East Vancouver Real Estate: is it time to take the money and run??
It feels like there are more and more homes for sale in East Vancouver these days…and that these homes are fetching prices that, even six months ago, would have seemed absurd.
For example, a home across the street from me sold for around $1 million at the end of 2014. It was a larger house, on a standard lot, but was facing busy King Edward street. Fast forward a few months inferior properties in the same neighbourhood are being listed for $1.3 million and over.
A local realtor recently posted about a home that was sold by her firm twice in a one year period…with an $100K profit for the owners on the second sale!!
The sales-to-listing ratio for all detached homes in East Vancouver was at 59% in March 2015 versus 35% in October 2014. This resulted in $120,000 (over 14%) increase in sales price in less than 6 months. – Ashley Smith (ashleysmith.ca)
So…if you’re sitting on an East Vancouver property…is it time to take the money and run? Or would one be more wise to sit tight and watch their property value keep increasing over time. God isn’t making any more land, people and we have mountains to the north, agriculture and America to the south, ocean to the west and more agriculture to the east.