The Vancouver luxury real estate market is tied to the trends in the larger Vancouver housing market.
So what is going on with Vancouver real estate? And how do you make the trends work for you?
Let me walk you the best way to deal with the trends – whether you’re buying or selling!
How to handle the Vancouver luxury real estate market trends if you’re buying
Over the last year, single-family house sales have dropped dramatically in the Vancouver luxury real estate market. That means this is a prime time to buy the detached house of your dreams – I’m seeing prices that are very fair, and fewer competing offers than last year! Just make sure that you’re buying in for the long term as it could be difficult to flip a single-family home in the next couple of years.
Try to avoid condos in the current Vancouver luxury real estate market. Condos are the hottest commodity in the market right now, which means you’re looking at a hot bidding war to get your hands on one. There’s no concrete sign that price increases on condos will slow down anytime soon, either.
How to handle the Vancouver luxury real estate market trends if you’re selling
Flat out, if you have a Vancouver luxury condo, now is the time to put it on the market. You’re likely to find you have a bidding frenzy on your hands! With low inventory and prices on a serious upswing, selling your luxury condo now means you’ll score a great purchase price.
If you have a single-family home though, try to hold on to it for the time being if you have the option. If not, be aware that selling your detached home could take some time and extra legwork these days. With an experienced Vancouver luxury real estate agent like me though, any sale is possible!
If you want more advice about how to make the Vancouver luxury real estate market trends work for you, give me a call or drop me a line!