Buying a home is an exciting time, but it can also be very overwhelming trying to find the perfect place to move to. Due to the constant market fluctuation, listing prices are always changing. Being familiar with the listing and selling prices in a specific area can help you decided which place best fits your budget.
The Silverman Mortgage Group has provided a market update on the Surrey and Langley area. As your Surrey mortgage broker, we can give credible advice on when the best time to buy is based on past and current rates.
Surrey Market Update
According to Zolo.ca, Surrey is the thirteenth most expensive city in the Greater Vancouver Area. The median asking price for a single, detached family home in Surrey is $1.4 million, the median asking price for a townhome is $670,000, and the median asking price for a condominium is $430,000. The overall median listing price for all properties is $615,000, and the overall median selling price is $622,000. This is a 2.81% decrease from April 2017 and a 3.57% decrease from March 2018. The current median monthly mortgage cost is $1,391.
With this current decline in the market, now would be a great time to buy before the prices go back up again. If you are looking for a Surrey mortgage, we would recommend applying now while rates are low. For more information, please contact the Silverman Mortgage Group at 604-532-3824.
Langley Market Update
Zolo.ca, states that Langley is the twelfth most expensive city in the Greater Vancouver Area, with the average sold price of April 2018 being $817,142. The average sold price in April 2017 was $727,006, which is an 11% difference from the current price. With the drastic rise in the Langley residential market, we suggest holding off on buying a home until the market cools down a bit. Or you could consider looking in the Surrey area since the rates are significantly lower.
For more information on the current market, please contact your mortgage broker in Surrey. The Silverman Mortgage Group is your local broker that would love to help finance your new home. So don’t wait, get started on your application today by calling 604-532-3824.