Are you currently waiting on the sidelines, waiting for prices to drop through the floorboards? Recent statistics from the Fraser Valley Real Estate Board suggest that we have a very balanced market, which means you may be left waiting! As interest rates have crept up slightly in recent months, what is the cost of trying to wait out the market?
Spring market bolsters MLS® activity in Fraser Valley
May, 02 2013 11:06:54 am, by FVREB Categories:Statistics
Home sales increased in April, with the Fraser Valley Real Estate Board reporting 1,366 sales processed through its Multiple Listing Service® (MLS®), an increase of 21.1 per cent compared to March’s 1,128 sales, but still lagging behind April 2012’s 1,435 sales.
“Historically, sales and listings activity noticeably increases during the spring months and April was no exception,” explains Ron Todson, President of the Board. “What’s different this year is that a number of external factors, such as tighter credit rules and the government’s spotlight on consumer debt have made some consumers more cautious about buying or selling a property. However, for those who need to move to a bigger or smaller home or to another community before summer hits, its business as usual because when you need a home, you need a home.”
Todson says a balanced market helps to keep prices in check. “Depending on the market area and property type, prices are either slightly up or down based on desirability and availability of product, underscoring the importance of understanding what’s going on in your specific area, which is exactly where REALTORS® can help.”
“Pricing is incredibly important in slower than average markets,” explains Todson, a real estate veteran with 30 plus years in the business. “We’re not seeing the rapid increases in home values of the last decade, which means that sellers may need to sharpen their pricing in order to be competitive, but buyers won’t see dramatic price drops. A balanced, steady market can be a very good market for consumers to be in.”
What does all this mean for the consumer? There may not be a better time to buy than now! The cost of borrowing is increasing, and based on market stats from this excerpt, the 2013 Market is looking stronger than the 2012 Market did. Prices are stable, or in the case of the Residential Detached Market, prices are going up. Now is the time to buy!