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The Calgary Real Estate Market – Anomaly or not?

With the number of active listings significantly increased over this time last year and sales down you may be wondering ‘Is this normal?’

The answer is yes,…and no. The Real Estate Market has an annual cycle, so we can expect to see a certain amount of fluctuation in inventory and demand (sales) depending on the time of year. We all know that when the snow melts buyers start looking to purchase, so they can be settled into their new home before the kids go back to school in September.

What is unusual is not the seasonal fluctuation but the larger economic cycle that is being affected by Alberta’s economy. For example, the amount of inventory (homes for sale) of detached in July of this year has increased from July 2017 by over 39%, while sales are down 4% in the same time period (year to year). This has a tendency to push prices downward, and is a continuation of the trend since 2014 when oil prices dropped.

This type of market will provide both risk and reward. It could be an opportunity for buyers to consider their move. For sellers it means your property needs to stand out from the crowd to increase your chance of selling. Whether buying or selling, remember each community is it’s own micro-market. To find out what’s going on in your neighbourhood please reach out to us, we’d be happy to go over the statistics for your community with you.

Kate and Frank

The Trans Mountain Pipeline and Real Estate

Depending on who you talk to, the recent announcement that the Federal Government plans to buy the Trans Mountain Pipeline may be considered a positive move for the Alberta economy or not so much.

What that means for the Alberta Real Estate Market remains to be seen. Currently Calgary has higher inventory and lower sales of real estate than the same time last year, and a lack of the usual Spring Market surge in demand could mean a flat market for the remainder of 2018 or simply a delay in the typical sales cycle.

It seems we may not know the answer to whether it is a delayed Spring Market or a flattened demand due to economic stagnation, as a result of the delayed construction of this project, until after the transfer to the federal government, due to take place sometime in August.

For Home Buyers

1. Hire a Realtor.
Your Realtor knows the home buying procedure, protects your interests and makes it an easier process for you, making for a much more enjoyable experience.

2. Talk to a Mortgage Broker.
A mortgage broker can advise you on your home buying budget and they have access to many lenders so can find the best mortgage for you. This means not only a competitive mortgage interest rate but also lenders with the lower mortgage payout penalties.

3. No Big Purchases.
Making a big purchase before your home purchase closing date, you could affect your borrowing capacity and the lender may not follow through with the financing at closing. So, wait to make that new car purchase until after you move in.

4. Get a Home Inspection.
For a small amount that a home inspection costs, relative to the costs of a home, it is well worth while to have a home inspection done so you know what you’re buying.

5. Do your Research.
Check the local amenities, crime rates, schools and parks in the neighbourhood. Walk to the local store, drive your commute to work so you have an idea of travel routes and times.

6. Think Ahead.
Think of your next move being at least 5 years from now to help you purchase a home that can accommodate you and your family’s needs for several years.

7. Don’t get Emotional.
Buying a property can be an emotional experience, especially in multiple offer situations. Remember to stay focused on the facts to help you stay on track.

Social Media Safety

As we use social media in more and more aspects of our lives, to communicate with friends and family when we are away, update friends on our status, or post our latest photos, we rarely consider social media safety.

Think about it. Do you post when you’re away on vacation? Do you share your birthday or perhaps your dog’s name? Do you play games that are shared around the internet asking for the make of your first car or your childhood sweetheart’s name?

Sound familiar? These are often password protection questions that you may be asked when logging into your bank account. Hackers are trolling the internet looking for this information and could use it to gain access to your information.

Some food for thought for next time you’re posting on social media.

Open House Contest Winner

Congratulations to our most recent the winner of our “Guess the Final Sale Price” contest at our 2042 5 St NE Winston Heights open house. We had a lot of entries to this competition and this was the closest.

We hope you and your family enjoy the gift certificate to SCOPA Italian Restaurant!

 

When to sell

Why is now a good time to begin preparing your home for sale? Mid-February to mid-May is the Spring market for Real Estate. This is when demand (Buyers) increases leading to a peak around 15th May. However Sellers tend to list their properties later, creating a lag between demand starting and increasing inventory.

If you are looking to sell and don’t want to be amongst many other listings in your neighbourhood, timing the market so your listing is ready ahead of this curve can be a sweet-spot for sellers. Now is the time to prepare, see our blog from last month for tips on decluttering and depersonalizing your home to appeal to buyers.

The real estate market can vary as each neighbourhood is it’s own micro-market. For analysis and strategy to get the best price for your property give us a call, we’d love to help!

Kate and Frank – Calgary Home Previews

And the Winner is…

Congratulations to Kathie, the winner of our latest “Guess the Final Sale Price” Contest!

Kathie visited our 111 Harvest Glen Rise NE Open House recently and her guess of the final sale price of the home was the closest of all the entries we received.

Kathie we hope you and your family enjoy the gift certificate to Cibo Italian Eatery!

Preparing your house for sale

When thinking of selling everyone knows that they want to get the best price they can for their home. A quick call to the agent to tell them you want to list, they throw a sign up and wait for the right buyer to show up, right?

Not quite.

Achieving the best price requires planning, preparation, and a surprising amount of work.

If you want to sell your property this Spring, now is the time to prepare. In fact, the earlier you contact your Realtor the better. At Calgary Home Previews we prepare a strategy based on your requirements, the property’s current condition and the resources at your disposal.

Preparation is key and falls into three main categories:

Maintenance and Repair – Remember that loose doorknob or hole in the wall that needs to be fixed? Well how’s the time to get these items completed.

Decluttering – A home that has less ‘stuff’ in it looks bigger. It’s that simple! See the following article for more details.

Depersonalizing – the process of removing personal items (such as family photos), ornaments and memorabilia allows potential buyers to envision their possessions in the  home, the first step in their decision to buy.

This process can take weeks or months, and for many people can be overwhelming. Kate at Calgary Home Previews is a certified Interior Decorator and Home Stager and can provide guidance on tasks to be completed and access to reliable professionals that can do the work for you.

For more information on listing your home please contact Kate at 403 464 6888,kate@CalgaryHomePreviews.ca. We look forward to hearing from you!

Happy Holidays

It’s a season of joy, of spending time with family and friends and looking back at 2017 as it draws to a close.

For Calgary Home Previews it’s been a busy year of expanding our business. We are very fortunate to have Michelle as a new addition to our team, and with her help we will be able to spend more time with you, our valued clients.

It’s been a challenging and rewarding year and we’re looking forward to seeing you when we return from our winter break.

Wishing you and yours a wonderful festive season!

Kate, Frank and Michelle.
Calgary Home Previews

And the Winner is…

Congratulations to Elenita. C, the winner of our latest “Guess the Final Sale Price” Contest.

Elenita recently visited our Open House at 1272 Lake Sylvan Drive SE and her guess of the final sale price of the home was the closest of all the entries we received.

Elena, we hope you and your family enjoy the gift certificate to The Lake House Restaurant at Lake Bonavista!