How's the Market?
February Update - 2021
Friends the market is presenting ideal conditions to both buy and sell in Calgary and surrounding areas! In fact, many areas need more listings to meet demand!! Let me explain, but first, if you are not needing to hear this information today but you know someone who does, please feel free to share this with them and/or have them reach out to me directly. I always appreciate your referrals and am honoured to represent your friend, family and co-workers. Lastly, Illuminate Mortgage Group has provided more information on using RRSPs to help with your first time home purchase below, if you know anyone that could benefit from the discussion. Now back on track... When the covid pandemic hit and we went into lockdown, people pulled their listings (decreasing inventory). This decreased buyers because there were restrictions and of course, uncertainty. Once things began to open up again, we had a lot of pent up demand pushing our more 'typical' Spring market conditions into the Summer months. The inventory in many areas hasn't come back up to the pre-covid numbers. This has been a positive thing though because we had too much inventory for quite some time which had been putting downward pressure on pricing. Now with the inventory leveling off and buyers coming back to the market with exceptionally low interest rates, we are seeing increased sales and even some areas and product types having slight price gains. As a buyer, you could be faced with less options or multiple offer situations for certain homes if the selection is limited. Ensure you have your pre-approval in place and are ready to make an offer when the right one comes along. As a seller, we would want to dive into the active listings/your competition to see how your home measures up for offerings, conditions and price. Pricing your home appropriately is still very important. Although, less inventory could result in a quick sale, it doesn't necessarily mean more money. Now the answer to the often asked question 'how's the market'? Is NOT a one answer fits all. There are many factors that will effect if now is the right time for you and it will vary based on your specific circumstances (i.e. when you purchased, what product type you have, location etc.). As always, I am happy to schedule a call, virtual or in-person meeting to discuss your specifics in more detail and provide a more in-depth analysis to determine if buying or selling makes sense for you now. If you are not wanting to buy or sell but what to keep an eye on the market by monitoring sales, I am happy to set you up with a market report either monthly or quarterly. If you want to monitor the market in more depth, I can send you a weekly competition report for your specific product type so you have a better sense of what is selling and for how much for a similar product. Although, I feel very fortunate for so much this past year, I have not been immune to the effects this covid pandemic has caused, in fact my business has seen much disruption but I have to believe that "This too shall past" and forge ahead. With that, I am always here for your real estate related needs, vendor referrals (mortgage brokers, cleaner, contractors, HVAC, appliance guy etc.) or just a chat. I think we have heard it a millions times but we are in this together and I can't wait for us to all be able to celebrate together soon! What's happening in the market? City of Calgary Monthly Stats Package (January 2021) Calgary Region Monthly Stats Package (January 2021)