that is either using it to pay the mortgage or pocketing it because the property is paid off, you can pay your own mortgage on a property that you own.  Sure that means you don't have anyone to call if something needs to be fixed, though whatever it is you are fixing is also an asset you own.

Return on Investment

Generally speaking, history has proved that

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So you've decided to buy some property, congratulations!  This is both an exciting and rewarding experience.  Now all you need is the money to actually purchase it.  Don't fret, it's not as overwhelming as it may seem.  There are a few basics to get you started on the right track and into the home of your dreams.

The first step in the mortgage process is finding out how much you can afford.  Contacting a mortgage associate and filling out an application is how you do this.  You will be asked to supply a few pieces of key information such as your social security number to run a credit report, and employment information revealing how much you make and how long you have been at your job.  You may also need to supply the last 2 years of tax returns. 

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Buying a home is one of the most important decisions you and your family will make in life.  So it goes without saying, the Realtor you choose to help with such an important decision needs to be someone you can trust.  Though how do you determine this?  Below are some guidelines to help you choose a Realtor with confidence.

Check Out Their Credentials

First and foremost, check out your Realtor's credentials.  Most professional Realtors have websites which make it easy for you to get information on the their background, experience, areas of coverage, and even specific listings. Do your research and pick out a couple you are interested in speaking to further

Make Contact and Ask Questions

This part is like interviewing.  You have already checked out

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There are indicators that the steady increase in housing prices in the Vancouver Real Estate market could be heading for a corrective lowering in the near future as other areas like Toronto start to attract more interest.  Real Estate pundits offer a variety of reasons for the impervious Vancouver market, but there remain concerns about what will happen to the market when the interest rates are adjusted in 2013.  

Will Vancouver continue to be a growth market in the near future, is this still a great place to invest in holiday homes, retirement properties and foreign investment. 

There has been much speculation about how Vancouver has remained unscathed by the economic woes that have created bubble and burst problems world wide in the housing

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Through out the post-2008 economic woes of the world; real estate markets have been a barometer of economic conditions for the local area.  Worldwide, real estate bubbles and bursts have been indicative of economic stability and even employment opportunities as the housing market in most areas is so deeply interlaced into the economic conditions. 

Vancouver, BC has been seemingly impervious to the bubbles and bursts the rest of the world has been balancing up until now.   This strong economic area has held the housing prices steady or increasing even in some of the worst of the world’s economic times. 

There have been questions lately in real estate industry about the steady rise in Vancouver real estate prices.  The concern is that the steady

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The value of property is determined in a number of formulations, there is the assessed value or tax value; the comparable value or the value of the property compared to recent sales in the area of comparable properties; but there is also market value which can be dependent upon other factors such as confidence in the location, employment trends and other environmental factors. 

 

In Vancouver, unemployment runs well below the national average.  Thriving, and stable job markets have been a strong factor in the pricing levels of Vancouver property remaining high, even in challenging economic conditions. 

 

One of the major employers in Vancouver is the government.  It is standard in Canada that 1 in 10 employees in the city work for the

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