Looking at the real estate market today, it doesn’t look a whole lot different from a year ago. With interest rates still low and inventory sitting at just over a four-month supply, buyers have some great opportunities. Now is a good chance to make the move up into a bigger property, get into the market as a first-time home buyer or purchase an investment property.
People are asking, “Who is buying in this market?” Quite simply, buyers are driving our market right now, at all price points, but for very similar reasons. These people have been waiting for the opportunity or have the ability to see past the doom and gloom out there, or want to capitalize on the equity in their current home/investments or savings. They realize it is all relative to sell and buy in the same market, so they are taking advantage of good rates and good opportunities. Everyone’s situation is different, which is why it is so important to speak with your accountant, lender, financial advisor and, of course, your favourite Realtor, to see if what you are trying to accomplish is feasible today.
“Now is a good chance to make the move up into a bigger property, get into the market as a first-time home buyer or purchase an investment property”
In Airdrie our listing inventory is up 10 per cent from the first quarter of 2015, but so are the sales. Sales were up 3.13 per cent over the previous year. The average price in 2015 was up 0.8 per cent over 2014, and the benchmark price was up 2.55 per cent.
What can sellers expect when looking at selling? Buyers will be taking their time and really weighing out their options. So sellers will need to take their time, too, and put their best foot forward to ensure their home is put on the market in the best light, at a good price. Utilizing a home stager can definitely help and these professionals will even use most of your own things to stage your home, so costs will be minimal.
What can we expect as we go into the second quarter of 2016? Let’s keep an eye on some economic drivers, such as the government’s budget, commodity prices and the effects on vacancy rates and unemployment levels. The first six months of 2016 will be very similar to the last part of 2015 – slow and steady. Speculation was that things would be worse than they have been in the real estate market, so don’t believe all you hear.