It is not a hot market right now for home owners who are looking to sell their home. With the way that the Vancouver Real Estate market is at present and the new tax laws, lots of home owners are putting their properties up for rent, which means 2 things.
One, that most sellers who have just sold their homes, are often looking to rent for awhile before buying again.
Two, since more home owners are choosing to rent their homes right now, there is a large inventory of rental homes available.
This is good news for renters; as inventory is high and rental prices are dropping.
As a Vancouver Property Management Company, at Orca Realty we have noticed a difference in the amount of homes available for rent due to the real estate market and the the new vacancy tax laws. Homes are renting slower during this time, as renters are aware there are many more rental opportunities out there right now.
Now, that we are moving into the winter season, there are less people looking to rent.
Summer seems to be a popular time to relocate and move, as the weather is nicer and the children will soon be getting out of school. With that being said, we will soon be entering in to what we consider, our slowest time of the year.
However, our phones have been ringing off the hook with renters who are interested in finding a home, as they themselves seem to be having trouble finding a place to rent in Vancouver.
If you yourself are a renter, a little word of advice for you, is that it is never a bad time to start looking for properties in advance, even if you know that you will not be renting for another few months down the road. Getting a feel for what is on the market right now and keeping close tabs on properties that are currently available or that will be coming up available in the near future is a good way to start getting yourself prepared for your home search.
If you are toying with the decision of either renting your home vs. selling it right now, be sure to weigh out the pros and cons of both options and also consider what is going to make you the most money in the long run. A good idea to help you determine this is to use an online calculator that will take in to consideration your capitalization rate and calculate how much you are estimated to make as an annual income from renting out your home.
Remember, that with properly displaying and staging your home for viewings and having your home accurately appraised and listed by a property manager, your chances of getting your property rented out fast are very good right now. Check out this link to another blog of ours that we have created to give home owners some tips and pointers on what they can do to help draw attention to their rental property and make their home more appealing for when it is being showed to prospective tenants!