The market is starting to see a lot of more inventory coming in as the Spring market approaches. The buyers now have a lot more options. What this means is that listings are taking a bit longer to sell and some homes are even starting to sell a little bit under asking price. If it is a popular listing then we are still seeing that people are competing and over paying upwards of $100,000. There are currently 650 listings in the Chilliwack and surrounding area. The average days on market are still only 20 days, which is extremely low. Chilliwack has seen an 41.2% increase in prices for detached homes when compared to last year. It is still a seller’s market right now and everything is selling close to asking price or above in some 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 go up this year, so get into the market while you 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!