So this is coming straight from myself and what I hear from my colleagues i.e. other Real Estate Associates, Lawyers, and Mortgage Brokers. It's strictly my opinion on the market from what I'm seeing and hearing.
Has the market slowed down...yes, but not to a stand still as some people would have you believe. Homes listed at over the $600,000 mark are sitting a bit longer but are still selling. The higher the price range, the longer you may have to wait for a buyer. Obviously no Oil Executives are looking at making any big purchases right now which is the majority of our larger priced home buyers. That being said, there are still other industries out there that are doing well so homes priced in the millions are still selling.
All the mortgage brokers I have talked to are doing lot's of pre-approvals. That's a good thing, means there are still buyers out there. If you haven't talked to a mortgage broker you should. Interest rates are at an all time low and you still only need as little as a 5% down payment.
When is a good time to buy...that's up to you on how much of a rush you are in. Don't wait to see if the market will fall. We have seen a slight decrease in pricing but homes priced right are still getting competing offers. I don't believe the bottom will fall out but I do believe we will see more of the median sales price decrease but not enough to warrant waiting for it to happen before you buy. Regardless of what happens in the next year or so. The market will rebound back. Historical it always does.
Regarding the energy sector, my heart and prayers go out to everyone in the energy sector that are losing their jobs or taking pay cuts. My wife is in Oil and Gas; everyday we wonder when she will be laid off. For her it's not really an if but more of a when. Lot's of my personal friends and clients are in the Oil and Gas industry and are all in the same boat. Hugs to you all and if I can help out you know I'm only a phone call or a bottle of wine away.
Back to the housing market...it has slowed down from the year before, but last year was usually higher than normal. If you are looking to sell, just make sure you do a lot of research on your house and where it should be priced or you will sit on the market for a while and may end up chasing the market downward and deter potential buyers from wanting to see your place. Always use a professionally licensed Realtor® because we can help. It's our job to know that market and educate you in real time on market conditions.
I hope this helps you understand a little more as to what's going on. I'm not a journalist (as you can tell by my bad grammar and poor writing skills, thank's apple for spell check) and I'm not a business/economics major. I am a very proud Realtor® that calls it as I see it. Maybe other professionals in my industry don't see it my way. It's up to you readers on who you trust and want to believe. Hard to trust anyone you haven't met. This picture is me and my son a couple years ago. See, now we have met. :o)
Feel free to contact me any time if you have any questions. You would be under no obligation to list your home or buy one if you contact me. I want to help because I love my business and it's not always about making money, it's about helping people and establishing long lasting relationships.
Enjoy this beautiful weekend Calgary, it's not going to be long before we start saying the "S" word.
Jason Realtor® Sutton Group Canwest