Friday, September 7, 2012

 

Real Estate News

Buyer's Market

Local housing sales stumble in August

Released by Steve Lerigny, CADREB

 

he long, hot days of August may have been good for local beaches, but not for housing sales in Chilliwack and area.


Home sales dipped last month to 124, down from last month's sales and down significantly from the 193 sales posted in August of last year.

With good inventory, competitive prices and hints of upward pressure on mortgage rates, anyone sitting on the fence is wise to jump into the housing or investment market now and buy!

"As the economy strengthens, so typically does family income," explained Chilliwack and District Real Estate Board (CADREB) President, Cynthia Admiraal. "This allows for better affordability, particularly for the first-time buyer, which make up the larger proportionate of home sales".

Add to the mix that Chilliwack and area is one of only a handful of BC communities that is growing in student enrolment numbers, and a stable real estate market is ensured.

While the majority of August's 124 sales (68) were single family detached houses, there was also strong activity in the townhouse sector (33). Townhomes are a wonderful option for young families as they easily accommodate multiple bedrooms and bathrooms, offer minimal or no outdoor maintenance for busy families and are often situated in complexes away from
busy streets.

There are currently 1,873 active listings on the local market, representing homes in every style ranging from under $49,999 to over $1 million. Whatever the price, when compared to similar homes less than an hour away in the metropolitan areas, they represent terrific value.

"A beautiful family home for $400,000 here would be as much as double in many of the suburbs of Vancouver," said Ms. Admiraal. "When you add the quality of life and sense of community that a smaller town offers, home ownership here makes so much sense."
 

Copyright (c) 2012 The Valley Voice