We are starting to see that the market is balancing out in a lot of areas now. This is partly due to more inventory and partly due to the higher interest rates now. Homes are starting to sell under asking again and multiple offer situations are decreasing. There are currently 846 listings in the Chilliwack and surrounding area. The average days on market are still only 15 days, which is extremely low. Chilliwack has seen an 26.6% increase in prices for detached homes when compared to last year. It is starting to move into a buyer’s market now. Buyers are finally able to put in subjects again and do their due diligence without being pressured by bidding wars. If homes are priced well they are still selling very quickly. There are still tons of buyers out there, so it is a great time to sell but now it is also a great time to buy. 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!