Under $650,000 is SO hot right now!

Zoolander for those of you who didn’t get that awesome pun in the title ..

If you’ve been keeping even half an eye on the market, you would have seen or heard the amount of sales have slowed down. Well hot market or not, December typically sees the market slow down. It’s only normal right, with various holiday festivities taking place, our minds go to buying gifts, what our plans are, how early we can drink baileys & coffee and now we can finally put up Christmas decorations without being judged. Yes, needless to say sales and listings decline as other matters take priority in December. From here, we have our 3 week Real Estate hangover after New Years where we try to remember life before the holidays, when drinking at 11:00am was not only OK, but encouraged, what our name is again and how we do our jobs.

That’s what USUALLY happens. This year however, this year is the rise of the Vancouver First Time Home Buyer. People are not only up, but out and about searching Open Houses, booking showings and trying to buy their next home (no hangover!) This isn’t just what we are hearing, but a variety of REALTORs in the area ...
If we go to the ‘why’ behind this. We find the busiest Open Houses and Showings are for those properties valued $650,000 and less! Not only this, but the demographic frequenting these homes are first time home buyers!
Not one to refrain from conversation, in asking these future homeowners how their search has unfolded, we’re hearing “We’ve been looking for a while now, but we were looking in Coquitlam or New Westminster. We had no idea prices had fallen to this level in Vancouver, now we can afford here.”

A lot of first time home buyers would prefer a 1 bedroom condo in Vancouver than moving further away from the city and potentially owning a 2 bedroom unit. It makes sense seeing as the majority of millenials are working in the Vancouver area.So although the market is making a correction in the grand scheme of things, there is a large emerging group of home buyers we are pleased to say are ‘Vancouver First Time Home buyers’. Exciting times lie ahead!
Make sure you take a read of our previous blog on Price Reductions at -  Price Reductions and Their Meanings
If you are further along the home buying purchase. Understanding the price reductions can get you in the right frame of mind when it comes to you putting in an offer and carrying out some negotiations! Don’t worry, we have your back!

We’re glad to be continuing the positive start to 2019! If the above rings true to you or you’re thinking of entering the market, feel free to reach out on any of the details below for a casual conversation!


Jay Mcinnes
Ben Robinson

T: 604.771.4606T: 604.353.8523