FOMO In Vancouver Real Estate?
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- Опубликовано: 21 окт 2024
- Still that group of renters out there who think there is a fear of missing out mentality on buying a home in Vancouver. They think they can wait out the market indefinitely for a better time to buy. In the short term we will always have times where prices decrease but trying to time a market is very difficult and can be a dangerous strategy where the market gets away on you and you never buy. Best to avoid it and make home ownership a priority in your life and to try and do it as early as possible because over the long term time is not on your side.
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OWEN BIGLAND
Bigland Realty Group
MACDONALD REALTY WESTMAR
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There’s never the perfect time to buy . But there’s definitely never a good time to rent long term …
Agree. Also reminds me of a saying that many long time RE investors and home owners will say. I have never regretted buying a home. I have regretted selling.
Your track record & RUclips videos speak for themselves. I think people can still watch your videos from 5 or 10 years ago and apply the same principles & advice to 2023 market etc. It’s because your message has always been very consistent over the years… thanks for your good work!
Thanks for being a long time viewer
Amazing ❤
All the Vancouver terms FOMO is a good topic. What do you think of the mega NIMBY crowd that is not going to allow a fourplex next to their property over their dead bodies? The legal challenges that will come when the multi units get built next to prime real estate could get ugly from the NIMBY crowd with every right to complain, but will their complaints fall on def ears?
Hey Owen, can you do a segment on YoY price upticks in GVRD over the past 30 years? Would shed light on your "long-term" appreciation hypothesis.
In my book i post a 50 year graph on attached and detached prices in the lower mainland. You could go onto the Vancouver Real estate board website and get all kinds of fantastic data and statistics. They publish a monthly statistics package with month over month and year over year numbers. As i have said on my channel many times this is the only true source for RE stats and where i get all my numbers for my videos including the best and most simple stat out there the active sales to listing ratio. I see a lot of fake and made up statistics on social media as well as several perma bear websites and blogs.
Remember don't pay too much attention to month over month or even year over year.. no one can accurately predict where prices are going in the short term. Always focus on the long term 10-20 30 years. I can tell you the 30 year GVRD graph resembles Mt Everest!
Hi Owen, we own a townhouse in langley, but eventually want to go back to north van. We're in our mid 20s. We are learning about HELOC, could we use this in the future to buy another condo in North van? Then rent out the townhouse in langley.
Please let me know what you think:)
talk to a financial advisor instead
Using a HELOC to buy another home is risky because the interest rate is substantially higher . I think the rate on a HELOC right now is around 7+% is it not. Keep in mind Banks will only allow you to use a very small % of the downpayment in the form of borrowed money. They want to see mostly new capital. Borrowing 10K from a HELOC might be OK to make a deal come together but again be careful with using leverage on top of leverage.. it's something i would never do and most banks will not allow to any great extent.
what is the reason why developers are only building luxury apartments and not a mix of luxury and standard?
Money. More money in the luxury apartments and demand is there.
I wonder what is your thoughts on the rampant NIMBY acronym in the GVD?
and Richmond
Hi I was sold 2 presales last year with all kinds of promises about assigning. They are not properties i want to hold long-term and I will not buy pre-sale again! They will complete in 2024 and I want to assign them and something downtown or N Shore where the rents are higher and the supply is limited
unfortunately you did not do your research
bummer. I'm crossing my fingers for you Shash
prices should finally start dropping for the next 2 years
incorrect... history has never shown that RE goes down
maybe but over the next 20, they will triple