Sales for detached homes in greater Vancouver were up 70% in December 2020. Houses are being sold above asking price as more people are looking to purchase homes. With the low interest rates being offered, buyers are now able to increase their spending power. And the fact is there are just not enough homes, so when a home goes on the market, there is a flurry of potential buyers and most often the highest qualified bidder wins.
The inventory as at January 2021 is at 2.7 months and whenever inventory goes below 4 months, the prices always rise. So all the sales increases we saw in 2020 were all due to a scarcity of inventory.
What To Do If You Can’t Find a Home to Buy
Give us a call. Yes, no, really – do give us a call. Here at SilverBeam Homes we offer home building services. We can build you the home of your dreams, according to your specifications and on your budget.
The truth is that the economy is not recovering as well as the housing market. And with so many changes in our lives we all now have different needs for our homes. Now more than ever families are having unique situations and needs and need their homes to fulfill those needs.
When you choose to build your home you can create a design that will completely match your needs for your home. So is it that you need more office-like space? Do you now need your kids to have a dedicated space to have online classes? Do you now need more space in your kitchen because you are having to do more home cooking? All these and more are some of the questions you can ask yourself to determine what your home needs to have to serve you best.
Maybe the idea you had for a dream home is no longer feasible due to our current situation with the pandemic. Maybe you have lost income and your dream of owning a home has been blighted. But before you decide you can no longer afford it, especially with the increases in house prices, give us a call. We may be able to help you make your dreams of homeownership a reality still.
Are the Price Increases Really That Bad?
You don’t have to take out words for it, take a look at the market yourself. Look at some listings, look at what the houses have to offer and look at those prices. The truth is that with this high demand and low inventory these high prices won’t be going away soon. Check in with the real estate agents on some of these houses and you will see that a lot of them have over asks and multiple offers.
This is great news for sellers who can now really cash out of their homes and move on into a new era, but for buyers this can be disheartening news.
If you need a home, give us a call. Don’t let these prices and this type of news deter you. Let us help you make your dream of owning a home a reality.