For a lot of people this is true, and it’s left Mum (i’m British so YES I spell Mum with a ‘u’ and refuse to change) and Dad looking to either save more and/or time the market accordingly.
We’ve dedicated an entire arm of our business to first time home buyers, if you want more information on that, you can reach out on the details below, but we’re not here to sell the business so we’re going to move on from this. The point we’re making is first time home buyers are experiencing the chance to get on the market more so more than ever in Vancouver.
This typically falls into the Millennials age range (born between 1981 and 1997) but is not limited to. The challenge with this, is Mum and Dad have very different opinions on where they’re children should live, can live and want to live!!
A Millenial grew up watching ‘Biker Mice from Mars’ and ‘Sailor Moon’. Just in the same way your television interests likely differ, so do your tastes in neighborhood.
Well the good news is this, parents (and their children) now have the best opportunity we’ve seen in Vancouver to get into an area that makes both sides happy. A feat which is extra important before Christmas dinner time!
A few of those ups, if Mum & Dad are looking to help out are the following:
For the purpose of this blog, we’ll use a trendy area such as Yaletown, which tends to be more popular with first time home buyers:
This year, you have pricing in your favour. October 2017 saw an average price in Yaletown of $1,132,387.
This number dropped considerably this year to $844,960!! (That’s $287,427 for those not quick at math!)
It’s no secret that homes are not selling off the shelves how they used to be. Now you each have the time to view properties, carry out necessary checks and discuss the purchase as a family. Remember not to hesitate too long though (see our blog on buyer hesitation - Buyer Hesitation )
- Sale Amounts
In October 2017, 67 homes sold in Yaletown alone. This number dropped to 14 in October 2018. OUCH! But a massive opportunity to capitalize on some good negotiations. Not to mention we are at record highs for the amount of homes on market right now, so you have plenty of choice!
- Safer Investment (9 times out of 10)
Of course we don’t have the infamous ball made of crystal. But if you look at every past housing downtown in Vancouver, we rally, and we rally hard! So buying cheap, to inevitably sell in the future, at a higher price is very likely!
So on review, you have more choice, more time to make a decision, better price options and the chance to make that money back AND more! That’s why this market is perfect for helping out those bambinos of yours! Consider this the Black Friday of Vancouver Real Estate so don’t miss it!
On that note, we’re signing out! If you want more insight into the above, we welcome any queries via call, text, e-mail, social or however else you can think of to get hold of us. Special shout out to ALL of you who have taken the time to write reviews and give us the positive feedback. We want to make this actually helpful to you all so we really really appreciate it!
Until next week!