Discover How You Can Own Your Home Today
In an earlier artcile, we talked about the creative ways out there to obtain a down payment. So, you’ve gone to the banks, the mortgage brokers and you’re not so worried about the down payment.
So, why are you still renting?
You have a rough idea of how much you can buy based on your income. Did you speak with a professional Real Estate Agent?
Your rent payments might not allow you to buy into a luxury high end home, but how about a smaller detached home? How about a townhome in a nicer area or a duplex or even a centrally located apartment with a view.
But Gary, the bank says I’m only approved for $___________. With this, I can’t afford anything.
Are you sure about that? Do you know what’s going on in the market? Which markets are hot, which are slow, what homes are selling for (not what they’re listed for), do you have all that information?
Consult a Real Estate Professional
I often come across people who say that their budget is $200,000 or $300,000 and they think all they can afford is a small apartment in the suburbs. Let me tell you, that it’s not true.
So you have been checking the MLS daily and you think you know the market inside and out because you see what homes are listed for. Great 1st step, but unfortunately, your research and analysis is very limited.
Top Real Estate Agents know the different neighborhoods. They know which areas and properties are buyer’s markets, which are seller’s markets and which are balanced markets.
They know which areas and properties have great potential for asset appreciation or for rental income.
Most importantly, Real Estate Agents know what properties are worth by determining fair market value. Fair market value is what buyers are willing to buy for and what sellers are willing to sell for. This is determined by what properties are selling for and Real Estate Agents have this information.
Many of my clients want to live in Vancouver but they think their budget means they can only live in Surrey or Delta. After talking with them, I helped them to see that with their budget, they can still buy in Vancouver. They just have to think outside of the box, make some small sacrifices here and there and it can work.
The fact of the matter is a majority of the people think houses cost $700,000 because of what the media talks about when they say the average Home Price Index (HPI) is this or is that.
Averages are greatly misinterpreted. Don’t believe everything the media says.
Often they exaggerate facts, over-emphasize irrelevant statistics, like the average price in Canada.
Who in the world cares what the average price of a home in Canada sells for if you just want to live in Burnaby?
When they say that Greater Vancouver is now a Buyer’s Market, does that apply to you if you’re looking to buy a luxury condo in Coal Harbour? NO!
The media is also often late. When the market is doing well in a particular neighborhood, I noticed that articles didn’t pop up and talk about it until months afterwards.
The media also likes to quote 1 or 2 economists saying that there’s a real estate bubble and decide not to quote the hundreds of economists that disagree and then try to stir up the public into thinking that the market is going to crash.
Talk to and listen to a Real Estate Professional, not a Journalist.
If you’d like an expert opinion on buying or renting homes specifically in Vancouver. Then call Gary today at 778-862-9787 or fill out this simple form.
