Vancouver real estate is on a huge boom these days. CBC News reports that benchmark prices for Metro Vancouver residential properties has increased 10.3 percent since 2014, putting the new benchmark price at $694,000. Sales have increased even more, soaring 28.4 percent when comparing June 2014 to June 2015. In total, 4,375 homes were closed on last month — 29.1 percent higher than the 10 year average.
All of this activity is great news for homeowners and others in the real estate business, but for buyers trying to relocate or switch from renting, navigating the frenzied atmosphere can be difficult. Here are some strategies to help you find the home you need while protecting yourself financially:
Don’t Get Sucked into Hype
Inventory may be moderately low, but remember that the home you have had your eyes on is not the only one you will ever find. Think about each home as one option of many rather than getting your heart set on a single property. Otherwise, you could find yourself behaving irrationally in an effort to beat out others who had their eye on it, too.
Bidding wars, seller incentives and other situations may end up leading you down a path that puts logic by the wayside. Instead, maintain perspective and keep to a budget. If your offer on a home becomes contested above your set budget, do not be afraid to walk away.
Keep up Your Defense
Most Vancouver markets have not yet gotten to this point, but areas in the US like Dallas, Texas and Atlanta, Georgia see so much competition for homes that buyers are trying to woo sellers with dangerously generous sales concessions. Many are waiving aspects like home inspections or appraisal contingencies, putting them at a huge risk. Should their finances fall through or they discover that the home has significant problems, they are now contractually stuck with no easy exit.
Similar to the above point, keep your wits about you and focus on your general goal while shopping, not a specific house. You have a right to services like a home inspection and an appraisal contingency that you should not waive for any place or anyone without good reason.
Find an Experienced Real Estate Agent
A skilled real estate agent with knowledge of the local market can often help you keep your head above water while also offering advice that makes transactions occur more smoothly. They may be able to help you find listings that have not yet attracted a frenzy of activity, or they could help you negotiate tougher with a seller who is trying to shut you out by raising their asking price or forcing you to compete with other buyers.
With your agent’s expertise at your back, you can go forth into the market more confidently and with sound professional advice to keep you from steering down the wrong path. To learn more about what a great UBC homes buyer’s agent can do for you, visit our buyer’s section.
The University of British Columbia has given so much to the real estate community in the Vancouver area. Their presence has added a huge amount of intellect, culture and youthful excitement to Vancouver’s western side — all of which help sustain the growth of nearby UBC real estate.
In an effort to give back to this wonderful institution, the Real Estate Foundation of British Columbia (REFBC) has donated a massive $1 million grant to the CSFS facilities located at UBC farm. This grant will help CSFS expand its initiatives in sustainable agriculture, crop experimentation and community-based education. Together with other donors, the CSFS can also begin creating a proposed new eco-friendly facility.
Residents who buy homes in the UBC area can take pride in knowing that their home ownership can help contribute to amazing programs that promote a sustainable future and increase awareness for food supply safety.
UBC Farms: Training the Next Generation of Sustainable Farmers
Located on the south side of the UBC campus in Vancouver, the UBC Farm engages in vigorous efforts to train our next generation of sustainable farmers. Their Farm Practicum in Sustainable Agriculture trains students every year for eight months with small-scale farming methods and ways to begin a productive farm-to-table business. The number of students enrolled in the program can double from 12 to 24 thanks to the REFBC’s generous grant.
UBC’s practicum has inspired many students to take up farming as a professional interest. “This program made me realize that farming is a viable career choice, and I can actually do this,” says UBC conservation student Dave Semmelink. After completing the practicum, Semmelink was able to make real estate business connections that allowed him to lease 6 acres in Comox Valley. Semmelink already has his sustainable agribusiness running, called Lentelus Organics.
Starting an Evolution, One Farm at a Time
With the REFBC’s donation to CSFS, UBC intends to further agricultural understanding in a way that “transforms local and global food systems, from sustaining honeybee populations to promoting the next generation of farmers’ access to land.” The contribution is part of UBC’s “Start an Evolution” campaign to raise funds with alumni and local philanthropic organizations.
The proposed new facility will add research labs, kitchens, classrooms, community working spaces, added land for crop preservation efforts and meeting spaces for local groups and students to engage in hands-on learning.
These objectives fulfill the REFBC’s goal of advancing land use in British Columbia. The group obtains funds from interest garnered from real estate investment trusts. Almost every person who purchases a home or leases property in the Vancouver area contributes in some small way to this funding project.
Buying a beautiful home in the UBC area allows you to live in one of the most forward-thinking cities in the globe and also be a part of this amazing effort. Look at our UBC area home listings to join in.