Writing from the sunny side of the street

The recent real estate numbers apparently can be interpreted in any number of ways, and despite the current state of plummeting sales(at least that is how the Northern View described the situation) the Daily News was able to find a glimmer of sunshine for would be real estate investors (and agents too we would imagine).

In Wednesday’s paper they provided the glass is half full interpretation of the BC Northern Real Estate figures released earlier this week. In addition to keeping the good thoughts for the market, the paper also previewed an upcoming real estate seminar to take place at the end of the month.

RUPERT REAL ESTATE – HIT THE BOTTOM AND MOVIN’ ON UP

By George T. Baker

The Daily News

Wednesday, July 8, 2009

Page two

Numbers have been presented by the BC Northern Real Estate Board that reflect on home sales in Prince 'Rupert.

In Prince Rupert, 44 properties worth $7.4 million changed hands through the area (which includes Port Edward and Haida Gwaii) so far this year compared to 87 properties worth $17.2 million in the first half of 2008.

The lowest point was four months ago when it appeared little was selling and the average selling price had slipped to $184,000, down from $197,000 in 2008.

Local Royal LePage real estate agent, Keith Lambourne thought the reason the prices had come down from last year was because there are still quite a few homes up for sale. He acknowledged the recession had hurt consumer confidence, meaning potential home buyers would have thought twice about buying a new home at that time.

However, Lambourne was certain that the bottom had been reached and that a bounce back in the local market was being seen.

"My take on it is that interest rates went up recently, so that indicated to the buyers - who had been sitting on the fence waiting for the bottom of this recession - that the bottom had arrived," said Larnbourne.

Gary Shannon, President of the BC Northern Real Estate Board reports,

Overall we still have a buyers' market, but in most areas we are moving towards more balanced markets. Lower prices and historically low mortgage rates are drawing buyers into the market. Sales are happening when sellers price their homes competitively."

Shannon added that clean, well staged, well-priced homes continue to sell. New homebuyers will have an opportunity to discuss how to buy a house and understand the housing market in Prince Rupert on July 30.

The Bank of Montreal will host a seminar beginning at 6 p.m. where locals will be able to ask Lambourne and other real estate agents their thoughts on buying a home on the North Coast.

A strong turnout there will show that people in Prince Rupert are interested. But agents around town already; feel that way.

"We knew buyers were there, the: banks had pre-approved lots and lots of people," said Lambourne. "And as soon as the [five-year] mortgage rates went back up, bang they were back in the market."