Whats happening in Surrey Real Estate Market Right Now?
After
a sluggish first half of the year, property sales in the Fraser Valley started
picking up speed in the summer 2019 and finished strong in December 2019, but
not enough to surpass 2018 year’s sales totals but were close enough.
January
2020 sales are going strong as compared to January 2019, inventory is at its
lowest in years. Townhouses and condos are seeing increase in sales activity as
buyers are showing more confidence in the market with low interest rates. Lot
of townhouses and condos that have been in market for a while have started getting
offer even multiple offers on them, due to low inventory.
Most
of these condo sellers are moving into townhouses and townhouse sellers jumping
into detached homes. It’s a trickle effect when it comes to people selling who are
already in the market. For first time home buyers its hard to qualify with B20
Stress test, but lot of them who could qualify were waiting as market was slowing
down and prices were going down in 2019. Now that the market is improving, buyers
are more confident in making a purchase than first half 2019.
If
you are reading this and are sitting on the fence to get into real estate market,
you should get in touch with your real estate agent and strategize your real
estate goal. As the inventory is getting lower and more properties being sold,
prices will uptick.
Now if we look at supply of new homes not keeping up with the demand of housing, prices will keep going up. With lot of buyers on the sidelines sitting to buy who can’t qualify will jump in the market when they are able to. If you are looking to buy, in my opinion now is the best time. I specialize in surrey real estate and been a realtor in surrey for 8 years. Feel free to reach out to me if you have any questions.
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