First-timers are proving to be the key to our rebounding market.

Spring flowers have begun to blossom and so is our local Real Estate market. Paul Penner, President of the Fraser Valley Real Estate Board, confirms real estate activity has picked up. “REALTORS® are seeing the return of first-time home buyers who have been waiting in the wings for the last few months, and homeowners responding to the opportunity to buy-up by moving Homes with a lower price-point are attracting more attention. With current interest rates and price reductions, buyers are looking at monthly costs that are 20 per cent less than they were a year ago. In Fraser Valley, that’s a $780 per month savings on a mortgage for an average detached home.”  

 Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.6 per cent compared to March 2008, however, increased slightly, 0.7 per cent, for the second consecutive month. The benchmark price was $459,841 in March 2009 compared to $514,616 last year. As well, detached homes sold on average, 10 days faster in March than they did in February.

 

 The Globe and Mail had a Story on March 13 titled “ First-timers drive a rebounding market” They say this about the numbers out from the Vancouver board:

“According to the Real Estate Board of Greater Vancouver, residential housing sales were up 94 per cent last month compared with January. That translates into 1,480 sales for the month of February alone. January, on the other hand, was a record-setting sluggish month - the slowest for housing sales in 25 years.

The growth defies the sky-is-falling pronouncements that have made headlines since September last year. But there is a growing perception that it's a buyer's market. A recent RBC/Ipsos Reid poll revealed that 26 per cent of B.C. residents surveyed believed they would purchase a home in the next two years, despite the view that house prices will continue to fall over 2009.”

 

So maybe now is the time for you to get out there and dive into the market, it seems the water is warming!!!