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GREAT TO HEAR FIRST TIME BUYERS ARE HITTING THE #CHILLIWACK & DISTRICT #REALESTATE MARKET! “Properties on the lower end of pricing are getting the most attention, as well as townhomes...

CADREB (Chilliwack & District Real Estate Board) Market Update

February 4, 2014

Housing sales may have been a bit flat last month, but the Chilliwack and District Real Estate Board (CADREB) is pleased with one important statistic – first-time buyers are hitting the market.

“Properties on the lower end of pricing are getting the most attention, as well as townhomes, indicating that there is keen interest from the first home buyer sector,” said Jesse Hildebrandt,  President of CADREB. Of the 115 home sales completed in January, 26 were townhomes and 16 were apartments/condominiums, properties attractive to first-time buyers due to affordability and minimal upkeep.

“This is very important to the real estate industry, as once a person makes the transition from renting to buying, it provides a boost to the local economy not only the first time, but any subsequent move-ups in the future”.

Last month, 60 of the 115 sales were of homes under the $299,999 level. The largest number of sales however (19) took place in the $350,000 - $399,999 range. There were seven sales over the $500,000 mark.

The local Real Estate Board anticipates demand to strengthen later in this quarter, with indicators pointing to growth in the important spring market.

Current listings are similar to this time last year at 1,377 but there is always room for more, particularly when the market is flat.“It is very important to have a good inventory of homes to ensure a wide selection of various styles and price points,” added Mr. Hildebrandt.

“Sellers need to ensure however that their homes are priced in line with current market conditions and are in good repair. Any of our 266 qualified and experienced REALTORS® can assist with advice”

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