Spring Market - Burst of new life
Well, the Spring market is bustling. In fact, Spring came early to our real estate market. I have lived through many a busy real estate market since 1988, which even back then was fast and furious, but this current market has beaten every previous market record. For those fortunate enough to remain working, and with the record breaking interest rates, this pandemic has made people spend their spare time house hunting. Perhaps it is the fact that many families have had more time at home that they have decided it is time to look for a new one; a “change of scenery” to accommodate the life style of this past year, that may remain with us after this pandemic.
Quoted from this month's Fraser Valley Real Estate Statistics Board with headline included:
"March shatters monthly sales and new listings records in the Fraser Valley
SURREY, BC – Fraser Valley real estate hit two historical highs in March, setting records for both sales and new listings processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.
In March, the FVREB processed 3,329 residential and commercial sales on its Multiple Listing Service® (MLS®), an increase of 131 per cent compared to March 2020 and 18 per cent more than were processed in February. The previous record of 3,006 sales was set in March of 2016.
Larry Anderson, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. The surprising strength of the economy, the influence of the pandemic and a lack of inventory of all property types has created unprecedented demand for housing in our region."
I would highly recommend giving me a call to see if it is a good time to remortgage; sell; buy or just want to know what your home is currently worth. -Leanne