Supply and demand is a fundamental concept in economics, and it applies to the housing market, too. If there is a low supply of homes in a thriving city, an increase in its price is expected. This is exactly what happened in Metro Vancouver and Fraser Valley where costs of single-family homes experienced a slight increase in June. Metro Vancouver
“Last month saw benchmark prices for detached homes break records in both Metro Vancouver and the Fraser Valley.The price of a typical detached home in Metro Vancouver hit $976,600 in June, according to new numbers from the Real Estate Board of Greater Vancouver.That represents a 6.2 per cent increase from the same month last year.”
On a positive note, the low supply of single detached homes hasn’t discouraged homebuyers from taking a big leap and buying their own home. However, the slight price increase does put a minor dent in the plans of aspiring homeowners, making it all the more important for them to find an ideal home that’s within their budget range. Take a look at how Vancouver MLS listings can help in their quest.How MLS workMultiple listing service or MLS is a database consisting of comprehensive information on properties for sale. The details include address, age, size, number of bedrooms and baths, costs, and financing options preferred by the seller. The data for MLS is compiled by real estate professionals. How it works is that one who listed the property can share commission with one who closed the sale, and they don’t necessarily have to belong to the same real estate company.BenefitsWhen home shopping, buyers typically rely on the services of real estate agents or brokers to find them the right one. This particular process isn’t exactly as simple as it sounds since homebuyers have to go from one home to the next to check if it meets their needs and budget. Meanwhile, depending on MLS listings in Vancouver available through real estate professionals allow home shoppers to access listings that meet their specified parameters, with special focus on their financial capabilities.Getting MLS dataHomebuyers, though, have to be aware that not all real estate agents or brokers can provide them access to MLS data. Only real estate professionals who are members of an association related to the industry have access to MLS.Home shopping is often a challenging endeavour, much more so for those who are on a budget. However, even when the pickings are slim, budget-conscious homebuyers can have peace of mind when they have real estate professionals who offer multiple listing services by their side, like Jamie Hooper, to help them out.(Source: Home prices break records in in Metro Vancouver, Fraser Valley, bc.ctvnews.ca, July 4, 2014)