Langley Real Estate Market Update: March 2022 The Beginning of a calm market?

The spring market arrives in langley as new listings increase in langley by 25%

langley real estate featuring langley condos and townhomes
The Langley real estate spring market has arrived with an increase of 25% in new listings compared to the previous month. With more listings came more sales! 2359 sales in March which is an increase of 43% from last month. With so much more to choose from, our buyers are finally finding some properties that are checking off more boxes.
“There are some encouraging signs that listings are recovering from historic lows, but there is a very long way to go before markets achieve balance.” – BC Real Estate Association
This is great news for both buyers and sellers. Choice gives buyers the ability to find a property that ultimately fits them better in a time frame that works, and because most sellers become buyers, this will help take a lot of the stress out of the market. Don’t be fooled; This is still a seller’s market, just not a last-quarter 2021 seller’s market. 
Our wise government has “proposed” a two-year ban on foreign buyers’ purchasing. Unless… you’re a permanent resident, a foreign worker, you’re buying a recreational property or you’re a student… Seems to me this is mostly a headline political move because the effect will be small. BC already has a 20% foreign buyer tax, and in 2020 foreign buyers made up only 1.4% of the BC real estate market!The largest effect that government could have to fix the housing crisis would be to remove the red tape and allow developers to catch the demand for new homes. 

Covid Changed the market

The coronavirus pandemic turned the real estate market into a frenzied rollercoaster ride for both buyers and sellers, especially because of the historically low mortgage rates coupled with the inventory shortage. But with the pandemic subsiding, the burning question is, what will happen in real estate in 2022? Housing experts forecast the market could calm down this year and ease up a little, especially for many first-time buyers. Due to the surge of buyers during the pandemic, both existing and new home inventory has been extremely low throughout 2021. Even though we are seeing large increases in inventory, historically our inventory still remains scarce this year and we will continue to be in a seller’s market. 
Douglas park concert venue in langley real estate
One of the main catalysts for the low inventory is that homeowners have been hesitant to list their homes for sale, as there is no guarantee they will be able to find an affordable home to purchase or a rental to lease. Builders are trying to ramp up production, but new home construction isn’t keeping up with the surge in demand. There have been huge issues with the supply chain, which made construction materials more expensive and difficult to come by.
  • To find a good home in this tight market, do as much legwork as possible.
  • Make sure you get pre-approved for a mortgage before you even start house-hunting.
  • Sacrifice some of your nice-to-haves for your must-haves.
  • If the neighbourhood you have been eyeing is too competitive, try to expand your search.
  • Lastly, do not hesitate to work with a local and experienced realtor (us) who can help you navigate the complicated process of buying a home, especially if you’re a first-time buyer.
Our team knows what is happening in the market and can give you the best advice to find the perfect home that fits your budget and lifestyle. We provide expert advice to you so that you know how much house you can really afford and commit to staying within that budget no matter what. Likewise, take the time to research lenders who have a good combination of low rates and low fees, then apply for a mortgage pre-approval.
  • Low inventory, where homes are being snatched up fast, means less competition!
  • Even if your home isn’t quite as appealing to many other buyers, or you intend to sell as-is without renovations, you still stand a better chance in the current real estate market.
  • Just make sure you plan for your next home before you decide to sell. Higher home prices mean a nice profit is on the horizon!
But to get more money from your biggest investment, work with an experienced and local real estate agent to help you get the best offer for your home.

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Mike Cook
Mike Cook
A blue-collar worker in a white-collar world, I spent most of my twenties building high-end homes, leading major renovations, restoring, and finding/fixing deficiencies in new construction. I am happy to use this experience to point out the potential of a home. I pride myself on always looking for a way of improving the experience for my clients, agents on my team, and my community through leadership, technology, and charity.

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