A Strong Fall Push Rejuvenates The Fraser Valley Market- November 2012
October was a beautiful month for many property owners as our ‘set for disaster’ homes sales began to show signs of month over month improvement. Listings are down, sales are up and we are slowly edging back towards a healthy real estate market. With the Fraser Valley being the ‘little sister’ of Vancouver, we tend to feel the impact of the Vancouver market ever so slightly when short term fluctuations hit the newspapers. Each week that passes shows slight advances for home sales in various communities.
With the new mortgage regulations passed this summer, we saw a predicted 3 month slowdown in our home sales locally as buyers adjusted to the narrowed affordability and accepted their new fates. This just merely meant buyers could afford to buy less expensive properties than years before, a brilliant move by the Canadian government to limit what we as Canadians borrow as debt. As the Christmas weeks approach, we are likely to experience seasonal slowdowns mixed with a recovering market, that in turn should lead to a wonderful and activity filled spring market in 2013. As for what has happened to Fraser Valley prices in the last 6 months? Condos, townhomes and detached homes have fallen less than a percent, and year over year, have gained over a percent. This just goes to show a quote I learned from my father reigns true to this day, “If you think real estate is expensive now, just wait until tomorrow!”
If you know someone looking to buy or sell, rely on a professional who knows the market in and out, and is willing to go the extra step to build strong relationships. When you notice someone who could use my help, please take out your cell phone, look up my number and call me. This way we can talk about the best way to connect your friend with me so they have an opportunity to get the best advice first.