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First-timers lead a market rebound
Judging by the many shoes littering the porches of the houses open on weekends recently, it is clear that people are buying new homes.
Undoubtedly, the market has recovered, and we're only in March. It is very different from the real estate market abysmal last fall and January this year.
Under the Real Estate Board of Greater Vancouver, residential housing sales increased by 94 percent last month compared with January. This results in 1480 sales in February alone. January, by contrast, was a record month of slow – the slowest sales housing in 25 years.
The growth defies the sky-is-falling pronouncements that have made headlines since September last year. But there is growing perception that it is a buyers' market. A recent RBC / Ipsos Reid survey found that 26 percent of BC residents surveyed believed they would be willing to purchase a home in the next two years, despite the view that house prices will keep falling in 2009.
Sean and Karin whale are imperturbable of the conversation is not a good time to sell your home. They recently had a baby of 14 weeks of age, of Dayton, and looking to trade up to a single family dwelling. (Laura Leyshon for the Globe and Mail)
The condo market is also feeling an increase of life, real estate marketing Bob Rennie says.
"Sales have gone up," he says. "We sold 19 [units] in One Madison Avenue, in Burnaby, in the last six weeks, and another nine in the L'Hermitage Robson and Richards in the last 10 days.
"I think the market is seeing a bit of confidence, combined with some great opportunities with rates of great interest. "
Armed with low interest rates and make a good deal when they see it, brave mavericks are defying fears.
"People can see the value – and the value is phenomenal," real estate agent Lorne Goldman says.
Mr. Goldman said he had a house for sale year Last on the west side of the city expensive with a starting price of $ 2.4 million. Vendors were offered $ 2.3 million, but the buyer could not complete. The house itself is now in the market for $ 1.85 million.
"It is also very basic Real Estate 101," he adds. "There are people who marry, there are people who are married have more children, people who are transferred to Vancouver from other cities. There are people who have inherited money they want a bigger house.
"The market continues, despite what is in the general economy. The fundamentals are there. People still need to buy food and shelter still need. "
Karin and Sean whale are unfazed about rumors that house prices may fall further or that it is a good time to sell a home. Recently have had a baby and motivated by their changing lifestyle.
The couple has a three-story house on the east side of town, near the fashionable shopping unit, and the latest developments that have overcome it and are looking to trade up to a single family dwelling. They do not care about selling and buying in the same market.
Buy low-low and selling high is not a scary proposition for us, "says Ms. whale." We need more space at this point in our lives … Vancouver prices single-family housing are the lowest they have been in two or three years. "
Long time Vancouver realtor David Campbell said that, Unlike a year ago, is not the fixer-upper and in the middle of selling homes. Demand is high for the more pleasant than not require a lot of work, and solar not one of them on the market. And people buy, he says, are first time buyers or homeowners as the whale family will earn more.
"We have many buyers, but we have seen the return of first time buyers, "says Mr. Campbell." For a good part of, say, the past nine months, first time buyers have been staying off the market. They were a little scared about what was going on last fall. But interest rates are at minimum historical, and prices have adjusted downward, and there are plenty of buyers for the first time he comes back.
"We're getting a lot of buyers move up and taking advantage of low interest rates that say: "Now I can afford to be extended to the next."
And Unlike last fall, when the bottom fell out of the market are not low-ball bidding – prices remain firm, says.
"On Sunday past I had the most active open since April, "says Mr. Campbell." I had three offers on one house in 24 hours and sold more than ask. "
But not just any house is selling, he adds. Buyers are being selective in this uncertain market.
"They want a good home, so they are getting the best, "says Mr. Campbell." That's where multiple offers. "
Sources: http://www.mortgages-burlington.com/mortgage.php
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