I am often approached by friends, family members or even potential clients, who are surprised to find out that another property from their neighborhood just got sold for an enormous amount, and quite often well above the asking price. Some people are asking me if they should buy or sell. Others are reluctant to get into this insane market. One of my clients mentioned the other day" I actually find the whole thing quite depressing - despite what we could probably get for our house".
It is true that the market is 'on fire' in the Greater Vancouver Area, and not only. Areas like Langley, Cloverdale or even Abbotsford have known a big spike in price in the past 2 months. What's going to happen with the real estate market is hard to predict. In times like this, my advise is to think twice before making a move. Talk to your realt estate professional, and first determine the motivation behind your decisions: external circurmstances unrelated to the market situation, looking for a rapid revenue or just thinking to upsize? In anycase, you will need to make sure that you have solid financing supporting your decisions.
What's your opinion?