According to the British Columbia Real Estate Association (BCREA) Chief Economist Brendon Ogmundson, “The BC housing market is currently characterized by slow sales but also still very low levels of listings.”
Real estate litigation a possibility for buyers rushing into real estate purchases
For home buyers, this means keeping a keen eye on the market and also being creative in the pursuit of their dream home. Real estate litigation lawyer at Hoogbruin & Co., Arsen Krekovic cautions against hasty decisions by both resourceful buyers and sellers of real estate property in Vancouver’s hot market.
In 2023, even as the housing market continues to be relatively slow, in comparison to sales periods last year, sales still occur. The BCREA reports that, “Even though home sales remain about 20 per cent below normal levels for this time of year, the average home price in BC has now risen two months in a row, reaching its highest level since May 2022 as markets tighten due to a lack of supply.”
Krekovic has seen home buyers broaden their view in the real estate market at what they will go for in their home search. The short-term success – a purchase of a home – might then prove to have problems. As a litigation lawyer expert in BC real estate, he is called to the rescue for different reasons.
Home buyers have a variety of solutions as they look to purchase a residence
A tight market, or a tight budget has required that some homebuyers pursue suitable property and affordable housing in different ways. They may do these things:
- Look for properties in up-and-coming neighborhoods or areas that are undergoing revitalization and may be a good investment for the future.
- Consider alternative housing options, such as condominiums, townhouses, or smaller homes instead of single-family homes.
- Consider purchasing a fixer-upper property that needs some work. If they can handle the additional investment and effort, it can be a way to get a more affordable property and potentially build equity over time.
In their search for affordable properties, home buyers may adjust expectations. They may explore alternative options to successfully navigate the real estate market in areas where such housing is in short supply. For the main reasons why a real estate deal might collapse view here.
Hoogbruin & Co has extensive experience defending and prosecuting a variety of claims related to commercial and residential real estate in BC.
Consult with Arsen Krekovic and get the representation that is most effective. Reach out if you find yourself having made a hurried decision to ‘snap up’ a reasonable property only to find there are surprises.