Happy New Year!!!
Happy New Year everyone! I cannot believe it is 2010 already, that year just flew by, I was extremely busy up until about the third week of December then had an amazing Christmas holiday with my family and friends in Mexico! It was my first "warm" Christmas and I must say I loved it! Last year was a very strange one, the first quarter was abysmal to say the least. Many realtors gave up our profession to move onto something more stable (that would actually produce a pay cheque), actually I think we lost over 300 realtors last year. But then something of a miracle happened by the time Spring came along and it as only gotten busier and busier as the year went on. The 10% of housing prices that we had lost we have been slowely regaining, the interest rates have stayed incredibly low, and the psychological feeling of the recession being done all contributed to the increase in the Real Estate Market.
(Surrey, BC) - Results from Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in December reflect the real estate story of 2009: recovery.
“In 12 months, we went from the worst January in 20 years to the third best December,” said Paul Penner, President of the Board. “Home buyers took Boxing Day shopping to new levels with some Fraser Valley REALTORS® showing multiple homes per day between Christmas and New Years.”
According to Penner, a significant portion of the 148 per cent increase in activity in December’s sales, 1,260 compared to 508 in December 2009, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest rates. “An informal poll of our members in December revealed 40 per cent of home sales were by first-time buyers when it would normally be in the 25 per cent range.”
The trend overall for 2009 was one of increasing sales, decreasing inventory and prices rebounding. The Board’s MLS® processed 16,721 sales in 2009, compared to 13,194 the previous year, an increase of 26 per cent. However, it received 15 per cent fewer new listings during the same time period – 30,221 in 2009 compared to 35,651 in 2008. Over the year, the number of active listings for buyers to choose from dropped by 34 per cent going from 9,960 properties in December 2008 to 6,534 in December 2009.
“We’re seeing the combined effect of fewer homes being listed, which is normal for this time of year, a flurry of buying activity, plus a decrease in the number of new homes being built. This has put pressure on prices in the Fraser Valley, particularly on homes in the lower to mid-range markets,” explained Penner
What does this all mean for 2010??? In my mind, I see the market continuing to be busy up until at least Summer, right through the Olympics. The threat and impending HST may slow us up a bit in the Summer but if you are at all thinking about a real esate move, this would be the time. Avoid paying the additional 7% we are going to have to charge in Commission and avoid the additional 7% if you are interested in buying a new home by purchasing and completing your sale prior to July 1 2010. Let me know if you want more information, or are in need of a Realtor to help to assist you in any way.