Victoria BC Real Estate Update, Oct 2016
Victoria's real estate has set record sales as most everyone in Western Canada knows and we are still setting records entering October, 2016. Sadly, what's really difficult for Buyers is that the inventory of real estate for sale is the LOWEST SINCE 1996.
Thoughts on how to deal with historically low inventory of homes on the market
Nothing much to do but tidy up and list. Can’t guarantee multiple offers or outrageous profits but the universe is on your side right now.
Take a deep breath and relax. With so few homes for sale on the market, multiple offers and outrageous prices are the norm. Can you really afford that? In say, three to five years, if you had to sell could you afford to lose money if the market went south?
As a professional, here’s my advice:
- Meet with your financial advisor, your mortgage person or the bank and do it now
- Find out what your limit really is when it comes to a home purchase.
- Stick to your budget no matter what. When faced with multiple offers, bid your limit and then stop.
- If you can’t find the perfect home in your favorite neighborhood, look in surrounding areas.
- Realize that with perhaps a tad more commute, you could find a great home you really can afford.
- Live happily ever after!