Presale property is attracting more attention then before.
The market of presale properties has interest from several types of buyers. From first time home owners, down sizers to investors.
What are a presale properties?
A developer will sell units in a building before it is completed. The buyer will be asked to put down a deposit of 5% to 10%, depending upon the developer. Presale units can take anywhere from 1 year to 5 years or more to complete.
Why presale?
There are multiple reasons presale properties can work for a person wanting to purchase a unit.
Financial Considerations
Flexibility – For the first time home owner, it gives time to get the down payment together. Down sizers have the opportunity to get their current home ready for sale.
Investing – buying at todays prices knowing the investment will increase in value.
Easy of Mind
Less hassle – new buildings have less problems than older buildings. You are less likely to deal with an out of service elevator!
If you have decided not to move into your home you have options. You can sell your home or rent it. New properties are always in demand regardless of whether you are selling or renting.
Contact Geoff when you have any presale questions!
Home sales and listings setting records levels across Metro Vancouver* in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021.
Last month’s sales were 72.2 per cent above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.
“In March, residents bought and listed homes across our region at levels not seen before,” Taylor Biggar, REBGV Chair said. “This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months.”
“While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,” said Biggar.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,123,300. This represents a 9.4 per cent increase over March 2020 and a 3.6 per cent increase compared to February 2021.
“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said.
