Determining property value is not limited to when you want to sell. With the ever-changing Vancouver real estate market, it is important to stay on top of what your property is worth. There are several factors that will affect and change property value.
Here are the top 4 things that will affect your property in the lower mainland:
1. Current Real estate Market
Current market trends in lower mainland are fluctuating faster than you can blink. Weather you have a condo or a detached home, the recent pandemic had adversely affected the pricing in 2020 and has shown a drastic upward trend in 2021. According to a real estate forecast article by Mortgage Sandbox, apartment and detached home pricing in lower mainland are increasing again1.
New home sales are driven up by the amount of new development happening in regions like Langley, South surrey, White rock, Fleetwood, Cloverdale and Maple ridge. An established popular area like Surrey has also seen a boom of new construction projects which has driven the pre-sales up than ever before.
Location is one of the top priorities when looking for a home. Property value will drive up if your home is near a SkyTrain station versus a residential suburb with very low connectivity. Property value is closely related to the amenities surrounding the land. The location parameter also went under scrutiny during 2020 when there was a shift from office work to work from home jobs.
A recent CIBC survey found that more than 20% of people currently working from home will be returning to the office. As well, we expect the vast majority of students to return to their schools full-time. This points to a possible bounce back to the migration to the outer suburbs, exurbs, and cottage country1.
3. Age and state of the property
How old is your home? The phrase, “old is gold” is indeed true in the current Vancouver real estate market. 2021 is your year if you are a seller. If you have a well- maintained property with added new renovations, the property value drives up versus a dilapidated home with workable fixtures. Staging is an important aspect in home selling, and it will drive your market value up.
4. Size/Area of the property
The square feet area of the property and type of property is an important factor in determining property value. In an older CBC article from 2019, single family home pricing were expected to drop in 2020.2 Contrary to this predictions, property sales and value jumped 20% in 2020 breaking some sales records on the way. 3
Talk to a realtor today and understand what your current property value and when would it be a good time to sell. Keeping a check on these trends is important so that you don’t sell yourself short. A home is an investment that needs to be fruitful even when you are done living in it.
Interested in knowing the Value of your home?
Visit https://www.neerajkumar.ca/sell.php to determine the value of of your home today.
If you are a first time home buyer in Metro Vancouver, please check out Seminars For First-Time Home Buyers.