If I were to sum up the Fraser Valley real estate market this year in one word it would be “modest.”
This is quite the change from what many of have known from previous years such as 2005 to 2008 where there was rapid growth in the real estate market.
Although this year was slightly lower than the average, it presented an opportunity for those looking to move up in dollar value, or, for the first time home buyer. Another great opportunity are the low interest rates that remained available throughout the year and are still available today.
History has shown that on average the real estate market in the Fraser Valley increases between 4% to 6% per year so anything over and above this amount is considered a bonus for real estate owners. A couple years ago we saw a correction in the market, a recovery then followed which now brings us to today’s date; more of a balanced market.
Even though 2011 was slightly lower than the norm this wasn’t the case for all; communities such as South Surrey took the prize for the highest increase in property values this year. This is a great example of why it’s important to acquire regular updates on property values specific to your current community or the community you’re looking to move to.
Just because the news says that there was an increase or a decrease that doesn’t necessarily mean this has affected your area. Do your due diligence and investigate the facts before you take that 10 second clip from the news to heart. REMEMBER real estate is a long term investment.
If you’re looking to move into a new home this coming year, plan on living there for a minimum of 3-5 years when considering your options. I welcome your calls with any questions or to receive a current market evaluation specific to your area.
Have a great year and I look forward to hearing from you soon!
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