CoughlinTeam Real Estate Bill Coughlin / Market News Blog Stats / 2024 May :Market News

2024 March :Market News

A Big Hello  ,  from The Vancouver Real Estate Investment Group,Bill and Lisa sharing the Market Forecasts.

 

What's ahead for 2024!

 The economy, interest rates, and real estate prices: are they going up or down in 2024?do read on :)

 

 

VREI CTM 01 Podcast Video from Billl Coughlin on Vimeo.

We are seeing 22% of all home sales in the Fraser Valley receiving multiple offers, $59,000 over list! On average, home prices are up $5,600 this year.

Our 19% Sell-Through Rate is normal for this time of the year. In summary, we forecast that home prices will increase by 1-3% until June and then stabilize.

 

Canada’s 2023 Economic Journey and the future

Inflation and Interest Rates: What’s Going On?Inflation in 2023: At the beginning of 2023, the inflation rate was 5.9%, but it gradually dropped to 2.9%. Both the Bank of Canada and the US Federal Reserve want the inflation to be around 2%. However, it now seems that achieving this goal is impossible due to  Government's large deficit financing (Printing Money) and increased taxes thus creating much of that inflation.

Listen / watch our Real Estate Podcast with Glen Kelleway from Mortgage Architects on Mortgage Rates and Real Estate Forcasts.

The New Normal: Interest Rates

 Remember those super-low interest rates? Well, they’re not coming back. While there are plans for minimal prime rate cuts this year, don’t hold your breath for any bigger drops in your mortgage rates. Some may choose to buy a home now while prices are lower and take a variable rate, with plans to lock it in later. 🏠💰

It’s a delicate balance, isn’t it? Deciding whether to seize the current opportunity or wait for potential rate changes.



Now, let's focus on what lies ahead in 2024:

Yes the Canadian Prime Rate is still at 7.25%.  Today the banks are anxious to lend out their extra mortgage money, and with good old competition, it has resulted in lowered fixed rates. Some 5-year fixed mortgages have now dropped to 5.14%
                         (that is $589.60 payment for each $100,000 mortgage.)

, what this all means for you, family and friends:

We forecast that the real estate market will remain stable throughout the year. Finally, we have normal times without the influx of 3 Trillion dollars of foreign investment. This is now a time where people can plan their moves with a sense of security. If you thinking of buying, a deal can be had as many homes did not sell in the last 6 months and have sharpened their prices!

Today, the listing inventories are still quite low. So if you are thinking of selling, we will get you multiple offers with our Vancouver Usually-All -Cash Buyers and that top dollar! 

Lisa and I are here to assist whenever you're ready.

Questions on your home value and the cost of you next Dream Home? Please  text, call or email us.

 
The 20 Critical Realtor Interview Questions   
   

, when 19% of the homes are selling, that means 81% of listings are not selling.

In other words, 9,100 realtors in the Lower Mainland did not sell a single home last year!

Now, let’s talk about what it takes to maximize your profits in real estate.

Lisa and I made a survey to help you know the important skills a real estate agent needs to get more interested buyers, sell your dream property, and make a competitive bidding situation that gets you the most money in your pocket.

Please, do Review the Questionaire and tell us if we missed anything :)   Thanks  Bill and Lisa

 
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Coughlin Team   Bill and Lisa Coughlin

 do call or text us at 778-374-3744

or email us at  [email protected]
 

 

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