Richmond BC real estate: Is this the time to buy your home?

February 1, 2009

As a home buyer, you are wondering whether this is the right time to buy your home.

The news media are full of conflicting news about the Greater Vancouver housing market. Judging from the latest Onni’s liquidation sale of 375 newly completed homes, there are a great number of buyers who are ready to buy if they perceived good values for the homes they are buying.

Be prepared and get ready

In view of the tightening in credit, you should re-confirm how much mortgage you can get from your bank. v745661_101_12.jpgYou can talk to your bank or a mortgage broker to make sure you can be qualified for the loan you need to complete a purchase. When a good deal comes along, you should be prepared and ready to buy the home – not any home, but a home you do not want to miss.

Good homes priced competitively in today’s market don’t last long. Do not be deter by the listing prices as shown on most listings. A quick review on the pricing of homes listed showed that only about 15% of homes were reasonably priced to sell. In today’s buyer’s market, homes sellers are eager to look at all offers. The serious sellers will consider all deals presented to them.

How do you know what is a good deal?

Be realistic and do your homework to know more about the market. You can work with a Realtor who has the experience and local real estate knowledge to guide you what to look for. Find out from your Realtor, why he feels the homes that he proposes to you are represent good values.

Be informed and do your own research.

Until you are satisfied and feel comfortable to make a move, then and only then commit to buying the home that interests you.

Don’t be afraid to make an offer. A low offer is better than no offer, and the seller might make a deal!


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