Can you believe it’s almost 2020?! When it comes to buying a home in Vancouver, there is a lot of “noise” out there about the market, either from the media, online advertising, influencers or even friends and family. With all the industry jargon about markets, trends, financing and where to buy, it’s easy to feel overwhelmed, especially since much of this information can be misleading.
When you’re feeling overwhelmed, it can lead to hasty decision-making or even buyers remorse, and we don’t want that on what could be your biggest purchase! For this reason, it’s super important to double check your sources and information before finalizing. As we close out the decade, here is a list of things to keep in mind when navigating the current market in Vancouver, courtesy of VancityLiving Advisor Bronwyn Bertles.
Know Your Numbers
It can be pretty tempting to use a mortgage calculator, but we actually recommend hiring a real life professional instead. A mortgage expert will be able to point out big picture financial decisions you may not have considered, from student loans to credit card debt. These things have a huge impact on your credit and ability to finance.
While there are definitely a lot of government programs available, they might not be the best choice for your particular circumstance, so it’s a good idea to have a professional go over everything with you and recommend the best option and come up with a personalized plan.
Choosing a Real Estate Advisor is a big decision! Not only do Advisors have access to a lot of your personal information, but they will be the ones helping you select your future home, which is a huge deal. It’s a good idea to interview a few advisors before selecting one to work with.
Whether you are upscaling or buying for the first time. it’s crucial your advisor be a good fit. When researching an advisor, look for the following things: Their experience in your desired area, how relatable they are to your needs and their level of professionalism.
Understand Your Work Environment
Is your job stable? Is there a chance for you to move or work from home? How flexible are your hours? All these things should factor into where you purchase a home and which area you search!
Listen to the Experts
Often times your friends and family may try to help you in your search, whether by swaying you to select a certain area/neighbourhood, or providing their own experiences. While friends and family have the best intentions, they usually don’t have access to big picture considerations, like your individual financial situation, job plans, etc. It’s important to listen to the experts, because they will be able to provide clear and concise expertise and help you make the best decision for you and your family.
Going into 2020
For 2020, we’re very optimistic about the overall market. The last few years have definitely been a rollercoaster with a lot of doubt and second-guessing, often exacerbated by the “noise”. In 2020, we will see more stability in pricing, and a lot more confidence from buyers which will mean less confusion. If you’ve been waiting to purchase a home or upize, now is definitely the right time!
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