Im sure right about now everyone is starting the big spring clean and getting out in their gardens – see you out there!
We may have jumped the gun in last months update when we noted an early start to the spring market was in swing. Colin and I had an excellent month for sales in March (better than usual) however looking at the latest stats release from from the Fraser Valley Board it appears March was quieter than usual for
This will explain the ongoing grumblings amongst our colleagues!
Particularly down are the sales of detached homes priced at the higher end. Last year detached home sales represented 63% of our residential market. This March it dropped to 56% and FYI - the average sale price of detached homes in the Surrey/Cloverdale sub area for March was was $573,875.
Also important to note for March, Fraser Valley Sales of detached homes greater than $500,000 decreased by 33% compared to last year explaining why average prices (which are skewed by high and low end sales) are showing decreases (-5.5%), while the benchmark prices (homes with typical characteristics for their neighbourhood) are showing increases (+6.8%) when compared to 2011.
For mortgage rates there is good news for both buyers and sellers! Our broker Tonia Jacobson http://www.toniajacobsen.com/ gave us the scoop:
First off, The government decided not to change the mortgage rules at this time. For months now the industry talk has been relentless that the government will act and tighten mortgage rules. So for now at least, things will not become any more challenging.
Secondly, rates are on the rise this week. Most of the major banks have already increased the 4 and 5yr terms. As of now the 2.99% 4yr rate and the 2.98% 5yr rate are still available at some lenders. There are many pre-approvals happening right now as there is nothing like a little rate increase to help people see that these rates are INCREDIBLE and shouldn’t be missed.
- Buyers if you haven’t already – better get pre-approved asap. You can call Tonia at 604-618-2403 to make this happen.
- Sellers if you are thinking of a sale this year time to start the de-cluttering and gardening in hopes of exposing your home to the market this spring.
Buying or selling, as I’m sure you know we would love to be the realtors you call first!