Buying in Calgary's Hot Real Estate Market

The Calgary real estate market is undeniably strong right now. The summer heat will slow things down a touch, but the fundamentals of a strong market continue. This poses a challenge for a few reasons.


1. Trying to buy a home before you sell a home is very difficult unless financially you can carry both. The 'subject to sale' clause is typically a non-starter these days especially in the more popular price points or in high demand areas. Most folks will instead choose to sell with a long possession or find other means to make the buy/sell timelines work for them.


2. The timing - inventory turnover - is quick. Buyers that typically want to see many properties often find that a few on the list are sold before they even make it out to their car! Alternatively, sellers receive offers, but don't commit as they are hedging that a better offer may be just around the corner. Some buyers may wait it out but some may find the tactic 'not in good faith' and move on to another property so both the seller and prospective buyer lose.


The great thing about this market is that most properties do sell if priced appropriately and presented well. Saavy staging and a sound marketing strategy can fetch higher prices. Some sellers are clearly over pricing their homes and that always happens but that's where solid market advice is needed. There's a reason some homes are selling in the first 2 weeks and some are sitting 60-70 days with multiple price drops.


The 'interesting' thing that happens in this type of market is that homes sell with urgency and pace that otherwise wouldn't sell so easily in a slower market. People get hurried and forgo property inspections, condo reviews or other due diligence to get 'a deal'. The Alberta market is based on a concept of 'buyer beware'. The sellers only obligation is to disclose 'material latent defects'. They do not have to disclose any other issues with the property, stigma or any other items. So take a deep breath and then find that perfect property while still protecting yourself by the conditions and terms set out in the purchase contract and ask lots of questions.


That's what I'm here for so don't hesitate to contact me with any questions regarding the sale or purchase of your home.

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