COMING INTO SPRING 201, What's ahead...
Well all we need now is some warmth. Snow is slowing moving away and we are currently dealing with an Artic Outflow which means wind and cold. But as soon as the themometer starts to rise so will the activity in the market here in Terrace. This spring we should see a strong market as people prepare for activity at the LNG activity in Kitimat. This winter was slower market with 40 sales of detached homes and last year there was 65 during the same period of time. The dramtic change however is seen in the average sold price. That is a huge change from an average price of $252,126 in 2017 to $365,518 in 2018 looking at the exact same search. That is an increase of 68%. Now what has caused this. This increase can be attributed to a few things. We have new inventory coming onto the market after years of little to none. This is pushing up the prices as they new units come online. We also have the announced LNG in Kitimat which will challenge Terrace's real estate market. I believe that "the word is out on Terrace" being a wonderful place to raise a family and move to so we are seeing new people come from other centers. So this spring is looking like more of the same. We can expect prices to stay. Often I hear people say: "they are waiting cause prices are going to drop". So far they are very wrong and in some case maybe they have even missed their opportunity to own a home. If your think of selling, call me! I can help you navigate the process and get you maximum money. If you looking to buy, I can search for you to help you find the best value and location. Call me today. I look forward to talking with you.