How will market trends affect your home buying or selling experience in 2018? We talked to REALTOR® Kristine Newell and mortgage broker Scott Harriman about their predictions for real estate trends in Prince George this year.
While there is some uncertainty around market trends in BC as we start 2018, both Kristine and Scott are optimistic about the prospects for the Prince George housing market this year. Scott says:
“My crystal ball tells me that, in spite of the doom and gloom, real estate in this market will be positive for 2018. Values will go up as a result of less inventory. More new and newer houses will be absorbed into the inventory mix, and we may see some migration from other communities to Prince George as people recognize the value.”
“By all indications we should see the continuation of a seller’s market throughout Q1 and Q2,” Kristine says. “Interest rates are still relatively low, unemployment is down, and several large resource based projects are set to continue and/or commence in the region which inspires confidence in buyers and investors.”
BC real estate news has been dominated by talk of regulatory changes coming down the pipeline, and Scott thinks these changes will impact some hopeful buyers.
“The recent changes in mortgage lending will send some prospective buyers to the sidelines, unless they can save more money for a down payment or find an alternate source that doesn’t require mortgage default insurance.”
Kristine suggests that sellers of mortgage helper properties stand to benefit from an interest rate hike. “I think single family dwellings with suites will continue to be the most desirable properties, with many first-time buyers requiring the income to offset the interest rate increases.”
Prince George is full of great neighbourhoods to suit everyone from single professionals to families and downsizers. The popularity of some neighbourhoods might mean a quicker sale, or more competition between buyers.
Kristine’s predictions for this year?
“I believe the Connaught area is the next Millar Addition. We’ll see increasing density in the Crescents, and traditionally desirable areas such as Heritage and College Heights will remain popular.”
When it comes to the properties themselves, Scott thinks market trends point to Prince George home buyers being more selective this year.
“Buyers will be less inclined to purchase properties that are overpriced and require extensive repairs or renovations. The inventory shortage will push the average price up as these buyers move up in the market. Buyers will be pickier. As the existing inventory moves up in value, the jump to a new or newer home becomes more attractive.”
How can you make your home more attractive to picky buyers? One option is to make a few updates before you list. Kristine has spotted a few interior décor trends that she expects will catch the attention of house hunters this year.
“Vinyl plank flooring, big florals, wood looking wall finishes and shades of grey will likely remain trendy throughout 2018. Expect to see more bright red and coral, or bright green and olive accents in spring to add drama to all the neutrals we’ve been seeing. Clean lines mixed with rustic and antique elements will remain popular, and I see gold fixtures are making a comeback!”
Do you have more questions about market trends in Prince George? We’re here to help!
REALTOR® Kristine Newell would be happy to advise you on buying or selling your home in the current market.
Give her a call today at 250.552.5116 or find her on Facebook.
Mortgage broker Scott Harriman can assist you with any mortgage related questions or concerns you may have.