Saturday, June 8, 2013

Real Estate News

'Premise of Supply & Demand'  

Uncertainty reflected in Chilliwack June housing market numbers

Released by Steve Lerigny, CADREB/Photo Jesse Hildebrandt, President

 

ith the provincial election now behind us and the return to GST, housing sales are expected to strengthen over the coming months.

 

Home sales dipped slightly last month in Chilliwack and area, as local real estate experts felt buyers were waiting for the results of the election and the effects of the return to GST before committing to a home purchase.

A total of 228 sales were completed in May, down from the previous month and down from 241 sales posted during the same month one year ago.

With the consumer uncertainty, a bit further to the west in other parts of the Fraser Valley sales took a significant drop last month, but the market in Chilliwack and area stayed the course, according to the President of the Chilliwack and District Real Estate Board (CADREB), Jesse Hildebrandt.

"In recent discussions with the BC Real Estate Association, all indications are that we will continue to see a similar market for the near future. We are likely to see local sales figures return to seasonal norms, and we may even see a stronger market as record low interest rates continue."

Of the total sales, the largest number was in the $300,000 - $349,999 range, followed by 36 sales in the $350,000 - $399,999 range, and 28 sales in the $400,000 - $449,999 range.

"What this represents is a continued interest in move-up homes and newer construction,' observed Mr. Hildebrandt. "Buyers are realizing that with the low interest rates and a strengthening economy that their dollars will buy a lot more during a flat market".

To maintain a wide selection at various price points and ensure that prices truly reflect the premise of supply and demand, a strong inventory is desirable. Active listings stood at 1,832 at the end of May, compared to 1,901 at the same time last year.

"It bears repeating that if you are contemplating either selling or buying, it remains a perfect time. There are some great mortgage rates out there and motivated sellers, so if you are considering a first home, a dream home or an investment property, the timing is right".

Potential buyers are reminded to get pre-approved prior to home shopping, to ensure that the home they fall in love with is achievable.

 

For more information about the Chilliwack and District Real Estate Board, visit www.cadreb.com

 

 

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