November Monthly Market Update

I hope you are doing well today. It's such a beautiful sunny day, and I hope you get out sometime today to enjoy it.
I filmed my monthly video from my kitchen - lol... you will see my puggle and hear him walk around. The weather was not so nice on Monday, so I was inside.
Please watch my video. I find that Real Estate never stops despite the market. 
The Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories.
"These trends suggest that the market is looking to re-establish equilibrium in the wake of last year's intense activity and in the face of continued interest rate pressures," said Sandra Benz, President of the Fraser Valley Real Estate Board. "With sales continuing to lag and new inventory slow to come on stream, we're seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to year-end."
Here in South Surrey/White Rock, we had 33 sales in the detached home market, and we ended the month with 422 active listings giving us 12 months of inventory. The buyers are slow to make decisions; however, they are out and about and observing the market. With interest rates increasing, they are waiting for prices to come down. 
"With interest rates at their highest levels since 2006, it's understandable that buyers and sellers are hesitant," said Board CEO Baldev Gill. "Accordingly, they look to Fraser Valley REALTORS® for area knowledge and market expertise and analysis before making such a significant investment decision."
Real Estate never stops, as people always need to buy or sell based on their health, circumstance and financial situation. With all the doom and gloom in the newspapers, it would be easy to think that it is best to wait to sell. I can't entirely agree. If you need to and are motivated to sell, it is still a good time to do so. We have had tremendous growth since the pandemic's start; we have been up 32% in sale price since January 2020. We are down 21% in price since the peak in February. If you have bought in the past 8 months, hang on to your home for another 5 years or so. Prices will continue to adjust with the interest rate increase until such a time, things balance out, and the interest rates start to decrease. If you plan to sell, you can still sell well, but it may take some time. As you plan to buy again, prices will have adjusted further across all product types. 
For nearly 8 years, I have worked as an award-winning realtor in the White Rock-Surrey area, focusing on development and residential real estate. My passion lies in helping people see the market clearly. Last year, I helped more than 34 families buy and sell real estate and achieve their dreams.
If you are thinking of buying or selling, please get in touch with me. I would love to meet with you to discuss your options and plan your next steps. Even if you are not considering selling or buying and want to meet with me for coffee/tea, please reach out to me. I would be so happy to share what I see and know in the market with you. 
Have a super day!