Tips for Buying Real Estate in a Transitional Market

Dated: 07/05/2019

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What is a Transitional Market and What Does it Mean for Your Home Search?

The real estate market in Central Vancouver Island is in a transitional state, meaning it is shifting from a seller’s market to a buyer’s market. To ensure you have the knowledge you need to navigate this changing market, we have put together a list of four key points to consider before you begin your home search.   

 

1. How does your budget stack up against current inventory?

There is a high demand for homes under $550,000, so if that’s what you’re looking for, be prepared for limited inventory and the possibility of multiple offers. To make your hunt easier, identify your ‘must-haves’ before you start your search, and be prepared to move quickly.

 

2. Know how much negotiating room the market allows. 

If you are looking to make an offer below the listing price, research comparable sales in the area, and the current market demand for homes in that price range. 

 

3. Do not confuse property assessments with the real market value

Property assessments are for taxation purposes and should not be considered a benchmark for what you are willing to pay. Only the current market can tell you what it’s actually worth.

 

4. A multiple offer situation doesn’t mean you will overpay.

If you are looking for a home under $550,000, there is a chance you will encounter multiple offers. But don't be afraid! A good agent will guide you, and ensure you don't end up paying more than you are comfortable with. 

For a more in-depth overview, jump into the video below. 

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John Cooper

We are passionate about the rare kind of lifestyle available here on Vancouver Island; one that is affordable, inspiring, and surrounded by spectacular natural beauty. John Cooper, P.R.E.C. - Team Le....

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