First Time Buyers – Priced Out of the Marketplace?
If you are a first time buyer, you might have heard the words “slowing” and “cooling” often, regarding the housing market. Combine those terms with the fact that mortgage rules change and tighten -seemingly on a constant basis- and that is enough to make first-time buyers and seasonal buyers alike, nervous to proceed.
Regardless of these cautionary tales the media might tell about slowing and cooling trends, year-over-year real estate market prices are not actually retreating in most markets. Not yet at least …and that is where an appraiser can help you establish or request the best price for your property. We can better inform you of buying trends, dispel any myths, and ensure you make a purchasing decision that is well investigated …and most of all – profitable!
There is no reason why a first-time buyer should be priced out of the marketplace. By using an appraiser, we can ensure you are receiving the value for your dollar.
Royal Lepage CEO Phil Soper recently forecast with caution:
“The cycle of eroding affordability followed by softening home prices has begun in some regions and will be felt in many parts of the country by year-end. Home prices cannot grow faster than salaries and the underlying economy indefinitely.”
In the Greater Vancouver real estate market (areas such as Langley, White Rock and Surrey) property sales did, in fact, slow down significantly over this past summer. According to the Real Estate Board of Greater Vancouver, home sales were down 30% from the same time last year.
But those are generalized statements. We can provide our clients with a better and broader understanding of specific areas within these regions. It is true – some markets within the aforementioned areas were or are soft, but other areas closely related to these regions, are booming …so don’t be misinformed or led astray.
Realtors look at general area sales and can offer general advice, whereas we look at land value, property value, and other criteria to better estimate value. Our appraisals are much more extensive, and not based solely on trends or general area sales.
The market in general is always fluctuating, so staying on top of that swinging pendulum can be daunting for the general public.
Allow us to take the time and frustration out of an often “political” real estate marketplace, and ensure your dollar is best spent and invested in a property of ongoing and up-going value.
There will always be a conflict of information coming at you – especially as a first time buyer, and we can appreciate how hard it is to make sense of it all with so many statistics, reports, and information being taken from the general mass.
So for those of you looking to get into the wise investment of purchasing a home, or wish to conduct a profitable sale, consider hiring a knowledgeable appraiser who will better explain the going’s on of the current marketplace.
Richardson Appraisals is here to help …give us a call!
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