Monday, January 6, 2014

Real Estate News

Chilliwack Takes Lead in FV Sales

Affordability, low interest rates provide stimulus

Released by Steve Lerigny, Chilliwack and District Real Estate Board/Jesse Hildebrandt, president

 

ou’ve probably made those 2014 resolutions by now, which usually involves getting your body in shape – why not get your financial future in shape by committing to one of the soundest investments into your future?

 

This year, resolve to buy your first home, or take advantage of the low interest rates to move up!

BC assessments rates just released show that Chilliwack and area is retaining its home value, in fact statistics compiled by the Chilliwack and District Real Estate Board (CADREB) shows that the average price for all homes over the past year is up 0.4%, 2.9% for single family homes.

According to the local Board, the average price for a single family home in Chilliwack (which includes the surrounding villages and municipalities) is $329,967.

Chilliwack and area also fared well on a year-over-year basis - while the Fraser Valley as a whole dropped 1.2%, locally total sales went up 3.9%.

“We say it often, but it bears repeating,” said CADREB President Jesse Hildebrandt. “The local real estate market continues to stay the course and hold its value due to continued low interest rates, affordability and a good balance of supply and demand. It remains one of the soundest short and long-term investments either as a residence or an investment”.

At 108, home sales for December were up marginally from December a year ago, but down from a month earlier likely due in part to unseasonably cold temperatures in the first part of the month. Of the total sales, the highest number (19) was in the $300,000 - $349,999 range, followed by 14 sales in the $275,000 - $299,999 range. There were 11 sales over the half-million dollar mark, including four sales over $700,000.

With 1,427 active listings on the market, it is a great time to shop for a home.

“The sales-to-listing ratio is at 8%, showing that it is a buyer’s market,” said Mr. Hildebrandt. “There are some great deals out there with competitive pricing, so be sure to get pre-qualified and get shopping for your first or next home!”.

 

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