The market is starting to pick up once again, mainly due to the low inventory. There are a lot of buyers out there, but not enough listings. There are currently only 361 listings in the Chilliwack area. This summer market had cooled off a lot compared to the spring market and the winter market. But it looks like the fall market will be quite competitive. The multiple offers on properties are starting up again, along with the bidding wars. We are starting to see sale prices going $50,000 over asking price on average for detached homes. The average days on market are only 26 days. Chilliwack has seen an 26.9% increase in prices for detached homes when compared to last year. It is still a seller’s market and everything is selling for close to asking price or above in some instances now. It is a great time to get into the market because interest rates are still fairly low, which means you can qualify for much more and your monthly payments are significantly less. If you have any questions about the increase in the stress test and how this will affect your buying power, feel free to reply to this email or give me call/text at 604-812-1326. I would love to hear from you!
If you are thinking about getting into the market give me a call and we can chat further about your options!