The market is off to a hot start this new year!! The main cause for this is the extremely low inventory. There are currently only 264 listings in the Chilliwack area. There are multiple offers on most detached properties, along with bidding wars. We are starting to see sale prices going $100,000+ over asking price on average for most detached homes. The average days on market are only 25 days, which is extremely low. Chilliwack has seen an 42.8% increase in prices for detached homes when compared to last year. It is absolutely a seller’s market right now and everything is selling for asking price or above in most cases, especially if the listings are priced well. So of course, it is a fantastic time to sell your home if you have been thinking about it! It is also a good 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. And it is predicated that prices will only continue to rise this year, so get into the market while you still can. If you have any questions 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!