Buyers on the Beach?

We have had a beautiful summer so far. Based on market data, it seems that many people are getting out and enjoying it, rather than looking at MLS listings and going to view homes with their REALTORS®.

July 2010 sales in the Fraser Valley Real Estate Board (FVREB) area were the lowest July sales recorded in the past decade. Besides the weather enticing buyers away, the slow July in real estate sales is probably also due to a combination of other factors. Misunderstanding and fears about the newly adopted HST, combined with recent interest rate hikes, as well as tightening in April of mortgage lending requirements are my main suspects for the activity slow-down.

Thankfully, for those of us living in Mission, our beautiful District did not fair as badly as some other areas in the FVREB. Year-over-year, Mission's sales of residential detached (RED) homes were only down 33.3% compared to -47.3% in the FVREB. Comparing sales of RED homes in June 2010 vs. July 2010, the FVREB showed -39.3% compared to Mission's -27.6%.
Mission homeowners will be happiest with the benchmark pricing stats. The housing price index of a benchmark RED home in the FVREB declined 1.5%, while in Mission we actually registered a month-over month gain of 1.8%.

Large differences in sales trends often occur in the various areas of the FVREB. It is therefore very important to enlist the help of a local REALTOR®, who understands the area's current market trends, when you are considering the sale or purchase of a home. It is with the help and expertise of a Mission area real estate expert, like myself, that you will ensure a successful real estate transaction on the purchase or sale of a Mission property.