In this infoletter we share the latest real estate update with you as we head into the 2017 spring market.
Specifically, we are looking at the Fraser Valley market in BC.
The market in 2016 produced sales and increases in pricing like never seen before. There was a strong demand for housing and limited supply on the market. This created many situations where buyers looking for homes were competing with multiple offers and being forced into buying with no subjects.
Many buyers looking for real estate struggled to find a place to buy and often were outbid by other people. As the end of 2016 approached this slowly tapered off and demand dropped a little meaning it was easier to buy.
However, as we enter the spring of 2017 we are seeing a lack of supply, especially in single family homes, creating multiple offer situations again. Buyers are being forced to step up with no subjects and bidding above list price to get a home. There is still a strong need for single family homes and the supply has not yet caught up to the demand.
It looks as though this strain on supply may continue for the remainder of the year unless there are some drastic changes. Therefore, we strongly suggest if you are looking for a home now or anytime in the near future that you start the preapproval process so you know exactly what you need to do to qualify ahead of time. Usually when the time arrives when you actually want to buy there is very little time to prepare in this type of market.
If you have any questions regarding your own personal situation please contact our office at 604-556-3893 or email at alex.kotai@ymscanada.ca.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.