Feb. 24, 2017
There’s much to enjoy about the current real estate market in Ladysmith, British Columbia. For those who are considering all of the benefits of buying a home on Vancouver Island, the current market conditions can seem a bit overwhelming. After all, home prices are on the way up and inventory – the number of homes available to purchase – are somewhat limited. What can you do, as a property buyer, to find your dream home in this type of marketplace?
Updated Classic Ladysmith Home | Image Provided by VIREB
What Are Current Conditions?
Ladysmith continues to see impressive growth in real estate values. For example, in 2015, the average home price for a property was $299,300. In 2016 in January, that value rose to $336,000. That’s a 12.26 per cent increase. Expectations this year are that home values will continue to rise. With this occurring, what does it mean for today’s home buyer?
• You will find homes to buy in Ladysmith. While the inventory of available homes is lower than the area’s average, it is still not overly limited. This means that home buyers will find property to choose from.
• You’ll want to be confident in what you are looking for and be ready to renovate. Some of the homes for sale in Ladysmith may not be the most modern, but they offer promise. Many are affordable as well.
• Overall, it is possible to find a home that’s exactly what you need at the right price. Mortgages to buy homes are still affordable, so even as home values rise, it is possible to obtain a loan to buy a home. More so, with the increasing values, you’ll see your home build equity relatively quickly in most cases.
Keeping these factors in mind, it is also important to be very proactive when it comes to buying a home. Work with a local Ladysmith real estate agent that you know has exceptional experience in this market. You need someone that has the ability to help you uncover the hidden gems and value properties that can allow you to make the most out of a Ladysmith real estate purchase. You’ll find expertise like this can help make your decision a wise one. Contact Jason Simard today to discuss what you are looking for in a home in the Nanaimo area.