Are you looking to buy a property in Whistler this year? The market is constantly changing, and while it has recently favoured sellers, the tide could be starting to turn. Whistler is always a competitive market, but with the right knowledge and preparation you will be able to find a home at a price to suit you.
We spoke to our Realtors to get their top tips for buying in Whistler in 2019:
Prepare for Sticker Shock
This may sound bad, but when looking for a property in 2019 expect to be shocked, and not in a good way! The Pacific North West is an incredibly popular location and while Vancouver has seen the biggest increases in price it is not alone, with increases seen across the province and country in general.
Due to this strong demand and an often limited inventory, there is a good chance that you will be paying more than you would typically expect on your property type.
Get Pre-Approved Early
With higher than average home prices it is more important than ever to get pre-approved with a bank or mortgage lender as soon as possible. Without being pre-approved you won’t be taken seriously as a buyer, and you will also not know exactly how much you can afford.
Browsing listings and going to open houses before you are pre-approved, especially if homes are going above asking, is not recommended and can often be a waste of time.
Getting pre-approved is not time consuming or difficult and it will give you more confidence as a buyer and can spur you on with your property search.
Check Your Credit Score
While in the process of getting pre-approved you should check your credit score and determine if anything needs to be addressed. Changing your credit score takes time, so give yourself plenty and don’t wait until the last minute.
With the introduction of new stress tests in the last year, a good credit score is more important than ever, so once you are sure your score is good be careful of spending or anything that can “ding” your score.
Inventory May Be Limited
As seen in the past couple of years, Whistler’s inventory of property has been fairly limited, with buyer interest remaining strong. This has led to price increases across the board, however, in recent months the inventory has been slowly creeping back.
From a buyer perspective, just be aware of current inventory and how this can affect pricing, as well as the possibility that you may enter a bidding war should inventory be low.
Be Prepared to Fight For Your New Home!
Speaking of bidding wars, if inventory is low and you’ve found a good property, there is a high chance that other people will want it too. This shouldn’t really be the norm as it has been in the last couple of years, however, it is important to be prepared for this situation.
It is ok to pay more than asking (or even the appraised value), just keep in mind that there are always more fish in the sea. Speak to your Realtor about your options and be sure to keep emotion out of your decisions.
If you have any more questions about buying a property in Whistler, get in touch with one of our local experts!