Some exciting news for all you house hunters out there in Northern BC! I know many of you have been scouring the internet for information on the housing market and have likely come across headlines like "housing bubble 2023" or "housing crash 2023." But let me tell you, those search results are a thing of the past.
What is Happening in FSJ Real Estate Now?
Let's talk about the current state of the housing market. The number one reason we're not going to see a crash as we did in the early 2000s is simply that there aren't enough homes for sale. This means that demand is high, and prices are staying strong. We are currently seeing balanced market conditions and there is no sign of slowing down so we could even see a seller's market again soon. Additionally, Fort St. John is a very unique real estate market with lots of high-paying jobs available and affordable housing options for families
Stabilizing Interest Rates
It's not just the lack of inventory that's keeping the market stable. The data we're seeing from the end of 2022 tells us that the fall of last year was arguably the bottom of the market. Since then, interest rates have stabilized, and buyers are jumping back into the market in full force. Homes in FSJ that are priced right amongst their competition and the owners have taken steps to properly prepare their homes for the market are having some great results!
Qualified Buyers Only!
Here's the best part – you actually have to be qualified to get a loan these days! The days of shady lending practices and unscrupulous lenders giving loans to people who can't afford them are over. The people buying homes today are financially capable and responsible. Lenders are taking a more conservative approach when approving loans, which means that buyers are more likely to be able to afford their mortgage payments over the long term. Thus, there is less chance of collapse.
So if you know someone who's been freaking out about a potential housing collapse, send them this video and put their mind at ease. The real estate market in Fort St. John and Northern BC is strong and stable, and there's no need to worry about a housing crash, plus homes here are much more affordable than in many parts of the province attracting new buyers from all over.
If you're looking to buy a home in this area, I am here to help. Follow me on social media for more updates and information on the Fort St. John real estate scene. Together, we can achieve your real estate goals!