The November Real Estate statistics package has been published by the Calgary Real Estate Board (CREB) and the numbers for November are holding steady month over month from October. We remain down from 2009 numbers.
The statistics package provides the breakdown of detail and I often include the quotes in my update, but this month I am opting to look at things somewhat differently. I have a number of clients on the fence (buyers and sellers) trying to determine their best steps forward. For many sellers the decision has been to wait out the market in a belief that prices will be higher in the spring. On the flip side, many buyers are waiting out the market in the belief prices will continue to drop into 2011. If some of these folks are right, then unfortunately some of the others may have delayed to their disadvantage.
My advice to all remains constant and that is that folks need to make the best decisions for them in a manner and timeframe in which they are comfortable. As always, the collective speculative thoughts of the population (along with the media) will determine whether housing prices go up or down. How this impacts any one property depends on the seller and buyer and their willingness to make a purchase come together. The long term picture will depend on many factors including global economic trends, interest rates, employment and migration to Calgary.
In my personal opinion, I feel that once the market begins to pick up it will do so quickly and the advantage buyers have now will erode. With inventory numbers on the decline, this is a time for sellers to stand out and potentially stay on market while others withdraw for the holidays. As a buyer you may consider a purchase in December as the best present you can give yourself, a new home.
For more specific information and a personal evaluation please do not hesitate to contact me anytime.
P.S. If you would like to receive a free 2011 Entertaining Calendar please send me a note with your mailing address.