2012 is close, let the market speculation begin!

As we get closer to the end of 2011, lots of speculation will begin around what 2012’s real estate market will look like. According to the British Columbia Real Estate Association (BCREA), recent forecasts point to a stable market in 2012: a small increase in sales and a small decrease in average home price.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,” said Cameron Muir, BCREA Chief Economist. “Moderate consumer demand combined with larger inventories of homes for sale means BC housing markets will experience little upward pressure on home prices through 2012.”

The BC Multiple Listing Service (MLS®) forecasts that residential sales across the province will rise 3.9 per cent over the next year from 77,000 units to 80,000 units. However, the average price of homes across the province is expected to decline 2.5 per cent to $550,500 in 2012.

For more information about the BCREA’s forecast, click here. If you’re thinking about buying or selling in the Greater Vancouver Area, contact Gene or Bill Watt.

Five reasons to buy your first home or condo!

I came across a very interesting article this morning in the Realty Times, a publication out of Dallas, Texas, giving five short reasons about the benefits of homeownership. The old saying goes that there’s never a “perfect” time to become a first-time homeowner, but Carla Hill’s five reasons may persuade you to take the plunge.

Click http://realtytimes.com/rtpages/20111102_great.htm to read the article. Keep in mind facts and figures are based on the U.S. market and economy.

If you’re thinking about buying a home in the Greater Vancouver Area in particular Tsawwassen, Ladner, White Rock or Surrey contact the Gene and Bill Watt real estate team.