Buyers Real Estate Opportunities in Greater Vancouver, B.C., October, 2008
Many people have been asking me lately, "is this a good time for me to purchase property or do you think prices will continue to drop?" Here are some thoughts about whether you should buy now or sit and wait. If you are seeking to purchase something and only hold it short term, maybe fix it up and flip it, this is not the market to being taking that kind of action. If you are looking to purchase a property and either live in it for several years, or purchase an investment property and hold it for 3 - 5 years, this is a good time to buy. At this time, our real estate market is flooded with inventory but many properties have not sold and have been on the market for a lengthy time. Vendors are becomming more flexible and willing to negotiate. You can probably purchase a property now anywhere from 5 -15% less the list price depending on the location and property.
Properties may drop a bit more but if you buy now when prices are lower, come 2010 you should be able to make money on your investment.
Jessica Diskant, Vancouver Realtor