Fast & Furious Real Estate Market in Chilliwack

Many of us, realtors, mortgage brokers, home owners, investors and potential buyers are watching our fast and furious Real Estate Market here in Chilliwack.  This hot market has many pondering their next move as the market continues at its current fast pace with no real end in sight.

Being intricately tied to the real estate market as mortgage brokers we have a unique perspective as we work with our clients and their mortgage needs.

We are seeing a market that has moved quickly through current inventory and sellers that are getting multiple offers on their property.  We have also had buyers that are now looking to  increase their budget as the inventory dries up and prices begin to rise as buyers and investors alike look to get into the market sooner than later.

There has been a steady increase in single family homes sales from last year and a doubling of acreages sold compared to last year.  Townhouse are holding steady but the entry level homes are seeing the biggest demand and price increase.

Homes that were listed early in the spring and sold have already increased in value and the new home owners are building equity very fast.  A 300K home that sold in February will now be worth closer to 330K. An increase of 10% in just 4 months.

We are now seeing acreages moving at a much quicker rate and in some cases acreages that have been listed for 18 months or more have suddenly been sold and new acreage listings are selling at a much quicker rate.

So what should you do if you are looking to get in on this hot market?  Firstly make sure you have your Pre - Approval done.  It is as easy as applying on line through Harmony Mortgage Group.  It gets the ball rolling long before you even come in for your first meeting and we can get your application in to very very busy lenders that are working on a first come first serve basis.  With so many applications pending we have seen a multitude of extensions given due to the back log of pending applications.

Once you are approved you can shop for that home or investment property with confidence and be ready to make an offer quickly.   Many realtors prefer to work with buyers that are pre-approved in such a hot market as that perfect house can slip through a buyers fingers if the buyer isn’t pre- approved and a seller doesn’t want to agree to an extension on the subject to financing clause.  Sellers are savvy and understand that waiting for a potential buyer to get their finances in order could cost them money in the long run.  So having your application submitted and your pre-approval in hand is key  while shopping our hot Chilliwack market.


Meet The Harmony Mortgage Group Team

Tammy O’Callaghan

Phone: 604-845-0559

tammy@HarmonyMortgage.ca

Carie Pool

Phone: 604-703-8748

carie@HarmonyMortgage.ca

Tania Vermeer

Phone: 604-819-3097

Tania@HarmonyMortgageGroup.ca