Buyers Market Forecast to be Short Lived
Welcome to the Homes On The Sunshine Coast Blog Post
There is more news in from the BCREA (British Columbia Real Estate Association). This information is an excerpt from the BCREA Housing Forecast Update - Third Quarter 2010 from August 12th, 2010:
"....BC housing markets are returning to typical post-recession demand patterns. The dramatic rebound in consumer demand during 2009 and subsequent decline during the first two quarters of 2010 has set the stage for a gradual increase in home sales during the fall and through 2011."
Some good news, the economy is improving
"....A slower than expected normalization of interest rates will temper erosion of affordability as economic output posts more moderate growth for the balance of this year and through 2011. Stronger corporate profits are triggering employment growth and a reduction in the unemployment rate is now underway."
5 Year Fixed Rates an option to Increase Purchasing Power
"...A larger inventory of homes for sale has created the most favourable supply conditions for home buyers in more than a year. While tighter mortgage qualifications for low equity home buyers has negatively impacted demand, more borrowers are now channelling into 5-year fixed mortgages where discounted rates increase purchasing power."
Average Residential Prices Predicted to go up
"...The average MLS® residential price is forecast to increase 6 per cent to $492,800 this year and edge down 1 per cent to $489,500 in 2011. Some softness in home prices is expected through the summer months in most regional markets. However, inventory levels peaked in May and will likely edge lower in the coming months, leading to more balanced conditions in the fall with a commensurate firming of home prices."
Buyers that we are in Expected to Be Short Lived
“...A larger inventory of homes for sale has created the most favourable conditions for home buyers in more than a year,” added Muir. “However, the buyers’ market is expected to be short-lived as total active listings peaked in May and are beginning to wane, with more balanced conditions set to emerge in the fall.”
We just spoke to another couple yesterday afternoon that are looking to buy now and move here in a couple of years. They want to buy while the prices and selection are in their favour and then move here later when the timing is right for them. Are you looking to buy? We are happy to help you to look for the right home and property for you.
Barbie and Shay
Barbie 604 741.1239
Shay 604 989.9888
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