Thursday January 5, 2012

Real Estate News

Market Perfect For First-time Home Buyers

CADREB predicts solid year for local housing scene

Released by Steve Lerigny, CADREB

ontinued low interest rates for at least the first quarter of the year combined with a projected modest increase in sales point to another solid year for the local real estate scene.

"We don't expect to see any surprises for Chilliwack and area," said Chilliwack and District Real Estate Board (CADREB) President Mark Andersen. "All indicators are pointing to stable list prices and a 4 to 5 percent increase in sales for 2012".

The year ended with 120 sales during December, tying the sales in December one year earlier. Buyers took advantage of the value-added buying dollars during the slower Christmas season, as the highest number of sales (18) occurred in the $300,000 - $349,999 range, followed by 17 sales in the $350,000 - $399,999 range. Inventory fell slightly, with 1,330 listings currently on the local market.

"We said it often during 2011, and we continue to say it in the new year - with low interest rates and motivated sellers, it is a perfect time to buy a first home, a move-up or an investment property," added Anderson.

When renters become buyers, not only does it represent one of the soundest long-term investments in a person's life, it also helps to boost the local economy.

"Annually, housing related spending from the sales transaction and associated fees to renovations and furnishings, accounts for more than 20 % of the Gross Domestic product in Canada," explained Andersen. "Most of those services and associated fees take place in the actual community where the sale occurred, so annually the housing sector contributes greatly to a community's sustainability".

This is on top of the philanthropic value added by the work of the close to 300 Chilliwack and area REALTORS every day. CADREB REALTORS this year donated $7000 to Chilliwack Community Services - $5000 to "the Village" Youth Housing Project on School St. and $2000 to the Christmas Sharing Project.

Pictured above: CADREB President Mark Andersen presents James Challman Executive Director, Chilliwack Community Services with the cheque.

For December statistics see the left side CADREB column on the main page.

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