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As we drive around in Surrey, the past 2-3 weeks, more and more 'SOLD" signs are popping up on the listings. Is the market really changing or is it just a late spring market. The market activity was not intense in the spring this year. The change was truly driven by the slight increase in the bank interest rates. Buyers with locked on interest rates, merely on the fence, jumped up and wrote offers, infact creating multiple offers on some properties as well.

 

However, not every area reacted the same way to this change. Surrey is a big geographical area. In my stats, I have not included the South Surrey Market.

 

So what is it that the buyers right now are looking for? Out of the 301 SOLD houses in the last 60 days, the most popular areas in Surrey were: 

1. Fleetwood (45 Solds)

2. East Newton (39 Solds)

3. Fraser Heights (33 Solds)

 

The style of Home most popular with the buyers has been " Two Storey with Basement".

 

Seems like the importance of lot size has been ignored by the builders in the last few years, but buyers still weigh alot of importance on the lot size itself. Moving to a bit older house, but more than 6,000 sqft lot. There were ofcourse, a couple of sales of houses sitting on smaller lots as well, but majority purchases were made for homes on larger lots.

 

As far as Price Range is concerned, affordibility still is a major concern. Highest number of homes, sold in our top 3 areas of Surrey, were in the price range of $600,000 to $700,000. Compared to the upscale homes, which are sitting in the market for much longer periods, homes priced between $400,000-$550,000 are selling much faster.

 

I'll be back with more Surrey Market Updates! Meanwhile, if you want to find out what has been happeining in your area, feel free to call, email or text me. Have a great Summer everyone!