We’re starting the year off in real estate and it already seems like 2016 is going to be an active year for Commercial Drive real estate. We have seen some incredible property increases over the past 12 months, especially the last half of 2015. The houses for sale around Commercial Drive went up in value close to 30%, with a benchmark price of 1.26 million.
East Vancouver real estate is our native market and we sell extensively in Commercial Drive/Grandview community. As Realtors we’ve experienced this housing trend of rapidly increasing house prices. The article feature image was taken from a real estate website which mapped all of the price increases by neighborhood and Commercial Drive/Grandview was highlighted as one of the neighborhoods which experienced the highest level of increase in property assessments.
So what does all of this mean? And will this trend continue? For home owners living in the Grandview and Commercial Drive areas, you’re likely impressed to see your home gain value. If you plan on selling your Commercial Drive house, 2016 might be a good time to sell. For those of your interested in buying Commercial Drive real estate, seeing value in the area increase so dramatically can be shocking. Multiple offers, sales in the first weekend, frenzy in open houses all seems to be common place right now. Whether you’re buying or planning to sell it’s the best time to work with a Realtor who is an expert in Commercial Drive real estate.
Commercial Drive real estate and using a local expert Realtor
Simply put, the market is hot right now and an agent with experience with Commercial Drive real estate will be able to help in many ways. Homes are selling fast and you need an expert who is constantly watching the local market. Plus a Commercial Drive Realtor will have knowledge of houses coming to market which are not already on the MLS. They also have relationships with other real estate agents in the area and have a better chance of matching you with your perfect home.
Working with an area specialist when selling your Commercial Drive real estate can have its advantages. A Commercial Drive/Grandview Realtor will have intimate knowledge of the community and be able to explain the benefits to potential buyers. A Commercial Drive Realtor is better suited to price your home and provide an accurate property assessment. They know the intricacies of the neighborhood and have been involved in local sales for years. Starting with the right price for your Commercial Drive real estate will be an important factor when selling.
The ongoing trend for Commercial Drive real estate
With low interest rates and the weak Canadian dollar it’s likely the active market and price increases will continue throughout 2016. The lower Canadian dollar equals a discount for out of town buyers. International homebuyers who have funds in other currencies, especially US funds are receiving a 30% discount on our real estate. Affordability is also strong with low interest rates. Buyers can quality for larger mortgages and afford these increased prices. A lack of Commercial Drive real estate has also been a driving force in prices increasing. There are too many buyers and not enough homes for sale.