Buy a townhouse Vancouver, Buying a Townhouse in Vancouver, Townhouses Vancouver, Vancouver Townhouse Blog

Tips for Buying a Vancouver Townhouse in a Competitive Market

When it comes to buying a townhouse in Vancouver, the competition has heated up. We’re seeing multiple offers on properties all across the city.

On the plus side, gorgeous new developments are coming to market every month, with plenty of older homes and fixer-uppers at more competitive prices. Many Vancouver townhouses are in high demand, especially with anticipation that a drop in interest rates could fuel the already hot housing market.

For buyers wondering how they can compete in a strong seller’s market, this is where a seasoned Vancouver real estate agent makes all the difference. It’s a great time to start searching for your home—try our free Townhouse Watch as a no-hassle way to get started and familiarize yourself with what’s on the market right now.

Many people find it intimidating to compete in a market where property owners may be fielding almost a dozen offers at once. Housing in great locations at more affordable price points always captures a lot of attention, so how do you make your offer stand out?

When buyers start to experience fatigue and frustration, many consider dropping out. As real estate agents, our job is to ensure you can make competitive, appealing offers while meeting budgeting requirements—and there are a few ways to accomplish this.

It’s most important to stay within your budget and be patient. Vancouver Townhouse Realtor Ariane Benjamin advises. “People should buy when they’re ready.  Don’t stress about the time. Buying a home takes about 4.5 months on average.”

Finding the right property is a process, but when the right property comes along, being prepared can help you make a competitive offer.

“I’ve been a realtor in Vancouver for over 20 years. I track the market, inventory trends, and prices. When people start looking for a home, I help them prepare to increase success rates.

The most successful homebuyers walk in knowing what’s negotiable and what’s not. Giving your real estate agent a clear picture of what you want can expedite the process of finding the right home. There’s no point in wasting time over properties that don’t meet your criteria—focus on the best prospects, visit the properties, and discuss the pros and cons with your agent.

When homebuying gets competitive, try these tips to increase your chances of success.

• Have a mortgage pre-approved, not just pre-qualified: Pre-approval matters to sellers.
• Start with your best offer—home sellers won’t waste time going back and forth when they don’t have to. 
• Ensure you have a team or home inspector who can perform due diligence. We have experts who can help if necessary.
• Put down a strong deposit.

If you’re still losing bid after bid, it could be time to revisit your wishlist. A lot of things can be fixed or renovated later. If it’s not possible to find your dream home, look for something that can become your dream home. It may be a matter of a kitchen renovation, a handsome new wood floor—or even a few coats of paint. Styles change, and homes are no exception. It’s possible to take a home with a good layout and bones and renovate it spectacularly over time.

While a strong seller’s market can be challenging, it shouldn’t stop anyone from trying to find their home. Being prepared is key—know what you can afford and don’t overcommit. Connect with one of our agents, who can talk to you about market conditions—and contact you when homes that fit your criteria become available. There are plenty of great homes out there. As realtors, we’ll walk you through the actionable steps toward buying your perfect townhouse.

 Contact Ariane at 604.779.1500 or info@vancouvertownhouse.ca for a commitment-free conversation about townhouses for sale in Vancouver.