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Balanced market for real estate sales in 2014 predicted
The year 2014 is expected to be a relatively busy year for real estate in the Tri-Cities and prices will be stable, according to local realtors Rod and Rhea Hayes.
The long-time realtors and Medallion Club Award winners (for real estate sales) say they expect an increase in buyers and sales though not necessarily an increase in prices, with their expectations matching those of both the Real Estate Board of Greater Vancouver and Central 1 Credit Union.
Both REBGV and Central 1 are reporting a balanced market for this year with home prices rising only moderately by about 1% to 1.5%.
Sales for new homes are expected to rebound in 2014, according to Central 1, while housing starts are expected to climb 2% cent in 2014 to about 26,500 units across the province. However, developers may pull back on some new construction while they use up existing inventory, Central 1 reports. Over the long term, however, Central 1 is predicting higher home prices over the next three years as the economy rebounds.
Locally, the Hayes' saw more people interested in new construction, with aging boomers looking at downsizing, newcomers looking at getting more value for their money compared to more expensive regions in the Lower Mainland, and the Evergreen Line driving interest in properties within walking distance of rapid transit stations.
"For the same dollar, you get so much more in a Tri-Cities home compared to other Lower Mainland areas," the Hayes say.
As well, for commuters looking for toll-free access to Vancouver, the Tri-Cities is also a good buy, the couple says.
Those looking to sell their home will get more interest from homebuyers if their property is extensively renovated or updated and if they have a secondary suite. Young couples moving into the area are also looking for schools, public transit and good neighborhoods.
"Homes with suite remain in strong demand and condos for first time buyers are high on the list due to affordability."