Oh to have a crystal ball. Not sure there has been a more unpredictable time in our recent local market. Whenever I think we are on the path to recovery something new pops up to slow things back down a bit. New mortgage regulations, rate changes, pipeline court decisions, political changes and so much more. Predicting based on market alone is just not enough. So I am going to leave the predicting to our economic experts and focus on what I do best and that is helping you meet your goals.
I’ve had lots of conversations with folks about how to make a cross property move in this market and the best advice I can give is to first determine your priorities. Will you lose more sleep if you are holding two properties (potentially in a down market) or selling first and then finding a home under time pressure? For almost everyone the best advice is to sell first and keep an eye for the right new home while you do so. Knowing your sale price will ensure you do not put yourself into a financial worry and there is enough inventory out there to know if what you are looking for is real. The exception is those folks looking for a unique property. If there is a small number of homes in your target area or if you are searching for your unicorn property then you need to set up financially to buy first and be prepared for adjustments to the market along the way or prepare to rent in between. Either is correct depending on your priorities, but keeping perspective is what will ensure you are happy in the end. The market is adjusting so numbers today will not be numbers in 4 months. They may adjust up or down and the plan has to allow for that. Remember that when you sell for less you also buy for less in the same market so focus on the outcome and not to past numbers.
This uncertainty is also an opportunity. It seems lot hunters and property renovators are out buying property. They see the opportunity. If you have been looking for a time to enter the market this might just be that time. We have some big elections coming up in the new year as well as a political need for our business environment to improve. I’m cautiously optimistic the market will rally behind the momentum.
My role is to help you find your next home or sell your existing one. In terms of buying you will have my loyalty and confidence I am working in your best interest. In selling, we utilize professional marketing, photography and online platforms to ensure your first showing, your online presentation, is exceptional. Views lead to showings which lead to offers. Let’s negotiate you the best outcome possible.
Overview from CREB (Calgary Real Estate Board)
HOUSING MARKET FACTS
Year-to-date detached sales eased across each district. Elevated inventory levels caused months of supply to remain just below five months in August and continued to weigh on housing prices across all districts.
Detached benchmark prices totaled $497,000 in August. This is a 0.74 per cent decline over last month and 2.6 per cent below the previous year.
Prices have trended down in all districts in August, however, on a year-to-date basis prices remain above last year in both the City Centre and West.
Year-to-date average detached benchmark prices have eased by 0.56 per cent over the previous year, reducing some of the price recovery from last year.
Year-to-date sales totaled 1,892 units, seven per cent below the previous year. However, sales did not ease across all districts. Sales in both the North East and North West districts remained slightly higher than levels recorded last year.
New listings in the apartment sector eased compared to the previous year, preventing more significant gains in inventory levels. However, oversupply in this sector persists, causing further price declines.
Year-to-date city-wide prices eased by nearly three per cent, with the largest declines occurring in the North East, South and East districts. Overall prices remain nearly 14 per cent below 2014 highs.
Like the apartment sector, sales have eased in the attached sector. However, year-to-date sales have improved in some districts of the city for semi-detached and row product. Semi-detached sales improved in both the North West and West districts.
Row sales remained relatively stable in both the North East and East districts of the city.
Oversupply in the semi-detached sector has placed some downward pressure on prices this year, but year-to-date average benchmark price remains higher than last year in the City Centre, North
East and East districts of the city. Gains in these areas were enough to offset declines in other areas, keeping semi-detached prices one per cent higher than last year.
Year-to-date row prices eased by 1.5 per cent over last year. However, price movements ranged from relatively stable levels in the City Centre and North West to declines of nearly seven per cent in the North East district.
If you would like to view the stats for your community just contact me and I am happy to help you make your move.
Full CREB August Package: http://www.creb.com/Housing_Statistics/
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