Sara Vosburgh is a force to be reckoned with and a personality to be remembered. Her dedication to relationship building truly separates her from the rest and beyond having an extensive sales and business background, her quick assimilation into the real estate industry and aligning herself with a high performing team has made Sara a truly standout realtor in Vancouver.
1. What are your forecasts for the next 6 months, 12 months and 5 years in your area?
The next 6 months is going to continue to see a rebound in the condo market ... Jan 2020 vs Jan 2019 already has sales up over 40% year over year. Anything under 1M in metro Vancouver particularly downtown is extremely busy and competitive ... we are seeing a return of multiple offers and condos going for over asking price.
12-24 months we are going to see a rebound in the detached market.
5 years - with continued immigration, tech companies moving in etc I honestly only see things going up. Areas outside of Vancouver are also seeing a surge In popularity... In particular port moody... New West... These are all areas that are up- and-coming Iʼm only getting in popularity as prices in Vancouver increase
2. What are some of the most common misconceptions about the real estate market in your area?
I think one of the biggest misconceptions in the real estate market is that you canʼt afford anything... And I think if people are surprised when they start shopping and they check out areas they werenʼt originally considering such as East Vancouver New west etc. and they see that they are actually able to afford something and you donʼt need to be a millionaire!
3. What developments are happening in your area that are important for the long term potential?
There are a lot of cool things happening in areas outside of Vancouver... North Vancouver has become a super desirable place to live and lower Lonsdale is completely transformed with more exciting things to come! Port Moody has an amazing city plan and there are going to be a lot of amazing developments coming up there in the next couple years. Also honey because the sky train on the West Coast express goes out there.
4. What segment of the housing market is most susceptible to government influence and what should buyers watch out for?
The detached market on the North Shore for sure saw a hit with the changes that were made in the government rules...
The lending rules, and needing 20% down to spend over 1M for sure changed the market - but I honestly think it is a good thing as it made buyer really take a look at their budgets and be more realistic with their spending, perhaps being more conservative with their spending ... but in the end making a safer investment and living in a home they can actually afford!
5. What would you prefer potential buyers do in advance of contacting you to begin the home buying process?
The most important thing is to get preapproved! I can not stress this enough ... it is so important to speak to your trusted mortgage broker - like a member from the Pilot Team! They are so great at not only getting you preapproved but also discussing what your payments will look like on a monthly basis. I see a lot a first time home buyerʼs getting approved for say 800,000 but on a day-to-day basis theyʼre only going to be comfortable spending closer to 600,000. Some mortgage brokers donʼt work through the entire process and think about things like condo fees home insurance property taxes etc. etc. So it is important to have someone be able to walk you through that process and look at the full financial picture for you and give you a realistic budget that youʼre comfortable with.
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