In October, both sales and new listings experienced another decline, as consumers remained cautious due to the impact of elevated interest rates. The Fraser Valley region, specifically, witnessed a drop in the percentage of listings sold, with only 38% matching the numbers from September.
Narinder Bains, Chair of the Fraser Valley Real Estate Board, commented on the prevailing situation: "The prevailing trend in the Fraser Valley and throughout the province reflects the enduring influence of high-interest rates on the real estate market. This trend has been apparent since the latter part of the year and is expected to persist until there is a notable reduction in the policy rate."
The market dynamics are notably different for South Surrey White Rock detached homes. Prices for these homes have seen a 10.5% decrease since June this year. However, considering the bigger picture, prices have risen by 14% since January this year and an impressive 45% since January 2020. It's worth mentioning that the number of sales is currently on par with the levels observed in January 2020. The current absorption rate is 14 months, indicating that we are on the cusp of transitioning into a buyer's market.
Selling your home in this market requires patience and a keen eye for presentation. Your home must be visually appealing, both in person and online, as potential buyers increasingly search the internet for listings. Equally important is setting the right price for your home to attract potential buyers.
While the market faces challenges due to interest rates, it's important to remember that it continues to evolve. There will always be individuals looking to buy and sell their properties, so staying adaptable and well-prepared is critical to successfully navigating the real estate landscape.
