A short while ago I wrote my annual Spring Newsletter which I mailed out to all my clients. Yes, in this age of emails, e-cards and the like I still believe that a printed Real Estate Update from your Realtor is a nice way to keep in touch; up there with Christmas Cards (which we still do too). My newsletter message had been that I had been looking for a positive “sign” regarding the market and its direction.
For a while Vancouver, Toronto and now Calgary have been enjoying “sizzling” markets (according to the media) we have been in an otherwise flat (but stable) market with prices more or less unchanged…until now. According to Cowichan Valley MLS for Single Family Homes prices went up $5,000 in just this past month with the Median House Price now up to just over $335,000. There’s no question that we are in the “shadow” of Vancouver and Victoria markets but sales and offers through our office are definitely up as is Open House foot traffic, general inquiries, web site traffic (at the end of Feb our Daily Average number of Visits was 463 to www.kimjohannsen.com ).
There are other “signs” too. We’ve been engaged in recent “Multiple Offer” situations where there’s more than one Buyer at the same time for a specific property and we’ve been involved in some “bigger than average” land deals that both suggest to me that now is a good time to consider a move if you’ve been contemplating one.
You won’t likely ever see better mortgage rates than are out there today and CMHC is now moving to slow down the flow of mortgage credit and cool off those “sizzling” markets. Now is a great time to buy or sell. Of course if you are thinking of making a move, I’d love to hear from you.