Five Indications That Time Is Ripe To Buy A Vancouver Area

Dated: 03/16/2015

Views: 898

   Image title Spring signals the traditional start of real estate’s busy selling season, and while that’s all well and fine, when it comes to making your own momentous personal real estate decision—whether to buy a home or to sell your own—trying to decide exactly when to make the move is easier said than done.

    It is true that this year national observers are unusually unanimous in expecting that last year’s sales upswing will continue. But if you are deciding whether now is the right time to buy a Vancouver home (or list yours for sale), the reasons behind the quickening sales activity might be an eye-opener. Here are five of the headline reasons why so many will decide to buy a home in Vancouver in 2015:


A Third Cheaper Than Renting


    Web giant Trulia’s national averages show that it is still 35% less expensive to own than to rent. In the 100 largest metropolitan areas, even after mortgage rates rose from 3.75 to 4.50%, the home ownership advantage continued.


Protection Against Rising Rents


    Renters are finding it more of a hassle even to find an apartment. In the third quarter of 2014, the U.S. apartment vacancy rate fell to its lowest level in over a decade (4.2%) even as the average effective rent in the U.S. rose by 3%, year over year. With supply of rental accommodation tight and unemployment falling, experts expect even higher rents in 2015.


House Prices Are Still Relatively Low


    Again according to Trulia, house prices are still below benchmark value levels. In 91% of the largest metropolitan markets, analysts estimate that homes were 7% undervalued in 2014…and headed up.


It’s Becoming Easier to Qualify for a Mortgage


    As interest rates rise, mortgage lender refinance business will suffer. Consequently, lenders will need to compete harder for new home buyers. That’s expected to lead to loosening of lending strictures, effectively increasing the number of prospective buyers.


House Prices Are Expected To Rise


    House prices increased by 2% in the third quarter of last year, according to Federal Housing Finance Agency (FHFA) figures. If consensus predictions hold true, house prices will continue to rise by 3% in 2015….making sooner rather than later the optimal way to participate in that upward trajectory.

Leah Wright - WA Buyer Specialist

Leah, an Arizona native, decided to make the beautiful Pacific Northwest her home in the winter of 2011 after attending a wedding in Woodland and falling in love with the locals and lush surroundings.....

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