Welcome to Calgary - A endless plethora of weather that one day it's minus 40 and the next day plus 15. You never know what you're going to get in this city, kind of like our real estate market. People tell you all kinds of stories but it's hard to believe what is true. Truth is, no one knows what's going on as far as real estate goes in this city. One minute they're saying it's a buyers market and next you hear it's a level playing field. One thing you don't hear is that it's a sellers market. I think everyone can agree on that.
In my humble opinion I see that it's still a pretty level playing field. Yes, price have gone down a bit but not as drastic as some were predicting. As long as people are still buying and sellers are still selling at a level place the market is good. It's when more people list and no one is buying that we'll see the home prices reduce. How much, I guess it depends on what the seller can afford with the equity on their home. A lot have people bought their homes during high times and may not have the money or equity to sell. I get that a lot when i go to list someones home. Condo's seem to be hit the hardest. I have turned down listings and given people advice on how they might be able to get out. It's a very hard pill to swallow for a lot of homeowners when they feel their home is worth a certain amount a I the Realtor (the bad guy) come in with proof and comparables that tell them otherwise. I understand though; I feel my house is worth a million dollars when it's not even worth half. That's why i get other realtor's to do evaluations on my property because I have too much subjective value on my home.
Now, depending on how many American's are still thinking of moving to Canada we may see more homes being sold which will definitely help our economy (hopefully they move to Calgary). If not, then I think we are going to see more homes for sale and not a lot of buyers. One issue is that no one is looking to move to Calgary right now because of our jobless rating. No jobs, hurts our entire economy obviously.
My suggestion, if you are wanting or thinking of selling your home, do it now. I don't have a crystal ball and know for sure what's going to happen in the spring but if I were going to sell I wouldn't take any chances. I think it's more likely what we'll see a reduction on prices that homes going up in the near future. I have heard that MAYBE by the fourth quarter.
Keep checking out my website for more blogs about Calgary and of course real estate in and around Calgary. If you would like to promote your business and get people to your website feel free to write up a blog and we'll put it on our website with a link to yours. It costs you nothing. We are always looking to help Calgary people and business have success.
In the meantime, enjoy our brief dose of warm weather.
Side note - I'm not a professional writer so I apologize to all the grammar police out there for any mistakes I have missed. 🙂