More stories of multiple offers and homes selling more than $100,000 over asking price in Vancouver.
We all wish we had bought a house anywhere in Vancouver 10 years ago. But I also know of people who sold 4 years ago, thinking the market was going to crash so they rented in the hopes it would come down and they would buy in again. You can't time the market. Buy and sell when it is the right time for you.
Wish I had a crystal ball but it appears the jump in house prices, especially in Vancouver will continue for a while yet (supposedly even higher activity predicted by the 'experts' for 2012) and the closer to downtown the higher the prices.
Everyone would like to buy low and sell high but we can't predict when you are going to lose your job, when your marriage breaks up or when you have twins. Most people buy or sell when their needs change. I believe maximum asset growth comes with up-sizing....condo to townhouse, townhouse to home, home to BIGGER HOME. Being very general, if the market grows by 5% then the $300,000 condo is worth $315k, the $600,000 townhome is up to $630k, the $900,000 home goes to $945k and the $1.5million home gains an additional $75,000. Which is more appealing? $30,000 or $75,000?
Eventually, perhaps already, most everyone is priced out of the market to move up - so it spreads eastward into Burnaby and reaching further out into Coquitlam and Port Moody. Someday we will have wished we bought up Mission when we had the chance.
People sometimes forget that owning a home is the only asset you live in and use everyday (you may use your car everyday but it decreased in value the minute you drove it off the lot). History shows, over time, property increases in value. With 40,000 additional people moving to the lower mainland each year, you can expect that to continue.
My own goal is to move up, and up and up and then someday downsize and cash out with enough to buy a smaller place for me and the Mrs, have spending money for retirement and be able to assist my daughter with the growth of her real estate investments.