Barry Thomas, Bowen Island Realtor with local tips for savvy homebuyers
Bowen Island is frequently described as an “idyllic destination” and perfect daytrip out of the Lower Mainland. Easy to concur, being just a 20-minute ferry ride from Horseshoe Bay, with an instant sense of island lifestyle upon arrival. And after spending the day, it’s not a stretch to start planning a city escape, to make Bowen Island your new home.
Barry Thomas is a Realtor with Macdonald Realty, and is well-experienced in assisting homebuyers with their relocation plans to move to Bowen Island. Barry has seen significant price increases over the last three to five years, and urges those considering the move, to make it sooner than later.
“Waiting is not a good option, given current market conditions – home prices have continued to rise, and the low inventory market is resulting in multiple offers on homes in the $1mil price point,” says Barry. “I’ve recently listed a house on White Sails Drive for a little under $1mil, and the first weekend open house was a busy one – it would be surprising to see this one last past opening offers.”
The Real Estate Board of Greater Vancouver (REBGV) noted as of June 2017, the benchmark price for detached homes on Bowen Island was $892,100. This price is a relative steal compared to Vancouver (especially to closest neighbour, West Vancouver); however, as Barry notes, prices have increased over 15 per cent since June 2016, and more than 50 per cent over the past three years.
The fast-moving market, and low inventory of homes around the benchmark price, suggest that now is the time to make the move. Barry has a couple of hot tips for would-be homebuyers who have been on the losing end of the multiple-offer competition:
• Sell your Lower Mainland property first: get cash in pocket to avoid placing a “subject to sale” on your offer. While having no subjects isn’t wise, placing a subject on the successful sale of your current home is particularly unappealing to sellers, who are also moving on to their own new home.
• Develop a relationship with a local Realtor: working with a Realtor in the area you are looking to move into gets you insider information about neighbourhood characteristics and community resources. Your local Realtor can also provide opportunity to discover properties not currently for sale, but with owners known to be considering a future move.
If Bowen Island is on your radar for home ownership, check out Barry Thomas’ listings at livingbowen.com, and get in touch at 604-803-0012 or firstname.lastname@example.org.