In the middle of the winter months, it is common for people to think about all of the options available to them for the coming year. Buying a home may be one of those decisions. If you are thinking about buying a home in Victoria, British Columbia, you may want to take a closer look at this market and what it has to offer. Typically, at this time of the year, people are beginning to enter the market in hopes of being in a new home for the summer months.
Will Bidding Wars Occur?
In 2016, much of this area saw home prices rise significantly. There is no doubt that the market remains very competitive, but you may not have to face the same level of intensity as what happens when buying a home last year. In 2016, it was very common for any offer to go through a bidding war – where multiple buyers are available for homes. Today, in 2017, there is less expectation of this happening. That does not mean that you will spend much less, but it may mean you can choose your home a bit more carefully.
It’s important to know that the area is not seeing a large influx of foreign buyers, something that was anticipated last year. It was expected due to the rising home values in surrounding regions. However, we are seeing people move throughout the state into Victoria for the home values and overall quality of life here.
What does that mean for you if you are ready to make a purchase on a home this year? First, it means that you should be working with a Victoria real estate agent that knows the market well and can help you to place a competitive bid. Second, it means that you will have more time and plenty of options to choose from. And, it may mean you can still find a good deal here.