Unless you’re an expert in the field, it can be hard to know if it is a good time to invest in real estate. Every neighborhood is different and many aspects come into play when determining when is and isn’t a good time to buy a home. Some of these aspects include the economy, interest rates and area demographics.
As of December 1, 2016, the median sales price for a Vancouver area home was $275,000 and home values have risen 14% over the last 12 months. Vancouver’s median listing price is still slightly lower than the rest of the Portland metro area, making it a desirable area to purchase a home.
If you’ve been considering buying a home, it is important to note Vancouver’s home values are projected to rise by 5.2% in the next 12 months. With a healthy housing market, now could be the time to buy a property before listing prices become less affordable and negotiations become more competitive.
According to Paul Girard, loan officer at Evergreen home loans, Vancouver is still a buyer’s market, but it may not stay that way. This is an important consideration if you’re planning to purchase a home in the coming months or years. Paul encourages home shoppers to also note this is a great time to take advantage of interest rates, which are still at historic lows.
If you’re in the market for a new home, it may be a good idea to start looking before the spring shopping craze begins, especially with the inventory of the Vancouver area. A good first step is speaking with your real estate agent about the neighborhoods you’re interested in and what your purchase timeline looks like. Becoming preapproved by a trusted mortgage expert will also give you a leg up when it comes to home shopping and bid negotiations.
With the guidance of an experienced real estate agent and knowledgeable lender, you could be on your way to purchasing your dream home at a time that may benefit you financially.